Oak Mortgage Rates, Fees & Info

STURGIS, MI

LEI: 549300WJMSK78N2L9U23

Tax ID: 38-3566754

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

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • 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 Cash Out Refi, Refi, and 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, Niles, Kalamazoo, Coldwater, and Holland among others. We have data for 28 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.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.50% 4/18/24
    30 Year Conventional Refi 6.48% 4/18/24
    30 Year Cash-out Refi 6.61% 4/18/24
    30 Year USDA Purchase 6.63% 4/18/24
    15 Year Conventional Purchase 6.16% 4/18/24
    15 Year Conventional Refi 6.26% 4/18/24
    15 Year Cash-out Refi 6.26% 4/18/24
    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

    1,187

    Origination Dollar Volume (All Markets)

    $241,715,000
    Show all (13) 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
    Sturgis, MI (FHA|USDA|VA) 433 $70,435,000 $162,667 $2,947 2.74%
    NILES, MI (FHA|USDA|VA) 223 $62,895,000 $282,040 $2,779 2.79%
    Outside of Metro Areas 147 $32,675,000 $222,279 $3,024 2.83%
    KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 116 $21,970,000 $189,397 $2,989 2.66%
    Coldwater, MI (FHA|USDA|VA) 96 $13,640,000 $142,083 $2,988 2.84%
    Holland, MI (FHA|USDA|VA) 34 $7,980,000 $234,706 $2,841 2.88%
    GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 28 $7,590,000 $271,071 $2,963 2.64%
    SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 28 $5,840,000 $208,571 $2,692 2.62%
    Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 12 $3,370,000 $280,833 $3,818 2.59%
    ANN ARBOR, MI (FHA|USDA|VA) 9 $2,515,000 $279,444 $3,076 2.74%
    BATTLE CREEK, MI (FHA|USDA|VA) 15 $1,575,000 $105,000 $2,447 3.23%
    LANSING-EAST LANSING, MI (FHA|USDA|VA) 6 $1,270,000 $211,667 $2,701 2.46%
    Traverse City, MI (FHA|USDA|VA) 3 $1,255,000 $418,333 $3,487 2.50%
    Ludington, MI (FHA|USDA|VA) 2 $1,210,000 $605,000 $3,619 2.63%
    Angola, IN (FHA|USDA|VA) 6 $1,050,000 $175,000 $3,589 2.75%
    Kendallville, IN (FHA|USDA|VA) 4 $920,000 $230,000 $3,416 2.53%
    Hillsdale, MI (FHA|USDA|VA) 4 $790,000 $197,500 $2,731 3.61%
    MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) 2 $780,000 $390,000 $2,324 3.31%
    MUSKEGON, MI (FHA|USDA|VA) 2 $660,000 $330,000 $2,846 3.13%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 1 $595,000 $595,000 $3,068 3.13%
    JACKSON, MI (FHA|USDA|VA) 4 $550,000 $137,500 $3,443 3.44%
    INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 2 $550,000 $275,000 $3,669 2.69%
    MONROE, MI (FHA|USDA|VA) 2 $410,000 $205,000 $5,310 2.50%
    FORT WAYNE, IN (FHA|USDA|VA) 2 $380,000 $190,000 $2,290 2.63%
    ELKHART-GOSHEN, IN (FHA|USDA|VA) 3 $345,000 $115,000 $3,763 3.26%
    Cadillac, MI (FHA|USDA|VA) 1 $205,000 $205,000 $3,593 2.75%
    Warsaw, IN (FHA|USDA|VA) 1 $145,000 $145,000 $1,721 2.50%
    Adrian, MI (FHA|USDA|VA) 1 $115,000 $115,000 $2,136 2.38%
    Oak Mortgage's top markets include Sturgis, Niles, Kalamazoo, Coldwater, and Holland among others.

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

    BlueOx Credit Union
    Similarity Rank: 40
    KALSEE CREDIT UNION
    Similarity Rank: 162
    Community West Credit Union
    Similarity Rank: 210
    KENT COUNTY CREDIT UNION
    Similarity Rank: 235
    Circle Federal Credit Union
    Similarity Rank: 405
    PREFERRED CREDIT UNION
    Similarity Rank: 425
    Meijer Credit Union
    Similarity Rank: 490
    RIVER VALLEY CREDIT UNION
    Similarity Rank: 536
    West Michigan Credit Union
    Similarity Rank: 574
    MEMBERS FIRST Credit Union
    Similarity Rank: 608

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,161 $238,425,000 $205,362 $2,919 2.77%
    USDA 26 $3,290,000 $126,538 $3,785 2.77%

    For 2020, Oak Mortgage's most frequently originated type of loan was Conventional, with 1,161 originations. Their 2nd most popular type was USDA, with 26 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 415 $84,335,000 $203,217 $3,053 2.72%
    Refi 414 $83,550,000 $201,812 $2,651 2.67%
    Home Purchase 346 $71,990,000 $208,064 $3,115 2.94%
    Other 9 $1,535,000 $170,556 $4,306 2.85%
    Home Improvement 3 $305,000 $101,667 $2,221 2.79%

    For 2020, Oak Mortgage's most frequently cited loan purpose was Cash Out Refi, with 415 originations. The 2nd most popular reason was Refi, with 414 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 697 $156,165,000 $224,053 $3,069 2.91%
    15 Year 328 $58,950,000 $179,726 $2,756 2.52%
    20 Year 113 $19,155,000 $169,513 $2,793 2.74%
    10 Year 38 $4,650,000 $122,368 $2,507 2.33%
    30+ year 7 $2,455,000 $350,714 $3,920 3.00%
    Other 3 $285,000 $95,000 $2,330 3.73%
    5 Year 1 $55,000 $55,000 $1,484 2.75%

    For 2020, Oak Mortgage's most frequently cited loan duration was 30 Year, with 697 originations. The 2nd most popular length was 15 Year, with 328 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 742 $159,380,000 $214,798
    $1k-2k 241 $40,975,000 $170,021
    $2k-3k 101 $21,875,000 $216,584
    $3k-4k 34 $7,730,000 $227,353
    $5k+ 14 $4,710,000 $336,429
    $4k-5k 12 $2,330,000 $194,167

    Oak Mortgage's average total fees were $3,069, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 742 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 523 $116,575,000 $222,897
    <2.5% 483 $87,645,000 $181,460
    3-4% 154 $34,190,000 $222,013
    4-5% 20 $2,640,000 $132,000
    5-6% 5 $565,000 $113,000
    6-7% 2 $100,000 $50,000

    During 2020, Oak Mortgage's average interest rate for loans was 2.91%, while their most frequently originated rate bucket for loans was 2.5-3%, with 523 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 504 $74,020,000 $146,865 $2,841 2.74%
    $200k-400k 332 $91,170,000 $274,608 $3,164 2.74%
    $100,000 or less 254 $18,530,000 $72,953 $2,496 2.86%
    $400k-600k 72 $34,110,000 $473,750 $3,728 2.71%
    $600k-1MM 16 $11,580,000 $723,750 $3,772 2.92%
    $1MM+ 9 $12,305,000 $1,367,222 $3,448 3.07%

    2020 saw Oak Mortgage place emphasis on $100k-200k loans with 504 originations, totaling $74,020,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 270 $41,540,000 $153,852 $2,904 2.75%
    $100k-150k 244 $53,030,000 $217,336 $3,047 2.74%
    $50k or less 222 $24,270,000 $109,324 $2,719 2.86%
    $75k-100k 179 $30,995,000 $173,156 $2,810 2.79%
    $150k-250k 161 $48,255,000 $299,720 $3,221 2.68%
    $250k+ 85 $38,915,000 $457,824 $3,205 2.84%

    Oak Mortgage lent most frequently to those with incomes in the $50k-75k range, with 270 originations. The second most popular income band? $100k-150k, with 244 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 374 $75,040,000 $200,642 $2,850 2.73%
    <20% 238 $45,810,000 $192,479 $2,717 2.73%
    30-36% 223 $41,835,000 $187,601 $2,936 2.80%
    41% 37 $7,765,000 $209,865 $2,909 2.91%
    36% 37 $8,795,000 $237,703 $3,319 2.96%
    42% 31 $6,835,000 $220,484 $3,181 2.74%
    37% 31 $6,725,000 $216,935 $3,026 2.71%
    40% 30 $5,360,000 $178,667 $3,278 2.75%
    38% 30 $6,570,000 $219,000 $3,412 2.79%
    44% 25 $5,275,000 $211,000 $3,609 2.75%
    43% 22 $4,250,000 $193,182 $3,179 2.75%
    50-60% 19 $5,705,000 $300,263 $3,010 3.07%
    39% 19 $4,235,000 $222,895 $3,029 2.76%
    46% 17 $2,655,000 $156,176 $3,191 3.04%
    45% 17 $4,635,000 $272,647 $3,467 2.89%
    47% 12 $2,660,000 $221,667 $3,096 2.92%
    49% 9 $3,635,000 $403,889 $3,614 2.71%
    48% 8 $1,520,000 $190,000 $2,666 2.52%
    >60% 8 $2,410,000 $301,250 $2,929 2.75%

    Oak Mortgage lent most frequently to those with DTI ratios of 20-30%, with 374 originations. The next most common DTI ratio? <20%, with 238 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,137 $230,685,000 $202,889 $2,930 2.77%
    Asian 16 $4,680,000 $292,500 $3,095 2.61%
    Not provided 20 $4,160,000 $208,000 $3,402 2.59%
    Black 12 $1,560,000 $130,000 $2,670 2.85%
    Korean 1 $475,000 $475,000 $2,846 2.25%
    American Indian 1 $155,000 $155,000 $3,377 2.63%

    Approval Rates

    Total approvals of all applications
    94.66%

    Oak Mortgage has an average approval rate.

    Pick Rate

    Approvals leading to origination
    88.04%

    Oak Mortgage has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,187 $241,715,000 $203,635

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 52 $5,760,000 $110,769
    Single Family (1-4 Units):Site-Built 1,135 $235,955,000 $207,890

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 99 $12,955,000 $130,859 $2,446 2.56%
    40-60% 247 $43,415,000 $175,769 $2,710 2.62%
    60-80% 558 $119,700,000 $214,516 $3,014 2.80%
    80-100% 275 $62,445,000 $227,073 $3,165 2.91%
    Over 100% 4 $2,830,000 $707,500 $4,387 2.72%
    Under 20% 4 $370,000 $92,500 $2,497 2.56%