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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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • 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, Naples, and Traverse City among others. We have data for 73 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% 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






    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

    15,460

    Origination Dollar Volume (All Markets)

    $3,899,960,000
    Show all (27) 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) 7,157 $1,352,225,000 $188,937 $2,973 4.50%
    Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 2,260 $788,890,000 $349,066 $4,886 4.43%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 664 $288,890,000 $435,075 $7,077 4.26%
    NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 375 $177,885,000 $474,360 $7,619 4.11%
    Outside of Metro Areas 806 $175,370,000 $217,581 $3,823 4.62%
    Traverse City, MI (FHA|USDA|VA) 483 $150,815,000 $312,246 $4,665 4.48%
    KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 705 $147,715,000 $209,525 $3,185 4.52%
    MUSKEGON, MI (FHA|USDA|VA) 814 $137,000,000 $168,305 $3,017 4.83%
    Holland, MI (FHA|USDA|VA) 515 $112,385,000 $218,223 $3,327 4.55%
    ANN ARBOR, MI (FHA|USDA|VA) 264 $106,540,000 $403,561 $4,265 4.52%
    PUNTA GORDA, FL (FHA|USDA|VA) 199 $78,915,000 $396,558 $7,588 4.13%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 115 $55,925,000 $486,304 $7,438 4.51%
    FLINT, MI (FHA|USDA|VA) 132 $36,890,000 $279,470 $4,590 4.59%
    North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 61 $33,505,000 $549,262 $8,226 4.31%
    LANSING-EAST LANSING, MI (FHA|USDA|VA) 139 $32,115,000 $231,043 $3,748 4.54%
    ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 58 $25,420,000 $438,276 $7,361 4.42%
    SAGINAW, MI (FHA|USDA|VA) 135 $20,855,000 $154,481 $3,320 4.94%
    NILES, MI (FHA|USDA|VA) 47 $16,425,000 $349,468 $4,612 4.87%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 22 $13,380,000 $608,182 $7,983 4.40%
    MONROE, MI (FHA|USDA|VA) 44 $12,360,000 $280,909 $5,002 4.45%
    Big Rapids, MI (FHA|USDA|VA) 61 $9,935,000 $162,869 $2,689 4.92%
    JACKSONVILLE, FL (FHA|USDA|VA) 17 $9,535,000 $560,882 $6,349 4.65%
    Ludington, MI (FHA|USDA|VA) 33 $8,435,000 $255,606 $3,511 4.76%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 21 $7,995,000 $380,714 $5,598 4.58%
    JACKSON, MI (FHA|USDA|VA) 23 $7,235,000 $314,565 $3,838 4.18%
    Key West, FL (FHA|USDA|VA) 9 $7,155,000 $795,000 $15,148 3.86%
    BAY CITY, MI (FHA|USDA|VA) 26 $6,610,000 $254,231 $4,289 4.83%
    BATTLE CREEK, MI (FHA|USDA|VA) 35 $6,305,000 $180,143 $3,358 4.68%
    LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 12 $5,220,000 $435,000 $8,795 4.59%
    SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 21 $5,105,000 $243,095 $4,219 4.86%
    PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 7 $4,915,000 $702,143 $10,248 4.57%
    MIDLAND, MI (FHA|USDA|VA) 20 $4,900,000 $245,000 $2,850 4.66%
    Cadillac, MI (FHA|USDA|VA) 25 $4,445,000 $177,800 $4,570 4.82%
    OCALA, FL (FHA|USDA|VA) 9 $3,825,000 $425,000 $6,255 4.32%
    PORT ST. LUCIE, FL (FHA|USDA|VA) 6 $3,400,000 $566,667 $6,232 4.50%
    DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 9 $3,245,000 $360,556 $8,930 4.28%
    Marquette, MI (FHA|USDA|VA) 9 $3,235,000 $359,444 $4,431 4.81%
    Adrian, MI (FHA|USDA|VA) 13 $2,885,000 $221,923 $6,428 4.97%
    Sturgis, MI (FHA|USDA|VA) 16 $2,240,000 $140,000 $2,739 4.36%
    Sebastian-Vero Beach, FL (FHA|USDA|VA) 1 $2,005,000 $2,005,000 $16,005 3.63%
    Mount Pleasant, MI (FHA|USDA|VA) 13 $1,845,000 $141,923 $2,483 5.42%
    PANAMA CITY, FL (FHA|USDA|VA) 2 $1,840,000 $920,000 $8,945 4.00%
    TOLEDO, OH (FHA|USDA|VA) 6 $1,810,000 $301,667 $4,599 5.38%
    HOMOSASSA SPRINGS, FL (FHA|USDA|VA) 5 $1,605,000 $321,000 $7,328 4.13%
    PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 2 $1,560,000 $780,000 $6,548 3.63%
    Clewiston, FL (FHA|USDA|VA) 5 $1,495,000 $299,000 $7,855 4.38%
    Alpena, MI (FHA|USDA|VA) 5 $1,465,000 $293,000 $4,267 3.80%
    Coldwater, MI (FHA|USDA|VA) 4 $1,450,000 $362,500 $3,271 4.31%
    TALLAHASSEE, FL (FHA|USDA|VA) 2 $1,290,000 $645,000 $7,864 3.88%
    Cullowhee, NC (FHA|USDA|VA) 2 $1,050,000 $525,000 $5,565 4.00%
    MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) 3 $975,000 $325,000 $6,003 4.71%
    SEBRING-AVON PARK, FL (FHA|USDA|VA) 3 $975,000 $325,000 $5,644 4.33%
    GAINESVILLE, FL (FHA|USDA|VA) 3 $905,000 $301,667 $5,729 5.17%
    COLUMBUS, OH (FHA|USDA|VA) 3 $885,000 $295,000 $4,154 3.33%
    Houghton, MI (FHA|USDA|VA) 2 $870,000 $435,000 $4,738 4.38%
    THE VILLAGES, FL (FHA|USDA|VA) 3 $855,000 $285,000 $2,896 4.71%
    FORT WAYNE, IN (FHA|USDA|VA) 3 $845,000 $281,667 $2,164 3.54%
    Alma, MI (FHA|USDA|VA) 3 $715,000 $238,333 $3,755 4.46%
    Sault Ste. Marie, MI (FHA|USDA|VA) 4 $710,000 $177,500 $5,613 4.56%
    INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 2 $710,000 $355,000 $6,075 4.13%
    MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 2 $630,000 $315,000 $4,028 3.88%
    ELKHART-GOSHEN, IN (FHA|USDA|VA) 2 $510,000 $255,000 $5,126 4.94%
    Wisconsin Rapids-Marshfield, WI (FHA|USDA|VA) 1 $445,000 $445,000 $2,228 3.63%
    CINCINNATI, OH-KY-IN (FHA|USDA|VA) 1 $375,000 $375,000 $7,267 4.25%
    CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 1 $365,000 $365,000 $3,737 3.63%
    Hillsdale, MI (FHA|USDA|VA) 2 $330,000 $165,000 $5,340 4.56%
    Arcadia, FL (FHA|USDA|VA) 2 $320,000 $160,000 $2,944 4.43%
    RACINE, WI (FHA|USDA|VA) 1 $275,000 $275,000 $1,640 3.50%
    DAYTON-KETTERING, OH (FHA|USDA|VA) 1 $225,000 $225,000 $3,498 3.88%
    JANESVILLE-BELOIT, WI (FHA|USDA|VA) 1 $135,000 $135,000 $2,265 3.63%
    Whitewater, WI (FHA|USDA|VA) 1 $135,000 $135,000 $2,886 3.75%
    SPRINGFIELD, OH (FHA|USDA|VA) 1 $125,000 $125,000 $2,765 3.00%
    Madison, IN (FHA|USDA|VA) 1 $105,000 $105,000 $2,280 6.13%
    Lake Michigan Credit Union's top markets include Grand Rapids, Detroit, Cape Coral, Naples, 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.

    Wanigas Credit Union
    Similarity Rank: 77
    DADE COUNTY FEDERAL CREDIT UNION
    Similarity Rank: 94
    We Florida Financial
    Similarity Rank: 156
    MONROE COUNTY COMMUNITY CREDIT UNION
    Similarity Rank: 162
    Kellogg Community Credit Union
    Similarity Rank: 176
    MEMBERS FIRST Credit Union
    Similarity Rank: 195
    Wildfire Credit Union
    Similarity Rank: 204
    HEALTH ADVANTAGE FEDERAL CREDIT UNION
    Similarity Rank: 216
    Lake City Bank
    Similarity Rank: 228
    UNITED FINANCIAL Credit Union
    Similarity Rank: 230

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 10,721 $3,397,075,000 $316,862 $3,847 4.63%
    HELOC 4,319 $401,815,000 $93,034 n/a 4.17%
    FHA 307 $67,155,000 $218,746 $7,513 4.88%
    VA 83 $28,065,000 $338,133 $8,158 4.52%
    USDA 30 $5,850,000 $195,000 $5,854 4.23%

    For 2022, Lake Michigan Credit Union's most frequently originated type of loan was Conventional, with 10,721 originations. Their 2nd most popular type was HELOC, with 4,319 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 8,275 $3,070,325,000 $371,036 $4,878 4.59%
    Home Improvement 3,552 $242,990,000 $68,409 $247 4.48%
    Refi 1,710 $273,490,000 $159,936 $2,197 4.06%
    Other 1,047 $93,845,000 $89,632 $1,155 4.96%
    Cash Out Refi 876 $219,310,000 $250,354 $3,668 4.10%

    For 2022, Lake Michigan Credit Union's most frequently cited loan purpose was Home Purchase, with 8,275 originations. The 2nd most popular reason was Home Improvement, with 3,552 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 6,645 $2,036,835,000 $306,521 $4,023 4.68%
    Other 4,590 $478,180,000 $104,179 $2,530 4.14%
    30+ year 1,889 $1,117,325,000 $591,490 $7,356 4.30%
    15 Year 1,262 $185,600,000 $147,068 $1,812 4.72%
    10 Year 604 $34,730,000 $57,500 $300 5.33%
    5 Year 317 $17,215,000 $54,306 $168 4.99%
    20 Year 149 $29,225,000 $196,141 $2,784 3.87%
    3 Year 3 $745,000 $248,333 $30 4.08%
    1 Year 1 $105,000 $105,000 $0 4.50%

    For 2022, Lake Michigan Credit Union's most frequently cited loan duration was 30 Year, with 6,645 originations. The 2nd most popular length was Other, with 4,590 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 5,347 $1,231,285,000 $230,276
    $1k-2k 3,346 $1,187,620,000 $354,937
    $2k-3k 983 $381,505,000 $388,103
    $5k+ 543 $341,525,000 $628,959
    $3k-4k 402 $170,190,000 $423,358
    $4k-5k 260 $125,610,000 $483,115

    Lake Michigan Credit Union's average total fees were $4,023, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 5,347 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 5,264 $1,545,930,000 $293,680
    4-5% 3,407 $1,008,725,000 $296,074
    5-6% 3,279 $730,515,000 $222,786
    2.5-3% 1,568 $271,910,000 $173,412
    6-7% 1,468 $269,370,000 $183,495
    7-8% 276 $27,970,000 $101,341
    <2.5% 130 $41,730,000 $321,000
    Over 8% 68 $3,810,000 $56,029

    During 2022, Lake Michigan Credit Union's average interest rate for loans was 4.68%, while their most frequently originated rate bucket for loans was 3-4%, with 5,264 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 4,732 $234,370,000 $49,529 $738 4.66%
    $200k-400k 4,310 $1,211,310,000 $281,046 $4,188 4.55%
    $100k-200k 3,646 $533,060,000 $146,204 $2,933 4.41%
    $400k-600k 1,531 $739,215,000 $482,831 $5,636 4.35%
    $600k-1MM 899 $662,825,000 $737,291 $7,171 4.23%
    $1MM+ 342 $519,180,000 $1,518,070 $10,891 4.04%

    2022 saw Lake Michigan Credit Union place emphasis on $100,000 or less loans with 4,732 originations, totaling $234,370,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 3,733 $838,245,000 $224,550 $3,803 4.47%
    $50k-75k 3,060 $458,640,000 $149,882 $3,098 4.59%
    $150k-250k 2,719 $903,655,000 $332,348 $4,924 4.40%
    $75k-100k 2,628 $457,180,000 $173,965 $3,391 4.61%
    $50k or less 1,589 $186,305,000 $117,247 $2,704 4.60%
    $250k+ 1,533 $981,165,000 $640,029 $7,020 4.28%

    Lake Michigan Credit Union lent most frequently to those with incomes in the $100k-150k range, with 3,733 originations. The second most popular income band? $50k-75k, with 3,060 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 3,419 $717,175,000 $209,762 $3,400 4.37%
    30-36% 2,835 $645,165,000 $227,571 $3,669 4.53%
    <20% 1,270 $240,360,000 $189,260 $3,008 4.13%
    44% 725 $211,115,000 $291,193 $4,460 4.71%
    43% 670 $202,210,000 $301,806 $4,541 4.68%
    45% 617 $175,545,000 $284,514 $4,674 4.60%
    39% 610 $151,870,000 $248,967 $3,745 4.63%
    40% 596 $164,970,000 $276,795 $4,353 4.56%
    42% 567 $161,705,000 $285,194 $4,511 4.61%
    41% 553 $162,325,000 $293,535 $4,346 4.57%
    38% 545 $138,655,000 $254,413 $3,884 4.60%
    36% 540 $148,870,000 $275,685 $4,034 4.52%
    46% 538 $156,980,000 $291,784 $4,538 4.69%
    37% 516 $138,860,000 $269,109 $4,285 4.45%
    47% 477 $129,385,000 $271,247 $4,400 4.52%
    49% 407 $124,715,000 $306,425 $4,663 4.65%
    48% 378 $130,360,000 $344,868 $4,844 4.58%
    50-60% 147 $43,515,000 $296,020 $6,767 4.73%
    >60% 3 $1,035,000 $345,000 $2,916 2.17%

    Lake Michigan Credit Union lent most frequently to those with DTI ratios of 20-30%, with 3,419 originations. The next most common DTI ratio? 30-36%, with 2,835 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 10,434 $2,625,730,000 $251,651 $3,975 4.48%
    Not provided 4,226 $990,690,000 $234,427 $3,839 4.53%
    Asian 310 $109,810,000 $354,226 $4,502 4.41%
    Black 286 $69,890,000 $244,371 $5,071 4.80%
    Not applicable 44 $50,880,000 $1,156,364 $0 4.49%
    Asian Indian 56 $28,860,000 $515,357 $5,983 4.32%
    American Indian 54 $10,610,000 $196,481 $3,495 4.66%
    Chinese 12 $3,780,000 $315,000 $4,522 3.91%
    Filipino 4 $2,690,000 $672,500 $9,504 4.78%
    Vietnamese 6 $2,190,000 $365,000 $6,654 5.62%
    Other Asian 5 $1,375,000 $275,000 $4,287 5.15%
    Korean 5 $1,345,000 $269,000 $3,835 4.15%
    Other Pacific Islander 7 $1,325,000 $189,286 $3,654 5.62%
    Native Hawaiian or Islander 11 $785,000 $71,364 $1,182 4.59%

    Approval Rates

    Total approvals of all applications
    92.99%

    Lake Michigan Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    81.32%

    Lake Michigan Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 15,460 $3,899,960,000 $252,261

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    15,460 $3,899,960,000 $252,261

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 2,205 $261,035,000 $118,383 $1,827 4.28%
    40-60% 1,504 $400,610,000 $266,363 $3,692 4.07%
    60-80% 3,214 $1,202,930,000 $374,278 $4,987 4.39%
    80-100% 4,894 $1,847,380,000 $377,479 $4,652 4.66%
    Over 100% 24 $7,730,000 $322,083 $13,086 4.80%
    Under 20% 3,618 $180,240,000 $49,818 $299 4.69%