Lake Michigan Credit Union Mortgage Rates, Fees & Info

Grand Rapids, MI

LEI: 549300YB1H2FRI6JPM51

Tax ID: 38-1215360

2020 Data | 2019 Data | 2018 Data


Overview

Lake Michigan Credit Union is a mid-sized credit union specializing in Refi and Home Purchase 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, Warren, Kalamazoo, Detroit, and Cape Coral among others. They have an above average approval rate for mortages when compared nationally -- and 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

26,550

Origination Dollar Volume (All Markets)

$5,932,580,000

Relative Rate

Lake Michigan Credit Union's average 30 year fixed rate mortgage was 3.32%.

The 2020 average 30 year fixed rate mortgage across all markets was 3.36%.

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 $3,386.

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 $5,021.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 25,533 $5,728,585,000 $224,360 $2,825 3.29%
FHA 702 $123,970,000 $176,595 $5,789 3.25%
VA 242 $67,410,000 $278,554 $5,590 3.09%
USDA 73 $12,615,000 $172,808 $4,484 3.14%

For the 2020 period, Lake Michigan Credit Union's most frequently originated loan type was Conventional, with 25,533 originations. Their 2nd most popular type is FHA, with 702 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 10,277 $2,349,205,000 $228,589 $2,429 3.11%
Home Purchase 9,977 $2,750,115,000 $275,645 $3,673 3.25%
Cash Out Refi 2,897 $614,105,000 $211,980 $2,932 3.30%
Home Improvement 2,518 $148,130,000 $58,828 $248 3.79%
Other 881 $71,025,000 $80,619 $1,068 4.19%

For the 2020, Lake Michigan Credit Union's most frequently cited loan purpose was Refi, with 10,277 originations. The 2nd most popular reason was Home Purchase, with 9,977 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 14,830 $4,063,060,000 $273,976 $3,385 3.31%
15 Year 5,236 $1,114,830,000 $212,916 $2,408 2.94%
Other 3,536 $283,770,000 $80,252 $2,350 3.49%
20 Year 1,743 $361,135,000 $207,192 $2,342 3.10%
10 Year 879 $93,285,000 $106,126 $1,226 3.87%
5 Year 324 $16,450,000 $50,772 $81 4.78%
1 Year 1 $35,000 $35,000 $0 3.75%
3 Year 1 $15,000 $15,000 $30 4.49%

For the 2020, Lake Michigan Credit Union's most frequently cited loan length was 30 Year, with 14,830 originations. The 2nd most popular length was 15 Year, with 5,236 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 13,983 $3,096,355,000 $221,437
$1k-2k 6,626 $1,726,710,000 $260,596
$2k-3k 1,285 $394,205,000 $306,774
$3k-4k 719 $265,575,000 $369,367
$5k+ 289 $161,295,000 $558,114

$3,386 was Lake Michigan Credit Union's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 13,983 originations.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
GRAND RAPIDS-KENTWOOD, MI 12,210 $2,275,060,000 $186,328 $2,510 3.30%
WARREN-TROY-FARMINGTON HILLS, MI 3,618 $1,077,160,000 $297,722 $3,339 3.24%
Outside of Metro Areas 3,397 $742,875,000 $218,686 $2,910 3.27%
KALAMAZOO-PORTAGE, MI 1,324 $270,970,000 $204,660 $2,581 3.28%
DETROIT-DEARBORN-LIVONIA, MI 1,107 $266,405,000 $240,655 $3,070 3.27%
CAPE CORAL-FORT MYERS, FL 825 $259,225,000 $314,212 $4,724 3.30%
NAPLES-MARCO ISLAND, FL 620 $257,230,000 $414,887 $5,455 3.39%
MUSKEGON, MI 1,147 $184,875,000 $161,181 $2,648 3.35%
ANN ARBOR, MI 487 $158,385,000 $325,226 $3,304 3.18%
LANSING-EAST LANSING, MI 314 $60,020,000 $191,146 $3,042 3.18%
FLINT, MI 273 $59,795,000 $219,029 $3,268 3.20%
PUNTA GORDA, FL 156 $46,900,000 $300,641 $4,934 3.37%
SAGINAW, MI 228 $34,070,000 $149,430 $2,982 3.32%
ORLANDO-KISSIMMEE-SANFORD, FL 87 $32,195,000 $370,057 $5,406 3.44%
TAMPA-ST. PETERSBURG-CLEARWATER, FL 70 $31,530,000 $450,429 $5,130 3.39%
NORTH PORT-SARASOTA-BRADENTON, FL 74 $26,620,000 $359,730 $4,894 3.22%
MONROE, MI 89 $21,315,000 $239,494 $3,183 3.18%
NILES, MI 79 $20,205,000 $255,759 $2,907 3.29%
WEST PALM BEACH-BOCA RATON-BOYNTON BEACH, FL 15 $11,305,000 $753,667 $7,100 3.03%
BATTLE CREEK, MI 63 $9,835,000 $156,111 $2,832 3.35%
CHICAGO-NAPERVILLE-EVANSTON, IL 29 $9,305,000 $320,862 $3,856 3.17%
MIDLAND, MI 44 $8,470,000 $192,500 $3,177 3.17%
JACKSON, MI 41 $7,855,000 $191,585 $2,723 3.19%
BAY CITY, MI 50 $6,970,000 $139,400 $3,004 3.27%
SOUTH BEND-MISHAWAKA, IN-MI 38 $5,910,000 $155,526 $2,599 3.10%
PORT ST. LUCIE, FL 7 $5,615,000 $802,143 $7,127 3.25%
JACKSONVILLE, FL 13 $4,645,000 $357,308 $4,396 3.09%
PALM BAY-MELBOURNE-TITUSVILLE, FL 12 $4,140,000 $345,000 $6,140 3.08%
COLUMBUS, OH 14 $3,740,000 $267,143 $3,456 3.11%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL 6 $2,530,000 $421,667 $3,993 3.15%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL 7 $2,435,000 $347,857 $4,376 2.98%
LAKELAND-WINTER HAVEN, FL 10 $2,370,000 $237,000 $4,092 3.05%
MILWAUKEE-WAUKESHA, WI 9 $2,345,000 $260,556 $2,236 3.18%
THE VILLAGES, FL 8 $1,950,000 $243,750 $3,988 3.06%
INDIANAPOLIS-CARMEL-ANDERSON, IN 7 $1,625,000 $232,143 $2,426 3.05%
CLEVELAND-ELYRIA, OH 5 $1,245,000 $249,000 $3,823 2.75%
LAKE COUNTY-KENOSHA COUNTY, IL-WI 5 $1,245,000 $249,000 $1,586 3.23%
CINCINNATI, OH-KY-IN 6 $1,190,000 $198,333 $3,389 3.27%
TOLEDO, OH 6 $1,190,000 $198,333 $3,752 3.17%
AKRON, OH 6 $1,040,000 $173,333 $3,111 3.10%
GARY, IN 4 $870,000 $217,500 $4,349 2.97%
FORT WAYNE, IN 3 $815,000 $271,667 $1,861 3.46%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI 1 $745,000 $745,000 $2,083 3.25%
GAINESVILLE, FL 3 $745,000 $248,333 $3,691 3.33%
GREEN BAY, WI 2 $710,000 $355,000 $3,166 2.88%
SEBASTIAN-VERO BEACH, FL 1 $685,000 $685,000 $6,188 4.38%
ELKHART-GOSHEN, IN 4 $670,000 $167,500 $1,929 3.06%
OCALA, FL 4 $670,000 $167,500 $4,048 3.34%
RALEIGH-CARY, NC 2 $660,000 $330,000 $3,102 3.00%
DAYTON-KETTERING, OH 3 $565,000 $188,333 $4,273 3.21%
ELGIN, IL 2 $560,000 $280,000 $1,846 3.00%
HOMOSASSA SPRINGS, FL 2 $510,000 $255,000 $6,242 3.00%
TALLAHASSEE, FL 1 $325,000 $325,000 $3,970 2.50%
TERRE HAUTE, IN 1 $265,000 $265,000 $2,102 4.00%
RICHMOND, VA 1 $265,000 $265,000 $5,187 3.00%
FORT LAUDERDALE-POMPANO BEACH-SUNRISE, FL 1 $255,000 $255,000 $0 3.00%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC 1 $245,000 $245,000 $3,092 3.25%
KANKAKEE, IL 1 $225,000 $225,000 $2,586 3.25%
COLUMBUS, IN 1 $195,000 $195,000 $2,535 2.88%
PENSACOLA-FERRY PASS-BRENT, FL 1 $185,000 $185,000 $2,172 2.75%
BLOOMINGTON, IL 1 $145,000 $145,000 $1,812 2.63%
SPRINGFIELD, IL 1 $135,000 $135,000 $4,165 3.00%
YOUNGSTOWN-WARREN-BOARDMAN, OH-PA 1 $125,000 $125,000 $2,780 3.13%
SEBRING-AVON PARK, FL 1 $115,000 $115,000 $2,176 2.63%
ROCKFORD, IL 1 $105,000 $105,000 $4,275 3.75%

Lake Michigan Credit Union's top markets include Grand Rapids, Warren, Kalamazoo, Detroit, and Cape Coral among others.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 11,745 $3,081,825,000 $262,395
2.5-3% 11,210 $2,303,560,000 $205,492
4-5% 1,705 $232,965,000 $136,636
<2.5% 1,231 $277,065,000 $225,073
5-6% 435 $27,625,000 $63,506
6-7% 103 $4,325,000 $41,990
7-8% 97 $3,935,000 $40,567
Over 8% 23 $1,135,000 $49,348

During 2020, Lake Michigan Credit Union's average interest rate was 3.32%, while their most frequently originated rate bucket was 3-4%, with 11,745 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 9,452 $1,422,110,000 $150,456 $2,486 3.18%
$200k-400k 8,908 $2,439,200,000 $273,821 $3,206 3.17%
$100,000 or less 5,158 $276,560,000 $53,618 $1,429 3.73%
$400k-600k 2,217 $1,060,075,000 $478,157 $4,378 3.19%
$600k-1MM 610 $451,920,000 $740,852 $5,192 3.27%
$1MM+ 205 $282,715,000 $1,379,098 $8,438 3.27%

2020 saw Lake Michigan Credit Union place emphasis on $100k-200k loans with 9,452 originations, totaling $1,422,110,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k-75k 6,134 $965,210,000 $157,354 $2,638 3.30%
$100k-150k 5,818 $1,302,510,000 $223,876 $2,947 3.28%
$75k-100k 4,756 $900,830,000 $189,409 $2,788 3.29%
$150k-250k 3,709 $1,136,335,000 $306,372 $3,361 3.24%
$50k or less 3,622 $442,780,000 $122,247 $2,558 3.33%
$250k+ 2,218 $1,118,240,000 $504,166 $4,203 3.23%

Lake Michigan Credit Union lent most frequently to those with incomes in the $50k-75k range, with 6,134 originations. The second most popular income band? $100k-150k, with 5,818 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 7,345 $1,554,025,000 $211,576 $2,709 3.22%
30-36% 5,054 $1,150,340,000 $227,610 $2,960 3.30%
<20% 3,356 $686,700,000 $204,619 $2,514 3.10%
40% 882 $212,740,000 $241,202 $3,235 3.40%
43% 880 $196,480,000 $223,273 $3,142 3.43%
44% 871 $191,845,000 $220,258 $3,299 3.44%
38% 865 $196,635,000 $227,324 $3,079 3.39%
42% 861 $209,735,000 $243,595 $3,240 3.39%
39% 842 $201,260,000 $239,026 $3,169 3.38%
41% 841 $199,485,000 $237,200 $3,187 3.40%
36% 841 $204,885,000 $243,621 $3,142 3.31%
37% 831 $192,725,000 $231,919 $3,141 3.34%
45% 691 $153,675,000 $222,395 $3,109 3.47%
46% 576 $124,810,000 $216,684 $3,122 3.41%
47% 543 $131,475,000 $242,127 $3,353 3.32%
48% 487 $112,295,000 $230,585 $3,166 3.29%
49% 426 $108,870,000 $255,563 $3,256 3.29%
50-60% 283 $72,165,000 $255,000 $4,717 3.25%
>60% 5 $5,025,000 $1,005,000 $6,430 3.29%

Lake Michigan Credit Union lent most frequently to those with DTI ratios of 20-30%, with 7,345 originations. The next most common DTI ratio? 30-36%, with 5,054 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 20,014 $4,525,260,000 $226,105 $2,927 3.27%
Not provided 5,497 $1,158,115,000 $210,681 $2,982 3.34%
Asian 461 $114,565,000 $248,514 $3,029 3.10%
Black 379 $77,025,000 $203,232 $3,482 3.41%
Not applicable 27 $16,625,000 $615,741 $0 3.92%
American Indian 86 $14,500,000 $168,605 $3,167 3.35%
Asian Indian 42 $14,360,000 $341,905 $3,466 2.92%
Other Asian 16 $5,800,000 $362,500 $3,824 2.83%
Korean 7 $1,915,000 $273,571 $3,056 2.98%
Native Hawaiian 7 $1,135,000 $162,143 $1,879 3.50%
Other Pacific Islander 4 $990,000 $247,500 $2,706 4.09%
Chinese 3 $785,000 $261,667 $3,549 3.33%
Japanese 2 $700,000 $350,000 $2,293 2.81%
Vietnamese 3 $515,000 $171,667 $2,408 3.17%
Guamanian 1 $185,000 $185,000 $5,126 3.13%
Filipino 1 $105,000 $105,000 $0 3.00%

Approval Rates

Total approvals of all applications
92.83%

Lake Michigan Credit Union has an average approval rate.

Pick Rate

Approvals leading to origination
80.27%

Lake Michigan Credit Union has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 26,550 $5,932,580,000 $223,449

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
Multifamily:Site-Built 9 $8,775,000 $975,000
Single Family (1-4 Units):Manufactured 110 $14,410,000 $131,000
Single Family (1-4 Units):Site-Built 26,431 $5,909,395,000 $223,578

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 2,375 $302,935,000 $127,552 $1,956 3.41%
40-60% 4,229 $905,675,000 $214,158 $2,592 3.05%
60-80% 8,897 $2,344,905,000 $263,561 $2,985 3.18%
80-100% 8,222 $2,238,790,000 $272,293 $3,476 3.26%
Over 100% 55 $17,605,000 $320,091 $9,895 3.14%
Under 20% 2,771 $122,655,000 $44,264 $341 3.96%