Western Ohio Mortgage Corporation Rates, Fees & Info

Quincy, OH

LEI: 254900OCB5PJQMM6LU72

Tax ID: 31-1640871

5 stars - Updated: 6/9/24 - out of 5 stars, based on 18 reviews

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Mortgage Data

Review & Overview

Western Ohio Mortgage Corporation is a smaller mortgage company specializing in Home Purchase loans. Western Ohio Mortgage Corporation has a high proportion of conventional loans. They have a a high proportion of FHA loans. Their top markets by origination volume include: Sidney, Cincinnati, Dayton, Lexington, and Bellefontaine among others. We have data for 23 markets. (Some data included below & more in-depth data is available with an active subscription.)

Western Ohio Mortgage Corporation 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. Western Ohio Mortgage Corporation 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.

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Originations

318

Origination Dollar Volume (All Markets)

$65,930,000

Awards

Western Ohio Mortgage Corporation USDA Loans gold Western Ohio Mortgage Corporation USDA Loans gold
Show all (2) awards

Relative Rate

Western Ohio Mortgage Corporation's average 30 year fixed mortgage rate was 7.03%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of 0.55%.

Relative Fees (Closing Costs)

Western Ohio Mortgage Corporation's average total fees/closing costs for a 30 year fixed rate mortgage were $7,291.

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
Sidney, OH (FHA|USDA|VA) 104 $18,440,000 $177,308 $6,968 6.93%
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 70 $17,850,000 $255,000 $8,015 7.08%
DAYTON-KETTERING, OH (FHA|USDA|VA) 44 $8,500,000 $193,182 $7,605 7.14%
LEXINGTON-FAYETTE, KY (FHA|USDA|VA) 8 $3,510,000 $438,750 $9,359 7.30%
Bellefontaine, OH (FHA|USDA|VA) 17 $3,465,000 $203,824 $7,951 6.88%
CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 13 $1,955,000 $150,385 $6,510 7.18%
Outside of Metro Areas 9 $1,755,000 $195,000 $6,855 7.42%
Wapakoneta, OH (FHA|USDA|VA) 11 $1,685,000 $153,182 $6,925 7.00%
Urbana, OH (FHA|USDA|VA) 7 $1,615,000 $230,714 $6,793 7.14%
COLUMBUS, OH (FHA|USDA|VA) 6 $1,410,000 $235,000 $9,088 7.54%
SPRINGFIELD, OH (FHA|USDA|VA) 7 $1,095,000 $156,429 $6,237 6.73%
Greenville, OH (FHA|USDA|VA) 5 $835,000 $167,000 $7,164 7.23%
Celina, OH (FHA|USDA|VA) 4 $750,000 $187,500 $6,660 7.50%
Richmond-Berea, KY (FHA|USDA|VA) 1 $565,000 $565,000 $18,520 7.00%
TOLEDO, OH (FHA|USDA|VA) 3 $525,000 $175,000 $2,549 6.75%
CLARKSVILLE, TN-KY (FHA|USDA|VA) 1 $365,000 $365,000 $12,413 7.00%
JACKSONVILLE, FL (FHA|USDA|VA) 1 $355,000 $355,000 $9,195 6.50%
LIMA, OH (FHA|USDA|VA) 2 $330,000 $165,000 $6,698 6.94%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $235,000 $235,000 $10,785 7.00%
Washington Court House, OH (FHA|USDA|VA) 1 $225,000 $225,000 $12,470 6.25%
LOUISVILLE, KY (FHA|USDA|VA) 1 $215,000 $215,000 $3,639 5.25%
Somerset, KY (FHA|USDA|VA) 1 $165,000 $165,000 $3,765 7.13%
Van Wert, OH (FHA|USDA|VA) 1 $85,000 $85,000 $6,382 7.25%
Western Ohio Mortgage Corporation's top markets include Sidney, Cincinnati, Dayton, Lexington, and Bellefontaine among others.

Their top states include:
  • Ohio (FHA|USDA|VA)
  • Kentucky (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Indiana (FHA|USDA|VA)
  • Tennessee (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against Western Ohio Mortgage Corporation based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    First Bank Richmond
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 128 $28,250,000 $220,703 $5,514 7.13%
    FHA 117 $23,885,000 $204,145 $9,372 6.97%
    USDA 56 $8,440,000 $150,714 $6,830 6.98%
    VA 17 $5,355,000 $315,000 $10,546 7.04%

    For 2023, Western Ohio Mortgage Corporation's most frequently originated type of loan was Conventional, with 128 originations. Their 2nd most popular type was FHA, with 117 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 291 $59,955,000 $206,031 $7,542 7.01%
    Cash Out Refi 17 $3,645,000 $214,412 $7,599 7.41%
    Refi 7 $1,835,000 $262,143 $5,077 6.93%
    NA 3 $495,000 $165,000 $585 8.35%

    For 2023, Western Ohio Mortgage Corporation's most frequently cited loan purpose was Home Purchase, with 291 originations. The 2nd most popular reason was Cash Out Refi, with 17 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 312 $63,150,000 $202,404 $7,291 7.03%
    Other 4 $1,570,000 $392,500 $13,145 7.31%
    1 Year 2 $1,210,000 $605,000 $17,724 8.25%

    For 2023, Western Ohio Mortgage Corporation's most frequently cited loan duration was 30 Year, with 312 originations. The 2nd most popular length was Other, with 4 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 109 $19,695,000 $180,688
    $2k-3k 66 $10,950,000 $165,909
    $3k-4k 45 $8,205,000 $182,333
    $4k-5k 32 $7,770,000 $242,813
    $5k+ 31 $11,875,000 $383,065
    $<1k 11 $2,625,000 $238,636

    Western Ohio Mortgage Corporation's average total fees were $7,291, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 109 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 152 $30,120,000 $198,158
    7-8% 145 $30,965,000 $213,552
    Over 8% 9 $2,435,000 $270,556
    5-6% 7 $1,715,000 $245,000

    During 2023, Western Ohio Mortgage Corporation's average interest rate for loans was 7.03%, while their most frequently originated rate bucket for loans was 6-7%, with 152 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 170 $25,960,000 $152,706 $6,322 7.01%
    $200k-400k 98 $26,280,000 $268,163 $9,221 7.01%
    $100,000 or less 30 $2,260,000 $75,333 $4,685 7.22%
    $400k-600k 13 $5,865,000 $451,154 $11,730 7.08%
    $600k-1MM 6 $4,160,000 $693,333 $10,198 7.19%
    $1MM+ 1 $1,405,000 $1,405,000 $27,765 7.13%

    2023 saw Western Ohio Mortgage Corporation place emphasis on $100k-200k loans with 170 originations, totaling $25,960,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 107 $17,825,000 $166,589 $6,512 6.97%
    $100k-150k 64 $16,380,000 $255,938 $8,623 7.12%
    $50k or less 61 $7,775,000 $127,459 $5,938 6.92%
    $75k-100k 60 $11,750,000 $195,833 $8,023 7.15%
    $150k-250k 21 $8,275,000 $394,048 $8,877 7.20%
    $250k+ 5 $3,925,000 $785,000 $16,629 7.10%

    Western Ohio Mortgage Corporation lent most frequently to those with incomes in the $50k-75k range, with 107 originations. The second most popular income band? $100k-150k, with 64 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 56 $11,930,000 $213,036 $6,862 6.99%
    20-30% 43 $8,675,000 $201,744 $6,914 6.96%
    50-60% 29 $5,895,000 $203,276 $8,808 6.83%
    40% 17 $2,895,000 $170,294 $7,885 6.90%
    38% 15 $3,325,000 $221,667 $8,233 7.18%
    48% 15 $3,385,000 $225,667 $7,582 7.04%
    46% 14 $4,360,000 $311,429 $8,983 7.08%
    49% 13 $3,295,000 $253,462 $9,505 7.09%
    37% 13 $2,475,000 $190,385 $7,786 7.07%
    45% 13 $2,725,000 $209,615 $7,771 7.06%
    47% 13 $2,785,000 $214,231 $7,577 7.15%
    41% 12 $1,900,000 $158,333 $6,467 7.07%
    42% 12 $2,130,000 $177,500 $6,301 7.26%
    43% 11 $2,705,000 $245,909 $6,937 6.99%
    44% 10 $2,050,000 $205,000 $7,998 7.00%
    39% 9 $1,525,000 $169,444 $6,916 7.04%
    36% 8 $1,900,000 $237,500 $8,236 6.84%
    <20% 6 $670,000 $111,667 $3,449 7.44%
    >60% 1 $155,000 $155,000 $669 10.63%

    Western Ohio Mortgage Corporation lent most frequently to those with DTI ratios of 30-36%, with 56 originations. The next most common DTI ratio? 20-30%, with 43 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 250 $52,100,000 $208,400 $7,449 6.98%
    Black 44 $9,600,000 $218,182 $8,337 7.22%
    Not provided 13 $2,505,000 $192,692 $6,319 7.42%
    Asian 7 $1,315,000 $187,857 $5,022 7.21%
    American Indian 2 $160,000 $80,000 $4,412 7.00%
    Native Hawaiian or Islander 1 $135,000 $135,000 $6,003 7.63%
    Other Asian 1 $115,000 $115,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    98.22%

    Western Ohio Mortgage Corporation 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
    62.26%

    Western Ohio Mortgage Corporation 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 318 $65,930,000 $207,327

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    318 $65,930,000 $207,327

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 5 $475,000 $95,000 $3,163 8.28%
    40-60% 17 $3,665,000 $215,588 $4,475 6.97%
    60-80% 42 $8,220,000 $195,714 $6,231 7.03%
    80-100% 237 $51,005,000 $215,211 $7,932 7.01%
    Over 100% 16 $2,540,000 $158,750 $8,134 6.99%
    Under 20% 1 $25,000 $25,000 $844 10.41%