Lake Michigan Credit Union Mortgage Rates, Fees & Info

Grand Rapids, MI

LEI: 549300YB1H2FRI6JPM51

Tax ID: 38-1215360

5 stars - out of 5 stars, based on 154 reviews

2021 Data | 2020 Data | 2019 Data | 2018 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

23,810

Origination Dollar Volume (All Markets)

$5,745,080,000
Show all (20) awards

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 applications
93.13%

Lake Michigan Credit Union has an average approval rate.

Pick Rate

Approvals leading to origination
80.97%

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%