Mortgage Center L.c Rates, Fees & Info

PLYMOUTH, MI

LEI: 549300X4P2GHQNMZGO79

Tax ID: 38-3358941

5 stars - Updated: 5/14/24 - out of 5 stars, based on 38 reviews

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

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Mortgage Data

Review & Overview

Mortgage Center L.c is a smaller mortgage company specializing in Home Purchase and Other loans. Mortgage Center L.c 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, Kalamazoo, Lansing, Grand Rapids, and Holland among others. We have data for 52 markets. (Some data included below & more in-depth data is available with an active subscription.)

Mortgage Center L.c 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. Mortgage Center L.c 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
30 Year Conventional Purchase 6.46% 5/14/24
30 Year Conventional Refi 6.18% 5/14/24
30 Year Cash-out Refi 6.43% 5/14/24
30 Year FHA Purchase 7.40% 5/14/24
30 Year FHA Refi 7.17% 5/14/24
30 Year VA Purchase 6.58% 5/14/24
15 Year Conventional Purchase 5.76% 5/14/24
15 Year Conventional Refi 5.80% 5/14/24
15 Year Cash-out Refi 5.80% 5/14/24
15 Year FHA Refi 6.14% 5/14/24
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.

Mortgage Center L.c Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Mortgage Center L.c. 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

1,412

Origination Dollar Volume (All Markets)

$203,860,000
Show all (21) awards

Relative Rate

Mortgage Center L.c's average 30 year fixed mortgage rate was 6.4%.

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

This yields a difference of -0.08%.

Relative Fees (Closing Costs)

Mortgage Center L.c's average total fees/closing costs for a 30 year fixed rate mortgage were $4,079.

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) 630 $88,480,000 $140,444 $3,053 6.88%
KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 122 $17,470,000 $143,197 $3,275 7.31%
Outside of Metro Areas 102 $13,760,000 $134,902 $3,673 6.91%
LANSING-EAST LANSING, MI (FHA|USDA|VA) 97 $13,465,000 $138,814 $3,268 6.75%
GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 45 $9,555,000 $212,333 $3,181 6.57%
Holland, MI (FHA|USDA|VA) 40 $5,610,000 $140,250 $3,154 7.12%
ANN ARBOR, MI (FHA|USDA|VA) 25 $5,535,000 $221,400 $4,292 6.68%
CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 29 $5,385,000 $185,690 $4,251 6.77%
BATTLE CREEK, MI (FHA|USDA|VA) 44 $5,060,000 $115,000 $2,950 6.77%
JANESVILLE-BELOIT, WI (FHA|USDA|VA) 37 $4,315,000 $116,622 $3,097 7.50%
JACKSON, MI (FHA|USDA|VA) 28 $3,020,000 $107,857 $3,281 7.17%
MONROE, MI (FHA|USDA|VA) 18 $2,620,000 $145,556 $2,845 6.81%
FLINT, MI (FHA|USDA|VA) 14 $2,540,000 $181,429 $3,332 6.39%
ROCKFORD, IL (FHA|USDA|VA) 21 $1,995,000 $95,000 $2,836 7.36%
Whitewater, WI (FHA|USDA|VA) 15 $1,845,000 $123,000 $2,494 7.40%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 14 $1,590,000 $113,571 $3,046 7.50%
TOLEDO, OH (FHA|USDA|VA) 15 $1,585,000 $105,667 $2,616 7.28%
MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 6 $1,540,000 $256,667 $3,259 6.40%
MUSKEGON, MI (FHA|USDA|VA) 8 $1,360,000 $170,000 $2,685 6.92%
AKRON, OH (FHA|USDA|VA) 15 $1,315,000 $87,667 $3,243 7.22%
Sturgis, MI (FHA|USDA|VA) 4 $1,130,000 $282,500 $5,061 6.19%
SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 6 $1,080,000 $180,000 $3,751 6.48%
Mount Pleasant, MI (FHA|USDA|VA) 6 $1,040,000 $173,333 $3,671 6.48%
SAGINAW, MI (FHA|USDA|VA) 7 $965,000 $137,857 $3,486 6.88%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 2 $960,000 $480,000 $5,983 5.31%
Adrian, MI (FHA|USDA|VA) 5 $945,000 $189,000 $3,700 7.25%
Coldwater, MI (FHA|USDA|VA) 9 $845,000 $93,889 $2,287 7.35%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 2 $840,000 $420,000 $4,721 5.50%
Traverse City, MI (FHA|USDA|VA) 4 $790,000 $197,500 $4,401 6.56%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 2 $620,000 $310,000 $6,903 4.69%
Cadillac, MI (FHA|USDA|VA) 3 $615,000 $205,000 $5,465 6.29%
MIDLAND, MI (FHA|USDA|VA) 5 $595,000 $119,000 $2,987 5.60%
Alma, MI (FHA|USDA|VA) 5 $565,000 $113,000 $2,750 7.53%
Ludington, MI (FHA|USDA|VA) 3 $515,000 $171,667 $4,088 6.71%
Houghton, MI (FHA|USDA|VA) 4 $480,000 $120,000 $2,964 6.00%
NILES, MI (FHA|USDA|VA) 2 $470,000 $235,000 $3,688 6.19%
Big Rapids, MI (FHA|USDA|VA) 2 $380,000 $190,000 $5,542 6.44%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $375,000 $375,000 $5,933 7.00%
DULUTH, MN-WI (FHA|USDA|VA) 1 $335,000 $335,000 $2,858 6.50%
OSHKOSH-NEENAH, WI (FHA|USDA|VA) 1 $305,000 $305,000 $4,203 6.13%
Watertown-Fort Atkinson, WI (FHA|USDA|VA) 1 $235,000 $235,000 $3,046 6.75%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $235,000 $235,000 $5,771 5.88%
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 1 $225,000 $225,000 $4,629 7.50%
DAYTON-KETTERING, OH (FHA|USDA|VA) 1 $215,000 $215,000 $4,086 6.13%
TALLAHASSEE, FL (FHA|USDA|VA) 1 $185,000 $185,000 $6,112 6.88%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $175,000 $175,000 $3,516 6.25%
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 1 $165,000 $165,000 $7,107 6.50%
BAY CITY, MI (FHA|USDA|VA) 1 $165,000 $165,000 $4,818 5.88%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 1 $125,000 $125,000 $2,919 6.38%
RACINE, WI (FHA|USDA|VA) 2 $110,000 $55,000 $1,677 7.94%
PEORIA, IL (FHA|USDA|VA) 1 $85,000 $85,000 $2,982 7.38%
Hillsdale, MI (FHA|USDA|VA) 1 $45,000 $45,000 $1,534 8.63%
Mortgage Center L.c's top markets include Detroit, Kalamazoo, Lansing, Grand Rapids, and Holland among others.

Their top states include:
  • Michigan (FHA|USDA|VA)
  • Wisconsin (FHA|USDA|VA)
  • Ohio (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Illinois (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against MORTGAGE CENTER L.C 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
    First Savings Bank of Hegewisch
    Similarity Rank: 46
    TLC COMMUNITY Credit Union
    Similarity Rank: 60
    MARSHALL COMMUNITY CREDIT UNION
    Similarity Rank: 90
    Total Community Credit Union
    Similarity Rank: 94
    St James Mortgage Corporation
    Similarity Rank: 104
    Citizens Bank
    Similarity Rank: 104
    Rock Valley Credit Union
    Similarity Rank: 120

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,348 $193,370,000 $143,450 $3,012 6.92%
    FHA 56 $8,810,000 $157,321 $7,843 6.99%
    VA 8 $1,680,000 $210,000 $5,978 6.67%

    For 2023, Mortgage Center L.c's most frequently originated type of loan was Conventional, with 1,348 originations. Their 2nd most popular type was FHA, with 56 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 635 $136,015,000 $214,197 $4,261 6.44%
    Other 564 $41,950,000 $74,379 $2,110 7.49%
    Cash Out Refi 146 $18,140,000 $124,247 $3,321 6.93%
    Refi 35 $5,315,000 $151,857 $3,216 6.01%
    Home Improvement 32 $2,440,000 $76,250 $2,104 7.45%

    For 2023, Mortgage Center L.c's most frequently cited loan purpose was Home Purchase, with 635 originations. The 2nd most popular reason was Other, with 564 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 889 $172,305,000 $193,819 $4,079 6.40%
    15 Year 373 $22,245,000 $59,638 $1,741 8.06%
    10 Year 108 $5,110,000 $47,315 $1,639 7.53%
    5 Year 26 $1,180,000 $45,385 $1,515 5.82%
    20 Year 10 $970,000 $97,000 $3,516 7.09%
    30+ year 5 $1,845,000 $369,000 $5,737 6.68%
    Other 1 $205,000 $205,000 $6,180 6.75%

    For 2023, Mortgage Center L.c's most frequently cited loan duration was 30 Year, with 889 originations. The 2nd most popular length was 15 Year, with 373 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 707 $132,335,000 $187,178
    $<1k 469 $25,885,000 $55,192
    $2k-3k 109 $19,455,000 $178,486
    $3k-4k 57 $9,715,000 $170,439
    $4k-5k 30 $6,480,000 $216,000
    $5k+ 26 $8,300,000 $319,231

    Mortgage Center L.c's average total fees were $4,079, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 707 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 505 $85,525,000 $169,356
    7-8% 344 $38,750,000 $112,645
    Over 8% 260 $16,950,000 $65,192
    5-6% 235 $46,145,000 $196,362
    4-5% 63 $16,015,000 $254,206
    3-4% 5 $475,000 $95,000

    During 2023, Mortgage Center L.c's average interest rate for loans was 6.40%, while their most frequently originated rate bucket for loans was 6-7%, with 505 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 623 $33,425,000 $53,652 $2,044 7.51%
    $100k-200k 428 $61,490,000 $143,668 $3,802 6.64%
    $200k-400k 308 $82,690,000 $268,474 $4,433 6.31%
    $400k-600k 47 $21,965,000 $467,340 $5,137 5.96%
    $600k-1MM 6 $4,290,000 $715,000 $6,333 5.54%

    2023 saw Mortgage Center L.c place emphasis on $100,000 or less loans with 623 originations, totaling $33,425,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 355 $39,295,000 $110,690 $3,199 6.91%
    $100k-150k 316 $53,870,000 $170,475 $3,142 6.94%
    $75k-100k 311 $40,925,000 $131,592 $3,141 6.99%
    $50k or less 198 $16,940,000 $85,556 $3,196 6.85%
    $150k-250k 196 $43,700,000 $222,959 $3,532 6.93%
    $250k+ 32 $8,670,000 $270,938 $3,302 6.71%

    Mortgage Center L.c lent most frequently to those with incomes in the $50k-75k range, with 355 originations. The second most popular income band? $100k-150k, with 316 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 299 $40,185,000 $134,398 $3,130 6.75%
    30-36% 285 $43,635,000 $153,105 $3,076 6.89%
    42% 121 $13,415,000 $110,868 $2,398 7.67%
    40% 90 $11,030,000 $122,556 $2,917 7.36%
    <20% 84 $10,930,000 $130,119 $2,944 6.52%
    41% 66 $7,030,000 $106,515 $2,707 7.51%
    39% 58 $7,530,000 $129,828 $2,982 6.98%
    36% 55 $6,915,000 $125,727 $3,177 6.58%
    37% 53 $6,955,000 $131,226 $3,264 6.88%
    38% 51 $7,465,000 $146,373 $2,976 7.13%
    43% 43 $6,825,000 $158,721 $3,523 6.74%
    49% 39 $9,495,000 $243,462 $4,702 6.56%
    44% 38 $8,170,000 $215,000 $4,083 6.64%
    50-60% 24 $4,520,000 $188,333 $7,061 6.64%
    47% 24 $4,650,000 $193,750 $4,504 6.61%
    45% 23 $5,335,000 $231,957 $4,669 6.49%
    48% 23 $4,005,000 $174,130 $4,128 6.77%
    46% 13 $2,805,000 $215,769 $4,145 6.15%
    >60% 2 $180,000 $90,000 $2,633 7.50%

    Mortgage Center L.c lent most frequently to those with DTI ratios of 20-30%, with 299 originations. The next most common DTI ratio? 30-36%, with 285 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,136 $159,660,000 $140,546 $3,127 6.96%
    Not provided 153 $26,045,000 $170,229 $3,610 6.67%
    Black 76 $9,600,000 $126,316 $3,673 6.96%
    Asian 22 $4,870,000 $221,364 $3,379 6.73%
    American Indian 17 $1,905,000 $112,059 $3,619 7.21%
    Asian Indian 3 $1,145,000 $381,667 $3,565 4.75%
    Not applicable 4 $460,000 $115,000 $3,752 6.25%
    Other Asian 1 $175,000 $175,000 $5,483 6.25%

    Approval Rates

    Total approvals of all applications
    88.29%

    Mortgage Center L.c has an average approval rate.

    Pick Rate

    Approvals leading to origination
    77.83%

    Mortgage Center L.c has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,412 $203,860,000 $144,377

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,412 $203,860,000 $144,377

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 293 $23,675,000 $80,802 $2,092 7.48%
    40-60% 134 $17,720,000 $132,239 $3,161 6.39%
    60-80% 256 $50,860,000 $198,672 $4,222 6.39%
    80-100% 445 $99,035,000 $222,551 $4,425 6.51%
    Under 20% 284 $12,570,000 $44,261 $1,661 7.74%