Michigan Schools And Government Mortgage Rates, Fees & Info

Clinton Township, MI

LEI: 549300WWLOUWIJ1Q0H29

Tax ID: 38-1629793

5 stars - Updated: 11/30/23 - out of 5 stars, based on 56 reviews

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

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Mortgage Data

Review & Overview

Michigan Schools And Government is a smaller mortgage company specializing in Cash Out Refi and Home Purchase loans. Michigan Schools And Government has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Detroit, Ann Arbor, Flint, Grand Rapids, and Monroe among others. We have data for 23 markets. (Some data included below & more in-depth data is available with an active subscription.)

Michigan Schools And Government 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. Michigan Schools And Government 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
Home Equity Line of Credit (HELOC) 6.27% 11/30/23
30 Year Conventional Purchase 6.68% 11/30/23
30 Year Conventional Refi 6.47% 11/30/23
30 Year Cash-out Refi 6.68% 11/30/23
30 Year FHA Purchase 7.62% 11/30/23
30 Year FHA Refi 6.64% 11/30/23
15 Year Conventional Purchase 6.16% 11/30/23
15 Year Conventional Refi 5.93% 11/30/23
15 Year Cash-out Refi 5.93% 11/30/23
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.

Michigan Schools And Government Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Michigan Schools And Government. 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

3,110

Origination Dollar Volume (All Markets)

$373,840,000
Show all (8) awards

Relative Rate

Michigan Schools And Government's average 30 year fixed mortgage rate was 4.48%.

The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.

This yields a difference of -0.28%.

Relative Fees (Closing Costs)

Michigan Schools And Government's average total fees/closing costs for a 30 year fixed rate mortgage were $2,841.

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
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 2,909 $345,805,000 $118,874 $1,468 4.71%
Outside of Metro Areas 90 $11,420,000 $126,889 $2,090 4.74%
ANN ARBOR, MI (FHA|USDA|VA) 23 $3,905,000 $169,783 $2,379 4.45%
FLINT, MI (FHA|USDA|VA) 18 $2,910,000 $161,667 $2,166 4.80%
GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 14 $2,770,000 $197,857 $2,703 4.14%
MONROE, MI (FHA|USDA|VA) 11 $1,255,000 $114,091 $829 4.70%
JACKSON, MI (FHA|USDA|VA) 9 $1,245,000 $138,333 $1,841 5.00%
LANSING-EAST LANSING, MI (FHA|USDA|VA) 5 $855,000 $171,000 $2,572 4.03%
Mount Pleasant, MI (FHA|USDA|VA) 2 $570,000 $285,000 $3,710 5.13%
BAY CITY, MI (FHA|USDA|VA) 3 $395,000 $131,667 $1,743 4.25%
BATTLE CREEK, MI (FHA|USDA|VA) 3 $335,000 $111,667 $2,176 3.75%
Houghton, MI (FHA|USDA|VA) 2 $320,000 $160,000 $2,188 4.94%
SAGINAW, MI (FHA|USDA|VA) 3 $295,000 $98,333 $2,247 3.83%
MIDLAND, MI (FHA|USDA|VA) 2 $260,000 $130,000 $2,220 5.81%
Marquette, MI (FHA|USDA|VA) 2 $260,000 $130,000 $2,966 4.31%
KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 1 $225,000 $225,000 $2,595 4.50%
Traverse City, MI (FHA|USDA|VA) 2 $180,000 $90,000 $2,744 4.31%
SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 2 $180,000 $90,000 $0 4.88%
NILES, MI (FHA|USDA|VA) 2 $160,000 $80,000 $1,542 4.31%
Alpena, MI (FHA|USDA|VA) 2 $140,000 $70,000 $0 5.13%
Big Rapids, MI (FHA|USDA|VA) 2 $140,000 $70,000 $0 4.63%
Cadillac, MI (FHA|USDA|VA) 2 $130,000 $65,000 $0 5.13%
Hillsdale, MI (FHA|USDA|VA) 1 $85,000 $85,000 $0 5.25%
Michigan Schools And Government's top markets include Detroit, Ann Arbor, Flint, Grand Rapids, and Monroe among others.

Their top states include:
  • Michigan (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against MICHIGAN SCHOOLS AND GOVERNMENT based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    St James Mortgage Corporation
    Similarity Rank: 114
    UNITED SECURITY FINANCIAL CORP
    Similarity Rank: 624
    ALL WESTERN MORTGAGE, INC.
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    Zeal Credit Union
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    SECURITY CREDIT UNION
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    ADVANTAGE ONE Credit Union
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    NEW ENGLAND FEDERAL CREDIT UNION
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 2,041 $287,325,000 $140,777 $1,457 4.55%
    HELOC 1,039 $81,245,000 $78,195 n/a 5.00%
    FHA 30 $5,270,000 $175,667 $5,202 5.41%

    For 2022, Michigan Schools And Government's most frequently originated type of loan was Conventional, with 2,041 originations. Their 2nd most popular type was HELOC, with 1,039 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 1,005 $62,695,000 $62,383 $78 4.93%
    Cash Out Refi 787 $110,285,000 $140,133 $1,701 4.53%
    Home Purchase 561 $132,555,000 $236,283 $3,029 4.62%
    Other 481 $29,985,000 $62,339 $6 5.17%
    Refi 276 $38,320,000 $138,841 $1,717 3.78%

    For 2022, Michigan Schools And Government's most frequently cited loan purpose was Home Improvement, with 1,005 originations. The 2nd most popular reason was Cash Out Refi, with 787 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 1,048 $82,880,000 $79,084 $2,503 4.99%
    30 Year 832 $183,740,000 $220,841 $2,841 4.48%
    15 Year 689 $59,965,000 $87,032 $613 4.78%
    10 Year 366 $29,460,000 $80,492 $348 4.55%
    5 Year 101 $4,855,000 $48,069 $5 4.57%
    20 Year 74 $12,940,000 $174,865 $2,380 3.69%

    For 2022, Michigan Schools And Government's most frequently cited loan duration was Other, with 1,048 originations. The 2nd most popular length was 30 Year, with 832 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 1,666 $202,430,000 $121,507
    $1k-2k 289 $53,225,000 $184,170
    $2k-3k 55 $14,325,000 $260,455
    $3k-4k 22 $6,230,000 $283,182
    $5k+ 10 $4,370,000 $437,000
    $4k-5k 9 $2,625,000 $291,667

    Michigan Schools And Government's average total fees were $2,841, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 1,666 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 974 $142,380,000 $146,181
    4-5% 939 $101,125,000 $107,694
    5-6% 481 $58,985,000 $122,630
    6-7% 325 $28,345,000 $87,215
    7-8% 136 $9,120,000 $67,059
    2.5-3% 119 $19,705,000 $165,588
    <2.5% 79 $11,015,000 $139,430
    Over 8% 57 $3,165,000 $55,526

    During 2022, Michigan Schools And Government's average interest rate for loans was 4.48%, while their most frequently originated rate bucket for loans was 3-4%, with 974 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 1,741 $87,915,000 $50,497 $400 5.01%
    $100k-200k 805 $112,925,000 $140,280 $2,012 4.38%
    $200k-400k 478 $126,440,000 $264,519 $3,060 4.26%
    $400k-600k 68 $32,120,000 $472,353 $3,486 4.22%
    $600k-1MM 16 $11,560,000 $722,500 $3,693 4.12%
    $1MM+ 2 $2,880,000 $1,440,000 $0 4.38%

    2022 saw Michigan Schools And Government place emphasis on $100,000 or less loans with 1,741 originations, totaling $87,915,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 802 $101,930,000 $127,095 $1,525 4.79%
    $75k-100k 674 $78,260,000 $116,113 $1,534 4.74%
    $50k-75k 653 $65,025,000 $99,579 $1,452 4.70%
    $150k-250k 463 $69,525,000 $150,162 $1,438 4.70%
    $50k or less 399 $32,585,000 $81,667 $1,501 4.56%
    $250k+ 117 $24,715,000 $211,239 $2,085 4.65%

    Michigan Schools And Government lent most frequently to those with incomes in the $100k-150k range, with 802 originations. The second most popular income band? $75k-100k, with 674 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 651 $72,335,000 $111,114 $1,475 4.44%
    30-36% 552 $65,140,000 $118,007 $1,559 4.72%
    <20% 230 $32,340,000 $140,609 $1,542 4.19%
    44% 172 $19,770,000 $114,942 $1,308 5.00%
    40% 144 $19,610,000 $136,181 $1,820 4.82%
    43% 140 $14,880,000 $106,286 $1,367 5.12%
    42% 137 $15,225,000 $111,131 $1,463 5.00%
    38% 131 $15,585,000 $118,969 $1,515 4.60%
    39% 114 $14,930,000 $130,965 $1,430 4.94%
    49% 108 $13,530,000 $125,278 $1,679 5.07%
    48% 102 $12,010,000 $117,745 $1,384 4.77%
    41% 99 $12,185,000 $123,081 $1,682 5.02%
    36% 97 $9,975,000 $102,835 $1,511 4.59%
    37% 94 $11,820,000 $125,745 $1,317 4.69%
    47% 88 $10,880,000 $123,636 $1,525 4.88%
    46% 87 $10,945,000 $125,805 $1,580 4.90%
    45% 80 $8,660,000 $108,250 $1,354 4.98%
    50-60% 49 $8,635,000 $176,224 $2,001 4.58%
    >60% 34 $3,750,000 $110,294 $1,375 4.97%

    Michigan Schools And Government lent most frequently to those with DTI ratios of 20-30%, with 651 originations. The next most common DTI ratio? 30-36%, with 552 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 2,627 $305,085,000 $116,134 $1,481 4.70%
    Not provided 213 $28,455,000 $133,592 $1,594 4.51%
    Black 176 $20,880,000 $118,636 $1,514 5.15%
    Asian 75 $17,535,000 $233,800 $2,408 4.44%
    American Indian 4 $480,000 $120,000 $2,075 3.59%
    Other Asian 4 $420,000 $105,000 $0 5.50%
    Native Hawaiian or Islander 5 $385,000 $77,000 $985 5.60%
    Asian Indian 3 $315,000 $105,000 $0 5.58%
    Filipino 2 $250,000 $125,000 $0 5.00%
    Other Pacific Islander 1 $35,000 $35,000 $0 5.00%

    Approval Rates

    Total approvals of all applications
    84.76%

    Michigan Schools And Government has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    82.70%

    Michigan Schools And Government has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 3,110 $373,840,000 $120,206

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    3,110 $373,840,000 $120,206

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 711 $65,575,000 $92,229 $678 4.84%
    40-60% 327 $48,935,000 $149,648 $1,774 3.94%
    60-80% 540 $114,980,000 $212,926 $2,573 4.18%
    80-100% 391 $93,295,000 $238,606 $3,003 4.63%
    Under 20% 1,141 $51,055,000 $44,746 $41 5.13%