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 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 by origination volume include: Grand Rapids, Detroit, Kalamazoo, Cape Coral, and Traverse City among others. We have data for 88 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% | 4/22/24 |
| 30 Year Conventional Purchase | 6.50% | 4/22/24 |
| 30 Year Conventional Refi | 6.42% | 4/22/24 |
| 30 Year Cash-out Refi | 6.63% | 4/22/24 |
| 30 Year FHA Purchase | 7.00% | 4/22/24 |
| 30 Year FHA Refi | 6.03% | 4/22/24 |
| 30 Year VA Purchase | 5.96% | 4/22/24 |
| 30 Year VA Refi | 4.34% | 4/22/24 |
| 30 Year USDA Purchase | 6.45% | 4/22/24 |
| 15 Year Conventional Purchase | 5.92% | 4/22/24 |
| 15 Year Conventional Refi | 6.32% | 4/22/24 |
| 15 Year Cash-out Refi | 6.32% | 4/22/24 |
| 15 Year FHA Purchase | 5.68% | 4/22/24 |
| 15 Year FHA Refi | 5.68% | 4/22/24 |
| 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
26,550Origination Dollar Volume (All Markets)
$5,932,580,000Awards
LAKE MICHIGAN CREDIT UNION - 2020
LAKE MICHIGAN CREDIT UNION is a 2020 , due to their low .
For 2020, 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) | 12,210 | $2,275,060,000 | $186,328 | $2,510 | 3.30% |
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 4,725 | $1,343,565,000 | $284,352 | $3,276 | 3.25% |
| KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) | 1,324 | $270,970,000 | $204,660 | $2,581 | 3.28% |
| Outside of Metro Areas | 1,350 | $270,130,000 | $200,096 | $2,842 | 3.28% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 825 | $259,225,000 | $314,212 | $4,724 | 3.30% |
| Traverse City, MI (FHA|USDA|VA) | 970 | $258,530,000 | $266,526 | $3,161 | 3.23% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 620 | $257,230,000 | $414,887 | $5,455 | 3.39% |
| MUSKEGON, MI (FHA|USDA|VA) | 1,147 | $184,875,000 | $161,181 | $2,648 | 3.35% |
| Holland, MI (FHA|USDA|VA) | 833 | $163,665,000 | $196,477 | $2,713 | 3.35% |
| ANN ARBOR, MI (FHA|USDA|VA) | 487 | $158,385,000 | $325,226 | $3,304 | 3.18% |
| LANSING-EAST LANSING, MI (FHA|USDA|VA) | 314 | $60,020,000 | $191,146 | $3,042 | 3.18% |
| FLINT, MI (FHA|USDA|VA) | 273 | $59,795,000 | $219,029 | $3,268 | 3.20% |
| PUNTA GORDA, FL (FHA|USDA|VA) | 156 | $46,900,000 | $300,641 | $4,934 | 3.37% |
| SAGINAW, MI (FHA|USDA|VA) | 228 | $34,070,000 | $149,430 | $2,982 | 3.32% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 87 | $32,195,000 | $370,057 | $5,406 | 3.44% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 70 | $31,530,000 | $450,429 | $5,130 | 3.39% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 74 | $26,620,000 | $359,730 | $4,894 | 3.22% |
| MONROE, MI (FHA|USDA|VA) | 89 | $21,315,000 | $239,494 | $3,183 | 3.18% |
| NILES, MI (FHA|USDA|VA) | 79 | $20,205,000 | $255,759 | $2,907 | 3.29% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 40 | $11,980,000 | $299,500 | $3,521 | 3.15% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 16 | $11,560,000 | $722,500 | $7,100 | 3.02% |
| BATTLE CREEK, MI (FHA|USDA|VA) | 63 | $9,835,000 | $156,111 | $2,832 | 3.35% |
| Big Rapids, MI (FHA|USDA|VA) | 50 | $8,640,000 | $172,800 | $2,839 | 3.38% |
| MIDLAND, MI (FHA|USDA|VA) | 44 | $8,470,000 | $192,500 | $3,177 | 3.17% |
| JACKSON, MI (FHA|USDA|VA) | 41 | $7,855,000 | $191,585 | $2,723 | 3.19% |
| BAY CITY, MI (FHA|USDA|VA) | 50 | $6,970,000 | $139,400 | $3,004 | 3.27% |
| Cadillac, MI (FHA|USDA|VA) | 43 | $6,885,000 | $160,116 | $2,796 | 3.04% |
| SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) | 38 | $5,910,000 | $155,526 | $2,599 | 3.10% |
| Ludington, MI (FHA|USDA|VA) | 27 | $5,715,000 | $211,667 | $3,021 | 3.08% |
| PORT ST. LUCIE, FL (FHA|USDA|VA) | 7 | $5,615,000 | $802,143 | $7,127 | 3.25% |
| Sturgis, MI (FHA|USDA|VA) | 32 | $5,580,000 | $174,375 | $2,616 | 3.42% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 13 | $4,645,000 | $357,308 | $4,396 | 3.09% |
| PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) | 12 | $4,140,000 | $345,000 | $6,140 | 3.08% |
| Adrian, MI (FHA|USDA|VA) | 15 | $3,945,000 | $263,000 | $3,072 | 3.14% |
| COLUMBUS, OH (FHA|USDA|VA) | 14 | $3,740,000 | $267,143 | $3,456 | 3.11% |
| Breckenridge, CO (FHA|USDA|VA) | 1 | $2,605,000 | $2,605,000 | $0 | 3.75% |
| CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) | 6 | $2,530,000 | $421,667 | $3,993 | 3.15% |
| Key West, FL (FHA|USDA|VA) | 5 | $2,445,000 | $489,000 | $5,334 | 3.42% |
| DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) | 7 | $2,435,000 | $347,857 | $4,376 | 2.98% |
| LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) | 10 | $2,370,000 | $237,000 | $4,092 | 3.05% |
| MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) | 9 | $2,345,000 | $260,556 | $2,236 | 3.18% |
| Alpena, MI (FHA|USDA|VA) | 8 | $2,320,000 | $290,000 | $2,975 | 3.27% |
| Mount Pleasant, MI (FHA|USDA|VA) | 10 | $2,060,000 | $206,000 | $2,642 | 3.58% |
| THE VILLAGES, FL (FHA|USDA|VA) | 8 | $1,950,000 | $243,750 | $3,988 | 3.06% |
| Hillsdale, MI (FHA|USDA|VA) | 6 | $1,700,000 | $283,333 | $2,725 | 3.04% |
| Houghton, MI (FHA|USDA|VA) | 8 | $1,640,000 | $205,000 | $2,575 | 3.34% |
| INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) | 7 | $1,625,000 | $232,143 | $2,426 | 3.05% |
| Alma, MI (FHA|USDA|VA) | 10 | $1,550,000 | $155,000 | $3,034 | 3.11% |
| Clewiston, FL (FHA|USDA|VA) | 4 | $1,510,000 | $377,500 | $5,758 | 3.34% |
| Marquette, MI (FHA|USDA|VA) | 6 | $1,430,000 | $238,333 | $3,565 | 2.92% |
| CLEVELAND-ELYRIA, OH (FHA|USDA|VA) | 5 | $1,245,000 | $249,000 | $3,823 | 2.75% |
| CINCINNATI, OH-KY-IN (FHA|USDA|VA) | 6 | $1,190,000 | $198,333 | $3,389 | 3.27% |
| TOLEDO, OH (FHA|USDA|VA) | 6 | $1,190,000 | $198,333 | $3,752 | 3.17% |
| AKRON, OH (FHA|USDA|VA) | 6 | $1,040,000 | $173,333 | $3,111 | 3.10% |
| FORT WAYNE, IN (FHA|USDA|VA) | 3 | $815,000 | $271,667 | $1,861 | 3.46% |
| GAINESVILLE, FL (FHA|USDA|VA) | 3 | $745,000 | $248,333 | $3,691 | 3.33% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 1 | $745,000 | $745,000 | $2,083 | 3.25% |
| GREEN BAY, WI (FHA|USDA|VA) | 2 | $710,000 | $355,000 | $3,166 | 2.88% |
| Sebastian-Vero Beach, FL (FHA|USDA|VA) | 1 | $685,000 | $685,000 | $6,188 | 4.38% |
| ELKHART-GOSHEN, IN (FHA|USDA|VA) | 4 | $670,000 | $167,500 | $1,929 | 3.06% |
| OCALA, FL (FHA|USDA|VA) | 4 | $670,000 | $167,500 | $4,048 | 3.34% |
| RALEIGH-CARY, NC (FHA|USDA|VA) | 2 | $660,000 | $330,000 | $3,102 | 3.00% |
| Sault Ste. Marie, MI (FHA|USDA|VA) | 5 | $595,000 | $119,000 | $2,456 | 3.23% |
| DAYTON-KETTERING, OH (FHA|USDA|VA) | 3 | $565,000 | $188,333 | $4,273 | 3.21% |
| HOMOSASSA SPRINGS, FL (FHA|USDA|VA) | 2 | $510,000 | $255,000 | $6,242 | 3.00% |
| Arcadia, FL (FHA|USDA|VA) | 3 | $495,000 | $165,000 | $2,470 | 3.38% |
| TALLAHASSEE, FL (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $3,970 | 2.50% |
| Sidney, OH (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $4,494 | 3.00% |
| TERRE HAUTE, IN (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $2,102 | 4.00% |
| RICHMOND, VA (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $5,187 | 3.00% |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $3,092 | 3.25% |
| KANKAKEE, IL (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $2,586 | 3.25% |
| Warsaw, IN (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $2,501 | 2.50% |
| Coldwater, MI (FHA|USDA|VA) | 2 | $200,000 | $100,000 | $2,832 | 2.94% |
| COLUMBUS, IN (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $2,535 | 2.88% |
| PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $2,172 | 2.75% |
| Whitewater, WI (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $3,303 | 2.38% |
| BLOOMINGTON, IL (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $1,812 | 2.63% |
| SPRINGFIELD, IL (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $4,165 | 3.00% |
| YOUNGSTOWN-WARREN-BOARDMAN, OH-PA (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $2,780 | 3.13% |
| Athens, OH (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $1,951 | 3.00% |
| Marietta, OH (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $3,531 | 2.38% |
| SEBRING-AVON PARK, FL (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $2,176 | 2.63% |
| Marinette, WI-MI (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $2,309 | 2.75% |
| Iron Mountain, MI-WI (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $3,434 | 2.88% |
| ROCKFORD, IL (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $4,275 | 3.75% |
| Kendallville, IN (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $1,605 | 2.88% |
| Ashland, OH (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $2,639 | 3.25% |
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 2020, Lake Michigan Credit Union's most frequently originated type of loan was Conventional, with 22,188 originations. Their 2nd most popular type was HELOC, with 3,345 originations.
Loan Reason
For 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
For 2020, Lake Michigan Credit Union's most frequently cited loan duration was 30 Year, with 14,830 originations. The 2nd most popular length was 15 Year, with 5,236 originations.
Origination Fees/Closing Costs
Lake Michigan Credit Union's average total fees were $3,385, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 13,983 originations.
Interest Rates
During 2020, Lake Michigan Credit Union's average interest rate for loans was 3.31%, while their most frequently originated rate bucket for loans was 3-4%, with 11,745 originations.
Loan Sizing
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
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
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
Approval Rates
Total approvals of all applications94.39%
Lake Michigan Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination78.77%
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 |