Michigan Schools And Government Mortgage Rates, Fees & Info

Clinton Township, MI

LEI: 549300WWLOUWIJ1Q0H29

Tax ID: 38-1629793

5 stars - Updated: 11/21/24 - out of 5 stars, based on 48 reviews

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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Relative Rates
  • Relative Fees
  • 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

    Michigan Schools And Government is a smaller mortgage company specializing in 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, Lansing, Grand Rapids, and Flint 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 relatively high 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% 11/21/24
    30 Year Conventional Purchase 6.68% 11/21/24
    30 Year Conventional Refi 6.47% 11/21/24
    30 Year Cash-out Refi 6.68% 11/21/24
    30 Year FHA Purchase 7.62% 11/21/24
    30 Year FHA Refi 6.64% 11/21/24
    15 Year Conventional Purchase 6.16% 11/21/24
    15 Year Conventional Refi 5.93% 11/21/24
    15 Year Cash-out Refi 5.93% 11/21/24
    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.

    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

    2,276

    Origination Dollar Volume (All Markets)

    $313,220,000
    Show all (18) awards

    Relative Rate

    Michigan Schools And Government's average 30 year fixed mortgage rate was 5.81%.

    The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

    This yields a difference of -0.67%.

    Relative Fees (Closing Costs)

    Michigan Schools And Government's average total fees/closing costs for a 30 year fixed rate mortgage were $2,886.

    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 $9,089.

    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) 2,078 $278,420,000 $133,985 $1,456 6.60%
    ANN ARBOR, MI (FHA|USDA|VA) 37 $8,885,000 $240,135 $2,154 6.44%
    LANSING-EAST LANSING, MI (FHA|USDA|VA) 26 $7,250,000 $278,846 $2,353 6.05%
    Outside of Metro Areas 42 $4,950,000 $117,857 $1,987 7.23%
    GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 18 $4,290,000 $238,333 $2,640 6.29%
    FLINT, MI (FHA|USDA|VA) 27 $2,815,000 $104,259 $1,439 7.19%
    Traverse City, MI (FHA|USDA|VA) 5 $1,005,000 $201,000 $3,790 7.08%
    MIDLAND, MI (FHA|USDA|VA) 6 $890,000 $148,333 $2,632 7.25%
    SAGINAW, MI (FHA|USDA|VA) 4 $630,000 $157,500 $2,638 6.71%
    Cadillac, MI (FHA|USDA|VA) 3 $575,000 $191,667 $2,404 7.42%
    MUSKEGON, MI (FHA|USDA|VA) 2 $550,000 $275,000 $2,245 5.75%
    MONROE, MI (FHA|USDA|VA) 8 $550,000 $68,750 $775 8.08%
    BAY CITY, MI (FHA|USDA|VA) 2 $530,000 $265,000 $3,938 5.75%
    Holland, MI (FHA|USDA|VA) 2 $500,000 $250,000 $2,679 5.94%
    Adrian, MI (FHA|USDA|VA) 2 $320,000 $160,000 $2,073 5.25%
    KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 1 $255,000 $255,000 $2,193 6.00%
    Mount Pleasant, MI (FHA|USDA|VA) 1 $225,000 $225,000 $1,860 5.25%
    JACKSON, MI (FHA|USDA|VA) 4 $210,000 $52,500 $614 6.44%
    Alma, MI (FHA|USDA|VA) 1 $105,000 $105,000 $1,608 6.75%
    NILES, MI (FHA|USDA|VA) 1 $85,000 $85,000 $0 8.75%
    Hillsdale, MI (FHA|USDA|VA) 2 $80,000 $40,000 $0 9.00%
    BATTLE CREEK, MI (FHA|USDA|VA) 3 $65,000 $21,667 $0 8.00%
    Big Rapids, MI (FHA|USDA|VA) 1 $35,000 $35,000 $0 12.99%
    Michigan Schools And Government's top markets include Detroit, Ann Arbor, Lansing, Grand Rapids, and Flint 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.

    Michigan Legacy Credit Union
    Similarity Rank: 15
    Polish-American Federal Credit Union
    Similarity Rank: 45
    Total Community Credit Union
    Similarity Rank: 94
    United Bank of Michigan
    Similarity Rank: 98
    St James Mortgage Corporation
    Similarity Rank: 104
    Adventure Credit Union
    Similarity Rank: 130
    MEMBERFOCUS COMMUNITY
    Similarity Rank: 162
    Macatawa Bank
    Similarity Rank: 168
    Dearborn Federal Savings Bank
    Similarity Rank: 184
    LAFCU
    Similarity Rank: 266

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,650 $259,540,000 $157,297 $1,411 6.24%
    HELOC 587 $46,415,000 $79,072 n/a 9.22%
    FHA 39 $7,265,000 $186,282 $5,611 5.93%

    For 2023, Michigan Schools And Government's most frequently originated type of loan was Conventional, with 1,650 originations. Their 2nd most popular type was HELOC, with 587 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 690 $184,270,000 $267,058 $2,834 5.89%
    Home Improvement 569 $35,135,000 $61,749 $223 8.17%
    Other 493 $30,385,000 $61,633 $0 8.73%
    Cash Out Refi 416 $45,880,000 $110,288 $1,415 6.64%
    Refi 108 $17,550,000 $162,500 $1,604 5.99%

    For 2023, Michigan Schools And Government's most frequently cited loan purpose was Home Purchase, with 690 originations. The 2nd most popular reason was Home Improvement, with 569 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 835 $211,455,000 $253,240 $2,886 5.81%
    Other 600 $53,320,000 $88,867 $2,134 9.04%
    10 Year 368 $20,000,000 $54,348 $26 7.94%
    15 Year 294 $20,980,000 $71,361 $256 8.09%
    5 Year 167 $6,145,000 $36,796 $0 6.67%
    20 Year 12 $1,320,000 $110,000 $2,127 6.38%

    For 2023, Michigan Schools And Government's most frequently cited loan duration was 30 Year, with 835 originations. The 2nd most popular length was Other, with 600 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 1,418 $197,680,000 $139,408
    $1k-2k 197 $43,715,000 $221,904
    $2k-3k 40 $9,240,000 $231,000
    $3k-4k 11 $3,115,000 $283,182
    $5k+ 7 $3,775,000 $539,286
    $4k-5k 3 $1,135,000 $378,333

    Michigan Schools And Government's average total fees were $2,886, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 1,418 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 437 $112,545,000 $257,540
    6-7% 299 $63,565,000 $212,592
    Over 8% 226 $15,900,000 $70,354
    4-5% 144 $40,360,000 $280,278
    7-8% 137 $14,655,000 $106,971
    3-4% 2 $600,000 $300,000

    During 2023, Michigan Schools And Government's average interest rate for loans was 5.81%, while their most frequently originated rate bucket for loans was 5-6%, with 437 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 1,249 $60,955,000 $48,803 $308 7.92%
    $100k-200k 503 $70,345,000 $139,851 $2,196 6.32%
    $200k-400k 385 $106,435,000 $276,455 $2,946 5.82%
    $400k-600k 114 $54,830,000 $480,965 $3,129 5.53%
    $600k-1MM 21 $14,565,000 $693,571 $3,414 5.73%
    $1MM+ 4 $6,090,000 $1,522,500 $15,865 6.34%

    2023 saw Michigan Schools And Government place emphasis on $100,000 or less loans with 1,249 originations, totaling $60,955,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 615 $92,835,000 $150,951 $1,469 6.56%
    $50k-75k 468 $42,660,000 $91,154 $1,374 6.70%
    $75k-100k 464 $52,610,000 $113,384 $1,434 6.72%
    $150k-250k 408 $74,520,000 $182,647 $1,554 6.49%
    $50k or less 208 $15,300,000 $73,558 $1,537 6.63%
    $250k+ 98 $26,410,000 $269,490 $2,557 6.35%

    Michigan Schools And Government lent most frequently to those with incomes in the $100k-150k range, with 615 originations. The second most popular income band? $50k-75k, with 468 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 284 $52,280,000 $184,085 $2,124 6.53%
    20-30% 238 $35,970,000 $151,134 $2,032 6.44%
    44% 104 $15,040,000 $144,615 $1,493 6.91%
    43% 95 $15,835,000 $166,684 $2,101 6.62%
    49% 84 $11,460,000 $136,429 $1,876 7.00%
    42% 80 $14,730,000 $184,125 $2,075 6.64%
    37% 79 $15,145,000 $191,709 $2,122 6.51%
    40% 76 $13,700,000 $180,263 $1,957 6.63%
    41% 69 $9,135,000 $132,391 $1,586 6.73%
    <20% 66 $8,690,000 $131,667 $1,957 6.29%
    45% 63 $8,095,000 $128,492 $1,594 6.91%
    38% 62 $10,300,000 $166,129 $1,901 6.69%
    39% 58 $10,290,000 $177,414 $1,961 6.59%
    47% 58 $8,410,000 $145,000 $1,843 6.62%
    48% 56 $9,460,000 $168,929 $1,966 6.48%
    36% 52 $10,170,000 $195,577 $2,005 6.43%
    46% 49 $8,065,000 $164,592 $1,490 7.31%
    50-60% 30 $5,680,000 $189,333 $3,263 6.12%
    >60% 2 $1,040,000 $520,000 $5,496 5.06%

    Michigan Schools And Government lent most frequently to those with DTI ratios of 30-36%, with 284 originations. The next most common DTI ratio? 20-30%, with 238 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,797 $203,515,000 $113,253 $1,305 6.78%
    Asian 200 $69,010,000 $345,050 $2,839 5.65%
    Not provided 122 $18,260,000 $149,672 $1,887 6.54%
    Black 121 $11,335,000 $93,678 $1,189 7.10%
    Not applicable 15 $8,885,000 $592,333 $0 7.15%
    American Indian 8 $1,130,000 $141,250 $2,346 6.22%
    Asian Indian 4 $510,000 $127,500 $0 8.38%
    Other Asian 3 $205,000 $68,333 $0 11.00%
    Japanese 1 $145,000 $145,000 $0 7.75%
    Native Hawaiian or Islander 3 $125,000 $41,667 $698 4.63%
    Filipino 1 $55,000 $55,000 $0 0.00%
    Chinese 1 $45,000 $45,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    79.61%

    Michigan Schools And Government has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    75.40%

    Michigan Schools And Government has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 2,276 $313,220,000 $137,619

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    2,276 $313,220,000 $137,619

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 504 $46,620,000 $92,500 $543 7.60%
    40-60% 158 $23,510,000 $148,797 $2,007 6.26%
    60-80% 296 $72,580,000 $245,203 $2,899 6.01%
    80-100% 460 $131,980,000 $286,913 $2,993 5.82%
    Under 20% 858 $38,530,000 $44,907 $28 8.49%