Lake Michigan Credit Union Mortgage Rates, Fees & Info

Grand Rapids, MI

LEI: 549300YB1H2FRI6JPM51

Tax ID: 38-1215360

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

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Mortgage Data

Review & Overview

Lake Michigan Credit Union is a mid-sized credit union specializing in 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 by origination volume include: Grand Rapids, Detroit, Cape Coral, Kalamazoo, and Traverse City among others. We have data for 75 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 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 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) 6.27% 3/28/24
30 Year Conventional Purchase 6.50% 3/28/24
30 Year Conventional Refi 6.42% 3/28/24
30 Year Cash-out Refi 6.63% 3/28/24
30 Year FHA Purchase 7.00% 3/28/24
30 Year FHA Refi 6.03% 3/28/24
30 Year VA Purchase 5.96% 3/28/24
30 Year VA Refi 4.34% 3/28/24
30 Year USDA Purchase 6.45% 3/28/24
15 Year Conventional Purchase 5.92% 3/28/24
15 Year Conventional Refi 6.32% 3/28/24
15 Year Cash-out Refi 6.32% 3/28/24
15 Year FHA Purchase 5.68% 3/28/24
15 Year FHA Refi 5.68% 3/28/24
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.

Lake Michigan Credit Union Mortgage Calculator






Your Estimates

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

This is not an official calculator from Lake Michigan Credit Union. 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

17,393

Origination Dollar Volume (All Markets)

$3,403,605,000
Show all (21) awards

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) 8,298 $1,355,580,000 $163,362 $2,257 4.48%
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 2,962 $735,310,000 $248,248 $3,160 4.32%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 446 $169,440,000 $379,910 $4,327 4.27%
Outside of Metro Areas 880 $155,890,000 $177,148 $2,696 4.38%
KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 906 $153,080,000 $168,962 $2,486 4.40%
Traverse City, MI (FHA|USDA|VA) 626 $147,890,000 $236,246 $3,116 4.33%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 318 $130,600,000 $410,692 $5,042 4.42%
MUSKEGON, MI (FHA|USDA|VA) 820 $121,100,000 $147,683 $2,579 4.41%
Holland, MI (FHA|USDA|VA) 551 $89,125,000 $161,751 $2,472 4.53%
ANN ARBOR, MI (FHA|USDA|VA) 278 $81,820,000 $294,317 $3,100 4.12%
LANSING-EAST LANSING, MI (FHA|USDA|VA) 231 $39,535,000 $171,147 $2,897 4.15%
FLINT, MI (FHA|USDA|VA) 169 $34,405,000 $203,580 $3,166 4.35%
SAGINAW, MI (FHA|USDA|VA) 185 $25,785,000 $139,378 $2,996 4.21%
PUNTA GORDA, FL (FHA|USDA|VA) 81 $20,655,000 $255,000 $4,326 4.28%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 60 $20,200,000 $336,667 $4,884 4.51%
MONROE, MI (FHA|USDA|VA) 61 $15,345,000 $251,557 $3,597 4.27%
NILES, MI (FHA|USDA|VA) 49 $10,595,000 $216,224 $2,639 4.47%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 29 $10,515,000 $362,586 $4,259 4.21%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 32 $9,480,000 $296,250 $4,354 4.33%
BATTLE CREEK, MI (FHA|USDA|VA) 51 $7,685,000 $150,686 $2,984 4.50%
BAY CITY, MI (FHA|USDA|VA) 31 $4,745,000 $153,065 $3,100 4.33%
SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 21 $4,675,000 $222,619 $3,140 4.53%
MIDLAND, MI (FHA|USDA|VA) 25 $4,555,000 $182,200 $2,589 4.51%
JACKSON, MI (FHA|USDA|VA) 20 $4,400,000 $220,000 $3,260 4.28%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 15 $3,985,000 $265,667 $3,678 4.06%
Cadillac, MI (FHA|USDA|VA) 35 $3,955,000 $113,000 $2,256 4.62%
Ludington, MI (FHA|USDA|VA) 18 $3,840,000 $213,333 $2,809 4.35%
Big Rapids, MI (FHA|USDA|VA) 32 $3,790,000 $118,438 $2,156 4.48%
Sturgis, MI (FHA|USDA|VA) 20 $3,390,000 $169,500 $2,651 4.38%
Adrian, MI (FHA|USDA|VA) 13 $2,895,000 $222,692 $3,167 4.56%
PORT ST. LUCIE, FL (FHA|USDA|VA) 4 $2,550,000 $637,500 $5,225 4.09%
Key West, FL (FHA|USDA|VA) 5 $1,915,000 $383,000 $5,555 4.05%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 8 $1,910,000 $238,750 $5,932 4.45%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 8 $1,730,000 $216,250 $2,729 4.78%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 8 $1,660,000 $207,500 $2,383 3.98%
Alpena, MI (FHA|USDA|VA) 5 $1,505,000 $301,000 $2,152 4.30%
COLUMBUS, OH (FHA|USDA|VA) 5 $1,385,000 $277,000 $3,013 4.03%
Mount Pleasant, MI (FHA|USDA|VA) 7 $1,215,000 $173,571 $2,350 3.96%
OCALA, FL (FHA|USDA|VA) 5 $1,165,000 $233,000 $4,672 4.82%
MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 5 $1,135,000 $227,000 $2,318 4.15%
Coldwater, MI (FHA|USDA|VA) 4 $1,090,000 $272,500 $3,318 3.97%
THE VILLAGES, FL (FHA|USDA|VA) 5 $1,035,000 $207,000 $4,181 4.58%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 2 $780,000 $390,000 $3,976 5.13%
Marquette, MI (FHA|USDA|VA) 5 $775,000 $155,000 $3,522 4.68%
JACKSONVILLE, FL (FHA|USDA|VA) 3 $775,000 $258,333 $3,105 4.08%
FORT WAYNE, IN (FHA|USDA|VA) 3 $735,000 $245,000 $2,076 4.04%
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 5 $665,000 $133,000 $2,945 4.03%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 3 $615,000 $205,000 $3,512 4.21%
AKRON, OH (FHA|USDA|VA) 3 $575,000 $191,667 $4,484 4.75%
Hillsdale, MI (FHA|USDA|VA) 2 $550,000 $275,000 $3,011 4.63%
GAINESVILLE, FL (FHA|USDA|VA) 1 $475,000 $475,000 $4,836 3.87%
HOMOSASSA SPRINGS, FL (FHA|USDA|VA) 3 $455,000 $151,667 $4,957 4.66%
Arcadia, FL (FHA|USDA|VA) 2 $440,000 $220,000 $3,613 3.68%
Alma, MI (FHA|USDA|VA) 4 $420,000 $105,000 $2,156 4.34%
Houghton, MI (FHA|USDA|VA) 2 $350,000 $175,000 $2,143 4.31%
Augusta-Waterville, ME (FHA|USDA|VA) 1 $335,000 $335,000 $2,740 3.25%
ELKHART-GOSHEN, IN (FHA|USDA|VA) 2 $300,000 $150,000 $3,624 4.00%
CANTON-MASSILLON, OH (FHA|USDA|VA) 1 $285,000 $285,000 $3,131 4.12%
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 1 $265,000 $265,000 $3,024 3.88%
LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) 1 $185,000 $185,000 $1,743 3.75%
Sandusky, OH (FHA|USDA|VA) 1 $185,000 $185,000 $2,980 4.49%
CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 1 $185,000 $185,000 $3,315 3.50%
TOLEDO, OH (FHA|USDA|VA) 1 $185,000 $185,000 $6,240 4.63%
WAUSAU-WESTON, WI (FHA|USDA|VA) 1 $165,000 $165,000 $2,005 3.88%
PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 1 $165,000 $165,000 $3,058 3.75%
Rochelle, IL (FHA|USDA|VA) 1 $155,000 $155,000 $6,857 3.38%
Escanaba, MI (FHA|USDA|VA) 2 $150,000 $75,000 $2,092 4.56%
Marietta, OH (FHA|USDA|VA) 1 $145,000 $145,000 $3,024 4.75%
BLOOMINGTON, IL (FHA|USDA|VA) 1 $145,000 $145,000 $2,315 3.88%
Ashtabula, OH (FHA|USDA|VA) 1 $125,000 $125,000 $2,693 3.99%
APPLETON, WI (FHA|USDA|VA) 1 $125,000 $125,000 $2,311 4.12%
CARBONDALE-MARION, IL (FHA|USDA|VA) 1 $115,000 $115,000 $4,351 3.88%
Wooster, OH (FHA|USDA|VA) 1 $105,000 $105,000 $4,700 4.00%
Clewiston, FL (FHA|USDA|VA) 2 $100,000 $50,000 $2,879 4.50%
Iron Mountain, MI-WI (FHA|USDA|VA) 1 $15,000 $15,000 $88 4.74%
Lake Michigan Credit Union's top markets include Grand Rapids, Detroit, Cape Coral, Kalamazoo, and Traverse City among others.

Their top states include:
  • Michigan (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Illinois (FHA|USDA|VA)
  • Indiana (FHA|USDA|VA)
  • Ohio (FHA|USDA|VA)
  • 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.

    HARBORLIGHT
    Similarity Rank: 28
    PREFERRED CREDIT UNION
    Similarity Rank: 30
    Lake Huron Credit Union
    Similarity Rank: 120
    HOME MORTGAGE ASSURED CORPORATION
    Similarity Rank: 160
    POWER FINANCIAL
    Similarity Rank: 188
    TLC COMMUNITY Credit Union
    Similarity Rank: 196
    Circle Federal Credit Union
    Similarity Rank: 243
    Wanigas Credit Union
    Similarity Rank: 252

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 13,887 $3,071,425,000 $221,173 $2,535 4.28%
    HELOC 2,532 $155,080,000 $61,248 n/a 5.32%
    FHA 713 $118,095,000 $165,631 $5,498 3.99%
    VA 190 $47,700,000 $251,053 $5,122 3.74%
    USDA 71 $11,305,000 $159,225 $4,327 3.99%

    For 2019, Lake Michigan Credit Union's most frequently originated type of loan was Conventional, with 13,887 originations. Their 2nd most popular type was HELOC, with 2,532 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 9,288 $2,240,860,000 $241,264 $3,237 4.19%
    Refi 3,212 $672,980,000 $209,521 $2,185 4.21%
    Home Improvement 2,329 $108,885,000 $46,752 $205 5.38%
    Cash Out Refi 1,504 $310,690,000 $206,576 $2,815 4.08%
    Other 1,060 $70,190,000 $66,217 $725 5.36%

    For 2019, Lake Michigan Credit Union's most frequently cited loan purpose was Home Purchase, with 9,288 originations. The 2nd most popular reason was Refi, with 3,212 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 10,593 $2,585,385,000 $244,065 $3,185 4.20%
    Other 2,572 $172,490,000 $67,065 $2,090 5.30%
    15 Year 2,215 $436,935,000 $197,262 $2,210 4.05%
    10 Year 932 $53,680,000 $57,597 $341 5.24%
    5 Year 553 $49,135,000 $88,852 $107 4.94%
    20 Year 525 $103,865,000 $197,838 $2,400 3.81%
    1 Year 3 $2,115,000 $705,000 $0 4.83%

    For 2019, Lake Michigan Credit Union's most frequently cited loan duration was 30 Year, with 10,593 originations. The 2nd most popular length was Other, with 2,572 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 8,549 $1,879,645,000 $219,867
    $1k-2k 3,538 $933,390,000 $263,819
    $2k-3k 551 $163,725,000 $297,142
    $3k-4k 155 $47,535,000 $306,677
    $5k+ 76 $42,690,000 $561,711
    $4k-5k 74 $26,510,000 $358,243

    Lake Michigan Credit Union's average total fees were $3,185, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 8,549 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 7,210 $1,433,940,000 $198,882
    3-4% 6,785 $1,660,095,000 $244,671
    5-6% 2,400 $218,700,000 $91,125
    6-7% 593 $27,425,000 $46,248
    2.5-3% 206 $54,310,000 $263,641
    7-8% 142 $6,310,000 $44,437
    Over 8% 54 $2,320,000 $42,963
    <2.5% 3 $505,000 $168,333

    During 2019, Lake Michigan Credit Union's average interest rate for loans was 4.20%, while their most frequently originated rate bucket for loans was 4-5%, with 7,210 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 5,806 $869,500,000 $149,759 $2,650 4.19%
    $100,000 or less 5,078 $241,870,000 $47,631 $1,091 5.12%
    $200k-400k 4,957 $1,362,555,000 $274,875 $3,280 4.06%
    $400k-600k 1,173 $548,845,000 $467,899 $4,039 4.09%
    $600k-1MM 279 $203,675,000 $730,018 $4,584 3.91%
    $1MM+ 100 $177,160,000 $1,771,600 $7,722 3.96%

    2019 saw Lake Michigan Credit Union place emphasis on $100k-200k loans with 5,806 originations, totaling $869,500,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 4,196 $594,010,000 $141,566 $2,546 4.41%
    $100k-150k 3,697 $756,835,000 $204,716 $2,722 4.45%
    $75k-100k 3,058 $496,850,000 $162,475 $2,588 4.46%
    $50k or less 2,835 $297,875,000 $105,071 $2,415 4.41%
    $150k-250k 2,264 $631,240,000 $278,816 $3,063 4.38%
    $250k+ 1,150 $540,550,000 $470,043 $3,768 4.21%

    Lake Michigan Credit Union lent most frequently to those with incomes in the $50k-75k range, with 4,196 originations. The second most popular income band? $100k-150k, with 3,697 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 4,262 $792,890,000 $186,037 $2,503 4.36%
    30-36% 3,502 $668,000,000 $190,748 $2,657 4.45%
    <20% 1,515 $266,505,000 $175,911 $2,318 4.26%
    44% 690 $126,330,000 $183,087 $2,831 4.60%
    42% 653 $141,615,000 $216,868 $3,035 4.45%
    43% 647 $125,795,000 $194,428 $2,798 4.54%
    41% 641 $135,935,000 $212,067 $2,917 4.45%
    39% 615 $125,345,000 $203,813 $2,828 4.46%
    38% 610 $112,660,000 $184,689 $2,638 4.51%
    37% 597 $113,235,000 $189,673 $2,762 4.42%
    36% 594 $111,200,000 $187,205 $2,710 4.47%
    40% 593 $124,715,000 $210,312 $2,784 4.46%
    45% 573 $110,525,000 $192,888 $2,942 4.52%
    47% 427 $92,945,000 $217,670 $3,077 4.37%
    46% 425 $86,785,000 $204,200 $2,916 4.40%
    48% 387 $79,045,000 $204,251 $2,861 4.39%
    49% 385 $81,335,000 $211,260 $3,080 4.30%
    50-60% 242 $48,200,000 $199,174 $4,618 4.19%
    >60% 11 $2,585,000 $235,000 $4,472 4.52%

    Lake Michigan Credit Union lent most frequently to those with DTI ratios of 20-30%, with 4,262 originations. The next most common DTI ratio? 30-36%, with 3,502 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 13,085 $2,515,185,000 $192,219 $2,703 4.41%
    Not provided 3,662 $711,740,000 $194,358 $2,734 4.40%
    Not applicable 23 $57,915,000 $2,518,043 $0 4.70%
    Asian 243 $55,485,000 $228,333 $2,865 4.25%
    Black 321 $50,995,000 $158,863 $3,095 4.55%
    American Indian 45 $8,345,000 $185,444 $2,539 4.66%
    Asian Indian 2 $1,270,000 $635,000 $3,938 3.56%
    Other Asian 4 $1,250,000 $312,500 $3,032 3.91%
    Native Hawaiian or Islander 6 $1,150,000 $191,667 $1,976 4.56%
    Other Pacific Islander 1 $155,000 $155,000 $2,088 3.50%
    Korean 1 $115,000 $115,000 $1,568 3.50%

    Approval Rates

    Total approvals of all applications
    92.11%

    Lake Michigan Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    80.54%

    Lake Michigan Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 17,393 $3,403,605,000 $195,688

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Manufactured 1 $715,000 $715,000
    Multifamily:Site-Built 8 $46,200,000 $5,775,000
    Single Family (1-4 Units):Manufactured 89 $10,535,000 $118,371
    Single Family (1-4 Units):Site-Built 17,295 $3,346,155,000 $193,475

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 1,747 $178,715,000 $102,298 $1,367 4.97%
    40-60% 1,663 $387,085,000 $232,763 $2,614 4.04%
    60-80% 4,389 $1,106,705,000 $252,154 $2,983 4.11%
    80-100% 6,676 $1,619,210,000 $242,542 $3,272 4.15%
    Over 100% 38 $9,430,000 $248,158 $7,997 3.95%
    Under 20% 2,879 $102,445,000 $35,584 $216 5.38%