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

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

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Mortgage Data

  • SimulatedRates™
  • Review & 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 by origination volume include: Grand Rapids, Detroit, Cape Coral, Naples, and Kalamazoo among others. We have data for 79 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Lake Michigan Credit Union 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. Lake Michigan Credit Union is typically an average 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.

    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
    Home Equity Line of Credit (HELOC) 6.29% 10/3/22
    30 Year Conventional Purchase 6.57% 10/3/22
    30 Year Conventional Refi 6.47% 10/3/22
    30 Year Cash-out Refi 6.71% 10/3/22
    30 Year FHA Purchase 7.26% 10/3/22
    30 Year FHA Refi 7.00% 10/3/22
    30 Year VA Purchase 6.21% 10/3/22
    30 Year VA Refi 6.23% 10/3/22
    30 Year USDA Purchase 6.65% 10/3/22
    30 Year USDA Refi 6.38% 10/3/22
    15 Year Conventional Purchase 6.27% 10/3/22
    15 Year Conventional Refi 6.32% 10/3/22
    15 Year Cash-out Refi 6.32% 10/3/22
    15 Year FHA Refi 5.96% 10/3/22
    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.


    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 mortgage rate was 3.11%.

    The 2021 average 30 year fixed rate mortgage across all markets and lenders was 3.15%.

    This yields a difference of -0.04%.

    Relative Fees (Closing Costs)

    Lake Michigan Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $3,742.

    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 $4,750.

    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
    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.

    Similar Lenders

    We use machine learning to identify the top lenders compared against LAKE MICHIGAN CREDIT UNION based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    PREFERRED CREDIT UNION
    Similarity Rank: 28
    Edgewater Bank
    Similarity Rank: 44
    DADE COUNTY FEDERAL CREDIT UNION
    Similarity Rank: 167
    JOLT CREDIT UNION
    Similarity Rank: 168
    Lake Huron Credit Union
    Similarity Rank: 204
    MEMBERS FIRST Credit Union
    Similarity Rank: 204
    Farmers State Bank
    Similarity Rank: 240
    UNITED FINANCIAL Credit Union
    Similarity Rank: 270
    Isabella Bank
    Similarity Rank: 294

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 19,393 $5,303,445,000 $273,472 $3,169 3.06%
    HELOC 3,751 $297,275,000 $79,252 n/a 3.22%
    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 2021, Lake Michigan Credit Union's most frequently originated type of loan was Conventional, with 19,393 originations. Their 2nd most popular type was HELOC, with 3,751 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. 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 2021, Lake Michigan Credit Union's most frequently cited loan purpose was Home Purchase, with 9,928 originations. The 2nd most popular reason was 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 2021, Lake Michigan Credit Union's most frequently cited loan duration was 30 Year, with 13,872 originations. The 2nd most popular length was Other, with 4,148 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost 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 466 $190,900,000 $409,657
    $5k+ 316 $182,870,000 $578,703
    $4k-5k 259 $114,505,000 $442,104

    Lake Michigan Credit Union's average total fees were $3,742, while their most frequently occuring range of origination fees (closing costs) 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 for loans was 3.11%, while their most frequently originated rate bucket for loans was 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 or Islander 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
    93.87%

    Lake Michigan Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    82.70%

    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%