Oak Mortgage Rates, Fees & Info

STURGIS, MI

LEI: 549300WJMSK78N2L9U23

Tax ID: 38-3566754

5 stars - Updated: 11/21/24 - out of 5 stars, based on 21 reviews

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

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Relative Rates
  • Relative Fees
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • 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

    Oak Mortgage is a smaller mortgage company specializing in Home Purchase loans. Oak Mortgage has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Niles, Sturgis, Kalamazoo, Battle Creek, and Coldwater among others. We have data for 22 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Oak Mortgage 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. Oak Mortgage 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 relatively high 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 6.50% 11/21/24
    30 Year Conventional Refi 6.48% 11/21/24
    30 Year Cash-out Refi 6.61% 11/21/24
    30 Year USDA Purchase 6.63% 11/21/24
    15 Year Conventional Purchase 6.16% 11/21/24
    15 Year Conventional Refi 6.26% 11/21/24
    15 Year Cash-out Refi 6.26% 11/21/24
    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.

    Oak Mortgage Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Oak Mortgage. 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

    453

    Origination Dollar Volume (All Markets)

    $119,365,000
    Show all (7) awards

    Relative Rate

    Oak Mortgage's average 30 year fixed mortgage rate was 6.85%.

    The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

    This yields a difference of 0.37%.

    Relative Fees (Closing Costs)

    Oak Mortgage's average total fees/closing costs for a 30 year fixed rate mortgage were $3,244.

    The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $9,089.

    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
    NILES, MI (FHA|USDA|VA) 84 $25,740,000 $306,429 $3,374 6.90%
    Outside of Metro Areas 65 $21,125,000 $325,000 $3,408 6.83%
    Sturgis, MI (FHA|USDA|VA) 100 $19,240,000 $192,400 $3,074 6.81%
    KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 41 $15,035,000 $366,707 $3,464 6.99%
    BATTLE CREEK, MI (FHA|USDA|VA) 78 $14,620,000 $187,436 $2,785 6.77%
    Coldwater, MI (FHA|USDA|VA) 36 $7,520,000 $208,889 $3,263 6.80%
    SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 13 $3,955,000 $304,231 $3,136 6.76%
    Holland, MI (FHA|USDA|VA) 7 $3,415,000 $487,857 $4,619 7.21%
    Angola, IN (FHA|USDA|VA) 2 $2,100,000 $1,050,000 $3,988 6.25%
    Hillsdale, MI (FHA|USDA|VA) 3 $1,395,000 $465,000 $3,876 6.50%
    LANSING-EAST LANSING, MI (FHA|USDA|VA) 6 $1,190,000 $198,333 $2,621 6.58%
    GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 4 $740,000 $185,000 $2,965 7.06%
    Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 2 $640,000 $320,000 $2,922 6.88%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 1 $605,000 $605,000 $4,735 6.50%
    JACKSON, MI (FHA|USDA|VA) 3 $355,000 $118,333 $2,734 6.75%
    MUSKEGON, MI (FHA|USDA|VA) 1 $325,000 $325,000 $3,049 6.50%
    ELKHART-GOSHEN, IN (FHA|USDA|VA) 2 $310,000 $155,000 $2,157 7.00%
    Big Rapids, MI (FHA|USDA|VA) 1 $295,000 $295,000 $3,213 6.75%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $285,000 $285,000 $4,497 6.50%
    Houghton, MI (FHA|USDA|VA) 1 $185,000 $185,000 $5,094 6.13%
    Traverse City, MI (FHA|USDA|VA) 1 $155,000 $155,000 $2,837 7.63%
    Cadillac, MI (FHA|USDA|VA) 1 $135,000 $135,000 $2,672 6.75%
    Oak Mortgage's top markets include Niles, Sturgis, Kalamazoo, Battle Creek, and Coldwater among others.

    Their top states include:
  • Michigan (FHA|USDA|VA)
  • Indiana (FHA|USDA|VA)
  • Illinois (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)

    • Similar Lenders

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

    MARSHALL COMMUNITY CREDIT UNION
    Similarity Rank: 90
    INTERRA CREDIT UNION
    Similarity Rank: 96
    Adventure Credit Union
    Similarity Rank: 130
    United Bank of Michigan
    Similarity Rank: 154
    INOVA FEDERAL CREDIT UNION
    Similarity Rank: 200
    Macatawa Bank
    Similarity Rank: 210
    FIRST CHOICE MH LLC
    Similarity Rank: 252
    MICHIGAN SCHOOLS AND GOVERNMENT
    Similarity Rank: 253
    Circle Federal Credit Union
    Similarity Rank: 328
    Pacor Mortgage Corp
    Similarity Rank: 360

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 446 $118,310,000 $265,269 $3,195 6.84%
    USDA 7 $1,055,000 $150,714 $4,292 6.46%

    For 2023, Oak Mortgage's most frequently originated type of loan was Conventional, with 446 originations. Their 2nd most popular type was USDA, with 7 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 385 $108,985,000 $283,078 $3,300 6.85%
    Cash Out Refi 41 $6,665,000 $162,561 $2,776 6.77%
    Refi 12 $1,770,000 $147,500 $2,835 6.61%
    Other 11 $1,345,000 $122,273 $2,525 6.89%
    Home Improvement 4 $600,000 $150,000 $2,572 6.75%

    For 2023, Oak Mortgage's most frequently cited loan purpose was Home Purchase, with 385 originations. The 2nd most popular reason was Cash Out Refi, with 41 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 418 $113,960,000 $272,632 $3,244 6.85%
    15 Year 19 $2,775,000 $146,053 $2,626 6.27%
    20 Year 11 $1,345,000 $122,273 $2,573 7.10%
    30+ year 4 $1,250,000 $312,500 $4,481 7.22%
    10 Year 1 $35,000 $35,000 $1,625 6.38%

    For 2023, Oak Mortgage's most frequently cited loan duration was 30 Year, with 418 originations. The 2nd most popular length was 15 Year, with 19 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 351 $90,245,000 $257,108
    $1k-2k 57 $19,455,000 $341,316
    $2k-3k 13 $3,745,000 $288,077
    $3k-4k 5 $1,265,000 $253,000
    $5k+ 4 $1,690,000 $422,500

    Oak Mortgage's average total fees were $3,244, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 351 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 286 $74,980,000 $262,168
    7-8% 131 $36,085,000 $275,458
    5-6% 24 $5,960,000 $248,333
    Over 8% 11 $1,885,000 $171,364
    3-4% 1 $455,000 $455,000

    During 2023, Oak Mortgage's average interest rate for loans was 6.85%, while their most frequently originated rate bucket for loans was 6-7%, with 286 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 167 $46,745,000 $279,910 $3,462 6.94%
    $100k-200k 164 $24,210,000 $147,622 $2,810 6.82%
    $100,000 or less 59 $4,275,000 $72,458 $2,457 6.83%
    $400k-600k 34 $16,490,000 $485,000 $3,715 6.47%
    $600k-1MM 18 $12,740,000 $707,778 $4,673 6.74%
    $1MM+ 11 $14,905,000 $1,355,000 $4,710 6.78%

    2023 saw Oak Mortgage place emphasis on $200k-400k loans with 167 originations, totaling $46,745,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 99 $15,605,000 $157,626 $2,836 6.78%
    $100k-150k 94 $25,910,000 $275,638 $3,470 6.77%
    $150k-250k 69 $22,075,000 $319,928 $3,521 6.91%
    $75k-100k 65 $14,445,000 $222,231 $3,259 6.86%
    $50k or less 61 $6,755,000 $110,738 $2,657 6.79%
    $250k+ 55 $32,835,000 $597,000 $3,740 6.95%

    Oak Mortgage lent most frequently to those with incomes in the $50k-75k range, with 99 originations. The second most popular income band? $100k-150k, with 94 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 101 $23,975,000 $237,376 $3,103 6.76%
    30-36% 90 $21,640,000 $240,444 $2,979 6.72%
    <20% 30 $7,670,000 $255,667 $2,821 6.79%
    37% 26 $7,060,000 $271,538 $2,948 6.96%
    39% 26 $6,570,000 $252,692 $3,269 7.03%
    40% 25 $6,465,000 $258,600 $3,174 6.86%
    36% 22 $6,460,000 $293,636 $3,349 6.89%
    38% 19 $4,865,000 $256,053 $3,088 6.82%
    42% 18 $3,850,000 $213,889 $3,402 6.94%
    41% 18 $6,300,000 $350,000 $3,592 7.24%
    43% 17 $6,065,000 $356,765 $3,937 6.82%
    45% 12 $3,110,000 $259,167 $3,585 6.93%
    50-60% 9 $3,775,000 $419,444 $3,680 6.81%
    47% 8 $2,090,000 $261,250 $4,539 7.08%
    44% 8 $2,320,000 $290,000 $3,237 6.59%
    46% 8 $2,180,000 $272,500 $3,510 6.77%
    49% 7 $1,375,000 $196,429 $3,218 6.86%
    >60% 5 $2,775,000 $555,000 $4,691 7.03%
    48% 4 $820,000 $205,000 $2,815 6.66%

    Oak Mortgage lent most frequently to those with DTI ratios of 20-30%, with 101 originations. The next most common DTI ratio? 30-36%, with 90 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 434 $114,340,000 $263,456 $3,228 6.84%
    Black 6 $1,650,000 $275,000 $2,471 6.48%
    Asian 5 $1,615,000 $323,000 $3,111 6.85%
    Not provided 7 $1,445,000 $206,429 $2,715 6.55%
    Asian Indian 1 $315,000 $315,000 $5,118 7.25%

    Approval Rates

    Total approvals of all applications
    97.58%

    Oak Mortgage 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
    75.50%

    Oak Mortgage has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 453 $119,365,000 $263,499

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    453 $119,365,000 $263,499

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 24 $2,810,000 $117,083 $2,528 6.87%
    40-60% 49 $10,495,000 $214,184 $3,233 7.08%
    60-80% 158 $48,170,000 $304,873 $3,304 6.87%
    80-100% 215 $56,375,000 $262,209 $3,233 6.78%
    Over 100% 3 $815,000 $271,667 $3,067 5.46%
    Under 20% 4 $700,000 $175,000 $2,707 6.44%