Michigan Schools And Government Mortgage Rates, Fees & Info

Clinton Township, MI

LEI: 549300WWLOUWIJ1Q0H29

Tax ID: 38-1629793

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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • 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, Cash Out Refi, and Refi 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, Grand Rapids, Traverse City, and Flint among others. We have data for 18 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% 4/21/24
    30 Year Conventional Purchase 6.68% 4/21/24
    30 Year Conventional Refi 6.47% 4/21/24
    30 Year Cash-out Refi 6.68% 4/21/24
    30 Year FHA Purchase 7.62% 4/21/24
    30 Year FHA Refi 6.64% 4/21/24
    15 Year Conventional Purchase 6.16% 4/21/24
    15 Year Conventional Refi 5.93% 4/21/24
    15 Year Cash-out Refi 5.93% 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.

    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

    2,005

    Origination Dollar Volume (All Markets)

    $193,135,000
    Show all (5) 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
    Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 1,901 $182,275,000 $95,884 $2,207 5.17%
    Outside of Metro Areas 58 $6,000,000 $103,448 $2,239 4.61%
    ANN ARBOR, MI (FHA|USDA|VA) 7 $845,000 $120,714 $2,257 5.27%
    GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 5 $825,000 $165,000 $2,036 4.53%
    Traverse City, MI (FHA|USDA|VA) 6 $720,000 $120,000 $2,011 5.04%
    FLINT, MI (FHA|USDA|VA) 8 $450,000 $56,250 $2,573 5.84%
    MONROE, MI (FHA|USDA|VA) 4 $390,000 $97,500 $2,591 5.03%
    Adrian, MI (FHA|USDA|VA) 2 $290,000 $145,000 $3,439 4.81%
    Sault Ste. Marie, MI (FHA|USDA|VA) 2 $260,000 $130,000 $2,876 4.25%
    Houghton, MI (FHA|USDA|VA) 1 $205,000 $205,000 $0 4.50%
    Cadillac, MI (FHA|USDA|VA) 1 $205,000 $205,000 $2,500 4.75%
    SAGINAW, MI (FHA|USDA|VA) 1 $155,000 $155,000 $2,418 4.75%
    Hillsdale, MI (FHA|USDA|VA) 2 $150,000 $75,000 $0 4.63%
    KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 1 $115,000 $115,000 $2,523 4.25%
    LANSING-EAST LANSING, MI (FHA|USDA|VA) 3 $105,000 $35,000 $0 6.08%
    MIDLAND, MI (FHA|USDA|VA) 1 $75,000 $75,000 $1,928 4.25%
    JACKSON, MI (FHA|USDA|VA) 1 $45,000 $45,000 $0 4.00%
    Big Rapids, MI (FHA|USDA|VA) 1 $25,000 $25,000 $0 5.50%
    Michigan Schools And Government's top markets include Detroit, Ann Arbor, Grand Rapids, Traverse City, 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.

    Polish-American Federal Credit Union
    Similarity Rank: 32
    St James Mortgage Corporation
    Similarity Rank: 120
    Dort Financial Credit Union
    Similarity Rank: 180
    Macatawa Bank
    Similarity Rank: 195
    Isabella Bank
    Similarity Rank: 209
    Community West Credit Union
    Similarity Rank: 276
    FINANCIAL PLUS CREDIT UNION
    Similarity Rank: 280
    CASE
    Similarity Rank: 300
    West Michigan Community Bank
    Similarity Rank: 328
    FreeStar Financial Credit Union
    Similarity Rank: 345

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,745 $174,965,000 $100,266 $2,156 5.03%
    HELOC 240 $15,470,000 $64,458 n/a 6.03%
    FHA 20 $2,700,000 $135,000 $4,407 4.79%

    For 2018, Michigan Schools And Government's most frequently originated type of loan was Conventional, with 1,745 originations. Their 2nd most popular type was HELOC, with 240 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 517 $23,555,000 $45,561 $1,678 5.63%
    Home Purchase 423 $70,585,000 $166,868 $2,564 4.61%
    Cash Out Refi 413 $42,585,000 $103,111 $1,787 4.97%
    Other 338 $16,490,000 $48,787 $0 5.95%
    Refi 314 $39,920,000 $127,134 $1,926 4.48%

    For 2018, Michigan Schools And Government's most frequently cited loan purpose was Home Improvement, with 517 originations. The 2nd most popular reason was Home Purchase, with 423 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    10 Year 643 $28,005,000 $43,554 $1,877 5.54%
    30 Year 538 $89,820,000 $166,952 $2,320 4.68%
    15 Year 403 $38,715,000 $96,067 $1,955 4.73%
    Other 249 $16,725,000 $67,169 $2,028 5.98%
    20 Year 169 $19,025,000 $112,574 $2,074 4.96%
    5 Year 3 $845,000 $281,667 $0 4.58%

    For 2018, Michigan Schools And Government's most frequently cited loan duration was 10 Year, with 643 originations. The 2nd most popular length was 30 Year, with 538 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 715 $110,885,000 $155,084
    $1k-2k 64 $13,800,000 $215,625
    $2k-3k 6 $1,240,000 $206,667
    $5k+ 4 $1,130,000 $282,500
    $3k-4k 2 $650,000 $325,000

    Michigan Schools And Government's average total fees were $2,320, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 715 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 796 $108,880,000 $136,784
    5-6% 484 $30,020,000 $62,025
    6-7% 340 $14,410,000 $42,382
    3-4% 333 $37,975,000 $114,039
    Over 8% 27 $795,000 $29,444
    7-8% 25 $1,055,000 $42,200

    During 2018, Michigan Schools And Government's average interest rate for loans was 4.68%, while their most frequently originated rate bucket for loans was 4-5%, with 796 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 1,252 $58,010,000 $46,334 $1,817 5.52%
    $100k-200k 527 $75,345,000 $142,970 $2,101 4.54%
    $200k-400k 218 $55,840,000 $256,147 $2,764 4.52%
    $400k-600k 7 $3,165,000 $452,143 $2,812 4.64%
    $600k-1MM 1 $775,000 $775,000 $0 5.75%

    2018 saw Michigan Schools And Government place emphasis on $100,000 or less loans with 1,252 originations, totaling $58,010,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 465 $40,115,000 $86,269 $2,090 5.07%
    $100k-150k 456 $49,230,000 $107,961 $2,422 5.31%
    $75k-100k 444 $43,820,000 $98,694 $2,310 5.21%
    $50k or less 358 $23,670,000 $66,117 $1,961 4.88%
    $150k-250k 240 $28,820,000 $120,083 $2,404 5.30%
    $250k+ 30 $5,410,000 $180,333 $2,351 5.37%

    Michigan Schools And Government lent most frequently to those with incomes in the $50k-75k range, with 465 originations. The second most popular income band? $100k-150k, with 456 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 477 $43,225,000 $90,618 $2,135 5.07%
    30-36% 386 $39,730,000 $102,927 $2,192 5.19%
    <20% 174 $14,080,000 $80,920 $1,999 4.62%
    43% 91 $8,975,000 $98,626 $2,342 5.26%
    39% 85 $7,625,000 $89,706 $2,367 5.27%
    42% 84 $7,310,000 $87,024 $2,075 5.29%
    37% 83 $8,145,000 $98,133 $2,325 5.26%
    38% 76 $8,500,000 $111,842 $2,216 5.24%
    41% 76 $7,750,000 $101,974 $2,363 5.22%
    36% 73 $6,945,000 $95,137 $2,396 5.18%
    45% 67 $6,975,000 $104,104 $2,166 5.27%
    44% 65 $7,285,000 $112,077 $2,162 5.17%
    40% 61 $5,565,000 $91,230 $2,313 5.44%
    47% 56 $5,570,000 $99,464 $2,273 5.41%
    46% 45 $4,235,000 $94,111 $2,101 5.42%
    49% 41 $5,195,000 $126,707 $2,640 4.87%
    48% 40 $4,100,000 $102,500 $2,300 5.27%
    >60% 15 $1,075,000 $71,667 $1,941 5.67%
    50-60% 10 $850,000 $85,000 $1,570 5.41%

    Michigan Schools And Government lent most frequently to those with DTI ratios of 20-30%, with 477 originations. The next most common DTI ratio? 30-36%, with 386 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,769 $174,535,000 $98,663 $2,211 5.11%
    Not provided 137 $10,285,000 $75,073 $2,145 5.39%
    Black 69 $5,755,000 $83,406 $2,384 5.68%
    Asian 14 $1,410,000 $100,714 $2,181 5.54%
    American Indian 5 $395,000 $79,000 $1,583 4.65%
    Other Pacific Islander 2 $260,000 $130,000 $0 4.25%
    Other Asian 4 $190,000 $47,500 $0 5.75%
    Filipino 3 $175,000 $58,333 $1,805 5.38%
    Asian Indian 1 $85,000 $85,000 $0 4.25%
    Japanese 1 $45,000 $45,000 $0 4.25%

    Approval Rates

    Total approvals of all applications
    85.62%

    Michigan Schools And Government has an average approval rate.

    Pick Rate

    Approvals leading to origination
    78.60%

    Michigan Schools And Government has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 2,005 $193,135,000 $96,327

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 1 $775,000 $775,000
    Single Family (1-4 Units):Site-Built 2,004 $192,360,000 $95,988

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 408 $27,560,000 $67,549 $1,805 5.37%
    40-60% 255 $30,595,000 $119,980 $1,852 4.45%
    60-80% 369 $58,515,000 $158,577 $2,118 4.48%
    80-100% 315 $53,905,000 $171,127 $2,570 4.66%
    Under 20% 658 $22,560,000 $34,286 $1,654 5.89%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    Michigan Mutual, Inc. Other type of mortgage Closing on a mortgage 1 50.0%
    Michigan Mutual, Inc. Other type of mortgage Trouble during payment process 1 50.0%