Premium Mortgage Corporation Rates, Fees & Info

Rochester, NY

LEI: 254900XN7UWEWK13RO81

Tax ID: 16-1566654

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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • 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

    Premium Mortgage Corporation is a small mortgage company specializing in Home Purchase and Refi 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 50 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 a below average pick rate when compared to similar lenders. Premium Mortgage Corporation 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 6.63% 4/21/24
    30 Year Conventional Refi 6.51% 4/21/24
    30 Year Cash-out Refi 6.66% 4/21/24
    30 Year FHA Purchase 7.54% 4/21/24
    30 Year FHA Refi 7.31% 4/21/24
    30 Year VA Purchase 6.55% 4/21/24
    30 Year VA Refi 6.65% 4/21/24
    30 Year USDA Purchase 6.85% 4/21/24
    15 Year Conventional Purchase 6.17% 4/21/24
    15 Year Conventional Refi 6.01% 4/21/24
    15 Year Cash-out Refi 6.01% 4/21/24
    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.

    Premium Mortgage Corporation Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Premium Mortgage Corporation. 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

    6,667

    Origination Dollar Volume (All Markets)

    $1,294,205,000
    Show all (45) 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
    ROCHESTER, NY (FHA|USDA|VA) 3,098 $579,180,000 $186,953 $3,407 3.03%
    BUFFALO-CHEEKTOWAGA, NY (FHA|USDA|VA) 2,092 $429,690,000 $205,397 $3,654 3.10%
    ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) 536 $117,840,000 $219,851 $3,968 3.03%
    SYRACUSE, NY (FHA|USDA|VA) 316 $56,340,000 $178,291 $3,458 3.01%
    Batavia, NY (FHA|USDA|VA) 162 $23,970,000 $147,963 $3,287 3.09%
    Outside of Metro Areas 111 $16,085,000 $144,910 $3,309 3.03%
    GLENS FALLS, NY (FHA|USDA|VA) 39 $7,285,000 $186,795 $3,702 3.06%
    UTICA-ROME, NY (FHA|USDA|VA) 41 $6,465,000 $157,683 $3,041 3.36%
    Corning, NY (FHA|USDA|VA) 38 $6,350,000 $167,105 $3,100 2.95%
    Jamestown-Dunkirk-Fredonia, NY (FHA|USDA|VA) 28 $5,160,000 $184,286 $3,651 3.05%
    New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 11 $4,955,000 $450,455 $4,166 3.06%
    Olean, NY (FHA|USDA|VA) 24 $4,520,000 $188,333 $3,059 2.95%
    Amsterdam, NY (FHA|USDA|VA) 23 $3,505,000 $152,391 $2,639 3.09%
    Gloversville, NY (FHA|USDA|VA) 17 $3,395,000 $199,706 $3,855 3.12%
    North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 10 $2,740,000 $274,000 $3,102 3.04%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 9 $2,425,000 $269,444 $3,653 2.93%
    Seneca Falls, NY (FHA|USDA|VA) 11 $2,065,000 $187,727 $2,967 3.05%
    Auburn, NY (FHA|USDA|VA) 11 $1,875,000 $170,455 $2,730 3.07%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 6 $1,760,000 $293,333 $3,955 2.96%
    Hudson, NY (FHA|USDA|VA) 6 $1,330,000 $221,667 $3,762 3.17%
    WATERTOWN-FORT DRUM, NY (FHA|USDA|VA) 6 $1,230,000 $205,000 $3,044 2.85%
    ERIE, PA (FHA|USDA|VA) 8 $1,190,000 $148,750 $3,625 3.16%
    POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) 4 $1,060,000 $265,000 $6,886 2.72%
    Oneonta, NY (FHA|USDA|VA) 7 $1,035,000 $147,857 $3,454 3.45%
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 2 $970,000 $485,000 $3,014 3.13%
    NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 3 $925,000 $308,333 $3,939 2.96%
    THE VILLAGES, FL (FHA|USDA|VA) 5 $785,000 $157,000 $4,275 3.08%
    BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 2 $770,000 $385,000 $3,937 2.69%
    ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 2 $770,000 $385,000 $4,931 2.88%
    PUNTA GORDA, FL (FHA|USDA|VA) 3 $745,000 $248,333 $5,211 3.17%
    ELMIRA, NY (FHA|USDA|VA) 4 $740,000 $185,000 $4,280 3.06%
    DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 2 $630,000 $315,000 $2,988 3.00%
    KINGSTON, NY (FHA|USDA|VA) 2 $580,000 $290,000 $2,283 4.13%
    Ogdensburg-Massena, NY (FHA|USDA|VA) 3 $565,000 $188,333 $2,138 3.00%
    BINGHAMTON, NY (FHA|USDA|VA) 4 $560,000 $140,000 $3,066 3.00%
    DAYTON-KETTERING, OH (FHA|USDA|VA) 2 $510,000 $255,000 $3,221 2.94%
    CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 1 $505,000 $505,000 $4,183 2.25%
    ITHACA, NY (FHA|USDA|VA) 2 $500,000 $250,000 $2,663 2.44%
    TALLAHASSEE, FL (FHA|USDA|VA) 1 $475,000 $475,000 $5,548 3.00%
    OCALA, FL (FHA|USDA|VA) 2 $420,000 $210,000 $3,848 3.00%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 1 $355,000 $355,000 $2,943 2.88%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 3 $345,000 $115,000 $3,107 2.96%
    PORT ST. LUCIE, FL (FHA|USDA|VA) 1 $265,000 $265,000 $5,009 3.50%
    Bennington, VT (FHA|USDA|VA) 1 $265,000 $265,000 $3,155 4.00%
    Cortland, NY (FHA|USDA|VA) 2 $250,000 $125,000 $1,954 3.00%
    EAST STROUDSBURG, PA (FHA|USDA|VA) 1 $245,000 $245,000 $4,670 2.38%
    JACKSONVILLE, FL (FHA|USDA|VA) 1 $225,000 $225,000 $4,711 3.63%
    LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 1 $145,000 $145,000 $2,951 2.75%
    PITTSBURGH, PA (FHA|USDA|VA) 1 $135,000 $135,000 $2,636 2.75%
    Malone, NY (FHA|USDA|VA) 1 $75,000 $75,000 $2,644 3.00%
    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)
  • Massachusetts (FHA|USDA|VA)
  • Connecticut (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.

    FIRST NEW YORK
    Similarity Rank: 56
    FIRST HERITAGE FEDERAL CREDIT UNION
    Similarity Rank: 60
    Pittsford Federal Credit Union
    Similarity Rank: 70
    ONTARIO SHORES
    Similarity Rank: 111
    GHS Federal Credit Union
    Similarity Rank: 112
    Bank of Akron
    Similarity Rank: 114
    RIVERSIDE
    Similarity Rank: 128
    SECNY Federal Credit Union
    Similarity Rank: 165
    Bank of Richmondville
    Similarity Rank: 180
    RELIANT COMMUNITY FEDERAL CREDIT UNION
    Similarity Rank: 190

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 5,136 $1,024,050,000 $199,387 $3,230 3.07%
    FHA 1,061 $175,945,000 $165,829 $4,708 3.02%
    VA 335 $76,045,000 $227,000 $4,508 2.95%
    USDA 135 $18,165,000 $134,556 $2,425 3.06%

    For 2020, Premium Mortgage Corporation's most frequently originated type of loan was Conventional, with 5,136 originations. Their 2nd most popular type was FHA, with 1,061 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 5,110 $974,050,000 $190,616 $3,563 3.09%
    Refi 1,557 $320,155,000 $205,623 $3,401 2.96%

    For 2020, Premium Mortgage Corporation's most frequently cited loan purpose was Home Purchase, with 5,110 originations. The 2nd most popular reason was Refi, with 1,557 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 5,663 $1,101,925,000 $194,583 $3,564 3.10%
    15 Year 616 $111,880,000 $181,623 $3,224 2.71%
    20 Year 304 $63,470,000 $208,783 $3,367 3.03%
    10 Year 35 $4,985,000 $142,429 $3,162 2.68%
    Other 35 $7,855,000 $224,429 $3,612 2.93%
    30+ year 14 $4,090,000 $292,143 $5,487 3.44%

    For 2020, Premium Mortgage Corporation's most frequently cited loan duration was 30 Year, with 5,663 originations. The 2nd most popular length was 15 Year, with 616 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 4,254 $848,020,000 $199,346
    $<1k 1,889 $352,115,000 $186,403
    $2k-3k 177 $40,595,000 $229,350
    $3k-4k 45 $10,625,000 $236,111
    $5k+ 16 $5,530,000 $345,625
    $4k-5k 15 $4,665,000 $311,000

    Premium Mortgage Corporation's average total fees were $3,564, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 4,254 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 3,508 $713,130,000 $203,287
    3-4% 2,461 $455,395,000 $185,045
    <2.5% 533 $103,485,000 $194,156
    4-5% 163 $22,055,000 $135,307
    5-6% 2 $140,000 $70,000

    During 2020, Premium Mortgage Corporation's average interest rate for loans was 3.10%, while their most frequently originated rate bucket for loans was 2.5-3%, with 3,508 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 3,481 $520,225,000 $149,447 $3,268 3.06%
    $200k-400k 2,321 $616,875,000 $265,780 $3,984 3.00%
    $100,000 or less 638 $51,330,000 $80,455 $2,733 3.30%
    $400k-600k 224 $103,640,000 $462,679 $4,468 2.95%
    $600k-1MM 3 $2,135,000 $711,667 $8,020 3.17%

    2020 saw Premium Mortgage Corporation place emphasis on $100k-200k loans with 3,481 originations, totaling $520,225,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 1,788 $286,060,000 $159,989 $3,412 3.06%
    $100k-150k 1,451 $328,025,000 $226,068 $3,760 3.05%
    $75k-100k 1,263 $242,405,000 $191,928 $3,678 3.05%
    $50k or less 1,091 $137,125,000 $125,687 $3,148 3.08%
    $150k-250k 798 $217,700,000 $272,807 $3,644 3.06%
    $250k+ 238 $74,210,000 $311,807 $3,645 3.05%

    Premium Mortgage Corporation lent most frequently to those with incomes in the $50k-75k range, with 1,788 originations. The second most popular income band? $100k-150k, with 1,451 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 1,533 $300,765,000 $196,194 $3,321 3.02%
    30-36% 1,302 $251,560,000 $193,210 $3,416 3.06%
    <20% 461 $88,645,000 $192,289 $3,289 2.96%
    50-60% 328 $61,630,000 $187,896 $4,906 3.01%
    44% 268 $51,530,000 $192,276 $3,411 3.11%
    41% 255 $47,235,000 $185,235 $3,556 3.10%
    39% 250 $48,040,000 $192,160 $3,517 3.12%
    43% 247 $50,355,000 $203,866 $3,444 3.11%
    42% 243 $45,475,000 $187,140 $3,420 3.13%
    36% 234 $44,370,000 $189,615 $3,469 3.09%
    38% 221 $44,135,000 $199,706 $3,623 3.07%
    40% 217 $43,945,000 $202,512 $3,534 3.08%
    37% 206 $39,570,000 $192,087 $3,284 3.12%
    45% 198 $39,190,000 $197,929 $3,697 3.06%
    48% 175 $33,085,000 $189,057 $3,780 3.04%
    47% 171 $34,045,000 $199,094 $3,857 3.08%
    46% 167 $31,485,000 $188,533 $3,675 3.09%
    49% 164 $32,610,000 $198,841 $3,928 3.11%
    >60% 1 $165,000 $165,000 $4,274 3.25%

    Premium Mortgage Corporation lent most frequently to those with DTI ratios of 20-30%, with 1,533 originations. The next most common DTI ratio? 30-36%, with 1,302 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 6,124 $1,199,040,000 $195,794 $3,514 3.05%
    Black 202 $33,460,000 $165,644 $3,764 3.14%
    Not provided 170 $30,060,000 $176,824 $3,619 3.18%
    Asian 133 $25,125,000 $188,910 $3,471 3.08%
    American Indian 18 $2,410,000 $133,889 $3,041 3.25%
    Asian Indian 7 $1,825,000 $260,714 $5,845 3.00%
    Other Asian 7 $1,175,000 $167,857 $3,840 3.00%
    Native Hawaiian or Islander 4 $700,000 $175,000 $3,413 3.88%
    Other Pacific Islander 1 $225,000 $225,000 $4,998 2.63%
    Chinese 1 $185,000 $185,000 $5,631 2.75%

    Approval Rates

    Total approvals of all applications
    97.62%

    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
    89.83%

    Premium Mortgage Corporation has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 6,667 $1,294,205,000 $194,121

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 23 $2,995,000 $130,217
    Single Family (1-4 Units):Site-Built 6,644 $1,291,210,000 $194,342

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 94 $11,270,000 $119,894 $3,170 2.91%
    40-60% 372 $63,500,000 $170,699 $3,228 2.87%
    60-80% 1,863 $373,645,000 $200,561 $3,328 3.09%
    80-100% 4,253 $826,835,000 $194,412 $3,554 3.06%
    Over 100% 80 $18,570,000 $232,125 $7,888 3.06%
    Under 20% 5 $385,000 $77,000 $2,665 2.78%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    PREMIUM MORTGAGE CORP Conventional home mortgage Trouble during payment process 1 100.0%