Lake Michigan Credit Union Mortgage Rates, Fees & Info
Grand Rapids, MILEI: 549300YB1H2FRI6JPM51
Tax ID: 38-1215360
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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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 6.27% | 12/17/24 |
| 30 Year Conventional Purchase | 6.50% | 12/17/24 |
| 30 Year Conventional Refi | 6.42% | 12/17/24 |
| 30 Year Cash-out Refi | 6.63% | 12/17/24 |
| 30 Year FHA Purchase | 7.00% | 12/17/24 |
| 30 Year FHA Refi | 6.03% | 12/17/24 |
| 30 Year VA Purchase | 5.96% | 12/17/24 |
| 30 Year VA Refi | 4.34% | 12/17/24 |
| 30 Year USDA Purchase | 6.45% | 12/17/24 |
| 15 Year Conventional Purchase | 5.92% | 12/17/24 |
| 15 Year Conventional Refi | 6.32% | 12/17/24 |
| 15 Year Cash-out Refi | 6.32% | 12/17/24 |
| 15 Year FHA Purchase | 5.68% | 12/17/24 |
| 15 Year FHA Refi | 5.68% | 12/17/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
17,393Origination Dollar Volume (All Markets)
$3,403,605,000Awards
LAKE MICHIGAN CREDIT UNION - 2019
LAKE MICHIGAN CREDIT UNION is a 2019 , due to their low .
For 2019, less than of lenders were eligible for this award.
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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% |
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.
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Product Mix
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
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
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
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
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
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
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
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
Approval Rates
Total approvals of all applications92.11%
Lake Michigan Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination80.54%
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 |