Shelter Lending Services Mortgage Rates, Fees & Info
SPRINGFIELD, ILLEI: 5493000QYMPN362T6V61
Tax ID: 46-0972768
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Mortgage Data
Review & Overview
Shelter Lending Services is a smaller mortgage company specializing in Home Purchase loans. Shelter Lending Services has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Nashville, Charleston, Georgetown, Clarksville, and Columbia among others. We have data for 7 markets. (Some data included below & more in-depth data is available with an active subscription.)Shelter Lending Services 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. Shelter Lending Services 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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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.77% | 12/16/24 |
| 30 Year Conventional Refi | 6.44% | 12/16/24 |
| 30 Year Cash-out Refi | 6.76% | 12/16/24 |
| 30 Year VA Purchase | 6.42% | 12/16/24 |
| 30 Year USDA Purchase | 6.78% | 12/16/24 |
| 15 Year Conventional Purchase | 5.83% | 12/16/24 |
| 15 Year Conventional Refi | 6.22% | 12/16/24 |
| 15 Year Cash-out Refi | 6.22% | 12/16/24 |
| 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. | ||
Shelter Lending Services Mortgage Calculator
Your Estimates
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This is not an official calculator from Shelter Lending Services. 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
102Origination Dollar Volume (All Markets)
$41,010,000Awards
SHELTER LENDING SERVICES - 2023
SHELTER LENDING SERVICES is a 2023 , due to their low .
For 2023, less than of lenders were eligible for this award.
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Relative Rate
Shelter Lending Services's average 30 year fixed mortgage rate was
6.86%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of 0.38%.
Relative Fees (Closing Costs)
Shelter Lending Services's average total fees/closing costs for a 30 year fixed rate
mortgage were $5,463.
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 |
|---|---|---|---|---|---|
| NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) | 73 | $31,165,000 | $426,918 | $5,323 | 6.89% |
| CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) | 22 | $7,640,000 | $347,273 | $6,111 | 6.69% |
| Outside of Metro Areas | 2 | $810,000 | $405,000 | $6,581 | 6.69% |
| Georgetown, SC (FHA|USDA|VA) | 2 | $650,000 | $325,000 | $6,648 | 6.81% |
| CLARKSVILLE, TN-KY (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $2,569 | 7.50% |
| COLUMBIA, SC (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $3,924 | 6.50% |
| CHATTANOOGA, TN-GA (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $0 | 7.63% |
Similar Lenders
We use machine learning to identify the top lenders compared against SHELTER LENDING SERVICES based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 130
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Similarity Rank: 900
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 96 | $38,660,000 | $402,708 | $5,440 | 6.89% |
| VA | 5 | $2,075,000 | $415,000 | $5,508 | 6.25% |
| USDA | 1 | $275,000 | $275,000 | $10,890 | 6.75% |
For 2023, Shelter Lending Services's most frequently originated type of loan was Conventional, with 96 originations. Their 2nd most popular type was VA, with 5 originations.
Loan Reason
For 2023, Shelter Lending Services's most frequently cited loan purpose was Home Purchase, with 98 originations. The 2nd most popular reason was Refi, with 2 originations.
Loan Duration/Length
For 2023, Shelter Lending Services's most frequently cited loan duration was 30 Year, with 97 originations. The 2nd most popular length was 15 Year, with 4 originations.
Origination Fees/Closing Costs
Shelter Lending Services's average total fees were $5,463, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 46 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 62 | $25,220,000 | $406,774 |
| 7-8% | 29 | $12,185,000 | $420,172 |
| 5-6% | 7 | $2,295,000 | $327,857 |
| Over 8% | 3 | $795,000 | $265,000 |
| 4-5% | 1 | $515,000 | $515,000 |
During 2023, Shelter Lending Services's average interest rate for loans was 6.86%, while their most frequently originated rate bucket for loans was 6-7%, with 62 originations.
Loan Sizing
2023 saw Shelter Lending Services place emphasis on $200k-400k loans with 59 originations, totaling $17,955,000 in origination value.
Applicant Income
Shelter Lending Services lent most frequently to those with incomes in the $150k-250k range, with 34 originations. The second most popular income band? $100k-150k, with 24 originations.
Applicant Debt to Income Ratio
Shelter Lending Services lent most frequently to those with DTI ratios of 30-36%, with 21 originations. The next most common DTI ratio? 20-30%, with 16 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications96.23%
Shelter Lending Services has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination52.94%
Shelter Lending Services 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 | 102 | $41,010,000 | $402,059 |