Addition Financial Mortgage Rates, Fees & Info

Lake Mary, FL

LEI: 5493001ZUNE2DKEA4702

Tax ID: 59-0678236

5 stars - out of 5 stars, based on 34 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Addition Financial is a smaller mortgage company specializing in Cash Out Refi and Refi loans. Addition Financial has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets include Orlando, Deltona, Palm Bay, Lakeland, and Tampa among others. Addition Financial has an average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Addition Financial is typically an average fee lendor.


Originations

1,136

Origination Dollar Volume (All Markets)

$160,760,000

Awards

ADDITION FINANCIAL 30 Year Conventional Loans silver ADDITION FINANCIAL 30 Year Conventional Loans bronze
Show all (2) awards

Relative Rate

Addition Financial's average 30 year fixed rate mortgage of loans were 3.14%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of -0.01%.

Relative Fees

Addition Financial's average total fees for a 30 year fixed rate mortgage are $4,176.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 949 $133,095,000 $140,248 $3,166 3.07%
Outside of Metro Areas 64 $9,160,000 $143,125 $3,095 3.03%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 54 $6,000,000 $111,111 $2,750 3.15%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 19 $3,355,000 $176,579 $4,356 3.13%
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 17 $2,665,000 $156,765 $2,879 2.97%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 6 $1,450,000 $241,667 $4,288 3.23%
HOMOSASSA SPRINGS, FL (FHA|USDA|VA) 5 $925,000 $185,000 $3,399 2.86%
THE VILLAGES, FL (FHA|USDA|VA) 2 $700,000 $350,000 $4,307 2.69%
OCALA, FL (FHA|USDA|VA) 5 $595,000 $119,000 $3,608 2.88%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 3 $575,000 $191,667 $3,602 2.92%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 2 $570,000 $285,000 $526 4.19%
JACKSONVILLE, FL (FHA|USDA|VA) 4 $490,000 $122,500 $4,942 3.13%
TALLAHASSEE, FL (FHA|USDA|VA) 1 $415,000 $415,000 $3,885 3.38%
GAINESVILLE, FL (FHA|USDA|VA) 2 $250,000 $125,000 $3,030 2.56%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $235,000 $235,000 $4,671 3.00%
Clewiston, FL (FHA|USDA|VA) 1 $145,000 $145,000 $3,935 4.00%
PUNTA GORDA, FL (FHA|USDA|VA) 1 $135,000 $135,000 $2,970 3.63%

Addition Financial's top markets include Orlando, Deltona, Palm Bay, Lakeland, and Tampa among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 1,134 $160,600,000 $141,623 $3,190 3.08%
USDA 2 $160,000 $80,000 $765 2.38%

For the 2021 period, Addition Financial's most frequently originated loan type of loans were Conventional, with 1,134 originations. Their 2nd most popular type is USDA, with 2 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Cash Out Refi 509 $70,895,000 $139,283 $3,048 3.15%
Refi 265 $41,875,000 $158,019 $3,135 2.72%
Other 264 $24,350,000 $92,235 $2,595 3.28%
Home Purchase 94 $22,900,000 $243,617 $4,581 3.05%
Home Improvement 4 $740,000 $185,000 $3,909 3.56%

For the 2021, Addition Financial's most frequently cited loan purpose of loans were Cash Out Refi, with 509 originations. The 2nd most popular reason of loans were Refi, with 265 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
15 Year 471 $46,645,000 $99,034 $3,216 3.33%
30 Year 366 $78,650,000 $214,891 $4,176 3.14%
10 Year 174 $17,410,000 $100,057 $1,139 2.46%
20 Year 97 $16,425,000 $169,330 $3,802 2.97%
5 Year 28 $1,630,000 $58,214 $523 2.09%

For the 2021, Addition Financial's most frequently cited loan length of loans were 15 Year, with 471 originations. The 2nd most popular length of loans were 30 Year, with 366 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 512 $76,900,000 $150,195
$1k-2k 146 $21,300,000 $145,890
$2k-3k 95 $18,665,000 $196,474
$3k-4k 57 $13,025,000 $228,509
$5k+ 20 $8,310,000 $415,500

$4,176 of loans were Addition Financial's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 512 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 506 $72,100,000 $142,490
2.5-3% 316 $57,280,000 $181,266
<2.5% 227 $25,145,000 $110,771
4-5% 80 $5,860,000 $73,250
5-6% 7 $375,000 $53,571

During 2021, Addition Financial's average interest rate of loans were 3.14%, while their most frequently originated rate bucket of loans were 3-4%, with 506 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100,000 or less 480 $27,800,000 $57,917 $1,320 3.19%
$100k-200k 383 $55,735,000 $145,522 $3,306 2.93%
$200k-400k 253 $65,195,000 $257,688 $4,472 3.04%
$400k-600k 15 $7,135,000 $475,667 $6,287 3.30%
$600k-1MM 4 $3,410,000 $852,500 $10,799 3.54%
$1MM+ 1 $1,485,000 $1,485,000 $18,502 3.25%

2021 saw Addition Financial place emphasis on $100,000 or less loans with 480 originations, totaling $27,800,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k-75k 335 $42,625,000 $127,239 $3,091 3.05%
$50k or less 251 $25,275,000 $100,697 $2,647 2.99%
$100k-150k 237 $38,645,000 $163,059 $3,437 3.10%
$75k-100k 210 $30,140,000 $143,524 $3,236 3.12%
$150k-250k 80 $17,120,000 $214,000 $3,953 3.24%
$250k+ 23 $6,955,000 $302,391 $5,239 3.10%

Addition Financial lent most frequently to those with incomes in the $50k-75k range, with 335 originations. The second most popular income band? $50k or less, with 251 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 261 $35,945,000 $137,720 $2,943 2.97%
30-36% 221 $31,835,000 $144,050 $3,339 3.09%
<20% 110 $13,650,000 $124,091 $2,799 2.87%
41% 64 $7,280,000 $113,750 $2,424 3.34%
42% 58 $7,140,000 $123,103 $2,484 3.20%
38% 56 $10,760,000 $192,143 $3,682 3.07%
39% 51 $9,695,000 $190,098 $3,794 3.06%
43% 50 $7,580,000 $151,600 $3,983 3.16%
44% 43 $7,005,000 $162,907 $3,324 3.36%
37% 40 $4,920,000 $123,000 $2,961 3.18%
40% 39 $4,975,000 $127,564 $3,061 3.10%
45% 34 $3,490,000 $102,647 $4,109 3.29%
36% 27 $3,225,000 $119,444 $2,949 3.01%
46% 27 $3,495,000 $129,444 $3,945 3.15%
47% 18 $3,110,000 $172,778 $3,844 2.86%
48% 13 $2,065,000 $158,846 $4,169 2.86%
50-60% 12 $1,990,000 $165,833 $3,755 2.91%
49% 8 $1,470,000 $183,750 $3,386 3.14%
>60% 3 $345,000 $115,000 $3,072 2.71%

Addition Financial lent most frequently to those with DTI ratios of 20-30%, with 261 originations. The next most common DTI ratio? 30-36%, with 221 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 833 $115,195,000 $138,289 $3,158 3.04%
Black 153 $22,325,000 $145,915 $3,309 3.22%
Not provided 111 $17,075,000 $153,829 $3,135 3.10%
Asian 23 $3,625,000 $157,609 $3,576 3.06%
Other Pacific Islander 4 $760,000 $190,000 $2,496 3.16%
Native Hawaiian 3 $495,000 $165,000 $2,320 3.05%
Other Asian 3 $475,000 $158,333 $3,051 3.21%
Filipino 1 $285,000 $285,000 $5,924 3.00%
Vietnamese 1 $275,000 $275,000 $7,143 2.50%
American Indian 3 $175,000 $58,333 $0 3.92%
Asian Indian 1 $75,000 $75,000 $371 4.25%

Approval Rates

Total approvals of all applications
78.60%

Addition Financial has a below average approval rate.

Pick Rate

Approvals leading to origination
66.54%

Addition Financial 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
1003.9 1 $15,000 $15,000
1010.8 1 $35,000 $35,000
1071.3 1 $75,000 $75,000
1103.9 2 $90,000 $45,000
1154.55 1 $55,000 $55,000
1186.65 1 $95,000 $95,000
1188.4 1 $105,000 $105,000
1399.95 1 $135,000 $135,000
1717.69 1 $135,000 $135,000
1722.6 1 $215,000 $215,000
1742.35 1 $125,000 $125,000
1926.7 1 $125,000 $125,000
1947.39 1 $195,000 $195,000
1958.45 1 $185,000 $185,000
2131.79 1 $205,000 $205,000
2400.7 1 $375,000 $375,000
2413.05 1 $235,000 $235,000
2764.5 1 $255,000 $255,000
314.15 1 $25,000 $25,000
375.55 2 $90,000 $45,000
375.8 2 $100,000 $50,000
380.05 1 $55,000 $55,000
385.8 1 $75,000 $75,000
390.05 1 $85,000 $85,000
410.8 1 $75,000 $75,000
480.55 1 $105,000 $105,000
495.75 2 $210,000 $105,000
503.9 1 $65,000 $65,000
510.55 1 $45,000 $45,000
510.8 1 $65,000 $65,000
518.65 7 $415,000 $59,286
518.9 9 $515,000 $57,222
523.65 5 $325,000 $65,000
5239.2 1 $505,000 $505,000
525.55 22 $1,220,000 $55,455
525.8 12 $850,000 $70,833
530.05 10 $510,000 $51,000
530.55 4 $250,000 $62,500
533.65 1 $105,000 $105,000
534.55 1 $55,000 $55,000
535.55 1 $95,000 $95,000
535.8 3 $175,000 $58,333
538.9 1 $15,000 $15,000
540.55 2 $170,000 $85,000
545.3 1 $105,000 $105,000
548.9 1 $55,000 $55,000
550.55 1 $45,000 $45,000
573.5 1 $45,000 $45,000
613.9 1 $95,000 $95,000
618.28 2 $90,000 $45,000
618.9 3 $135,000 $45,000
623.03 1 $105,000 $105,000
625.55 1 $95,000 $95,000
628.9 1 $45,000 $45,000
630.05 1 $25,000 $25,000
630.55 1 $55,000 $55,000
635.8 1 $55,000 $55,000
645.8 1 $55,000 $55,000
810.55 1 $75,000 $75,000
823.55 1 $105,000 $105,000
951.8 1 $55,000 $55,000
958.65 1 $55,000 $55,000
960.55 3 $135,000 $45,000
NA 999 $150,475,000 $150,626

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
1,136 $160,760,000 $141,514

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 282 $26,090,000 $92,518 $1,788 2.89%
40-60% 246 $39,860,000 $162,033 $3,358 2.86%
60-80% 272 $60,060,000 $220,809 $4,175 3.07%
80-100% 88 $23,960,000 $272,273 $4,902 3.12%
Under 20% 248 $10,790,000 $43,508 $679 3.47%