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 Cash Out Refi, Home Purchase, 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, Flint, Traverse City, and Saginaw among others. We have data for 19 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% 11/17/24
    30 Year Conventional Purchase 6.68% 11/17/24
    30 Year Conventional Refi 6.47% 11/17/24
    30 Year Cash-out Refi 6.68% 11/17/24
    30 Year FHA Purchase 7.62% 11/17/24
    30 Year FHA Refi 6.64% 11/17/24
    15 Year Conventional Purchase 6.16% 11/17/24
    15 Year Conventional Refi 5.93% 11/17/24
    15 Year Cash-out Refi 5.93% 11/17/24
    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

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    The default purchase price is the median sales price across the US for 2022Q4, per FRED.


    Originations

    2,601

    Origination Dollar Volume (All Markets)

    $315,165,000
    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) 2,474 $298,910,000 $120,821 $1,677 4.94%
    Outside of Metro Areas 57 $6,455,000 $113,246 $1,616 4.31%
    ANN ARBOR, MI (FHA|USDA|VA) 16 $2,260,000 $141,250 $1,755 5.47%
    FLINT, MI (FHA|USDA|VA) 16 $1,790,000 $111,875 $1,615 4.52%
    Traverse City, MI (FHA|USDA|VA) 5 $1,015,000 $203,000 $3,164 4.55%
    SAGINAW, MI (FHA|USDA|VA) 2 $970,000 $485,000 $1,432 4.56%
    GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 5 $805,000 $161,000 $1,617 4.83%
    MONROE, MI (FHA|USDA|VA) 6 $770,000 $128,333 $1,693 4.96%
    LANSING-EAST LANSING, MI (FHA|USDA|VA) 5 $425,000 $85,000 $1,545 5.08%
    JACKSON, MI (FHA|USDA|VA) 4 $330,000 $82,500 $1,308 5.84%
    Holland, MI (FHA|USDA|VA) 2 $330,000 $165,000 $3,192 5.25%
    BAY CITY, MI (FHA|USDA|VA) 2 $300,000 $150,000 $2,191 4.38%
    SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 1 $225,000 $225,000 $2,097 3.75%
    Big Rapids, MI (FHA|USDA|VA) 1 $175,000 $175,000 $1,932 3.50%
    Alpena, MI (FHA|USDA|VA) 1 $125,000 $125,000 $2,076 4.25%
    Marquette, MI (FHA|USDA|VA) 1 $125,000 $125,000 $1,450 3.63%
    Cadillac, MI (FHA|USDA|VA) 1 $85,000 $85,000 $2,031 4.38%
    Alma, MI (FHA|USDA|VA) 1 $45,000 $45,000 $736 3.00%
    Adrian, MI (FHA|USDA|VA) 1 $25,000 $25,000 $0 5.00%
    Michigan Schools And Government's top markets include Detroit, Ann Arbor, Flint, Traverse City, and Saginaw 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.

    BIRMINGHAM-BLOOMFIELD Credit Union
    Similarity Rank: 159
    LAFCU
    Similarity Rank: 289
    Polish-American Federal Credit Union
    Similarity Rank: 297
    Macatawa Bank
    Similarity Rank: 297
    ADVANTAGE ONE Credit Union
    Similarity Rank: 320
    KENT COUNTY CREDIT UNION
    Similarity Rank: 344
    West Michigan Credit Union
    Similarity Rank: 364
    Dort Financial Credit Union
    Similarity Rank: 444
    NEW ENGLAND FEDERAL CREDIT UNION
    Similarity Rank: 448
    Community West Credit Union
    Similarity Rank: 513

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 2,186 $285,400,000 $130,558 $1,614 4.68%
    HELOC 386 $24,760,000 $64,145 n/a 6.40%
    FHA 29 $5,005,000 $172,586 $4,802 4.21%

    For 2019, Michigan Schools And Government's most frequently originated type of loan was Conventional, with 2,186 originations. Their 2nd most popular type was HELOC, with 386 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 664 $86,550,000 $130,346 $1,497 4.75%
    Home Improvement 547 $37,265,000 $68,126 $1,456 5.66%
    Home Purchase 545 $106,635,000 $195,661 $2,129 4.12%
    Other 430 $21,020,000 $48,884 $0 6.30%
    Refi 415 $63,695,000 $153,482 $1,289 3.88%

    For 2019, Michigan Schools And Government's most frequently cited loan purpose was Cash Out Refi, with 664 originations. The 2nd most popular reason was Home Improvement, with 547 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 831 $152,795,000 $183,869 $1,860 4.11%
    10 Year 682 $36,990,000 $54,238 $1,363 5.73%
    15 Year 530 $62,630,000 $118,170 $1,411 4.33%
    Other 402 $28,040,000 $69,751 $1,581 6.31%
    20 Year 151 $25,955,000 $171,887 $1,368 4.17%
    5 Year 4 $1,500,000 $375,000 $0 5.25%
    3 Year 1 $7,255,000 $7,255,000 $0 5.50%

    For 2019, Michigan Schools And Government's most frequently cited loan duration was 30 Year, with 831 originations. The 2nd most popular length was 10 Year, with 682 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 1,259 $219,515,000 $174,357
    $1k-2k 76 $14,090,000 $185,395
    $2k-3k 16 $3,520,000 $220,000
    $3k-4k 7 $1,785,000 $255,000
    $4k-5k 2 $570,000 $285,000

    Michigan Schools And Government's average total fees were $1,860, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 1,259 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 829 $143,595,000 $173,215
    4-5% 692 $92,740,000 $134,017
    6-7% 461 $21,535,000 $46,714
    5-6% 349 $33,355,000 $95,573
    7-8% 111 $4,865,000 $43,829
    2.5-3% 108 $17,410,000 $161,204
    Over 8% 51 $1,665,000 $32,647

    During 2019, Michigan Schools And Government's average interest rate for loans was 4.11%, while their most frequently originated rate bucket for loans was 3-4%, with 829 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 1,348 $65,590,000 $48,657 $1,330 5.76%
    $100k-200k 782 $113,190,000 $144,744 $1,568 4.07%
    $200k-400k 436 $112,650,000 $258,372 $2,009 3.93%
    $400k-600k 30 $13,560,000 $452,000 $2,357 4.17%
    $600k-1MM 4 $2,920,000 $730,000 $0 5.09%
    $1MM+ 1 $7,255,000 $7,255,000 $0 5.50%

    2019 saw Michigan Schools And Government place emphasis on $100,000 or less loans with 1,348 originations, totaling $65,590,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 648 $67,860,000 $104,722 $1,623 4.78%
    $100k-150k 598 $80,870,000 $135,234 $1,806 5.11%
    $75k-100k 547 $66,845,000 $122,203 $1,675 4.93%
    $50k or less 441 $43,435,000 $98,492 $1,567 4.75%
    $150k-250k 296 $41,090,000 $138,818 $1,817 5.25%
    $250k+ 45 $10,335,000 $229,667 $2,158 5.14%

    Michigan Schools And Government lent most frequently to those with incomes in the $50k-75k range, with 648 originations. The second most popular income band? $100k-150k, with 598 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 651 $73,525,000 $112,942 $1,611 4.79%
    30-36% 480 $57,770,000 $120,354 $1,665 4.88%
    <20% 217 $30,525,000 $140,668 $1,466 4.70%
    41% 112 $14,290,000 $127,589 $1,690 4.99%
    42% 109 $11,975,000 $109,862 $1,645 5.30%
    44% 103 $11,975,000 $116,262 $1,807 5.16%
    40% 100 $11,000,000 $110,000 $1,579 5.27%
    43% 99 $11,515,000 $116,313 $1,815 5.20%
    38% 98 $11,310,000 $115,408 $1,604 5.05%
    37% 86 $9,290,000 $108,023 $1,690 5.01%
    36% 81 $11,025,000 $136,111 $1,643 4.79%
    39% 80 $8,690,000 $108,625 $1,863 5.33%
    45% 76 $10,050,000 $132,237 $1,715 4.94%
    49% 68 $8,960,000 $131,765 $1,553 4.79%
    46% 67 $8,355,000 $124,701 $1,668 5.06%
    47% 63 $8,355,000 $132,619 $1,957 4.90%
    48% 58 $8,820,000 $152,069 $2,001 4.96%
    50-60% 28 $5,310,000 $189,643 $2,392 4.22%
    >60% 25 $2,425,000 $97,000 $1,907 5.30%

    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 480 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 2,283 $282,295,000 $123,651 $1,644 4.85%
    Black 120 $11,560,000 $96,333 $2,667 5.87%
    Not provided 129 $10,755,000 $83,372 $1,800 5.70%
    Asian 43 $6,605,000 $153,605 $1,752 4.24%
    Not applicable 14 $2,650,000 $189,286 $1,760 3.85%
    American Indian 7 $955,000 $136,429 $2,364 4.82%
    Filipino 2 $150,000 $75,000 $0 4.63%
    Other Asian 2 $120,000 $60,000 $0 5.38%
    Asian Indian 1 $75,000 $75,000 $0 7.00%

    Approval Rates

    Total approvals of all applications
    88.17%

    Michigan Schools And Government has an average approval rate.

    Pick Rate

    Approvals leading to origination
    81.16%

    Michigan Schools And Government has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 2,601 $315,165,000 $121,171

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 8 $10,700,000 $1,337,500
    Single Family (1-4 Units):Site-Built 2,593 $304,465,000 $117,418

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 475 $41,385,000 $87,126 $1,283 5.55%
    40-60% 327 $42,395,000 $129,648 $1,323 4.11%
    60-80% 659 $121,725,000 $184,712 $1,637 4.00%
    80-100% 455 $84,885,000 $186,560 $2,011 4.16%
    Over 100% 2 $800,000 $400,000 $1,886 5.19%
    Under 20% 683 $23,975,000 $35,102 $900 6.29%

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    Michigan Mutual, Inc. FHA mortgage Applying for a mortgage or refinancing an existing mortgage 1 50.0%
    Michigan Mutual, Inc. FHA mortgage Trouble during payment process 1 50.0%