Premium Mortgage Corporation Rates, Fees & Info

Rochester, NY

LEI: 254900XN7UWEWK13RO81

Tax ID: 16-1566654

5 stars - out of 5 stars, based on 84 reviews

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

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Mortgage Data

  • SimulatedRates™
  • Review & Overview

    Premium Mortgage Corporation is a small mortgage company specializing in loans. Premium Mortgage Corporation 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: Rochester, Buffalo, Albany, Syracuse, and Batavia among others. We have data for 53 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Premium Mortgage Corporation has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. Premium 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 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 6.59% 1/29/23
    30 Year Conventional Refi 6.49% 1/29/23
    30 Year Cash-out Refi 6.68% 1/29/23
    30 Year FHA Purchase 7.28% 1/29/23
    30 Year FHA Refi 6.93% 1/29/23
    30 Year VA Purchase 6.34% 1/29/23
    30 Year VA Refi 5.98% 1/29/23
    30 Year USDA Purchase 6.67% 1/29/23
    30 Year USDA Refi 6.17% 1/29/23
    15 Year Conventional Purchase 6.03% 1/29/23
    15 Year Conventional Refi 6.01% 1/29/23
    15 Year Cash-out Refi 6.01% 1/29/23
    15 Year FHA Purchase 7.16% 1/29/23
    15 Year VA Refi 5.68% 1/29/23
    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.


    Originations

    7,099

    Origination Dollar Volume (All Markets)

    $1,441,375,000
    Show all (32) awards

    Relative Rate

    Premium Mortgage Corporation's average 30 year fixed mortgage rate was 3.08%.

    The 2021 average 30 year fixed rate mortgage across all markets and lenders was 3.15%.

    This yields a difference of -0.07%.

    Relative Fees (Closing Costs)

    Premium Mortgage Corporation's average total fees/closing costs for a 30 year fixed rate mortgage were $3,806.

    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 $4,750.

    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
    ROCHESTER, NY (FHA|USDA|VA) 3,312 $647,830,000 $195,601 $3,608 3.03%
    BUFFALO-CHEEKTOWAGA, NY (FHA|USDA|VA) 2,079 $459,195,000 $220,873 $3,947 3.06%
    ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) 591 $130,325,000 $220,516 $4,426 3.05%
    SYRACUSE, NY (FHA|USDA|VA) 236 $41,760,000 $176,949 $3,577 2.97%
    Batavia, NY (FHA|USDA|VA) 179 $29,635,000 $165,559 $3,565 3.00%
    UTICA-ROME, NY (FHA|USDA|VA) 148 $27,710,000 $187,230 $3,802 3.14%
    Outside of Metro Areas 155 $23,945,000 $154,484 $3,432 3.01%
    Corning, NY (FHA|USDA|VA) 58 $8,550,000 $147,414 $3,610 2.99%
    Olean, NY (FHA|USDA|VA) 41 $8,475,000 $206,707 $3,382 3.19%
    Jamestown-Dunkirk-Fredonia, NY (FHA|USDA|VA) 44 $7,530,000 $171,136 $3,114 3.23%
    GLENS FALLS, NY (FHA|USDA|VA) 31 $6,965,000 $224,677 $4,479 2.97%
    BINGHAMTON, NY (FHA|USDA|VA) 36 $6,310,000 $175,278 $2,687 3.02%
    Gloversville, NY (FHA|USDA|VA) 26 $4,450,000 $171,154 $3,728 2.95%
    North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 12 $3,730,000 $310,833 $4,611 3.17%
    New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 9 $3,565,000 $396,111 $4,158 2.90%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 10 $3,200,000 $320,000 $4,153 3.28%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 9 $2,385,000 $265,000 $3,054 3.19%
    Auburn, NY (FHA|USDA|VA) 11 $2,375,000 $215,909 $3,468 3.11%
    Oneonta, NY (FHA|USDA|VA) 13 $2,375,000 $182,692 $3,463 2.94%
    Amsterdam, NY (FHA|USDA|VA) 18 $2,340,000 $130,000 $3,179 3.01%
    NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 5 $1,585,000 $317,000 $3,530 3.60%
    Seneca Falls, NY (FHA|USDA|VA) 12 $1,450,000 $120,833 $3,337 3.13%
    Malone, NY (FHA|USDA|VA) 5 $1,375,000 $275,000 $4,915 2.93%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 6 $1,350,000 $225,000 $2,676 3.22%
    ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 4 $1,280,000 $320,000 $4,227 2.75%
    POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) 5 $1,195,000 $239,000 $4,643 2.90%
    WATERTOWN-FORT DRUM, NY (FHA|USDA|VA) 5 $1,125,000 $225,000 $3,138 3.16%
    ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 3 $965,000 $321,667 $3,632 3.17%
    PUNTA GORDA, FL (FHA|USDA|VA) 4 $780,000 $195,000 $3,750 3.22%
    Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 2 $730,000 $365,000 $5,757 2.75%
    Hudson, NY (FHA|USDA|VA) 3 $715,000 $238,333 $8,142 2.79%
    PORT ST. LUCIE, FL (FHA|USDA|VA) 2 $710,000 $355,000 $4,687 3.81%
    AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 2 $620,000 $310,000 $5,350 2.81%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 1 $535,000 $535,000 $4,641 3.12%
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 1 $435,000 $435,000 $5,030 3.25%
    ELMIRA, NY (FHA|USDA|VA) 3 $415,000 $138,333 $2,003 3.33%
    NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 1 $305,000 $305,000 $0 3.50%
    PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 1 $295,000 $295,000 $3,859 3.25%
    THE VILLAGES, FL (FHA|USDA|VA) 1 $285,000 $285,000 $645 2.50%
    BLOOMSBURG-BERWICK, PA (FHA|USDA|VA) 1 $285,000 $285,000 $3,987 2.25%
    OCALA, FL (FHA|USDA|VA) 1 $265,000 $265,000 $4,487 2.99%
    JACKSONVILLE, FL (FHA|USDA|VA) 1 $265,000 $265,000 $3,813 3.38%
    ITHACA, NY (FHA|USDA|VA) 1 $245,000 $245,000 $3,522 3.25%
    EAST STROUDSBURG, PA (FHA|USDA|VA) 1 $225,000 $225,000 $4,461 2.38%
    Cortland, NY (FHA|USDA|VA) 1 $215,000 $215,000 $3,361 2.63%
    Ogdensburg-Massena, NY (FHA|USDA|VA) 2 $180,000 $90,000 $1,943 3.63%
    KINGSTON, NY (FHA|USDA|VA) 1 $165,000 $165,000 $5,956 3.00%
    Clewiston, FL (FHA|USDA|VA) 1 $165,000 $165,000 $3,345 2.88%
    LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 1 $155,000 $155,000 $6,945 2.75%
    Plattsburgh, NY (FHA|USDA|VA) 1 $145,000 $145,000 $525 2.63%
    CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 1 $135,000 $135,000 $0 3.38%
    Bradford, PA (FHA|USDA|VA) 1 $75,000 $75,000 $3,245 2.75%
    ERIE, PA (FHA|USDA|VA) 1 $55,000 $55,000 $0 3.70%
    Premium Mortgage Corporation's top markets include Rochester, Buffalo, Albany, Syracuse, and Batavia among others.

    Their top states include:
  • New York (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Pennsylvania (FHA|USDA|VA)
  • Connecticut (FHA|USDA|VA)
  • Texas (FHA|USDA|VA)
  • Similar Lenders

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

    CFCU Community Credit Union
    Similarity Rank: 45
    Pittsford Federal Credit Union
    Similarity Rank: 52
    SECNY Federal Credit Union
    Similarity Rank: 57
    FIRST NEW YORK
    Similarity Rank: 63
    Bank of Richmondville
    Similarity Rank: 141
    COUNTRYSIDE Federal Credit Union
    Similarity Rank: 192

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 5,406 $1,123,390,000 $207,804 $3,344 3.08%
    FHA 1,246 $221,040,000 $177,400 $5,105 2.95%
    VA 329 $80,305,000 $244,088 $5,518 2.88%
    USDA 118 $16,640,000 $141,017 $2,910 2.85%

    For 2021, Premium Mortgage Corporation's most frequently originated type of loan was Conventional, with 5,406 originations. Their 2nd most popular type was FHA, with 1,246 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 6,169 $1,259,155,000 $204,110 $3,782 3.06%
    Refi 503 $99,715,000 $198,241 $3,558 2.79%
    Cash Out Refi 427 $82,505,000 $193,220 $3,817 3.12%

    For 2021, Premium Mortgage Corporation's most frequently cited loan purpose was Home Purchase, with 6,169 originations. The 2nd most popular reason was Refi, with 503 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 6,496 $1,321,660,000 $203,458 $3,806 3.08%
    15 Year 402 $76,810,000 $191,070 $3,282 2.55%
    20 Year 141 $28,345,000 $201,028 $3,377 2.84%
    10 Year 24 $3,600,000 $150,000 $3,186 2.40%
    Other 20 $4,490,000 $224,500 $3,341 3.21%
    30+ year 16 $6,470,000 $404,375 $5,594 4.24%

    For 2021, Premium Mortgage Corporation's most frequently cited loan duration was 30 Year, with 6,496 originations. The 2nd most popular length was 15 Year, with 402 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 4,590 $957,400,000 $208,584
    $<1k 1,792 $342,420,000 $191,083
    $2k-3k 220 $55,920,000 $254,182
    $3k-4k 70 $18,450,000 $263,571
    $5k+ 26 $9,580,000 $368,462
    $4k-5k 25 $7,895,000 $315,800

    Premium Mortgage Corporation's average total fees were $3,806, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 4,590 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 3,231 $678,885,000 $210,116
    3-4% 3,183 $627,645,000 $197,187
    <2.5% 591 $117,165,000 $198,249
    4-5% 92 $17,300,000 $188,043
    5-6% 1 $165,000 $165,000
    6-7% 1 $215,000 $215,000

    During 2021, Premium Mortgage Corporation's average interest rate for loans was 3.08%, while their most frequently originated rate bucket for loans was 2.5-3%, with 3,231 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 3,598 $546,290,000 $151,832 $3,418 3.06%
    $200k-400k 2,597 $696,905,000 $268,350 $4,231 3.02%
    $100,000 or less 581 $46,815,000 $80,577 $2,747 3.12%
    $400k-600k 321 $149,355,000 $465,280 $5,181 3.00%
    $1MM+ 1 $1,305,000 $1,305,000 $7,714 3.13%
    $600k-1MM 1 $705,000 $705,000 $18,044 2.75%

    2021 saw Premium Mortgage Corporation place emphasis on $100k-200k loans with 3,598 originations, totaling $546,290,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 1,919 $329,705,000 $171,811 $3,680 3.04%
    $100k-150k 1,459 $349,125,000 $239,291 $3,958 3.06%
    $75k-100k 1,380 $283,940,000 $205,754 $3,847 3.07%
    $50k or less 1,276 $169,600,000 $132,915 $3,396 3.00%
    $150k-250k 774 $222,960,000 $288,062 $4,138 3.05%
    $250k+ 237 $72,985,000 $307,954 $4,165 3.15%

    Premium Mortgage Corporation lent most frequently to those with incomes in the $50k-75k range, with 1,919 originations. The second most popular income band? $100k-150k, with 1,459 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 1,495 $305,595,000 $204,411 $3,547 3.03%
    30-36% 1,380 $276,050,000 $200,036 $3,602 3.05%
    <20% 410 $83,740,000 $204,244 $3,346 2.96%
    50-60% 406 $77,650,000 $191,256 $5,185 2.95%
    42% 284 $57,170,000 $201,303 $3,818 3.07%
    44% 277 $57,455,000 $207,419 $4,072 3.07%
    43% 276 $55,330,000 $200,471 $3,619 3.05%
    40% 269 $55,145,000 $205,000 $3,573 3.12%
    39% 267 $54,385,000 $203,689 $3,708 3.07%
    41% 266 $55,010,000 $206,805 $3,710 3.06%
    37% 260 $51,310,000 $197,346 $3,655 3.08%
    36% 245 $48,415,000 $197,612 $3,576 3.09%
    38% 235 $48,575,000 $206,702 $3,710 3.05%
    45% 231 $45,955,000 $198,939 $3,961 3.07%
    46% 213 $46,385,000 $217,770 $4,069 3.06%
    47% 206 $44,970,000 $218,301 $4,297 3.06%
    49% 182 $36,360,000 $199,780 $3,910 3.07%
    48% 175 $37,155,000 $212,314 $3,955 3.11%
    >60% 2 $330,000 $165,000 $3,068 3.13%

    Premium Mortgage Corporation lent most frequently to those with DTI ratios of 20-30%, with 1,495 originations. The next most common DTI ratio? 30-36%, with 1,380 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 6,110 $1,251,650,000 $204,853 $3,757 3.04%
    Not provided 466 $90,560,000 $194,335 $3,824 3.09%
    Black 288 $51,290,000 $178,090 $4,045 3.11%
    Asian 201 $42,085,000 $209,378 $3,567 3.04%
    American Indian 23 $3,715,000 $161,522 $3,562 3.06%
    Native Hawaiian or Islander 2 $570,000 $285,000 $7,593 3.06%
    Other Asian 3 $495,000 $165,000 $4,266 2.92%
    Asian Indian 2 $460,000 $230,000 $4,201 2.69%
    Chinese 2 $220,000 $110,000 $2,243 3.06%
    Filipino 1 $195,000 $195,000 $3,536 3.25%
    Other Pacific Islander 1 $135,000 $135,000 $5,687 3.25%

    Approval Rates

    Total approvals of all applications
    97.18%

    Premium 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
    90.10%

    Premium Mortgage Corporation has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 7,099 $1,441,375,000 $203,039

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    7,099 $1,441,375,000 $203,039

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 102 $12,250,000 $120,098 $3,308 2.92%
    40-60% 362 $59,620,000 $164,696 $3,339 2.88%
    60-80% 1,914 $398,430,000 $208,166 $3,510 3.11%
    80-100% 4,595 $940,035,000 $204,578 $3,776 3.03%
    Over 100% 122 $30,730,000 $251,885 $8,496 2.92%
    Under 20% 4 $310,000 $77,500 $3,307 2.78%

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    PARAMOUNT RESIDENTIAL MORTGAGE GROUP VA mortgage Trouble during payment process 4 12.5%
    PARAMOUNT RESIDENTIAL MORTGAGE GROUP FHA mortgage Struggling to pay mortgage 3 9.4%
    PARAMOUNT RESIDENTIAL MORTGAGE GROUP FHA mortgage Trouble during payment process 5 15.6%
    PARAMOUNT RESIDENTIAL MORTGAGE GROUP Other type of mortgage Closing on a mortgage 2 6.3%
    PARAMOUNT RESIDENTIAL MORTGAGE GROUP VA mortgage Applying for a mortgage or refinancing an existing mortgage 1 3.1%
    PARAMOUNT RESIDENTIAL MORTGAGE GROUP VA mortgage Closing on a mortgage 1 3.1%
    PARAMOUNT RESIDENTIAL MORTGAGE GROUP VA mortgage Struggling to pay mortgage 1 3.1%
    PARAMOUNT RESIDENTIAL MORTGAGE GROUP Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 3 9.4%
    PARAMOUNT RESIDENTIAL MORTGAGE GROUP Conventional home mortgage Trouble during payment process 10 31.3%
    PARAMOUNT RESIDENTIAL MORTGAGE GROUP FHA mortgage Closing on a mortgage 1 3.1%
    PARAMOUNT RESIDENTIAL MORTGAGE GROUP FHA mortgage Problem with a credit reporting company's investigation into an existing problem 1 3.1%