Mortgage Center L.c Rates, Fees & Info
PLYMOUTH, MILEI: 549300X4P2GHQNMZGO79
Tax ID: 38-3358941
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Mortgage Data
Review & Overview
Mortgage Center L.c is a smaller mortgage company specializing in Refi and Cash Out Refi 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 Ann Arbor among others. We have data for 62 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.46% | 4/21/24 |
| 30 Year Conventional Refi | 6.18% | 4/21/24 |
| 30 Year Cash-out Refi | 6.43% | 4/21/24 |
| 30 Year FHA Purchase | 7.40% | 4/21/24 |
| 30 Year FHA Refi | 7.17% | 4/21/24 |
| 30 Year VA Purchase | 6.58% | 4/21/24 |
| 15 Year Conventional Purchase | 5.76% | 4/21/24 |
| 15 Year Conventional Refi | 5.80% | 4/21/24 |
| 15 Year Cash-out Refi | 5.80% | 4/21/24 |
| 15 Year FHA Refi | 6.14% | 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. | ||
Mortgage Center L.c Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
4,576Origination Dollar Volume (All Markets)
$689,080,000Awards
MORTGAGE CENTER L.C - 2021
MORTGAGE CENTER L.C is a 2021 , due to their low .
For 2021, less than of lenders were eligible for this award.
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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) | 2,076 | $313,040,000 | $150,790 | $2,518 | 2.94% |
| KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) | 449 | $66,285,000 | $147,628 | $2,551 | 2.92% |
| Outside of Metro Areas | 361 | $54,505,000 | $150,983 | $2,566 | 2.94% |
| LANSING-EAST LANSING, MI (FHA|USDA|VA) | 371 | $51,345,000 | $138,396 | $2,473 | 2.93% |
| GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) | 181 | $32,895,000 | $181,740 | $2,656 | 2.94% |
| ANN ARBOR, MI (FHA|USDA|VA) | 159 | $26,955,000 | $169,528 | $2,538 | 2.96% |
| JANESVILLE-BELOIT, WI (FHA|USDA|VA) | 158 | $21,480,000 | $135,949 | $2,363 | 2.98% |
| Holland, MI (FHA|USDA|VA) | 100 | $16,560,000 | $165,600 | $2,698 | 2.98% |
| BATTLE CREEK, MI (FHA|USDA|VA) | 118 | $14,060,000 | $119,153 | $2,466 | 2.93% |
| Whitewater, WI (FHA|USDA|VA) | 62 | $11,530,000 | $185,968 | $2,333 | 2.98% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 56 | $11,430,000 | $204,107 | $2,726 | 2.90% |
| MONROE, MI (FHA|USDA|VA) | 66 | $9,160,000 | $138,788 | $2,648 | 2.88% |
| JACKSON, MI (FHA|USDA|VA) | 57 | $7,375,000 | $129,386 | $2,545 | 3.05% |
| FLINT, MI (FHA|USDA|VA) | 35 | $5,685,000 | $162,429 | $2,639 | 2.90% |
| ROCKFORD, IL (FHA|USDA|VA) | 49 | $5,365,000 | $109,490 | $2,135 | 2.82% |
| MUSKEGON, MI (FHA|USDA|VA) | 33 | $4,295,000 | $130,152 | $2,423 | 3.03% |
| CLEVELAND-ELYRIA, OH (FHA|USDA|VA) | 28 | $4,070,000 | $145,357 | $3,500 | 3.04% |
| Traverse City, MI (FHA|USDA|VA) | 18 | $3,730,000 | $207,222 | $2,594 | 2.88% |
| Mount Pleasant, MI (FHA|USDA|VA) | 18 | $2,560,000 | $142,222 | $2,564 | 2.96% |
| Adrian, MI (FHA|USDA|VA) | 13 | $2,485,000 | $191,154 | $3,021 | 3.06% |
| Sturgis, MI (FHA|USDA|VA) | 14 | $2,120,000 | $151,429 | $2,558 | 3.05% |
| TOLEDO, OH (FHA|USDA|VA) | 18 | $1,860,000 | $103,333 | $3,213 | 3.01% |
| Big Rapids, MI (FHA|USDA|VA) | 8 | $1,790,000 | $223,750 | $3,201 | 3.00% |
| NILES, MI (FHA|USDA|VA) | 8 | $1,550,000 | $193,750 | $2,915 | 3.16% |
| AKRON, OH (FHA|USDA|VA) | 16 | $1,510,000 | $94,375 | $3,154 | 3.24% |
| RACINE, WI (FHA|USDA|VA) | 6 | $1,090,000 | $181,667 | $2,705 | 3.33% |
| Alma, MI (FHA|USDA|VA) | 9 | $1,025,000 | $113,889 | $3,678 | 2.82% |
| Coldwater, MI (FHA|USDA|VA) | 9 | $945,000 | $105,000 | $2,943 | 2.65% |
| Hillsdale, MI (FHA|USDA|VA) | 5 | $935,000 | $187,000 | $4,472 | 3.05% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 1 | $805,000 | $805,000 | $7,999 | 3.25% |
| Ludington, MI (FHA|USDA|VA) | 3 | $775,000 | $258,333 | $2,280 | 2.96% |
| SAGINAW, MI (FHA|USDA|VA) | 10 | $770,000 | $77,000 | $2,434 | 3.06% |
| BAY CITY, MI (FHA|USDA|VA) | 5 | $715,000 | $143,000 | $2,366 | 2.70% |
| SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) | 5 | $685,000 | $137,000 | $2,658 | 3.03% |
| MADISON, WI (FHA|USDA|VA) | 4 | $650,000 | $162,500 | $2,438 | 3.13% |
| MIDLAND, MI (FHA|USDA|VA) | 4 | $610,000 | $152,500 | $2,374 | 2.88% |
| MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) | 4 | $550,000 | $137,500 | $1,715 | 2.84% |
| Cadillac, MI (FHA|USDA|VA) | 5 | $535,000 | $107,000 | $2,465 | 2.90% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 2 | $420,000 | $210,000 | $3,971 | 3.13% |
| CANTON-MASSILLON, OH (FHA|USDA|VA) | 3 | $405,000 | $135,000 | $3,034 | 2.92% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 1 | $355,000 | $355,000 | $2,590 | 2.63% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 3 | $315,000 | $105,000 | $2,270 | 2.50% |
| COLUMBUS, OH (FHA|USDA|VA) | 2 | $300,000 | $150,000 | $2,730 | 2.69% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $4,044 | 3.00% |
| DAYTON-KETTERING, OH (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $3,844 | 3.13% |
| PORT ST. LUCIE, FL (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $3,303 | 3.00% |
| DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $2,641 | 3.38% |
| GAINESVILLE, FL (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $4,661 | 3.00% |
| THE VILLAGES, FL (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $3,042 | 3.00% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $3,814 | 3.25% |
| Houghton, MI (FHA|USDA|VA) | 4 | $220,000 | $55,000 | $2,689 | 3.56% |
| Escanaba, MI (FHA|USDA|VA) | 2 | $200,000 | $100,000 | $2,022 | 2.81% |
| Rochelle, IL (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $7,229 | 3.63% |
| Sault Ste. Marie, MI (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $2,938 | 3.25% |
| SPRINGFIELD, IL (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $1,991 | 2.38% |
| Marinette, WI-MI (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $3,061 | 3.25% |
| Marquette, MI (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $2,629 | 3.13% |
| Freeport, IL (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $5,089 | 3.38% |
| Ashtabula, OH (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $3,272 | 3.13% |
| SEBRING-AVON PARK, FL (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $3,725 | 2.50% |
| Iron Mountain, MI-WI (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $2,398 | 2.13% |
| Wooster, OH (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $3,489 | 2.88% |
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.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 4,440 | $667,170,000 | $150,264 | $2,457 | 2.94% |
| FHA | 115 | $17,655,000 | $153,522 | $5,724 | 3.21% |
| VA | 21 | $4,255,000 | $202,619 | $4,569 | 2.99% |
For 2021, Mortgage Center L.c's most frequently originated type of loan was Conventional, with 4,440 originations. Their 2nd most popular type was FHA, with 115 originations.
Loan Reason
For 2021, Mortgage Center L.c's most frequently cited loan purpose was Refi, with 1,919 originations. The 2nd most popular reason was Cash Out Refi, with 1,617 originations.
Loan Duration/Length
For 2021, Mortgage Center L.c's most frequently cited loan duration was 30 Year, with 2,398 originations. The 2nd most popular length was 15 Year, with 1,456 originations.
Origination Fees/Closing Costs
Mortgage Center L.c's average total fees were $2,871, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 2,356 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 2.5-3% | 1,916 | $288,840,000 | $150,752 |
| 3-4% | 1,579 | $270,745,000 | $171,466 |
| <2.5% | 993 | $124,285,000 | $125,161 |
| 4-5% | 69 | $4,405,000 | $63,841 |
| 5-6% | 19 | $805,000 | $42,368 |
During 2021, Mortgage Center L.c's average interest rate for loans was 3.17%, while their most frequently originated rate bucket for loans was 2.5-3%, with 1,916 originations.
Loan Sizing
2021 saw Mortgage Center L.c place emphasis on $100k-200k loans with 2,319 originations, totaling $333,015,000 in origination value.
Applicant Income
Mortgage Center L.c lent most frequently to those with incomes in the $50k-75k range, with 1,381 originations. The second most popular income band? $75k-100k, with 968 originations.
Applicant Debt to Income Ratio
Mortgage Center L.c lent most frequently to those with DTI ratios of 20-30%, with 1,202 originations. The next most common DTI ratio? 30-36%, with 917 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications92.34%
Mortgage Center L.c has an average approval rate.
Pick Rate
Approvals leading to origination80.88%
Mortgage Center L.c has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 4,576 | $689,080,000 | $150,586 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2021 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| MORTGAGE CENTER, LC | FHA mortgage | Closing on a mortgage | 1 | 100.0% |