M/i Financial Mortgage Rates, Fees & Info

COLUMBUS, OH

LEI: 549300PXL1KA5TOL2O82

Tax ID: 31-1076317

Latest/2024 | 2023 Data | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    M/i Financial is a smaller mortgage company specializing in Home Purchase loans. M/i Financial has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Tampa, Orlando, Chicago, Charlotte, and Austin among others. We have data for 22 markets. (Some data included below & more in-depth data is available with an active subscription.)

    M/i Financial has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. M/i Financial is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

    We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.58% 4/5/25
    30 Year Conventional Refi 6.34% 4/5/25
    30 Year FHA Purchase 6.08% 4/5/25
    30 Year VA Purchase 5.65% 4/5/25
    30 Year USDA Purchase 6.09% 4/5/25
    15 Year Conventional Purchase 5.78% 4/5/25
    These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

    M/i Financial Mortgage Calculator






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from M/i Financial. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

    The default purchase price is the median sales price across the US for 2022Q4, per FRED.


    Originations

    2,649

    Origination Dollar Volume (All Markets)

    $800,155,000
    Show all (18) awards

    Top Markets

    Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.

    Market Originations Total Value Average Loan Average Fees Average Rate
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 317 $91,035,000 $287,177 $5,280 4.63%
    ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 243 $74,375,000 $306,070 $5,757 4.67%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 218 $65,420,000 $300,092 $4,543 4.65%
    CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 218 $64,860,000 $297,523 $4,095 4.50%
    AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 191 $56,745,000 $297,094 $6,577 4.49%
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 178 $55,030,000 $309,157 $3,524 4.66%
    INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 196 $54,350,000 $277,296 $4,794 4.68%
    COLUMBUS, OH (FHA|USDA|VA) 184 $54,140,000 $294,239 $4,982 4.59%
    CINCINNATI, OH-KY-IN (FHA|USDA|VA) 144 $50,580,000 $351,250 $4,930 4.42%
    RALEIGH-CARY, NC (FHA|USDA|VA) 139 $46,295,000 $333,058 $4,378 4.46%
    Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 136 $42,100,000 $309,559 $6,977 4.41%
    SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) 145 $41,805,000 $288,310 $8,485 4.40%
    HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 132 $36,810,000 $278,864 $6,088 4.56%
    North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 48 $13,360,000 $278,333 $5,792 4.71%
    BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 35 $12,185,000 $348,143 $7,023 4.55%
    Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 22 $9,030,000 $410,455 $5,381 4.53%
    DAYTON-KETTERING, OH (FHA|USDA|VA) 26 $8,090,000 $311,154 $6,998 4.54%
    DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 30 $7,980,000 $266,000 $4,332 4.54%
    DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 23 $7,855,000 $341,522 $4,931 4.77%
    LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 10 $4,090,000 $409,000 $4,686 4.65%
    Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 12 $3,490,000 $290,833 $4,698 4.65%
    ANN ARBOR, MI (FHA|USDA|VA) 2 $530,000 $265,000 $5,912 4.50%
    M/i Financial's top markets include Tampa, Orlando, Chicago, Charlotte, and Austin among others.

    Their top states include:
  • Florida (FHA|USDA|VA)
  • Texas (FHA|USDA|VA)
  • Ohio (FHA|USDA|VA)
  • North Carolina (FHA|USDA|VA)
  • Illinois (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against M/I FINANCIAL based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    McCoy Federal Credit Union
    Similarity Rank: 60
    SOUTHERN LENDING SERVICES, LTD.
    Similarity Rank: 86
    Greenfield Banking Company
    Similarity Rank: 255
    CORNERSTONE MORTGAGE PROVIDERS
    Similarity Rank: 291
    Hendricks County Bank and Trust Company
    Similarity Rank: 393
    Cornerstone State Bank
    Similarity Rank: 408
    KELLEY MORTGAGE, LLC
    Similarity Rank: 412
    INDIANA UNIVERSITY CREDIT UNION
    Similarity Rank: 450
    Priority Bank
    Similarity Rank: 456
    HIGHLAND HOMELOANS, LLC
    Similarity Rank: 456

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 2,061 $618,585,000 $300,138 $4,364 4.59%
    FHA 308 $86,670,000 $281,396 $9,222 4.64%
    VA 273 $93,195,000 $341,374 $8,398 4.32%
    USDA 7 $1,705,000 $243,571 $6,510 4.48%

    For 2018, M/i Financial's most frequently originated type of loan was Conventional, with 2,061 originations. Their 2nd most popular type was FHA, with 308 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 2,649 $800,155,000 $302,059 $5,411 4.57%

    For 2018, M/i Financial's most frequently cited loan purpose was Home Purchase, with 2,649 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 2,436 $745,490,000 $306,030 $5,507 4.61%
    15 Year 178 $46,490,000 $261,180 $4,320 4.01%
    20 Year 24 $6,170,000 $257,083 $4,361 4.54%
    10 Year 10 $1,770,000 $177,000 $3,623 3.90%
    Other 1 $235,000 $235,000 $6,911 4.75%

    For 2018, M/i Financial's most frequently cited loan duration was 30 Year, with 2,436 originations. The 2nd most popular length was 15 Year, with 178 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 1,518 $452,280,000 $297,945
    $<1k 272 $83,860,000 $308,309
    $3k-4k 139 $38,865,000 $279,604
    $4k-5k 111 $37,245,000 $335,541
    $2k-3k 96 $25,640,000 $267,083
    $5k+ 34 $13,630,000 $400,882

    M/i Financial's average total fees were $5,507, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 1,518 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 2,062 $622,840,000 $302,056
    3-4% 312 $93,680,000 $300,256
    5-6% 272 $82,730,000 $304,154
    <2.5% 2 $640,000 $320,000
    6-7% 1 $265,000 $265,000

    During 2018, M/i Financial's average interest rate for loans was 4.61%, while their most frequently originated rate bucket for loans was 4-5%, with 2,062 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 2,044 $610,300,000 $298,581 $5,610 4.57%
    $400k-600k 334 $147,340,000 $441,138 $5,528 4.57%
    $100k-200k 233 $36,575,000 $156,974 $3,764 4.53%
    $100,000 or less 33 $2,685,000 $81,364 $3,204 4.55%
    $600k-1MM 5 $3,255,000 $651,000 $6,092 4.68%

    2018 saw M/i Financial place emphasis on $200k-400k loans with 2,044 originations, totaling $610,300,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 950 $295,950,000 $311,526 $5,447 4.56%
    $75k-100k 573 $164,505,000 $287,094 $5,669 4.58%
    $150k-250k 560 $193,130,000 $344,875 $5,232 4.57%
    $50k-75k 379 $92,375,000 $243,734 $5,626 4.58%
    $250k+ 114 $41,040,000 $360,000 $4,417 4.52%
    $50k or less 73 $13,155,000 $180,205 $4,760 4.60%

    M/i Financial lent most frequently to those with incomes in the $100k-150k range, with 950 originations. The second most popular income band? $75k-100k, with 573 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 547 $166,305,000 $304,031 $4,826 4.49%
    30-36% 508 $157,160,000 $309,370 $5,232 4.54%
    <20% 175 $45,205,000 $258,314 $4,210 4.44%
    50-60% 172 $50,940,000 $296,163 $8,680 4.49%
    49% 127 $37,555,000 $295,709 $5,019 4.66%
    45% 111 $33,425,000 $301,126 $5,439 4.63%
    37% 99 $30,785,000 $310,960 $5,846 4.51%
    38% 89 $27,935,000 $313,876 $5,648 4.65%
    40% 88 $27,130,000 $308,295 $5,106 4.71%
    36% 87 $25,455,000 $292,586 $5,125 4.61%
    43% 86 $25,910,000 $301,279 $5,507 4.61%
    42% 84 $25,870,000 $307,976 $5,440 4.70%
    41% 80 $25,090,000 $313,625 $5,474 4.64%
    39% 78 $22,940,000 $294,103 $5,094 4.58%
    47% 76 $24,730,000 $325,395 $5,557 4.64%
    48% 74 $21,310,000 $287,973 $5,264 4.70%
    44% 73 $22,475,000 $307,877 $5,699 4.69%
    46% 71 $21,675,000 $305,282 $5,178 4.74%
    >60% 17 $6,385,000 $375,588 $8,299 4.41%

    M/i Financial lent most frequently to those with DTI ratios of 20-30%, with 547 originations. The next most common DTI ratio? 30-36%, with 508 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,730 $509,780,000 $294,671 $5,447 4.59%
    Asian 418 $135,240,000 $323,541 $4,892 4.46%
    Not provided 292 $89,240,000 $305,616 $5,037 4.55%
    Black 185 $58,595,000 $316,730 $6,549 4.67%
    American Indian 12 $3,950,000 $329,167 $8,303 4.43%
    Asian Indian 6 $1,780,000 $296,667 $4,309 4.31%
    Native Hawaiian or Islander 4 $1,140,000 $285,000 $7,122 4.56%
    Chinese 1 $315,000 $315,000 $8,381 3.50%
    Korean 1 $115,000 $115,000 $3,236 4.88%

    Approval Rates

    Total approvals of all applications
    98.67%

    M/i Financial has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    65.31%

    M/i Financial has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 2,649 $800,155,000 $302,059

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 2,649 $800,155,000 $302,059

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 103 $12,805,000 $124,320 $3,328 4.50%
    40-60% 168 $35,120,000 $209,048 $4,000 4.46%
    60-80% 616 $181,750,000 $295,049 $4,455 4.51%
    80-100% 1,646 $532,910,000 $323,761 $5,662 4.61%
    Over 100% 101 $34,685,000 $343,416 $10,709 4.44%
    Under 20% 7 $585,000 $83,571 $3,265 4.34%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    Movement Mortgage LLC Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 5 19.2%
    Movement Mortgage LLC Conventional home mortgage Closing on a mortgage 4 15.4%
    Movement Mortgage LLC Conventional home mortgage Trouble during payment process 2 7.7%
    Movement Mortgage LLC FHA mortgage Applying for a mortgage or refinancing an existing mortgage 7 26.9%
    Movement Mortgage LLC FHA mortgage Closing on a mortgage 5 19.2%
    Movement Mortgage LLC FHA mortgage Struggling to pay mortgage 1 3.8%
    Movement Mortgage LLC Home equity loan or line of credit (HELOC) Applying for a mortgage or refinancing an existing mortgage 1 3.8%
    Movement Mortgage LLC Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 1 3.8%