Mjw Financial Mortgage Rates, Fees & Info

Indianapolis, IN

LEI: 254900F3ZV3WV1ADSM47

Tax ID: 39-2070810

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Jump to:

  • 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

    Mjw Financial is a smaller mortgage company specializing in Refi and Home Purchase loans. Mjw Financial 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.) Their top markets by origination volume include: Indianapolis, Bloomington, Warsaw, Louisville, and Columbus among others. We have data for 19 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 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.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.82% 11/21/24
    30 Year Conventional Refi 6.62% 11/21/24
    30 Year Cash-out Refi 6.91% 11/21/24
    30 Year FHA Purchase 7.40% 11/21/24
    30 Year FHA Refi 7.34% 11/21/24
    30 Year VA Purchase 6.29% 11/21/24
    30 Year USDA Purchase 6.90% 11/21/24
    15 Year Conventional Purchase 6.14% 11/21/24
    15 Year Conventional Refi 6.09% 11/21/24
    15 Year Cash-out Refi 6.09% 11/21/24
    15 Year VA Purchase 6.40% 11/21/24
    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

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    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

    1,132

    Origination Dollar Volume (All Markets)

    $276,460,000
    Show all (5) 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
    INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 1,075 $264,435,000 $245,986 $2,615 2.92%
    BLOOMINGTON, IN (FHA|USDA|VA) 9 $2,165,000 $240,556 $2,392 2.85%
    Outside of Metro Areas 9 $2,125,000 $236,111 $2,542 2.87%
    Warsaw, IN (FHA|USDA|VA) 4 $1,260,000 $315,000 $2,545 2.88%
    LOUISVILLE, KY (FHA|USDA|VA) 4 $1,070,000 $267,500 $4,143 3.19%
    COLUMBUS, IN (FHA|USDA|VA) 3 $755,000 $251,667 $2,647 2.88%
    Marion, IN (FHA|USDA|VA) 5 $705,000 $141,000 $2,247 2.70%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 3 $675,000 $225,000 $2,153 3.04%
    FORT WAYNE, IN (FHA|USDA|VA) 4 $670,000 $167,500 $2,349 2.87%
    Crawfordsville, IN (FHA|USDA|VA) 3 $615,000 $205,000 $2,460 2.92%
    LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) 2 $450,000 $225,000 $2,109 3.19%
    MUNCIE, IN (FHA|USDA|VA) 2 $380,000 $190,000 $2,511 2.88%
    Bedford, IN (FHA|USDA|VA) 1 $335,000 $335,000 $2,440 2.88%
    TERRE HAUTE, IN (FHA|USDA|VA) 3 $325,000 $108,333 $2,632 2.92%
    North Vernon, IN (FHA|USDA|VA) 1 $135,000 $135,000 $2,720 3.25%
    Richmond, IN (FHA|USDA|VA) 1 $125,000 $125,000 $2,145 2.88%
    Logansport, IN (FHA|USDA|VA) 1 $105,000 $105,000 $2,143 3.75%
    SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 1 $75,000 $75,000 $3,293 3.75%
    New Castle, IN (FHA|USDA|VA) 1 $55,000 $55,000 $2,532 3.63%
    Mjw Financial's top markets include Indianapolis, Bloomington, Warsaw, Louisville, and Columbus among others.

    Their top states include:
  • Indiana (FHA|USDA|VA)

    • 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.

    PrimeTrust Financial Federal Credit Union
    Similarity Rank: 40
    Industrial Federal Credit Union
    Similarity Rank: 203
    Hendricks County Bank and Trust Company
    Similarity Rank: 376
    Independent Federal Credit Union
    Similarity Rank: 441
    Madison County Federal Credit Union
    Similarity Rank: 488
    Security Federal Savings Bank
    Similarity Rank: 825
    BNC National Bank
    Similarity Rank: 1338
    INDIANA UNIVERSITY CREDIT UNION
    Similarity Rank: 1881
    CRANE
    Similarity Rank: 2070
    INLANTA MORTGAGE, INC.
    Similarity Rank: 2384

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,109 $271,285,000 $244,621 $2,536 2.92%
    FHA 22 $4,870,000 $221,364 $6,447 2.91%
    VA 1 $305,000 $305,000 $0 2.63%

    For 2020, Mjw Financial's most frequently originated type of loan was Conventional, with 1,109 originations. Their 2nd most popular type was FHA, with 22 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 550 $132,210,000 $240,382 $2,428 2.84%
    Home Purchase 493 $124,695,000 $252,931 $2,755 2.96%
    Cash Out Refi 80 $17,550,000 $219,375 $2,962 3.13%
    Other 9 $2,005,000 $222,778 $2,954 3.32%

    For 2020, Mjw Financial's most frequently cited loan purpose was Refi, with 550 originations. The 2nd most popular reason was Home Purchase, with 493 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 857 $214,865,000 $250,718 $2,680 2.98%
    15 Year 137 $29,865,000 $217,993 $2,442 2.57%
    20 Year 97 $21,625,000 $222,938 $2,342 2.90%
    Other 34 $8,840,000 $260,000 $2,428 2.85%
    10 Year 7 $1,265,000 $180,714 $2,397 2.57%

    For 2020, Mjw Financial's most frequently cited loan duration was 30 Year, with 857 originations. The 2nd most popular length was 15 Year, with 137 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 1,012 $254,030,000 $251,018
    $1k-2k 57 $9,285,000 $162,895
    $2k-3k 40 $7,340,000 $183,500
    $3k-4k 17 $3,915,000 $230,294
    $4k-5k 4 $1,110,000 $277,500
    $5k+ 2 $780,000 $390,000

    Mjw Financial's average total fees were $2,680, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 1,012 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 790 $199,840,000 $252,962
    3-4% 239 $48,825,000 $204,289
    <2.5% 101 $27,535,000 $272,624
    4-5% 2 $260,000 $130,000

    During 2020, Mjw Financial's average interest rate for loans was 2.98%, while their most frequently originated rate bucket for loans was 2.5-3%, with 790 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 592 $161,710,000 $273,159 $2,600 2.89%
    $100k-200k 388 $60,420,000 $155,722 $2,566 2.99%
    $400k-600k 109 $50,185,000 $460,413 $2,844 2.79%
    $100,000 or less 42 $3,460,000 $82,381 $2,603 3.07%
    $600k-1MM 1 $685,000 $685,000 $3,245 3.25%

    2020 saw Mjw Financial place emphasis on $200k-400k loans with 592 originations, totaling $161,710,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 304 $80,410,000 $264,507 $2,552 2.91%
    $50k-75k 240 $47,230,000 $196,792 $2,595 2.95%
    $75k-100k 216 $48,830,000 $226,065 $2,653 2.93%
    $150k-250k 180 $56,470,000 $313,722 $2,653 2.85%
    $50k or less 119 $18,465,000 $155,168 $2,637 2.95%
    $250k+ 72 $24,610,000 $341,806 $2,667 2.90%

    Mjw Financial lent most frequently to those with incomes in the $100k-150k range, with 304 originations. The second most popular income band? $50k-75k, with 240 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 377 $91,985,000 $243,992 $2,531 2.89%
    30-36% 209 $51,585,000 $246,818 $2,664 2.95%
    <20% 197 $47,015,000 $238,655 $2,395 2.81%
    39% 33 $7,495,000 $227,121 $2,538 2.96%
    44% 33 $8,735,000 $264,697 $3,125 3.13%
    42% 32 $8,720,000 $272,500 $2,696 3.09%
    36% 30 $7,280,000 $242,667 $2,527 2.94%
    38% 30 $6,840,000 $228,000 $2,648 2.93%
    37% 29 $7,985,000 $275,345 $2,759 2.90%
    43% 27 $6,925,000 $256,481 $2,770 2.97%
    45% 25 $5,575,000 $223,000 $2,766 3.00%
    40% 25 $6,515,000 $260,600 $2,396 2.88%
    41% 25 $5,525,000 $221,000 $2,924 3.09%
    46% 18 $4,150,000 $230,556 $2,683 2.95%
    47% 12 $3,110,000 $259,167 $2,640 2.88%
    48% 11 $2,325,000 $211,364 $3,629 3.09%
    49% 11 $2,975,000 $270,455 $2,660 3.02%
    50-60% 8 $1,720,000 $215,000 $4,980 2.80%

    Mjw Financial lent most frequently to those with DTI ratios of 20-30%, with 377 originations. The next most common DTI ratio? 30-36%, with 209 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,010 $249,410,000 $246,941 $2,593 2.91%
    Black 43 $9,645,000 $224,302 $2,552 2.96%
    Not provided 36 $7,870,000 $218,611 $2,731 3.06%
    Asian 34 $7,620,000 $224,118 $3,091 2.93%
    American Indian 2 $470,000 $235,000 $3,171 3.25%
    Native Hawaiian or Islander 1 $335,000 $335,000 $2,440 2.88%
    Chinese 1 $335,000 $335,000 $2,559 3.00%
    Vietnamese 1 $305,000 $305,000 $4,441 2.75%
    Asian Indian 2 $210,000 $105,000 $2,399 2.81%
    Other Asian 1 $175,000 $175,000 $2,428 2.75%
    Japanese 1 $85,000 $85,000 $1,934 2.88%

    Approval Rates

    Total approvals of all applications
    95.18%

    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 origination
    68.37%

    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 1,132 $276,460,000 $244,223

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 1,132 $276,460,000 $244,223

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 12 $1,720,000 $143,333 $2,343 2.69%
    40-60% 138 $29,070,000 $210,652 $2,335 2.79%
    60-80% 469 $115,275,000 $245,789 $2,500 2.94%
    80-100% 513 $130,395,000 $254,181 $2,797 2.94%