Mjw Financial Mortgage Rates, Fees & Info
Indianapolis, INLEI: 254900F3ZV3WV1ADSM47
Tax ID: 39-2070810
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Mortgage Data
Review & Overview
Mjw Financial is a smaller mortgage company specializing in Home Purchase loans. Mjw Financial has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Indianapolis, Lafayette, Chicago, Muncie, and Bloomington among others. We have data for 37 markets. (Some data included below & more in-depth data is available with an active subscription.)Mjw Financial 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. Mjw Financial is typically an average 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 relatively high 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 |
|---|---|---|
| 30 Year Conventional Purchase | 6.82% | 11/17/24 |
| 30 Year Conventional Refi | 6.62% | 11/17/24 |
| 30 Year Cash-out Refi | 6.91% | 11/17/24 |
| 30 Year FHA Purchase | 7.40% | 11/17/24 |
| 30 Year FHA Refi | 7.34% | 11/17/24 |
| 30 Year VA Purchase | 6.29% | 11/17/24 |
| 30 Year USDA Purchase | 6.90% | 11/17/24 |
| 15 Year Conventional Purchase | 6.14% | 11/17/24 |
| 15 Year Conventional Refi | 6.09% | 11/17/24 |
| 15 Year Cash-out Refi | 6.09% | 11/17/24 |
| 15 Year VA Purchase | 6.40% | 11/17/24 |
| 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. | ||
Mjw Financial Mortgage Calculator
Your Estimates
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This is not an official calculator from Mjw Financial. 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
1,177Origination Dollar Volume (All Markets)
$318,445,000Awards
MJW Financial - 2023
MJW Financial is a 2023 , due to their low .
For 2023, less than of lenders were eligible for this award.
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Relative Rate
Mjw Financial's average 30 year fixed mortgage rate was
6.91%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of 0.43%.
Relative Fees (Closing Costs)
Mjw Financial's average total fees/closing costs for a 30 year fixed rate
mortgage were $5,517.
The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including
both points & up-front fees in addition to origination fees) were $9,089.
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 |
|---|---|---|---|---|---|
| INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) | 998 | $278,700,000 | $279,259 | $5,447 | 6.91% |
| LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) | 22 | $4,670,000 | $212,273 | $7,913 | 6.81% |
| Outside of Metro Areas | 23 | $3,985,000 | $173,261 | $5,857 | 6.93% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 12 | $3,770,000 | $314,167 | $7,061 | 6.88% |
| MUNCIE, IN (FHA|USDA|VA) | 19 | $3,025,000 | $159,211 | $4,608 | 6.81% |
| BLOOMINGTON, IN (FHA|USDA|VA) | 9 | $2,245,000 | $249,444 | $4,848 | 6.89% |
| SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) | 8 | $2,210,000 | $276,250 | $4,979 | 7.08% |
| KOKOMO, IN (FHA|USDA|VA) | 7 | $1,715,000 | $245,000 | $5,406 | 7.00% |
| COLUMBUS, IN (FHA|USDA|VA) | 6 | $1,670,000 | $278,333 | $6,097 | 6.65% |
| TERRE HAUTE, IN (FHA|USDA|VA) | 7 | $1,395,000 | $199,286 | $6,614 | 7.02% |
| LOUISVILLE, KY (FHA|USDA|VA) | 4 | $1,360,000 | $340,000 | $3,547 | 6.59% |
| New Castle, IN (FHA|USDA|VA) | 9 | $1,315,000 | $146,111 | $5,054 | 6.72% |
| Crawfordsville, IN (FHA|USDA|VA) | 4 | $1,120,000 | $280,000 | $7,819 | 6.56% |
| Madison, IN (FHA|USDA|VA) | 4 | $1,090,000 | $272,500 | $5,543 | 6.87% |
| KNOXVILLE, TN (FHA|USDA|VA) | 2 | $1,000,000 | $500,000 | $4,946 | 6.68% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 2 | $940,000 | $470,000 | $5,768 | 6.62% |
| MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) | 3 | $905,000 | $301,667 | $3,705 | 7.00% |
| Richmond, IN (FHA|USDA|VA) | 4 | $870,000 | $217,500 | $5,789 | 6.56% |
| FORT WAYNE, IN (FHA|USDA|VA) | 5 | $825,000 | $165,000 | $5,518 | 7.05% |
| Bedford, IN (FHA|USDA|VA) | 3 | $655,000 | $218,333 | $5,934 | 7.41% |
| HOMOSASSA SPRINGS, FL (FHA|USDA|VA) | 2 | $570,000 | $285,000 | $11,126 | 7.44% |
| Greensburg, IN (FHA|USDA|VA) | 3 | $495,000 | $165,000 | $5,968 | 6.00% |
| JACKSON, MI (FHA|USDA|VA) | 1 | $415,000 | $415,000 | $5,754 | 5.75% |
| Connersville, IN (FHA|USDA|VA) | 3 | $405,000 | $135,000 | $3,525 | 6.58% |
| North Vernon, IN (FHA|USDA|VA) | 2 | $400,000 | $200,000 | $4,114 | 7.38% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 1 | $395,000 | $395,000 | $7,785 | 6.50% |
| DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) | 1 | $395,000 | $395,000 | $22,184 | 5.99% |
| EVANSVILLE, IN-KY (FHA|USDA|VA) | 2 | $320,000 | $160,000 | $4,516 | 7.31% |
| NILES, MI (FHA|USDA|VA) | 2 | $300,000 | $150,000 | $5,062 | 7.62% |
| Frankfort, IN (FHA|USDA|VA) | 2 | $280,000 | $140,000 | $6,453 | 6.43% |
| Vincennes, IN (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $7,482 | 6.25% |
| Marion, IN (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $3,687 | 6.63% |
| Traverse City, MI (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $4,211 | 7.63% |
| Auburn, IN (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $4,309 | 7.38% |
| Warsaw, IN (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $2,349 | 6.88% |
| MEMPHIS, TN-MS-AR (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $4,198 | 6.88% |
| CINCINNATI, OH-KY-IN (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $4,067 | 6.88% |
Similar Lenders
We use machine learning to identify the top lenders compared against MJW Financial 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 2023, Mjw Financial's most frequently originated type of loan was Conventional, with 868 originations. Their 2nd most popular type was FHA, with 245 originations.
Loan Reason
For 2023, Mjw Financial's most frequently cited loan purpose was Home Purchase, with 1,116 originations. The 2nd most popular reason was Cash Out Refi, with 52 originations.
Loan Duration/Length
For 2023, Mjw Financial's most frequently cited loan duration was 30 Year, with 1,156 originations. The 2nd most popular length was 15 Year, with 18 originations.
Origination Fees/Closing Costs
Mjw Financial's average total fees were $5,517, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 597 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 625 | $166,465,000 | $266,344 |
| 7-8% | 445 | $120,035,000 | $269,742 |
| 5-6% | 79 | $23,415,000 | $296,392 |
| Over 8% | 26 | $7,690,000 | $295,769 |
| 4-5% | 2 | $840,000 | $420,000 |
During 2023, Mjw Financial's average interest rate for loans was 6.91%, while their most frequently originated rate bucket for loans was 6-7%, with 625 originations.
Loan Sizing
2023 saw Mjw Financial place emphasis on $200k-400k loans with 626 originations, totaling $173,890,000 in origination value.
Applicant Income
Mjw Financial lent most frequently to those with incomes in the $50k-75k range, with 288 originations. The second most popular income band? $100k-150k, with 252 originations.
Applicant Debt to Income Ratio
Mjw Financial lent most frequently to those with DTI ratios of 30-36%, with 218 originations. The next most common DTI ratio? 20-30%, with 178 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications98.49%
Mjw Financial has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination67.20%
Mjw Financial has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 1,177 | $318,445,000 | $270,556 |