Franklin Mint Mortgage Rates, Fees & Info

Chadds Ford Township, PA

LEI: 5493001CM06UK2XY3I18

Tax ID: 23-2695702

5 stars - Updated: 7/12/24 - out of 5 stars, based on 35 reviews

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

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Mortgage Data

Review & Overview

Franklin Mint is a smaller mortgage company specializing in Home Improvement, Refi, and Home Purchase loans. Franklin Mint has a high proportion of conventional loans. Their top markets by origination volume include: Philadelphia, Ocean City, Salisbury, Atlantic City, and Phoenix among others. We have data for 30 markets. (Some data included below & more in-depth data is available with an active subscription.)

Franklin Mint has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Franklin Mint 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 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.

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
Home Equity Line of Credit (HELOC) 3.64% 7/12/24
30 Year Conventional Purchase 6.07% 7/12/24
30 Year Conventional Refi 6.01% 7/12/24
30 Year Cash-out Refi 6.57% 7/12/24
15 Year Conventional Purchase 5.83% 7/12/24
15 Year Conventional Refi 6.41% 7/12/24
15 Year Cash-out Refi 6.41% 7/12/24
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.

Franklin Mint Mortgage Calculator






Your Estimates

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

This is not an official calculator from Franklin Mint. 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

1,192

Origination Dollar Volume (All Markets)

$157,480,000

Awards

FRANKLIN MINT 30 Year Conventional Loans gold FRANKLIN MINT 30 Year Conventional Loans gold FRANKLIN MINT 30 Year Conventional Loans gold
Show all (3) awards

Relative Rate

Franklin Mint's average 30 year fixed mortgage rate was 5.58%.

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

This yields a difference of -0.9%.

Relative Fees (Closing Costs)

Franklin Mint's average total fees/closing costs for a 30 year fixed rate mortgage were $4,078.

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
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 1,079 $136,335,000 $126,353 $966 4.64%
OCEAN CITY, NJ (FHA|USDA|VA) 18 $3,370,000 $187,222 $285 3.73%
SALISBURY, MD-DE (FHA|USDA|VA) 14 $2,550,000 $182,143 $3,369 5.93%
ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) 9 $2,535,000 $281,667 $4,349 5.16%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 1 $1,505,000 $1,505,000 $8,497 5.88%
LANCASTER, PA (FHA|USDA|VA) 7 $1,435,000 $205,000 $2,984 4.83%
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 9 $1,395,000 $155,000 $150 4.35%
BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 2 $1,340,000 $670,000 $5,409 4.25%
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 7 $845,000 $120,714 $2,596 6.26%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 2 $730,000 $365,000 $150 6.12%
TRENTON-PRINCETON, NJ (FHA|USDA|VA) 4 $640,000 $160,000 $0 2.99%
PORT ST. LUCIE, FL (FHA|USDA|VA) 2 $610,000 $305,000 $0 2.99%
DOVER, DE (FHA|USDA|VA) 7 $535,000 $76,429 $150 5.24%
EAST STROUDSBURG, PA (FHA|USDA|VA) 3 $515,000 $171,667 $3,920 4.62%
READING, PA (FHA|USDA|VA) 4 $490,000 $122,500 $150 3.74%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 2 $460,000 $230,000 $1,660 7.00%
SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) 3 $345,000 $115,000 $0 2.32%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 1 $305,000 $305,000 $3,686 6.50%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 4 $240,000 $60,000 $150 3.87%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 2 $230,000 $115,000 $0 2.49%
ALTOONA, PA (FHA|USDA|VA) 1 $225,000 $225,000 $0 2.99%
HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) 1 $225,000 $225,000 $2,944 5.50%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 2 $160,000 $80,000 $0 2.99%
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 1 $145,000 $145,000 $2,379 5.38%
JACKSONVILLE, FL (FHA|USDA|VA) 1 $105,000 $105,000 $0 2.99%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 2 $70,000 $35,000 $150 7.99%
Sunbury, PA (FHA|USDA|VA) 1 $45,000 $45,000 $0 2.99%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 1 $35,000 $35,000 $150 7.99%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $35,000 $35,000 $0 9.49%
PITTSBURGH, PA (FHA|USDA|VA) 1 $25,000 $25,000 $0 9.49%
Franklin Mint's top markets include Philadelphia, Ocean City, Salisbury, Atlantic City, and Phoenix among others.

Their top states include:
  • Pennsylvania (FHA|USDA|VA)
  • Delaware (FHA|USDA|VA)
  • New Jersey (FHA|USDA|VA)
  • Maryland (FHA|USDA|VA)
  • Arizona (FHA|USDA|VA)
  • Similar Lenders

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

    Republic Bank
    Similarity Rank: 21
    TRI BORO
    Similarity Rank: 24
    RTN FEDERAL CREDIT UNION
    Similarity Rank: 40
    SCIENT Federal Credit Union
    Similarity Rank: 110
    FIRST FINANCIAL OF MARYLAND
    Similarity Rank: 117
    First Farmers and Merchants Bank
    Similarity Rank: 130

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 911 $109,145,000 $119,808 n/a 3.80%
    Conventional 281 $48,335,000 $172,011 $1,180 7.41%

    For 2023, Franklin Mint's most frequently originated type of loan was HELOC, with 911 originations. Their 2nd most popular type was Conventional, with 281 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 541 $52,675,000 $97,366 $330 4.49%
    Refi 275 $46,195,000 $167,982 $670 4.17%
    Other 222 $17,140,000 $77,207 $216 5.69%
    Home Purchase 149 $40,465,000 $271,577 $3,744 4.52%
    Cash Out Refi 5 $1,005,000 $201,000 $4,472 6.85%

    For 2023, Franklin Mint's most frequently cited loan purpose was Home Improvement, with 541 originations. The 2nd most popular reason was Refi, with 275 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 915 $109,315,000 $119,470 $150 3.82%
    10 Year 110 $15,930,000 $144,818 $160 7.59%
    15 Year 90 $10,640,000 $118,222 $913 7.97%
    30 Year 51 $19,755,000 $387,353 $4,078 5.58%
    20 Year 13 $1,245,000 $95,769 $138 8.72%
    5 Year 13 $595,000 $45,769 $150 7.89%

    For 2023, Franklin Mint's most frequently cited loan duration was Other, with 915 originations. The 2nd most popular length was 10 Year, with 110 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 256 $36,550,000 $142,773
    $1k-2k 3 $375,000 $125,000
    $2k-3k 1 $245,000 $245,000
    $4k-5k 1 $805,000 $805,000
    $5k+ 1 $365,000 $365,000

    Franklin Mint's average total fees were $4,078, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 256 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 603 $76,985,000 $127,670
    Over 8% 217 $15,225,000 $70,161
    <2.5% 148 $19,220,000 $129,865
    7-8% 78 $7,460,000 $95,641
    6-7% 78 $17,460,000 $223,846
    5-6% 40 $16,220,000 $405,500
    4-5% 28 $4,910,000 $175,357

    During 2023, Franklin Mint's average interest rate for loans was 5.58%, while their most frequently originated rate bucket for loans was 2.5-3%, with 603 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 616 $36,080,000 $58,571 $210 5.21%
    $100k-200k 358 $45,370,000 $126,732 $1,053 4.14%
    $200k-400k 167 $43,315,000 $259,371 $3,377 3.86%
    $400k-600k 35 $16,125,000 $460,714 $4,511 3.56%
    $600k-1MM 10 $7,440,000 $744,000 $6,926 5.34%
    $1MM+ 6 $9,150,000 $1,525,000 $6,981 5.81%

    2023 saw Franklin Mint place emphasis on $100,000 or less loans with 616 originations, totaling $36,080,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 357 $47,735,000 $133,711 $1,043 4.62%
    $100k-150k 318 $36,450,000 $114,623 $888 4.72%
    $250k+ 161 $34,365,000 $213,447 $3,049 3.73%
    $75k-100k 155 $14,465,000 $93,323 $1,117 4.54%
    $50k-75k 126 $9,130,000 $72,460 $588 5.56%
    $50k or less 40 $3,570,000 $89,250 $2,131 4.79%

    Franklin Mint lent most frequently to those with incomes in the $150k-250k range, with 357 originations. The second most popular income band? $100k-150k, with 318 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 251 $34,945,000 $139,223 $1,776 4.05%
    30-36% 200 $21,360,000 $106,800 $1,180 4.43%
    50-60% 179 $23,235,000 $129,804 $379 4.95%
    <20% 75 $11,195,000 $149,267 $2,185 3.70%
    >60% 42 $6,470,000 $154,048 $1,847 4.51%
    38% 41 $5,555,000 $135,488 $1,370 5.10%
    44% 37 $3,655,000 $98,784 $1,234 4.58%
    43% 36 $4,370,000 $121,389 $1,380 5.32%
    49% 35 $3,325,000 $95,000 $356 5.74%
    48% 35 $4,695,000 $134,143 $1,906 5.57%
    45% 33 $4,655,000 $141,061 $1,803 5.34%
    36% 31 $3,515,000 $113,387 $801 5.93%
    37% 31 $3,305,000 $106,613 $164 5.10%
    40% 27 $2,735,000 $101,296 $441 5.45%
    41% 27 $3,315,000 $122,778 $150 4.18%
    47% 26 $3,060,000 $117,692 $189 4.71%
    39% 25 $2,855,000 $114,200 $2,058 4.15%
    46% 24 $3,280,000 $136,667 $1,663 4.53%
    42% 19 $2,025,000 $106,579 $1,051 5.30%

    Franklin Mint lent most frequently to those with DTI ratios of 20-30%, with 251 originations. The next most common DTI ratio? 30-36%, with 200 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 883 $112,085,000 $126,937 $1,123 4.41%
    Not provided 108 $15,820,000 $146,481 $1,868 4.67%
    Black 125 $10,355,000 $82,840 $749 6.06%
    Not applicable 18 $9,930,000 $551,667 $0 6.41%
    Asian 46 $7,660,000 $166,522 $1,571 4.70%
    American Indian 7 $735,000 $105,000 $150 5.67%
    Asian Indian 1 $445,000 $445,000 $3,270 6.00%
    Native Hawaiian or Islander 3 $315,000 $105,000 $0 5.07%
    Filipino 1 $135,000 $135,000 $2,643 4.75%

    Approval Rates

    Total approvals of all applications
    71.94%

    Franklin Mint has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    73.07%

    Franklin Mint has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,192 $157,480,000 $132,114

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,192 $157,480,000 $132,114

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 403 $52,685,000 $130,732 $239 4.35%
    40-60% 115 $25,525,000 $221,957 $2,931 4.15%
    60-80% 67 $22,075,000 $329,478 $3,817 4.67%
    80-100% 43 $16,075,000 $373,837 $3,959 5.31%
    Under 20% 564 $41,120,000 $72,908 $168 4.93%