Lake Michigan Credit Union Mortgage Rates, Fees & Info
Grand Rapids, MILEI: 549300YB1H2FRI6JPM51
Tax ID: 38-1215360
2021 Data | 2020 Data | 2019 Data | 2018 Data
Jump to:
Mortgage Data
Overview
Lake Michigan Credit Union is a mid-sized credit union specializing in Home Purchase and Refi loans. Lake Michigan Credit Union 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.) They have a low ratio of USDA loans. Their top markets include Grand Rapids, Detroit, Cape Coral, Naples, and Kalamazoo among others. Lake Michigan Credit Union has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Lake Michigan Credit Union is typically an average fee lendor.Originations
23,810Origination Dollar Volume (All Markets)
$5,745,080,000Awards
LAKE MICHIGAN CREDIT UNION - 2021
LAKE MICHIGAN CREDIT UNION is a 2021 , due to their low .
For 2021, less than of lenders were eligible for this award.
Work for LAKE MICHIGAN CREDIT UNION?
Use this award on your own site. Either save and use the images below, or pass the provided image embed code to your development team.
Relative Rate
Lake Michigan Credit Union's average 30 year fixed rate mortgage of loans were
3.11%.
The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.
This yields a difference of -0.04%.
Relative Fees
Lake Michigan Credit Union's average total fees for a 30 year fixed rate
mortgage are $3,742.
The average total origination fees for 30 year fixed rate mortgages (for all loan values, including
both points & up-front fees in addition to origination fees) are $4,750.
Top Markets
| Market | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) | 10,800 | $2,084,190,000 | $192,981 | $2,598 | 3.08% |
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 3,861 | $1,206,795,000 | $312,560 | $3,707 | 3.06% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 974 | $365,050,000 | $374,795 | $5,969 | 3.17% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 617 | $311,285,000 | $504,514 | $6,868 | 3.15% |
| Outside of Metro Areas | 1,298 | $281,630,000 | $216,972 | $3,044 | 3.06% |
| KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) | 1,163 | $244,705,000 | $210,408 | $2,693 | 3.06% |
| Traverse City, MI (FHA|USDA|VA) | 784 | $217,500,000 | $277,423 | $3,607 | 3.01% |
| MUSKEGON, MI (FHA|USDA|VA) | 1,188 | $196,140,000 | $165,101 | $2,683 | 3.14% |
| Holland, MI (FHA|USDA|VA) | 776 | $162,710,000 | $209,678 | $2,805 | 3.06% |
| ANN ARBOR, MI (FHA|USDA|VA) | 395 | $136,335,000 | $345,152 | $3,775 | 2.97% |
| PUNTA GORDA, FL (FHA|USDA|VA) | 229 | $74,565,000 | $325,611 | $5,866 | 3.20% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 120 | $52,830,000 | $440,250 | $6,221 | 3.24% |
| FLINT, MI (FHA|USDA|VA) | 215 | $52,065,000 | $242,163 | $3,286 | 2.99% |
| LANSING-EAST LANSING, MI (FHA|USDA|VA) | 205 | $41,615,000 | $203,000 | $3,073 | 3.06% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 66 | $38,730,000 | $586,818 | $7,132 | 3.08% |
| SAGINAW, MI (FHA|USDA|VA) | 225 | $35,975,000 | $159,889 | $3,023 | 3.08% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 69 | $26,565,000 | $385,000 | $5,419 | 3.08% |
| NILES, MI (FHA|USDA|VA) | 64 | $20,370,000 | $318,281 | $3,743 | 2.99% |
| Big Rapids, MI (FHA|USDA|VA) | 81 | $19,545,000 | $241,296 | $2,974 | 3.12% |
| MONROE, MI (FHA|USDA|VA) | 64 | $17,170,000 | $268,281 | $3,837 | 3.04% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 23 | $12,065,000 | $524,565 | $5,842 | 3.25% |
| Ludington, MI (FHA|USDA|VA) | 41 | $10,825,000 | $264,024 | $3,290 | 3.00% |
| BAY CITY, MI (FHA|USDA|VA) | 54 | $10,630,000 | $196,852 | $3,342 | 3.06% |
| BATTLE CREEK, MI (FHA|USDA|VA) | 58 | $10,210,000 | $176,034 | $2,892 | 3.09% |
| JACKSON, MI (FHA|USDA|VA) | 44 | $9,860,000 | $224,091 | $3,401 | 3.00% |
| MIDLAND, MI (FHA|USDA|VA) | 37 | $8,955,000 | $242,027 | $3,084 | 2.91% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 34 | $8,820,000 | $259,412 | $3,740 | 3.00% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 19 | $7,635,000 | $401,842 | $3,863 | 3.11% |
| Cadillac, MI (FHA|USDA|VA) | 36 | $7,570,000 | $210,278 | $3,022 | 3.07% |
| Sturgis, MI (FHA|USDA|VA) | 34 | $7,510,000 | $220,882 | $2,814 | 2.98% |
| SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) | 30 | $6,590,000 | $219,667 | $3,333 | 2.94% |
| Adrian, MI (FHA|USDA|VA) | 21 | $5,355,000 | $255,000 | $3,847 | 3.09% |
| PORT ST. LUCIE, FL (FHA|USDA|VA) | 10 | $4,950,000 | $495,000 | $6,044 | 3.08% |
| DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) | 10 | $3,400,000 | $340,000 | $4,831 | 3.03% |
| LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) | 10 | $3,180,000 | $318,000 | $5,207 | 2.99% |
| THE VILLAGES, FL (FHA|USDA|VA) | 11 | $3,155,000 | $286,818 | $4,958 | 2.97% |
| Coldwater, MI (FHA|USDA|VA) | 7 | $2,965,000 | $423,571 | $3,876 | 3.05% |
| CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) | 5 | $2,625,000 | $525,000 | $6,549 | 2.88% |
| Clewiston, FL (FHA|USDA|VA) | 7 | $2,525,000 | $360,714 | $6,423 | 3.27% |
| MADISON, WI (FHA|USDA|VA) | 2 | $2,360,000 | $1,180,000 | $5,122 | 3.31% |
| INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) | 11 | $2,125,000 | $193,182 | $2,206 | 3.02% |
| OCALA, FL (FHA|USDA|VA) | 5 | $1,955,000 | $391,000 | $6,015 | 3.13% |
| Mount Pleasant, MI (FHA|USDA|VA) | 13 | $1,945,000 | $149,615 | $3,388 | 2.93% |
| PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) | 6 | $1,850,000 | $308,333 | $4,161 | 2.90% |
| Marquette, MI (FHA|USDA|VA) | 7 | $1,705,000 | $243,571 | $3,219 | 2.95% |
| MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) | 5 | $1,665,000 | $333,000 | $2,947 | 2.70% |
| Key West, FL (FHA|USDA|VA) | 5 | $1,615,000 | $323,000 | $6,055 | 3.38% |
| Sebastian-Vero Beach, FL (FHA|USDA|VA) | 3 | $1,505,000 | $501,667 | $7,322 | 3.25% |
| Houghton, MI (FHA|USDA|VA) | 5 | $1,415,000 | $283,000 | $3,394 | 3.03% |
| CLEVELAND-ELYRIA, OH (FHA|USDA|VA) | 7 | $1,255,000 | $179,286 | $3,578 | 2.91% |
| TOLEDO, OH (FHA|USDA|VA) | 6 | $1,120,000 | $186,667 | $3,654 | 2.65% |
| Escanaba, MI (FHA|USDA|VA) | 6 | $1,060,000 | $176,667 | $2,270 | 3.38% |
| Sault Ste. Marie, MI (FHA|USDA|VA) | 6 | $950,000 | $158,333 | $3,046 | 3.10% |
| GAINESVILLE, FL (FHA|USDA|VA) | 2 | $870,000 | $435,000 | $8,756 | 3.38% |
| PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) | 1 | $595,000 | $595,000 | $6,020 | 3.13% |
| TALLAHASSEE, FL (FHA|USDA|VA) | 3 | $585,000 | $195,000 | $3,948 | 2.96% |
| HOMOSASSA SPRINGS, FL (FHA|USDA|VA) | 2 | $580,000 | $290,000 | $3,742 | 2.81% |
| Alpena, MI (FHA|USDA|VA) | 3 | $395,000 | $131,667 | $2,375 | 2.96% |
| Hillsdale, MI (FHA|USDA|VA) | 2 | $370,000 | $185,000 | $2,249 | 2.56% |
| EAU CLAIRE, WI (FHA|USDA|VA) | 1 | $355,000 | $355,000 | $2,804 | 2.88% |
| CANTON-MASSILLON, OH (FHA|USDA|VA) | 2 | $350,000 | $175,000 | $4,019 | 2.63% |
| ELKHART-GOSHEN, IN (FHA|USDA|VA) | 2 | $330,000 | $165,000 | $2,389 | 3.00% |
| Arcadia, FL (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $5,552 | 3.50% |
| CINCINNATI, OH-KY-IN (FHA|USDA|VA) | 2 | $290,000 | $145,000 | $2,836 | 3.00% |
| DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $1,806 | 3.00% |
| PEORIA, IL (FHA|USDA|VA) | 2 | $280,000 | $140,000 | $2,543 | 2.94% |
| FORT WAYNE, IN (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $2,156 | 3.25% |
| Tiffin, OH (FHA|USDA|VA) | 2 | $250,000 | $125,000 | $2,618 | 3.44% |
| RACINE, WI (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $3,144 | 2.75% |
| Palatka, FL (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $1,905 | 2.88% |
| Wabash, IN (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $2,252 | 2.88% |
| RALEIGH-CARY, NC (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $2,313 | 2.50% |
| Iron Mountain, MI-WI (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $2,238 | 3.25% |
| Manitowoc, WI (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $2,597 | 3.13% |
| AKRON, OH (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $2,835 | 2.63% |
| SEBRING-AVON PARK, FL (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $3,238 | 3.13% |
| COLUMBUS, OH (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $2,230 | 2.50% |
| Alma, MI (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $2,409 | 2.38% |
| MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $3,097 | 3.50% |
Lake Michigan Credit Union's top markets include Grand Rapids, Detroit, Cape Coral, Naples, and Kalamazoo among others.
Product Mix
| Loan Type | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Conventional | 23,144 | $5,600,720,000 | $241,994 | $3,169 | 3.08% |
| FHA | 461 | $87,655,000 | $190,141 | $6,223 | 2.91% |
| VA | 161 | $47,805,000 | $296,925 | $5,581 | 2.75% |
| USDA | 44 | $8,900,000 | $202,273 | $5,222 | 2.80% |
For the 2021 period, Lake Michigan Credit Union's most frequently originated loan type of loans were Conventional, with 23,144 originations. Their 2nd most popular type is FHA, with 461 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Home Purchase | 9,928 | $3,265,690,000 | $328,937 | $4,134 | 3.07% |
| Refi | 7,246 | $1,515,570,000 | $209,160 | $2,372 | 2.88% |
| Cash Out Refi | 3,123 | $700,105,000 | $224,177 | $2,992 | 3.04% |
| Home Improvement | 2,735 | $181,195,000 | $66,250 | $293 | 3.48% |
| Other | 778 | $82,520,000 | $106,067 | $1,941 | 3.70% |
For the 2021, Lake Michigan Credit Union's most frequently cited loan purpose of loans were Home Purchase, with 9,928 originations. The 2nd most popular reason of loans were Refi, with 7,246 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 13,872 | $4,264,730,000 | $307,434 | $3,742 | 3.11% |
| Other | 4,148 | $369,710,000 | $89,130 | $1,194 | 3.20% |
| 15 Year | 3,929 | $811,915,000 | $206,647 | $2,478 | 2.72% |
| 20 Year | 998 | $198,360,000 | $198,758 | $2,468 | 2.91% |
| 10 Year | 684 | $77,160,000 | $112,807 | $1,216 | 3.56% |
| 5 Year | 177 | $23,135,000 | $130,706 | $88 | 4.41% |
| 3 Year | 2 | $70,000 | $35,000 | $32 | 3.74% |
For the 2021, Lake Michigan Credit Union's most frequently cited loan length of loans were 30 Year, with 13,872 originations. The 2nd most popular length of loans were Other, with 4,148 originations.
Origination Fees
| Origination Fee | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 11,437 | $2,624,685,000 | $229,491 |
| $1k-2k | 5,967 | $1,816,365,000 | $304,402 |
| $2k-3k | 1,206 | $421,730,000 | $349,693 |
| $3k-4k | 725 | $305,405,000 | $421,248 |
| $5k+ | 316 | $182,870,000 | $578,703 |
$3,742 of loans were Lake Michigan Credit Union's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 11,437 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 2.5-3% | 12,493 | $2,772,955,000 | $221,961 |
| 3-4% | 7,481 | $2,261,515,000 | $302,301 |
| <2.5% | 2,843 | $623,305,000 | $219,242 |
| 4-5% | 595 | $70,035,000 | $117,706 |
| 5-6% | 207 | $9,065,000 | $43,792 |
| 7-8% | 133 | $5,415,000 | $40,714 |
| 6-7% | 56 | $2,760,000 | $49,286 |
| Over 8% | 2 | $30,000 | $15,000 |
During 2021, Lake Michigan Credit Union's average interest rate of loans were 3.11%, while their most frequently originated rate bucket of loans were 2.5-3%, with 12,493 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100k-200k | 7,816 | $1,161,950,000 | $148,663 | $2,481 | 2.97% |
| $200k-400k | 7,572 | $2,088,850,000 | $275,865 | $3,436 | 2.99% |
| $100,000 or less | 4,874 | $267,770,000 | $54,938 | $1,403 | 3.41% |
| $400k-600k | 2,440 | $1,187,470,000 | $486,668 | $4,953 | 3.05% |
| $600k-1MM | 789 | $585,135,000 | $741,616 | $6,101 | 3.10% |
| $1MM+ | 319 | $453,905,000 | $1,422,900 | $8,726 | 3.07% |
2021 saw Lake Michigan Credit Union place emphasis on $100k-200k loans with 7,816 originations, totaling $1,161,950,000 in origination value.
Applicant Income
| Applicant Income | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $50k-75k | 5,314 | $852,010,000 | $160,333 | $2,733 | 3.10% |
| $100k-150k | 5,259 | $1,288,365,000 | $244,983 | $3,357 | 3.06% |
| $75k-100k | 4,104 | $794,170,000 | $193,511 | $2,956 | 3.06% |
| $150k-250k | 3,543 | $1,174,795,000 | $331,582 | $3,945 | 3.06% |
| $50k or less | 3,336 | $419,790,000 | $125,836 | $2,548 | 3.11% |
| $250k+ | 1,964 | $1,128,580,000 | $574,633 | $5,232 | 3.04% |
Lake Michigan Credit Union lent most frequently to those with incomes in the $50k-75k range, with 5,314 originations. The second most popular income band? $100k-150k, with 5,259 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-30% | 6,125 | $1,337,695,000 | $218,399 | $2,904 | 3.01% |
| 30-36% | 4,456 | $1,080,150,000 | $242,404 | $3,233 | 3.09% |
| <20% | 2,722 | $536,230,000 | $196,999 | $2,635 | 2.91% |
| 43% | 904 | $241,720,000 | $267,389 | $3,521 | 3.17% |
| 38% | 878 | $231,590,000 | $263,770 | $3,492 | 3.13% |
| 40% | 854 | $226,400,000 | $265,105 | $3,609 | 3.12% |
| 41% | 834 | $236,350,000 | $283,393 | $3,665 | 3.20% |
| 39% | 831 | $216,545,000 | $260,584 | $3,408 | 3.14% |
| 36% | 822 | $216,510,000 | $263,394 | $3,511 | 3.12% |
| 42% | 820 | $224,520,000 | $273,805 | $3,690 | 3.14% |
| 44% | 814 | $211,140,000 | $259,386 | $3,790 | 3.20% |
| 37% | 797 | $212,955,000 | $267,196 | $3,508 | 3.10% |
| 45% | 710 | $168,440,000 | $237,239 | $3,665 | 3.24% |
| 46% | 586 | $135,320,000 | $230,922 | $3,590 | 3.23% |
| 47% | 503 | $124,985,000 | $248,479 | $3,671 | 3.14% |
| 48% | 449 | $120,905,000 | $269,276 | $3,592 | 3.09% |
| 49% | 421 | $119,315,000 | $283,409 | $3,752 | 3.07% |
| 50-60% | 192 | $48,580,000 | $253,021 | $5,204 | 2.97% |
| >60% | 16 | $4,670,000 | $291,875 | $2,770 | 3.12% |
Lake Michigan Credit Union lent most frequently to those with DTI ratios of 20-30%, with 6,125 originations. The next most common DTI ratio? 30-36%, with 4,456 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 17,372 | $4,152,110,000 | $239,012 | $3,242 | 3.06% |
| Not provided | 5,368 | $1,292,790,000 | $240,833 | $3,276 | 3.10% |
| Asian | 430 | $124,630,000 | $289,837 | $3,448 | 3.01% |
| Black | 442 | $94,490,000 | $213,778 | $3,726 | 3.21% |
| Not applicable | 53 | $44,075,000 | $831,604 | $0 | 3.70% |
| American Indian | 74 | $15,460,000 | $208,919 | $3,144 | 3.21% |
| Asian Indian | 36 | $13,050,000 | $362,500 | $4,495 | 3.03% |
| Other Asian | 8 | $2,490,000 | $311,250 | $4,668 | 3.45% |
| Vietnamese | 4 | $1,760,000 | $440,000 | $4,297 | 3.00% |
| Other Pacific Islander | 7 | $1,265,000 | $180,714 | $4,642 | 2.84% |
| Korean | 3 | $905,000 | $301,667 | $3,520 | 2.63% |
| Native Hawaiian | 8 | $840,000 | $105,000 | $1,816 | 3.50% |
| Filipino | 2 | $670,000 | $335,000 | $3,637 | 2.88% |
| Chinese | 2 | $460,000 | $230,000 | $2,773 | 2.50% |
| Japanese | 1 | $85,000 | $85,000 | $1,836 | 2.50% |
Approval Rates
Total approvals of all applications93.13%
Lake Michigan Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination80.97%
Lake Michigan Credit Union has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 23,810 | $5,745,080,000 | $241,289 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| 23,810 | $5,745,080,000 | $241,289 |
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-40% | 2,703 | $363,715,000 | $134,560 | $2,121 | 3.10% |
| 40-60% | 3,836 | $839,400,000 | $218,822 | $2,730 | 2.83% |
| 60-80% | 7,767 | $2,276,675,000 | $293,122 | $3,454 | 3.01% |
| 80-100% | 6,750 | $2,126,160,000 | $314,987 | $3,837 | 3.06% |
| Over 100% | 25 | $7,355,000 | $294,200 | $11,056 | 2.77% |
| Under 20% | 2,728 | $131,760,000 | $48,299 | $490 | 3.62% |
