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 Refi and Cash Out 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, Grand Rapids, and Monroe among others. We have data for 24 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Michigan Schools And Government has an above 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

    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

    3,700

    Origination Dollar Volume (All Markets)

    $555,950,000
    Show all (6) 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) 3,498 $525,560,000 $150,246 $2,097 3.46%
    Outside of Metro Areas 88 $11,850,000 $134,659 $2,203 3.15%
    ANN ARBOR, MI (FHA|USDA|VA) 25 $5,945,000 $237,800 $2,269 3.38%
    FLINT, MI (FHA|USDA|VA) 21 $3,085,000 $146,905 $2,294 4.35%
    GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 12 $2,160,000 $180,000 $2,188 3.29%
    MONROE, MI (FHA|USDA|VA) 9 $1,395,000 $155,000 $2,226 3.21%
    Traverse City, MI (FHA|USDA|VA) 9 $1,195,000 $132,778 $2,712 3.06%
    Holland, MI (FHA|USDA|VA) 4 $930,000 $232,500 $2,281 3.47%
    SAGINAW, MI (FHA|USDA|VA) 5 $815,000 $163,000 $1,864 2.85%
    Adrian, MI (FHA|USDA|VA) 6 $720,000 $120,000 $3,022 3.93%
    LANSING-EAST LANSING, MI (FHA|USDA|VA) 4 $530,000 $132,500 $1,987 3.19%
    JACKSON, MI (FHA|USDA|VA) 4 $400,000 $100,000 $1,820 3.38%
    MIDLAND, MI (FHA|USDA|VA) 2 $350,000 $175,000 $2,088 3.06%
    KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 1 $175,000 $175,000 $2,397 2.50%
    Big Rapids, MI (FHA|USDA|VA) 2 $140,000 $70,000 $2,126 3.38%
    Alpena, MI (FHA|USDA|VA) 1 $135,000 $135,000 $2,890 3.00%
    Mount Pleasant, MI (FHA|USDA|VA) 1 $105,000 $105,000 $0 3.25%
    Hillsdale, MI (FHA|USDA|VA) 1 $95,000 $95,000 $2,374 2.50%
    Houghton, MI (FHA|USDA|VA) 1 $85,000 $85,000 $1,554 2.75%
    Cadillac, MI (FHA|USDA|VA) 2 $80,000 $40,000 $1,850 3.06%
    SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 1 $75,000 $75,000 $2,640 2.50%
    Ludington, MI (FHA|USDA|VA) 1 $65,000 $65,000 $1,588 3.63%
    Alma, MI (FHA|USDA|VA) 1 $45,000 $45,000 $1,589 3.63%
    Coldwater, MI (FHA|USDA|VA) 1 $15,000 $15,000 $0 6.50%
    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.

    Community West Credit Union
    Similarity Rank: 210
    KENT COUNTY CREDIT UNION
    Similarity Rank: 235
    ADVANTAGE ONE Credit Union
    Similarity Rank: 287
    St James Mortgage Corporation
    Similarity Rank: 408
    PREFERRED CREDIT UNION
    Similarity Rank: 425
    Polish-American Federal Credit Union
    Similarity Rank: 434
    SECURITY CREDIT UNION
    Similarity Rank: 441
    BIRMINGHAM-BLOOMFIELD Credit Union
    Similarity Rank: 472
    Meijer Credit Union
    Similarity Rank: 490
    LAFCU
    Similarity Rank: 527

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 3,071 $507,405,000 $165,225 $2,061 3.29%
    HELOC 590 $42,850,000 $72,627 n/a 4.34%
    FHA 39 $5,695,000 $146,026 $5,097 3.53%

    For 2020, Michigan Schools And Government's most frequently originated type of loan was Conventional, with 3,071 originations. Their 2nd most popular type was HELOC, with 590 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 1,480 $255,940,000 $172,932 $1,923 2.92%
    Cash Out Refi 915 $143,545,000 $156,880 $2,048 3.43%
    Home Improvement 546 $45,870,000 $84,011 $2,118 4.21%
    Home Purchase 437 $80,175,000 $183,467 $2,824 3.32%
    Other 322 $30,420,000 $94,472 $0 4.91%

    For 2020, Michigan Schools And Government's most frequently cited loan purpose was Refi, with 1,480 originations. The 2nd most popular reason was Cash Out Refi, with 915 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 1,151 $222,385,000 $193,210 $2,321 3.30%
    15 Year 1,107 $173,875,000 $157,069 $1,963 2.96%
    Other 620 $58,130,000 $93,758 $1,895 4.29%
    10 Year 485 $48,255,000 $99,495 $1,856 3.90%
    20 Year 259 $48,855,000 $188,629 $1,938 3.14%
    5 Year 78 $4,450,000 $57,051 $0 4.45%

    For 2020, Michigan Schools And Government's most frequently cited loan duration was 30 Year, with 1,151 originations. The 2nd most popular length was 15 Year, with 1,107 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 2,509 $381,965,000 $152,238
    $1k-2k 520 $99,780,000 $191,885
    $2k-3k 52 $11,090,000 $213,269
    $3k-4k 13 $3,275,000 $251,923
    $4k-5k 5 $1,255,000 $251,000
    $5k+ 3 $1,505,000 $501,667

    Michigan Schools And Government's average total fees were $2,321, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 2,509 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 1,375 $205,785,000 $149,662
    2.5-3% 1,022 $190,270,000 $186,174
    <2.5% 626 $102,120,000 $163,131
    4-5% 344 $41,910,000 $121,831
    5-6% 157 $8,045,000 $51,242
    6-7% 138 $6,010,000 $43,551
    7-8% 21 $1,035,000 $49,286
    Over 8% 17 $775,000 $45,588

    During 2020, Michigan Schools And Government's average interest rate for loans was 3.30%, while their most frequently originated rate bucket for loans was 3-4%, with 1,375 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 1,500 $219,050,000 $146,033 $2,018 3.10%
    $100,000 or less 1,278 $71,510,000 $55,955 $1,758 4.17%
    $200k-400k 848 $219,140,000 $258,420 $2,369 3.04%
    $400k-600k 64 $29,220,000 $456,563 $2,756 3.00%
    $600k-1MM 6 $4,850,000 $808,333 $5,838 3.85%
    $1MM+ 4 $12,180,000 $3,045,000 $3,374 3.87%

    2020 saw Michigan Schools And Government place emphasis on $100k-200k loans with 1,500 originations, totaling $219,050,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 939 $158,175,000 $168,450 $2,163 3.42%
    $50k-75k 839 $103,425,000 $123,272 $2,070 3.45%
    $75k-100k 829 $124,565,000 $150,259 $2,090 3.41%
    $50k or less 543 $50,135,000 $92,330 $1,963 3.61%
    $150k-250k 446 $82,080,000 $184,036 $2,230 3.50%
    $250k+ 84 $33,890,000 $403,452 $2,652 3.43%

    Michigan Schools And Government lent most frequently to those with incomes in the $100k-150k range, with 939 originations. The second most popular income band? $50k-75k, with 839 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 1,037 $148,935,000 $143,621 $2,052 3.34%
    30-36% 748 $114,310,000 $152,821 $2,169 3.47%
    <20% 383 $63,045,000 $164,608 $1,934 3.26%
    38% 144 $21,880,000 $151,944 $2,146 3.53%
    43% 130 $16,880,000 $129,846 $2,048 3.69%
    44% 128 $19,770,000 $154,453 $2,105 3.63%
    41% 128 $17,610,000 $137,578 $2,104 3.77%
    42% 126 $19,510,000 $154,841 $2,112 3.66%
    39% 123 $20,015,000 $162,724 $2,323 3.52%
    37% 115 $17,725,000 $154,130 $2,238 3.53%
    36% 115 $17,725,000 $154,130 $2,136 3.38%
    40% 104 $16,540,000 $159,038 $2,142 3.63%
    45% 86 $11,230,000 $130,581 $2,259 3.71%
    46% 78 $11,150,000 $142,949 $2,074 3.78%
    47% 74 $11,030,000 $149,054 $2,054 3.45%
    49% 72 $12,260,000 $170,278 $2,241 3.34%
    48% 69 $10,635,000 $154,130 $2,089 3.40%
    50-60% 20 $3,060,000 $153,000 $2,291 3.41%
    >60% 19 $2,425,000 $127,632 $2,264 3.75%

    Michigan Schools And Government lent most frequently to those with DTI ratios of 20-30%, with 1,037 originations. The next most common DTI ratio? 30-36%, with 748 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 3,276 $498,490,000 $152,164 $2,087 3.44%
    Not provided 231 $32,435,000 $140,411 $2,243 3.60%
    Black 100 $10,830,000 $108,300 $2,507 4.06%
    Asian 59 $9,425,000 $159,746 $2,193 3.08%
    Not applicable 19 $3,025,000 $159,211 $2,054 2.84%
    American Indian 8 $1,020,000 $127,500 $2,127 3.08%
    Native Hawaiian or Islander 2 $300,000 $150,000 $1,708 3.81%
    Asian Indian 1 $185,000 $185,000 $0 6.15%
    Other Asian 2 $110,000 $55,000 $0 3.75%
    Other Pacific Islander 1 $85,000 $85,000 $0 6.25%
    Filipino 1 $45,000 $45,000 $0 3.50%

    Approval Rates

    Total approvals of all applications
    91.00%

    Michigan Schools And Government has an average approval rate.

    Pick Rate

    Approvals leading to origination
    82.73%

    Michigan Schools And Government has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    0.0 1,039 $66,765,000 $64,259
    NA 2,661 $489,185,000 $183,835

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 6 $13,390,000 $2,231,667
    Single Family (1-4 Units):Site-Built 3,694 $542,560,000 $146,876

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 577 $50,095,000 $86,820 $1,767 3.82%
    40-60% 814 $125,110,000 $153,698 $1,924 2.97%
    60-80% 1,265 $256,785,000 $202,992 $2,077 3.10%
    80-100% 525 $103,755,000 $197,629 $2,602 3.30%
    Under 20% 519 $20,205,000 $38,931 $1,528 4.83%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    Michigan Mutual, Inc. FHA mortgage Struggling to pay mortgage 1 100.0%