Dragas Mortgage Company Rates, Fees & Info
Virginia Beach, VALEI: 5493001IWK74A5N1RE93
Tax ID: 54-0835790
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Mortgage Data
Review & Overview
Dragas Mortgage Company is a smaller mortgage company specializing in Home Purchase loans. Dragas Mortgage Company has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets by origination volume include: Virginia Beach, Charlottesville, and Washington among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)Dragas Mortgage Company 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. Dragas Mortgage Company 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 7.06% | 5/4/24 |
| 30 Year FHA Purchase | 7.40% | 5/4/24 |
| 30 Year VA Purchase | 6.53% | 5/4/24 |
| 15 Year Conventional Purchase | 6.14% | 5/4/24 |
| 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. | ||
Dragas Mortgage Company Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
256Origination Dollar Volume (All Markets)
$78,280,000Top 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 |
|---|---|---|---|---|---|
| VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) | 250 | $76,530,000 | $306,120 | $6,510 | 3.09% |
| Outside of Metro Areas | 4 | $1,120,000 | $280,000 | $3,416 | 2.84% |
| CHARLOTTESVILLE, VA (FHA|USDA|VA) | 1 | $465,000 | $465,000 | $4,439 | 2.88% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $2,267 | 3.38% |
Similar Lenders
We use machine learning to identify the top lenders compared against DRAGAS MORTGAGE COMPANY based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 138 | $38,710,000 | $280,507 | $3,375 | 3.15% |
| VA | 96 | $33,370,000 | $347,604 | $10,362 | 2.99% |
| FHA | 22 | $6,200,000 | $281,818 | $9,275 | 3.13% |
For 2020, Dragas Mortgage Company's most frequently originated type of loan was Conventional, with 138 originations. Their 2nd most popular type was VA, with 96 originations.
Loan Reason
For 2020, Dragas Mortgage Company's most frequently cited loan purpose was Home Purchase, with 223 originations. The 2nd most popular reason was Refi, with 22 originations.
Loan Duration/Length
For 2020, Dragas Mortgage Company's most frequently cited loan duration was 30 Year, with 248 originations. The 2nd most popular length was 15 Year, with 6 originations.
Origination Fees/Closing Costs
Dragas Mortgage Company's average total fees were $6,546, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 105 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 116 | $33,380,000 | $287,759 |
| 2.5-3% | 109 | $34,775,000 | $319,037 |
| <2.5% | 24 | $8,270,000 | $344,583 |
| 4-5% | 7 | $1,855,000 | $265,000 |
During 2020, Dragas Mortgage Company's average interest rate for loans was 3.10%, while their most frequently originated rate bucket for loans was 3-4%, with 116 originations.
Loan Sizing
2020 saw Dragas Mortgage Company place emphasis on $200k-400k loans with 177 originations, totaling $52,235,000 in origination value.
Applicant Income
Dragas Mortgage Company lent most frequently to those with incomes in the $100k-150k range, with 80 originations. The second most popular income band? $75k-100k, with 64 originations.
Applicant Debt to Income Ratio
Dragas Mortgage Company lent most frequently to those with DTI ratios of 20-30%, with 54 originations. The next most common DTI ratio? 30-36%, with 42 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications96.18%
Dragas Mortgage Company has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination91.80%
Dragas Mortgage Company has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 256 | $78,280,000 | $305,781 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 256 | $78,280,000 | $305,781 |