Oak Mortgage Rates, Fees & InfoSTURGIS, MI
Tax ID: 38-3566754
Latest/2022 | 2021 Data | 2020 Data | 2019 Data | 2018 Data
Review & OverviewOak Mortgage is a smaller mortgage company specializing in 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, Coldwater, Battle Creek, and Kalamazoo among others. We have data for 24 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 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.
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|Simulated Rate||Simulation Date|
|30 Year Conventional Purchase||6.50%||3/24/23|
|30 Year Conventional Refi||6.48%||3/24/23|
|30 Year Cash-out Refi||6.61%||3/24/23|
|30 Year USDA Purchase||6.63%||3/24/23|
|15 Year Conventional Purchase||6.16%||3/24/23|
|15 Year Conventional Refi||6.26%||3/24/23|
|15 Year Cash-out Refi||6.26%||3/24/23|
|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.|
Origination Dollar Volume (All Markets)$164,510,000
Oak Mortgage's average 30 year fixed mortgage rate was
The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.
This yields a difference of 0.09%.
Relative Fees (Closing Costs)
Oak Mortgage's average total fees/closing costs for a 30 year fixed rate
mortgage were $3,179.
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 $4,750.
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)||120||$46,060,000||$383,833||$3,371||4.59%|
|Sturgis, MI (FHA|USDA|VA)||143||$28,245,000||$197,517||$3,117||4.76%|
|Coldwater, MI (FHA|USDA|VA)||108||$22,210,000||$205,648||$2,987||4.65%|
|Outside of Metro Areas||85||$19,005,000||$223,588||$3,046||4.60%|
|BATTLE CREEK, MI (FHA|USDA|VA)||70||$12,530,000||$179,000||$2,696||5.22%|
|KALAMAZOO-PORTAGE, MI (FHA|USDA|VA)||41||$10,265,000||$250,366||$3,531||5.15%|
|Holland, MI (FHA|USDA|VA)||13||$6,325,000||$486,538||$3,068||4.93%|
|SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA)||22||$4,720,000||$214,545||$3,088||4.81%|
|GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA)||9||$2,565,000||$285,000||$2,999||4.26%|
|LANSING-EAST LANSING, MI (FHA|USDA|VA)||7||$1,715,000||$245,000||$4,341||4.05%|
|Hillsdale, MI (FHA|USDA|VA)||8||$1,700,000||$212,500||$2,855||4.34%|
|Angola, IN (FHA|USDA|VA)||6||$1,590,000||$265,000||$2,156||4.98%|
|Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA)||3||$1,585,000||$528,333||$3,208||4.71%|
|Traverse City, MI (FHA|USDA|VA)||1||$1,285,000||$1,285,000||$5,527||4.75%|
|TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA)||1||$1,045,000||$1,045,000||$8,998||5.75%|
|Detroit-Warren-Dearborn, MI (FHA|USDA|VA)||4||$1,020,000||$255,000||$3,617||4.25%|
|JACKSON, MI (FHA|USDA|VA)||4||$780,000||$195,000||$2,521||5.13%|
|ANN ARBOR, MI (FHA|USDA|VA)||1||$645,000||$645,000||$3,636||4.63%|
|MUSKEGON, MI (FHA|USDA|VA)||1||$305,000||$305,000||$2,806||3.88%|
|MONROE, MI (FHA|USDA|VA)||1||$295,000||$295,000||$3,453||6.00%|
|TOLEDO, OH (FHA|USDA|VA)||1||$255,000||$255,000||$3,483||6.13%|
|FORT WAYNE, IN (FHA|USDA|VA)||1||$145,000||$145,000||$2,229||3.88%|
|FLINT, MI (FHA|USDA|VA)||1||$135,000||$135,000||$2,919||6.00%|
|ELKHART-GOSHEN, IN (FHA|USDA|VA)||1||$85,000||$85,000||$2,807||4.63%|
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.
Similarity Rank: 340
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Similarity Rank: 600
Similarity Rank: 630
|Loan Type||Originations||Total Value||Avg. Loan||Avg. Fees||Avg. Rate|
For 2022, Oak Mortgage's most frequently originated type of loan was Conventional, with 623 originations. Their 2nd most popular type was USDA, with 29 originations.
For 2022, Oak Mortgage's most frequently cited loan purpose was Home Purchase, with 481 originations. The 2nd most popular reason was Cash Out Refi, with 99 originations.
For 2022, Oak Mortgage's most frequently cited loan duration was 30 Year, with 566 originations. The 2nd most popular length was 15 Year, with 72 originations.
Origination Fees/Closing Costs
|Origination Fee/Closing Cost||Originations||Total Value||Average Loan|
Oak Mortgage's average total fees were $3,179, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 501 originations.
During 2022, Oak Mortgage's average interest rate for loans was 4.85%, while their most frequently originated rate bucket for loans was 4-5%, with 218 originations.
2022 saw Oak Mortgage place emphasis on $100k-200k loans with 270 originations, totaling $39,270,000 in origination value.
Oak Mortgage lent most frequently to those with incomes in the $50k-75k range, with 153 originations. The second most popular income band? $50k or less, with 129 originations.
Applicant Debt to Income Ratio
Oak Mortgage lent most frequently to those with DTI ratios of 20-30%, with 165 originations. The next most common DTI ratio? 30-36%, with 131 originations.
Approval RatesTotal approvals of all applications
Oak Mortgage has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick RateApprovals leading to origination
Oak Mortgage has a below average pick rate.
Points and Fees
|Points||Originations||Total Value||Average Loan|