Is Lake Michigan Credit Union a cheap or expensive mortgage lender? To help you shop for a mortgage, we compare the interest rates and closing costs charged by Lake Michigan Credit Union to those of other lenders for a comparable set of borrowers. Here is our review of Lake Michigan Credit Union nationally:
|Review Item||Lake Michigan Credit Union|
|Interest Rate||lower than other lenders (-0.12%)|
|Loan Related Closing Costs||similar to other lenders (+$30)|
|National Rate and Closing Cost Star Rating||(4)|
On average, Lake Michigan Credit Union’s interest rates were lower than those of other lenders (-0.12%). On the other hand, its loan related closing costs were similar to those of other lenders, with a difference of +$30. Overall, combining interest rates and closing costs we estimate that Lake Michigan Credit Union tends to be a cheap lender, and give it a National Rate and Closing Costs Rating of 4 out of 5 stars. We maintain our independence by not accepting any money from the mortgage lenders we review. To visit Lake Michigan Credit Union, its website is located at: https://www.lmcu.org.
Lake Michigan Credit Union’s Rate Review by City
Mortgage lenders often set different rates in different geographical markets. For our list of the top mortgage lenders in your area, click here. In particular, among the cities we track Lake Michigan Credit Union was most active in:
In addition, Lake Michigan Credit Union is our top ranked/best mortgage lender in terms of interest rate and closing costs in:
- Grand Rapids, MI, for FHA mortgages
- Portage, MI, for FHA mortgages
- Traverse City, MI, for FHA mortgages
- Big Rapids, MI, overall
Lake Michigan Credit Union’s Rate Review by Mortgage Type
Mortgage lenders also tend to charge different interest rates and closing costs depending on the type of mortgage. In our data, Lake Michigan Credit Union originated Conforming, FHA, Jumbo, USDA and VA mortgages for new home purchases. It also originated Conforming, FHA, Jumbo and VA mortgages for refinances. Its average interest rate and total loan related closing cost difference relative to other lenders for comparable borrowers by mortgages type is as follows.
|New Purchase Mortgages||Conforming||FHA||Jumbo||USDA||VA|
|Interest Rate Difference||-0.09%||-0.33%||-0.02%||-0.08%||-0.11%|
|Loan Related Closing Cost Difference||+$299||-$393||+$106||-$104||-$91|
|Cost Adjusted Rate Difference||-0.05%||-0.37%||-0.01%||-0.09%||-0.11%|
|National Star Rating|
|Interest Rate Difference||-0.15%||-0.15%||-0.02%||-0.08%|
|Loan Related Closing Cost Difference||-$385||-$278||-$145||-$306|
|Cost Adjusted Rate Difference||-0.18%||-0.18%||-0.02%||-0.10%|
|Average Star Rating|
As a summary, Lake Michigan Credit Union is cheap for Conforming, FHA, USDA and VA purchase mortgages. It is similar to other lenders for Jumbo purchase mortgages. For refinancing mortgages, Lake Michigan Credit Union is cheap for Conforming, FHA and VA mortgage refinance. It is similar to other lenders for Jumbo mortgage refinance. Nevertheless, individual circumstances can matter a lot for mortgage rates, and we always recommend shopping among several of our top mortgage lenders in your area before signing.
Other information about Lake Michigan Credit Union:
Registered city and state: Grand Rapids, MI, 49501-2848
Regulator: National Credit Union Administration (NCUA)
* Source of the data is Federal Financial Institutions Examination Council (FFIEC) and is for mortgages originated in the past year. Our comparable mortgages analysis controls for Lake Michigan Credit Union’s distribution of loan term (e.g. 30 year vs 15 year), loan-to-value (LTV), debt-to-income (DTI), loan amount, loan program (e.g. Conforming/FHA), loan purpose (e.g. purchase/refinance), and commuting zone. Cost adjusted rates were computed based on each percent of the loan amount in above average loan related closing costs being worth +0.15 of a percentage point in interest rate. Furthermore, the amounts are regularized using a Bayesian approach to control for small samples.