Isabella Bank Mortgage Rates, Fees & Info

Mount Pleasant, MI

LEI: 549300XYX207IABFXL60

Tax ID: 38-0681630

5 stars - Updated: 11/11/24 - out of 5 stars, based on 27 reviews

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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Relative Rates
  • Relative Fees
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • 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

    Isabella Bank is a smaller bank specializing in Home Purchase loans. Isabella Bank has a high proportion of conventional loans. Isabella Bank has an average proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Mount Pleasant, Big Rapids, Midland, Grand Rapids, and Muskegon among others. We have data for 20 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Isabella Bank 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. Isabella Bank 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.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.91% 11/11/24
    30 Year Conventional Refi 6.80% 11/11/24
    30 Year Cash-out Refi 6.55% 11/11/24
    30 Year USDA Purchase 7.51% 11/11/24
    15 Year Conventional Purchase 6.30% 11/11/24
    15 Year Conventional Refi 6.33% 11/11/24
    15 Year Cash-out Refi 6.33% 11/11/24
    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.

    Isabella Bank Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Isabella Bank. 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

    740

    Origination Dollar Volume (All Markets)

    $113,790,000
    Show all (12) awards

    Relative Rate

    Isabella Bank's average 30 year fixed mortgage rate was 6.48%.

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

    This yields a difference of -0%.

    Relative Fees (Closing Costs)

    Isabella Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $2,746.

    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
    Mount Pleasant, MI (FHA|USDA|VA) 226 $28,040,000 $124,071 $2,223 6.62%
    Big Rapids, MI (FHA|USDA|VA) 108 $16,470,000 $152,500 $2,348 6.64%
    Outside of Metro Areas 92 $13,820,000 $150,217 $2,247 6.42%
    MIDLAND, MI (FHA|USDA|VA) 69 $13,295,000 $192,681 $2,595 6.79%
    GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 83 $10,655,000 $128,373 $1,850 6.31%
    MUSKEGON, MI (FHA|USDA|VA) 3 $10,125,000 $3,375,000 $2,472 4.63%
    SAGINAW, MI (FHA|USDA|VA) 64 $8,620,000 $134,688 $2,240 6.87%
    Alma, MI (FHA|USDA|VA) 40 $3,710,000 $92,750 $1,852 6.47%
    BAY CITY, MI (FHA|USDA|VA) 24 $3,010,000 $125,417 $2,788 7.22%
    LANSING-EAST LANSING, MI (FHA|USDA|VA) 7 $1,545,000 $220,714 $2,678 6.25%
    Traverse City, MI (FHA|USDA|VA) 5 $1,345,000 $269,000 $2,220 6.06%
    Cadillac, MI (FHA|USDA|VA) 3 $1,125,000 $375,000 $4,340 5.94%
    Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 6 $780,000 $130,000 $2,658 6.25%
    Alpena, MI (FHA|USDA|VA) 1 $275,000 $275,000 $3,134 6.38%
    ANN ARBOR, MI (FHA|USDA|VA) 2 $260,000 $130,000 $3,089 5.50%
    NILES, MI (FHA|USDA|VA) 1 $215,000 $215,000 $2,739 6.38%
    Sault Ste. Marie, MI (FHA|USDA|VA) 2 $210,000 $105,000 $0 7.68%
    Escanaba, MI (FHA|USDA|VA) 1 $175,000 $175,000 $2,984 7.00%
    KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 1 $65,000 $65,000 $2,365 6.13%
    FLINT, MI (FHA|USDA|VA) 2 $50,000 $25,000 $713 6.25%
    Isabella Bank's top markets include Mount Pleasant, Big Rapids, Midland, Grand Rapids, and Muskegon among others.

    Their top states include:
  • Michigan (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against Isabella Bank 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
    Polish-American Federal Credit Union
    Similarity Rank: 45
    HEALTH ADVANTAGE FEDERAL CREDIT UNION
    Similarity Rank: 66
    FIRST CHOICE MH LLC
    Similarity Rank: 72
    Wildfire Credit Union
    Similarity Rank: 78
    Total Community Credit Union
    Similarity Rank: 94
    United Bank of Michigan
    Similarity Rank: 98
    St James Mortgage Corporation
    Similarity Rank: 104
    1st State Financial, Ltd.
    Similarity Rank: 119
    Adventure Credit Union
    Similarity Rank: 130

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 532 $88,860,000 $167,030 $2,224 6.59%
    Conventional 204 $24,260,000 $118,922 $0 0.00%
    USDA 4 $670,000 $167,500 $4,510 7.44%

    For 2023, Isabella Bank's most frequently originated type of loan was Conventional, with 532 originations. Their 2nd most popular type was Conventional, with 204 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 332 $75,370,000 $227,018 $2,939 6.70%
    Refi 166 $18,680,000 $112,530 $1,538 6.66%
    Home Improvement 149 $11,605,000 $77,886 $1,318 6.39%
    Other 76 $6,460,000 $85,000 $1,328 6.22%
    Cash Out Refi 17 $1,675,000 $98,529 $2,102 6.18%

    For 2023, Isabella Bank's most frequently cited loan purpose was Home Purchase, with 332 originations. The 2nd most popular reason was Refi, with 166 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 233 $38,635,000 $165,815 $1,692 7.09%
    30 Year 194 $36,790,000 $189,639 $2,746 6.48%
    15 Year 142 $12,840,000 $90,423 $1,363 6.45%
    20 Year 80 $10,880,000 $136,000 $2,278 7.30%
    10 Year 33 $2,185,000 $66,212 $1,004 6.79%
    30+ year 30 $10,070,000 $335,667 $4,553 6.11%
    5 Year 25 $1,025,000 $41,000 $920 5.83%
    3 Year 3 $1,365,000 $455,000 $0 7.42%

    For 2023, Isabella Bank's most frequently cited loan duration was Other, with 233 originations. The 2nd most popular length was 30 Year, with 194 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 400 $59,610,000 $149,025
    $1k-2k 14 $2,130,000 $152,143
    $2k-3k 7 $1,165,000 $166,429
    $3k-4k 5 $1,345,000 $269,000
    $5k+ 1 $255,000 $255,000

    Isabella Bank's average total fees were $2,746, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 400 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 308 $44,860,000 $145,649
    7-8% 115 $16,345,000 $142,130
    5-6% 97 $16,595,000 $171,082
    Over 8% 15 $1,905,000 $127,000
    3-4% 1 $9,825,000 $9,825,000

    During 2023, Isabella Bank's average interest rate for loans was 6.48%, while their most frequently originated rate bucket for loans was 6-7%, with 308 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 371 $20,445,000 $55,108 $1,455 6.60%
    $100k-200k 211 $29,375,000 $139,218 $2,521 6.66%
    $200k-400k 120 $32,330,000 $269,417 $3,171 6.61%
    $400k-600k 24 $11,200,000 $466,667 $3,529 6.26%
    $600k-1MM 11 $7,875,000 $715,909 $4,397 6.36%
    $1MM+ 3 $12,565,000 $4,188,333 $0 5.50%

    2023 saw Isabella Bank place emphasis on $100,000 or less loans with 371 originations, totaling $20,445,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 127 $13,375,000 $105,315 $2,281 6.38%
    $100k-150k 125 $19,415,000 $155,320 $2,423 6.33%
    $50k or less 102 $6,680,000 $65,490 $1,851 6.32%
    $75k-100k 97 $11,595,000 $119,536 $2,291 6.34%
    $150k-250k 90 $16,320,000 $181,333 $2,649 6.38%
    $250k+ 43 $14,765,000 $343,372 $2,918 6.35%

    Isabella Bank lent most frequently to those with incomes in the $50k-75k range, with 127 originations. The second most popular income band? $100k-150k, with 125 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 204 $24,260,000 $118,922 $0 0.00%
    20-30% 119 $18,345,000 $154,160 $2,351 6.30%
    30-36% 101 $14,665,000 $145,198 $2,279 6.40%
    <20% 47 $6,355,000 $135,213 $2,010 6.37%
    37% 22 $3,400,000 $154,545 $2,252 6.18%
    38% 21 $3,065,000 $145,952 $1,789 6.36%
    39% 19 $2,895,000 $152,368 $1,924 6.38%
    36% 18 $2,750,000 $152,778 $2,621 6.26%
    42% 13 $2,045,000 $157,308 $2,521 6.59%
    40% 12 $2,040,000 $170,000 $2,272 6.38%
    43% 8 $1,590,000 $198,750 $1,949 6.23%
    44% 8 $1,850,000 $231,250 $3,016 6.39%
    45% 8 $1,240,000 $155,000 $2,860 6.33%
    48% 7 $1,595,000 $227,857 $2,669 6.77%
    41% 4 $1,070,000 $267,500 $3,170 6.31%
    47% 3 $915,000 $305,000 $3,273 6.00%
    50-60% 3 $425,000 $141,667 $1,989 6.04%
    46% 2 $140,000 $70,000 $1,722 6.31%
    49% 1 $95,000 $95,000 $2,627 6.75%
    >60% 1 $55,000 $55,000 $1,312 6.25%

    Isabella Bank lent most frequently to those with DTI ratios of Exempt%, with 204 originations. The next most common DTI ratio? 20-30%, with 119 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 616 $81,160,000 $131,753 $2,232 6.45%
    Not applicable 76 $23,680,000 $311,579 $0 7.73%
    Not provided 26 $6,510,000 $250,385 $2,691 6.33%
    Asian 6 $1,010,000 $168,333 $3,003 6.48%
    American Indian 8 $670,000 $83,750 $1,448 6.11%
    Black 7 $475,000 $67,857 $1,784 6.88%
    Other Asian 1 $285,000 $285,000 $2,690 6.50%

    Approval Rates

    Total approvals of all applications
    85.66%

    Isabella Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    84.59%

    Isabella Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 204 $24,260,000 $118,922
    NA 536 $89,530,000 $167,034

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    740 $113,790,000 $153,770

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 84 $6,670,000 $79,405 $1,553 6.43%
    40-60% 79 $10,355,000 $131,076 $2,225 6.64%
    60-80% 131 $24,515,000 $187,137 $2,624 6.90%
    80-100% 146 $43,120,000 $295,342 $3,101 6.55%
    Under 20% 72 $3,690,000 $51,250 $959 6.35%