Michigan Schools And Government Mortgage Rates, Fees & InfoClinton Township, MI
Tax ID: 38-1629793
Latest/2022 | 2021 Data | 2020 Data | 2019 Data | 2018 Data
Review & OverviewMichigan 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.
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|Simulated Rate||Simulation Date|
|Home Equity Line of Credit (HELOC)||6.27%||4/2/23|
|30 Year Conventional Purchase||6.68%||4/2/23|
|30 Year Conventional Refi||6.47%||4/2/23|
|30 Year Cash-out Refi||6.68%||4/2/23|
|30 Year FHA Purchase||7.62%||4/2/23|
|30 Year FHA Refi||6.64%||4/2/23|
|15 Year Conventional Purchase||6.16%||4/2/23|
|15 Year Conventional Refi||5.93%||4/2/23|
|15 Year Cash-out Refi||5.93%||4/2/23|
|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 EstimatesEstimated 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™
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Origination Dollar Volume (All Markets)$373,840,000
Michigan Schools And Government's average 30 year fixed mortgage rate was
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.
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%|
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.
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|Loan Type||Originations||Total Value||Avg. Loan||Avg. Fees||Avg. Rate|
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.
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.
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|
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.
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.
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.
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
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.
Approval RatesTotal approvals of all applications
Michigan Schools And Government has a below average approval rate.
Pick RateApprovals leading to origination
Michigan Schools And Government has a below average pick rate.
Points and Fees
|Points||Originations||Total Value||Average Loan|