Oak Mortgage Rates, Fees & Info

STURGIS, MI

LEI: 549300WJMSK78N2L9U23

Tax ID: 38-3566754

5 stars - Updated: 2/19/24 - out of 5 stars, based on 26 reviews

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

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Mortgage Data

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, 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.

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% 2/19/24
30 Year Conventional Refi 6.48% 2/19/24
30 Year Cash-out Refi 6.61% 2/19/24
30 Year USDA Purchase 6.63% 2/19/24
15 Year Conventional Purchase 6.16% 2/19/24
15 Year Conventional Refi 6.26% 2/19/24
15 Year Cash-out Refi 6.26% 2/19/24
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

652

Origination Dollar Volume (All Markets)

$164,510,000
Show all (13) awards

Relative Rate

Oak Mortgage's average 30 year fixed mortgage rate was 4.85%.

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.

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) 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%
Oak Mortgage's top markets include Niles, Sturgis, Coldwater, Battle Creek, and Kalamazoo among others.

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

    Community West Credit Union
    Similarity Rank: 340
    Farmers State Bank
    Similarity Rank: 340
    PREFERRED CREDIT UNION
    Similarity Rank: 380
    KALSEE CREDIT UNION
    Similarity Rank: 430
    West Michigan Credit Union
    Similarity Rank: 468
    MEMBERS FIRST Credit Union
    Similarity Rank: 495
    Pacor Mortgage Corp
    Similarity Rank: 522
    KENT COUNTY CREDIT UNION
    Similarity Rank: 553
    Isabella Bank
    Similarity Rank: 600
    First State Bank of Middlebury
    Similarity Rank: 630

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 623 $160,325,000 $257,343 $3,076 4.75%
    USDA 29 $4,185,000 $144,310 $4,041 4.90%

    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.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 481 $132,495,000 $275,457 $3,206 4.92%
    Cash Out Refi 99 $20,765,000 $209,747 $3,037 4.15%
    Refi 44 $6,050,000 $137,500 $2,623 4.26%
    Other 18 $3,650,000 $202,778 $2,793 5.01%
    Home Improvement 10 $1,550,000 $155,000 $2,622 4.39%

    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.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 566 $149,970,000 $264,965 $3,179 4.85%
    15 Year 72 $12,240,000 $170,000 $2,722 4.17%
    20 Year 8 $970,000 $121,250 $2,828 4.14%
    10 Year 4 $370,000 $92,500 $2,377 4.53%
    Other 2 $960,000 $480,000 $2,988 2.88%

    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
    $<1k 501 $123,435,000 $246,377
    $1k-2k 80 $26,610,000 $332,625
    $2k-3k 16 $3,130,000 $195,625
    $3k-4k 12 $2,520,000 $210,000
    $4k-5k 5 $1,255,000 $251,000
    $5k+ 5 $1,875,000 $375,000

    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.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 218 $56,310,000 $258,303
    3-4% 172 $46,950,000 $272,965
    5-6% 161 $41,795,000 $259,596
    6-7% 70 $12,200,000 $174,286
    2.5-3% 22 $5,640,000 $256,364
    7-8% 7 $1,255,000 $179,286
    Over 8% 1 $55,000 $55,000
    <2.5% 1 $305,000 $305,000

    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.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 270 $39,270,000 $145,444 $2,915 4.79%
    $200k-400k 184 $49,890,000 $271,141 $3,183 4.75%
    $100,000 or less 95 $6,815,000 $71,737 $2,476 4.93%
    $400k-600k 60 $28,010,000 $466,833 $3,659 4.69%
    $600k-1MM 30 $20,990,000 $699,667 $4,040 4.25%
    $1MM+ 13 $19,535,000 $1,502,692 $5,913 4.17%

    2022 saw Oak Mortgage place emphasis on $100k-200k loans with 270 originations, totaling $39,270,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 153 $24,825,000 $162,255 $2,993 4.73%
    $50k or less 129 $15,435,000 $119,651 $2,754 4.93%
    $100k-150k 122 $30,970,000 $253,852 $3,135 4.68%
    $75k-100k 92 $17,640,000 $191,739 $3,010 4.84%
    $150k-250k 82 $30,340,000 $370,000 $3,422 4.77%
    $250k+ 70 $44,810,000 $640,143 $3,969 4.55%

    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

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 165 $38,565,000 $233,727 $3,023 4.62%
    30-36% 131 $30,165,000 $230,267 $3,106 4.85%
    <20% 60 $14,750,000 $245,833 $3,009 4.66%
    38% 33 $9,275,000 $281,061 $3,053 4.75%
    37% 30 $7,770,000 $259,000 $3,267 4.85%
    40% 30 $6,680,000 $222,667 $3,159 4.87%
    41% 28 $7,330,000 $261,786 $3,097 5.14%
    43% 25 $7,525,000 $301,000 $3,327 4.74%
    39% 24 $6,470,000 $269,583 $3,072 4.66%
    42% 22 $4,560,000 $207,273 $3,471 4.49%
    36% 22 $4,870,000 $221,364 $2,875 4.97%
    44% 22 $6,400,000 $290,909 $3,502 5.11%
    50-60% 14 $5,880,000 $420,000 $3,140 4.68%
    45% 12 $3,070,000 $255,833 $3,072 4.77%
    46% 9 $3,375,000 $375,000 $3,167 4.24%
    48% 8 $1,600,000 $200,000 $3,183 5.05%
    47% 7 $2,205,000 $315,000 $3,986 4.54%
    49% 5 $1,115,000 $223,000 $3,097 4.53%
    >60% 5 $2,905,000 $581,000 $3,523 4.63%

    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.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 627 $158,035,000 $252,049 $3,121 4.75%
    Black 15 $3,055,000 $203,667 $2,902 4.93%
    Asian 6 $2,850,000 $475,000 $3,524 4.85%
    Not provided 3 $455,000 $151,667 $3,579 3.83%
    American Indian 1 $115,000 $115,000 $2,365 3.88%

    Approval Rates

    Total approvals of all applications
    96.94%

    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
    83.59%

    Oak Mortgage has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 652 $164,510,000 $252,316

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    652 $164,510,000 $252,316

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 35 $4,025,000 $115,000 $2,287 4.44%
    40-60% 78 $17,870,000 $229,103 $2,788 4.41%
    60-80% 234 $60,310,000 $257,735 $3,123 4.76%
    80-100% 292 $78,390,000 $268,459 $3,307 4.89%
    Over 100% 9 $3,385,000 $376,111 $3,303 4.43%
    Under 20% 4 $530,000 $132,500 $2,310 4.94%