Mortgage Center L.c Rates, Fees & Info

PLYMOUTH, MI

LEI: 549300X4P2GHQNMZGO79

Tax ID: 38-3358941

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

    Mortgage Center L.c is a smaller mortgage company specializing in Home Purchase and Cash Out Refi loans. Mortgage Center L.c has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Detroit, Kalamazoo, Lansing, Ann Arbor, and Grand Rapids among others. We have data for 61 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Mortgage Center L.c 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. 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 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
    30 Year Conventional Purchase 6.46% 4/18/24
    30 Year Conventional Refi 6.18% 4/18/24
    30 Year Cash-out Refi 6.43% 4/18/24
    30 Year FHA Purchase 7.40% 4/18/24
    30 Year FHA Refi 7.17% 4/18/24
    30 Year VA Purchase 6.58% 4/18/24
    15 Year Conventional Purchase 5.76% 4/18/24
    15 Year Conventional Refi 5.80% 4/18/24
    15 Year Cash-out Refi 5.80% 4/18/24
    15 Year FHA Refi 6.14% 4/18/24
    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

    2,104

    Origination Dollar Volume (All Markets)

    $269,740,000
    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) 943 $119,195,000 $126,400 $2,773 4.91%
    KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 188 $24,080,000 $128,085 $2,789 4.96%
    LANSING-EAST LANSING, MI (FHA|USDA|VA) 153 $19,525,000 $127,614 $2,770 4.86%
    Outside of Metro Areas 159 $17,695,000 $111,289 $2,676 4.95%
    ANN ARBOR, MI (FHA|USDA|VA) 80 $12,050,000 $150,625 $2,711 4.76%
    GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 60 $9,220,000 $153,667 $3,248 4.92%
    JANESVILLE-BELOIT, WI (FHA|USDA|VA) 86 $8,720,000 $101,395 $3,053 4.90%
    Whitewater, WI (FHA|USDA|VA) 55 $8,205,000 $149,182 $2,774 4.84%
    Holland, MI (FHA|USDA|VA) 53 $6,965,000 $131,415 $2,934 4.84%
    MONROE, MI (FHA|USDA|VA) 39 $6,285,000 $161,154 $2,816 4.85%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 21 $3,705,000 $176,429 $2,979 4.74%
    JACKSON, MI (FHA|USDA|VA) 29 $3,655,000 $126,034 $2,828 4.96%
    BATTLE CREEK, MI (FHA|USDA|VA) 37 $3,435,000 $92,838 $2,736 4.81%
    ROCKFORD, IL (FHA|USDA|VA) 27 $2,935,000 $108,704 $3,333 4.91%
    MUSKEGON, MI (FHA|USDA|VA) 19 $2,365,000 $124,474 $3,318 4.70%
    Traverse City, MI (FHA|USDA|VA) 11 $2,175,000 $197,727 $3,411 4.63%
    FLINT, MI (FHA|USDA|VA) 14 $1,910,000 $136,429 $3,250 4.82%
    Adrian, MI (FHA|USDA|VA) 11 $1,845,000 $167,727 $4,517 4.91%
    Mount Pleasant, MI (FHA|USDA|VA) 12 $1,370,000 $114,167 $2,434 4.90%
    TOLEDO, OH (FHA|USDA|VA) 12 $1,210,000 $100,833 $2,590 5.34%
    RACINE, WI (FHA|USDA|VA) 5 $1,085,000 $217,000 $2,044 4.63%
    SAGINAW, MI (FHA|USDA|VA) 12 $980,000 $81,667 $2,163 4.77%
    Sterling, IL (FHA|USDA|VA) 10 $900,000 $90,000 $3,943 4.76%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 4 $760,000 $190,000 $3,451 4.66%
    MIDLAND, MI (FHA|USDA|VA) 2 $570,000 $285,000 $7,284 4.94%
    Alma, MI (FHA|USDA|VA) 6 $560,000 $93,333 $2,774 4.81%
    Big Rapids, MI (FHA|USDA|VA) 5 $535,000 $107,000 $2,498 4.68%
    Hillsdale, MI (FHA|USDA|VA) 3 $495,000 $165,000 $2,427 4.88%
    Wapakoneta, OH (FHA|USDA|VA) 1 $485,000 $485,000 $6,298 5.13%
    CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 3 $465,000 $155,000 $3,399 5.08%
    Dixon, IL (FHA|USDA|VA) 3 $445,000 $148,333 $4,503 5.13%
    PUNTA GORDA, FL (FHA|USDA|VA) 2 $420,000 $210,000 $5,169 5.00%
    DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 2 $400,000 $200,000 $4,072 4.81%
    WAUSAU-WESTON, WI (FHA|USDA|VA) 2 $370,000 $185,000 $5,319 4.75%
    Watertown-Fort Atkinson, WI (FHA|USDA|VA) 2 $330,000 $165,000 $2,750 4.56%
    Marquette, MI (FHA|USDA|VA) 2 $300,000 $150,000 $2,391 4.75%
    SHEBOYGAN, WI (FHA|USDA|VA) 2 $280,000 $140,000 $2,947 4.56%
    Ludington, MI (FHA|USDA|VA) 2 $270,000 $135,000 $2,458 4.63%
    North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 2 $270,000 $135,000 $3,329 4.94%
    MADISON, WI (FHA|USDA|VA) 1 $245,000 $245,000 $2,007 4.38%
    Escanaba, MI (FHA|USDA|VA) 1 $235,000 $235,000 $3,953 3.38%
    COLUMBUS, OH (FHA|USDA|VA) 1 $225,000 $225,000 $3,306 4.88%
    Sturgis, MI (FHA|USDA|VA) 2 $220,000 $110,000 $2,542 4.94%
    AKRON, OH (FHA|USDA|VA) 1 $215,000 $215,000 $4,049 5.38%
    MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 2 $210,000 $105,000 $2,020 5.06%
    PORT ST. LUCIE, FL (FHA|USDA|VA) 1 $205,000 $205,000 $4,018 4.75%
    Cadillac, MI (FHA|USDA|VA) 2 $190,000 $95,000 $2,400 5.13%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $185,000 $185,000 $5,505 4.13%
    PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 1 $175,000 $175,000 $3,573 5.13%
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 1 $155,000 $155,000 $2,203 5.00%
    SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 1 $145,000 $145,000 $2,062 5.13%
    APPLETON, WI (FHA|USDA|VA) 1 $125,000 $125,000 $2,807 4.75%
    LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 1 $115,000 $115,000 $3,813 4.88%
    SEBRING-AVON PARK, FL (FHA|USDA|VA) 1 $105,000 $105,000 $3,443 5.13%
    Norwalk, OH (FHA|USDA|VA) 1 $105,000 $105,000 $2,811 5.13%
    NILES, MI (FHA|USDA|VA) 1 $95,000 $95,000 $3,101 5.00%
    BAY CITY, MI (FHA|USDA|VA) 1 $85,000 $85,000 $1,808 5.13%
    Sault Ste. Marie, MI (FHA|USDA|VA) 1 $85,000 $85,000 $2,477 4.50%
    Sidney, OH (FHA|USDA|VA) 1 $85,000 $85,000 $2,917 3.75%
    Alpena, MI (FHA|USDA|VA) 1 $55,000 $55,000 $2,153 5.25%
    Houghton, MI (FHA|USDA|VA) 1 $15,000 $15,000 $401 4.75%
    Mortgage Center L.c's top markets include Detroit, Kalamazoo, Lansing, Ann Arbor, and Grand Rapids among others.

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

    HARBORLIGHT
    Similarity Rank: 12
    Cleveland Selfreliance FCU
    Similarity Rank: 15
    Bank of Milton
    Similarity Rank: 25
    UNITED
    Similarity Rank: 28
    Rock Valley Credit Union
    Similarity Rank: 30
    Polish-American Federal Credit Union
    Similarity Rank: 32
    First Community Credit Union
    Similarity Rank: 63
    Best Financial Credit Union
    Similarity Rank: 96
    Liberty Bank for Savings
    Similarity Rank: 104
    OMNI Community Credit Union
    Similarity Rank: 105

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,858 $235,310,000 $126,647 $2,551 4.91%
    FHA 195 $25,845,000 $132,538 $5,028 4.79%
    VA 43 $7,395,000 $171,977 $5,162 4.71%
    USDA 8 $1,190,000 $148,750 $4,097 5.08%

    For 2018, Mortgage Center L.c's most frequently originated type of loan was Conventional, with 1,858 originations. Their 2nd most popular type was FHA, with 195 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 1,070 $155,620,000 $145,439 $3,236 4.87%
    Cash Out Refi 570 $70,280,000 $123,298 $2,776 4.92%
    Refi 301 $36,295,000 $120,581 $2,450 4.57%
    Other 160 $7,330,000 $45,813 $1,142 5.59%
    Home Improvement 3 $215,000 $71,667 $2,361 4.75%

    For 2018, Mortgage Center L.c's most frequently cited loan purpose was Home Purchase, with 1,070 originations. The 2nd most popular reason was Cash Out Refi, with 570 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 1,434 $207,910,000 $144,986 $3,193 4.95%
    15 Year 426 $39,480,000 $92,676 $2,076 4.76%
    20 Year 79 $9,565,000 $121,076 $2,415 4.57%
    Other 70 $8,090,000 $115,571 $2,725 4.91%
    10 Year 66 $3,530,000 $53,485 $1,489 5.06%
    5 Year 27 $785,000 $29,074 $778 4.55%
    30+ year 2 $380,000 $190,000 $4,172 4.88%

    For 2018, Mortgage Center L.c's most frequently cited loan duration was 30 Year, with 1,434 originations. The 2nd most popular length was 15 Year, with 426 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 1,301 $151,965,000 $116,806
    $1k-2k 614 $81,440,000 $132,638
    $2k-3k 106 $17,610,000 $166,132
    $3k-4k 39 $8,235,000 $211,154
    $5k+ 21 $5,995,000 $285,476
    $4k-5k 18 $3,670,000 $203,889

    Mortgage Center L.c's average total fees were $3,193, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 1,301 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 1,297 $170,715,000 $131,623
    5-6% 598 $82,770,000 $138,411
    3-4% 118 $11,970,000 $101,441
    6-7% 83 $3,945,000 $47,530
    7-8% 8 $340,000 $42,500

    During 2018, Mortgage Center L.c's average interest rate for loans was 4.95%, while their most frequently originated rate bucket for loans was 4-5%, with 1,297 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 912 $128,640,000 $141,053 $3,079 4.84%
    $100,000 or less 877 $56,905,000 $64,886 $2,173 4.96%
    $200k-400k 294 $73,640,000 $250,476 $3,921 4.87%
    $400k-600k 17 $7,685,000 $452,059 $4,786 4.99%
    $600k-1MM 4 $2,870,000 $717,500 $6,195 5.06%

    2018 saw Mortgage Center L.c place emphasis on $100k-200k loans with 912 originations, totaling $128,640,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 706 $64,750,000 $91,714 $2,640 4.82%
    $50k-75k 615 $75,115,000 $122,138 $2,864 4.89%
    $75k-100k 337 $47,545,000 $141,083 $2,932 4.99%
    $100k-150k 329 $55,535,000 $168,799 $2,949 4.96%
    $150k-250k 97 $20,335,000 $209,639 $3,212 4.92%
    $250k+ 19 $6,315,000 $332,368 $3,763 4.86%

    Mortgage Center L.c lent most frequently to those with incomes in the $50k or less range, with 706 originations. The second most popular income band? $50k-75k, with 615 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 473 $60,055,000 $126,966 $2,761 4.83%
    30-36% 433 $57,685,000 $133,222 $2,814 4.92%
    <20% 202 $20,980,000 $103,861 $2,559 4.81%
    42% 110 $12,290,000 $111,727 $2,473 5.13%
    37% 96 $12,060,000 $125,625 $2,802 5.02%
    41% 75 $9,635,000 $128,467 $2,645 5.13%
    50-60% 74 $11,490,000 $155,270 $4,671 4.73%
    39% 69 $9,165,000 $132,826 $2,742 4.86%
    40% 69 $8,075,000 $117,029 $2,355 5.01%
    45% 66 $9,080,000 $137,576 $2,806 4.80%
    49% 58 $8,000,000 $137,931 $3,271 4.78%
    48% 58 $8,740,000 $150,690 $3,150 4.78%
    38% 57 $6,605,000 $115,877 $2,655 5.08%
    36% 57 $6,555,000 $115,000 $2,529 4.88%
    43% 54 $7,550,000 $139,815 $2,830 4.87%
    44% 51 $7,295,000 $143,039 $3,070 4.85%
    47% 51 $7,435,000 $145,784 $3,248 4.84%
    46% 37 $5,095,000 $137,703 $3,291 4.85%
    >60% 14 $1,950,000 $139,286 $3,207 5.15%

    Mortgage Center L.c lent most frequently to those with DTI ratios of 20-30%, with 473 originations. The next most common DTI ratio? 30-36%, with 433 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,878 $241,610,000 $128,653 $2,812 4.90%
    Black 117 $14,745,000 $126,026 $3,207 4.90%
    Not provided 81 $10,225,000 $126,235 $3,100 4.79%
    Asian 13 $1,875,000 $144,231 $2,312 4.92%
    American Indian 10 $810,000 $81,000 $2,560 5.04%
    Korean 1 $225,000 $225,000 $2,780 4.88%
    1 $115,000 $115,000 $2,324 4.75%
    Not applicable 2 $80,000 $40,000 $898 5.50%
    Native Hawaiian or Islander 1 $55,000 $55,000 $1,046 7.13%

    Approval Rates

    Total approvals of all applications
    90.14%

    Mortgage Center L.c has an average approval rate.

    Pick Rate

    Approvals leading to origination
    80.04%

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

    Points and Fees

    Points Originations Total Value Average Loan
    NA 2,104 $269,740,000 $128,203

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 36 $3,080,000 $85,556
    Single Family (1-4 Units):Site-Built 2,068 $266,660,000 $128,946

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 164 $10,670,000 $65,061 $1,706 4.98%
    40-60% 244 $24,910,000 $102,090 $2,282 4.66%
    60-80% 592 $83,330,000 $140,760 $2,906 4.83%
    80-100% 994 $145,400,000 $146,278 $3,277 4.90%
    Over 100% 11 $1,585,000 $144,091 $4,870 4.77%
    Under 20% 98 $3,660,000 $37,347 $984 5.70%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    MORTGAGE CENTER, LC Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 50.0%
    MORTGAGE CENTER, LC Conventional home mortgage Closing on a mortgage 1 50.0%