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 Home Purchase, Cash Out Refi, and Refi 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, Kalamazoo, and South Bend among others. We have data for 20 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% 4/21/24
    30 Year Conventional Refi 6.48% 4/21/24
    30 Year Cash-out Refi 6.61% 4/21/24
    30 Year USDA Purchase 6.63% 4/21/24
    15 Year Conventional Purchase 6.16% 4/21/24
    15 Year Conventional Refi 6.26% 4/21/24
    15 Year Cash-out Refi 6.26% 4/21/24
    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

    1,053

    Origination Dollar Volume (All Markets)

    $242,595,000
    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
    NILES, MI (FHA|USDA|VA) 257 $85,215,000 $331,576 $3,075 2.91%
    Sturgis, MI (FHA|USDA|VA) 314 $55,680,000 $177,325 $3,211 2.76%
    Outside of Metro Areas 138 $33,210,000 $240,652 $3,122 2.91%
    Coldwater, MI (FHA|USDA|VA) 120 $18,190,000 $151,583 $3,256 2.83%
    KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 77 $16,055,000 $208,506 $3,444 2.82%
    SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 39 $10,525,000 $269,872 $3,295 2.81%
    BATTLE CREEK, MI (FHA|USDA|VA) 40 $8,920,000 $223,000 $2,713 3.11%
    GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 15 $3,915,000 $261,000 $4,005 2.77%
    Holland, MI (FHA|USDA|VA) 18 $3,150,000 $175,000 $2,809 2.76%
    Hillsdale, MI (FHA|USDA|VA) 11 $1,845,000 $167,727 $3,203 2.94%
    Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 6 $1,300,000 $216,667 $3,175 2.50%
    Traverse City, MI (FHA|USDA|VA) 3 $1,005,000 $335,000 $2,666 2.71%
    ELKHART-GOSHEN, IN (FHA|USDA|VA) 2 $850,000 $425,000 $2,603 2.88%
    LANSING-EAST LANSING, MI (FHA|USDA|VA) 5 $655,000 $131,000 $2,655 3.36%
    Angola, IN (FHA|USDA|VA) 2 $530,000 $265,000 $2,591 2.69%
    INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 1 $465,000 $465,000 $2,850 3.00%
    Big Rapids, MI (FHA|USDA|VA) 1 $315,000 $315,000 $2,995 2.88%
    ANN ARBOR, MI (FHA|USDA|VA) 1 $285,000 $285,000 $2,266 2.63%
    PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 1 $265,000 $265,000 $7,394 3.38%
    JACKSON, MI (FHA|USDA|VA) 2 $220,000 $110,000 $3,218 3.75%
    Oak Mortgage's top markets include Niles, Sturgis, Coldwater, Kalamazoo, and South Bend among others.

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

    Edgewater Bank
    Similarity Rank: 44
    Farmers State Bank
    Similarity Rank: 240
    Community West Credit Union
    Similarity Rank: 306
    KENT COUNTY CREDIT UNION
    Similarity Rank: 316
    BlueOx Credit Union
    Similarity Rank: 406
    KALSEE CREDIT UNION
    Similarity Rank: 430
    PREFERRED CREDIT UNION
    Similarity Rank: 532
    MEMBERS FIRST Credit Union
    Similarity Rank: 561
    West Michigan Credit Union
    Similarity Rank: 572
    First State Bank of Middlebury
    Similarity Rank: 630

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,014 $236,870,000 $233,600 $3,134 2.85%
    USDA 39 $5,725,000 $146,795 $4,146 2.88%

    For 2021, Oak Mortgage's most frequently originated type of loan was Conventional, with 1,014 originations. Their 2nd most popular type was USDA, with 39 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 517 $125,685,000 $243,104 $3,262 2.99%
    Cash Out Refi 264 $62,480,000 $236,667 $3,310 2.73%
    Refi 242 $49,050,000 $202,686 $2,866 2.66%
    Other 23 $4,215,000 $183,261 $2,841 2.84%
    Home Improvement 7 $1,165,000 $166,429 $3,943 3.39%

    For 2021, Oak Mortgage's most frequently cited loan purpose was Home Purchase, with 517 originations. The 2nd most popular reason was Cash Out Refi, with 264 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 711 $176,525,000 $248,277 $3,290 2.99%
    15 Year 245 $47,475,000 $193,776 $2,898 2.51%
    20 Year 55 $9,045,000 $164,455 $2,975 2.77%
    10 Year 30 $2,820,000 $94,000 $2,626 2.25%
    30+ year 11 $6,625,000 $602,273 $4,294 3.02%
    Other 1 $105,000 $105,000 $0 3.50%

    For 2021, Oak Mortgage's most frequently cited loan duration was 30 Year, with 711 originations. The 2nd most popular length was 15 Year, with 245 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 698 $166,200,000 $238,109
    $1k-2k 176 $41,600,000 $236,364
    $2k-3k 67 $11,885,000 $177,388
    $3k-4k 30 $6,140,000 $204,667
    $4k-5k 23 $5,475,000 $238,043
    $5k+ 14 $4,220,000 $301,429

    Oak Mortgage's average total fees were $3,290, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 698 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 500 $125,760,000 $251,520
    <2.5% 279 $51,715,000 $185,358
    3-4% 252 $61,520,000 $244,127
    4-5% 22 $3,600,000 $163,636

    During 2021, Oak Mortgage's average interest rate for loans was 2.99%, while their most frequently originated rate bucket for loans was 2.5-3%, with 500 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 418 $60,980,000 $145,885 $3,067 2.85%
    $200k-400k 321 $85,925,000 $267,679 $3,350 2.84%
    $100,000 or less 188 $13,520,000 $71,915 $2,483 2.80%
    $400k-600k 83 $40,625,000 $489,458 $3,888 2.90%
    $600k-1MM 30 $23,110,000 $770,333 $4,032 3.13%
    $1MM+ 13 $18,435,000 $1,418,077 $4,982 2.93%

    2021 saw Oak Mortgage place emphasis on $100k-200k loans with 418 originations, totaling $60,980,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 231 $36,545,000 $158,203 $3,150 2.84%
    $50k or less 219 $25,875,000 $118,151 $2,868 2.90%
    $100k-150k 184 $44,610,000 $242,446 $3,245 2.82%
    $75k-100k 172 $32,680,000 $190,000 $3,116 2.80%
    $150k-250k 125 $42,615,000 $340,920 $3,378 2.79%
    $250k+ 106 $56,960,000 $537,358 $3,627 2.98%

    Oak Mortgage lent most frequently to those with incomes in the $50k-75k range, with 231 originations. The second most popular income band? $50k or less, with 219 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 296 $65,180,000 $220,203 $3,150 2.86%
    30-36% 214 $50,230,000 $234,720 $3,253 2.85%
    <20% 184 $37,340,000 $202,935 $2,806 2.76%
    42% 38 $8,870,000 $233,421 $3,699 2.91%
    40% 37 $11,505,000 $310,946 $3,484 2.96%
    36% 36 $8,370,000 $232,500 $3,404 2.86%
    41% 35 $6,645,000 $189,857 $2,840 2.83%
    38% 31 $5,475,000 $176,613 $2,948 2.82%
    43% 27 $5,445,000 $201,667 $3,167 2.94%
    39% 23 $5,625,000 $244,565 $3,891 2.80%
    37% 23 $4,205,000 $182,826 $3,403 2.80%
    44% 18 $4,010,000 $222,778 $3,259 2.87%
    48% 18 $4,620,000 $256,667 $3,063 3.03%
    45% 16 $4,400,000 $275,000 $3,086 2.72%
    49% 13 $2,725,000 $209,615 $3,378 2.94%
    50-60% 13 $7,085,000 $545,000 $4,142 2.82%
    46% 12 $3,620,000 $301,667 $2,974 2.83%
    >60% 10 $3,940,000 $394,000 $2,905 3.09%
    47% 9 $3,305,000 $367,222 $3,812 2.85%

    Oak Mortgage lent most frequently to those with DTI ratios of 20-30%, with 296 originations. The next most common DTI ratio? 30-36%, with 214 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,019 $234,195,000 $229,828 $3,167 2.85%
    Not provided 10 $3,280,000 $328,000 $3,303 2.96%
    Asian 11 $2,555,000 $232,273 $2,911 2.68%
    Black 11 $1,965,000 $178,636 $3,163 2.99%
    Native Hawaiian or Islander 1 $545,000 $545,000 $10,373 2.88%
    American Indian 1 $55,000 $55,000 $0 3.88%

    Approval Rates

    Total approvals of all applications
    97.39%

    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
    83.38%

    Oak Mortgage has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,053 $242,595,000 $230,385

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,053 $242,595,000 $230,385

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 75 $10,695,000 $142,600 $2,579 2.60%
    40-60% 163 $31,935,000 $195,920 $2,805 2.67%
    60-80% 443 $102,575,000 $231,546 $3,263 2.88%
    80-100% 361 $96,545,000 $267,438 $3,383 2.95%
    Over 100% 1 $145,000 $145,000 $4,035 2.88%
    Under 20% 10 $700,000 $70,000 $2,218 2.45%