Oak Mortgage Rates, Fees & Info
STURGIS, MILEI: 549300WJMSK78N2L9U23
Tax ID: 38-3566754
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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: Sturgis, Coldwater, Kalamazoo, Holland, and South Bend among others. We have data for 14 markets. (Some data included below & more in-depth data is available with an active subscription.)Oak Mortgage has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders.
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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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.50% | 11/22/24 |
| 30 Year Conventional Refi | 6.48% | 11/22/24 |
| 30 Year Cash-out Refi | 6.61% | 11/22/24 |
| 30 Year USDA Purchase | 6.63% | 11/22/24 |
| 15 Year Conventional Purchase | 6.16% | 11/22/24 |
| 15 Year Conventional Refi | 6.26% | 11/22/24 |
| 15 Year Cash-out Refi | 6.26% | 11/22/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
229Origination Dollar Volume (All Markets)
$31,145,000Top 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 |
|---|---|---|---|---|---|
| Sturgis, MI (FHA|USDA|VA) | 123 | $16,535,000 | $134,431 | $0 | 0.00% |
| Outside of Metro Areas | 36 | $4,780,000 | $132,778 | $0 | 0.00% |
| Coldwater, MI (FHA|USDA|VA) | 35 | $4,125,000 | $117,857 | $0 | 0.00% |
| KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) | 14 | $1,620,000 | $115,714 | $0 | 0.00% |
| Holland, MI (FHA|USDA|VA) | 4 | $1,280,000 | $320,000 | $0 | 0.00% |
| SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) | 5 | $805,000 | $161,000 | $0 | 0.00% |
| ELKHART-GOSHEN, IN (FHA|USDA|VA) | 1 | $455,000 | $455,000 | $0 | 0.00% |
| BATTLE CREEK, MI (FHA|USDA|VA) | 3 | $405,000 | $135,000 | $0 | 0.00% |
| Angola, IN (FHA|USDA|VA) | 2 | $360,000 | $180,000 | $0 | 0.00% |
| NILES, MI (FHA|USDA|VA) | 2 | $230,000 | $115,000 | $0 | 0.00% |
| FORT WAYNE, IN (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $0 | 0.00% |
| GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $0 | 0.00% |
| MUSKEGON, MI (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 0.00% |
| Hillsdale, MI (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 0.00% |
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.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 223 | $30,385,000 | $136,256 | $0 | 0.00% |
| USDA | 6 | $760,000 | $126,667 | $0 | 0.00% |
For 2018, Oak Mortgage's most frequently originated type of loan was Conventional, with 223 originations. Their 2nd most popular type was USDA, with 6 originations.
Loan Reason
For 2018, Oak Mortgage's most frequently cited loan purpose was Home Purchase, with 150 originations. The 2nd most popular reason was Cash Out Refi, with 44 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 229 | $31,145,000 | $136,004 | $0 | 0.00% |
For 2018, Oak Mortgage's most frequently cited loan duration was Other, with 229 originations.
Loan Sizing
2018 saw Oak Mortgage place emphasis on $100,000 or less loans with 105 originations, totaling $6,955,000 in origination value.
Applicant Income
Oak Mortgage lent most frequently to those with incomes in the $50k-75k range, with 65 originations. The second most popular income band? $50k or less, with 62 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 229 | $31,145,000 | $136,004 | $0 | 0.00% |
Oak Mortgage lent most frequently to those with DTI ratios of Exempt%, with 229 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 225 | $30,735,000 | $136,600 | $0 | 0.00% |
| Asian | 3 | $305,000 | $101,667 | $0 | 0.00% |
| Vietnamese | 1 | $105,000 | $105,000 | $0 | 0.00% |
Approval Rates
Total approvals of all applications88.08%
Oak Mortgage has an average approval rate.
Pick Rate
Approvals leading to origination71.18%
Oak Mortgage has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 229 | $31,145,000 | $136,004 |