Addition Financial Mortgage Rates, Fees & Info

Lake Mary, FL

LEI: 5493001ZUNE2DKEA4702

Tax ID: 59-0678236

5 stars - Updated: 6/17/24 - out of 5 stars, based on 23 reviews

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

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Mortgage Data

Review & Overview

Addition Financial is a smaller mortgage company specializing in Cash Out Refi and Home Purchase loans. Addition Financial has a high proportion of conventional loans. Their top markets by origination volume include: Orlando, Deltona, Lakeland, Miami, and Tampa among others. We have data for 12 markets. (Some data included below & more in-depth data is available with an active subscription.)

Addition Financial has a below average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Addition Financial 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.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 6.55% 6/17/24
30 Year Conventional Refi 6.51% 6/17/24
30 Year Cash-out Refi 6.75% 6/17/24
15 Year Conventional Purchase 5.98% 6/17/24
15 Year Conventional Refi 6.22% 6/17/24
15 Year Cash-out Refi 6.22% 6/17/24
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.

Addition Financial Mortgage Calculator






Your Estimates

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

This is not an official calculator from Addition Financial. 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

514

Origination Dollar Volume (All Markets)

$54,160,000

Awards

ADDITION FINANCIAL 30 Year Conventional Loans gold
Show all (1) awards

Relative Rate

Addition Financial's average 30 year fixed mortgage rate was 6.56%.

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

This yields a difference of 0.08%.

Relative Fees (Closing Costs)

Addition Financial's average total fees/closing costs for a 30 year fixed rate mortgage were $5,093.

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
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 453 $47,355,000 $104,536 $1,970 7.64%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 34 $3,040,000 $89,412 $1,854 7.82%
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 9 $1,135,000 $126,111 $2,264 8.01%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 2 $760,000 $380,000 $4,077 7.19%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 3 $695,000 $231,667 $3,891 6.50%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 5 $325,000 $65,000 $1,720 7.48%
OCALA, FL (FHA|USDA|VA) 2 $270,000 $135,000 $2,642 5.94%
Outside of Metro Areas 2 $150,000 $75,000 $1,240 6.94%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $145,000 $145,000 $3,282 7.13%
Douglas, GA (FHA|USDA|VA) 1 $125,000 $125,000 $3,579 6.00%
HOMOSASSA SPRINGS, FL (FHA|USDA|VA) 1 $105,000 $105,000 $987 5.00%
TUCSON, AZ (FHA|USDA|VA) 1 $55,000 $55,000 $698 5.50%
Addition Financial's top markets include Orlando, Deltona, Lakeland, Miami, and Tampa among others.

Their top states include:
  • Florida (FHA|USDA|VA)
  • Georgia (FHA|USDA|VA)
  • Arizona (FHA|USDA|VA)
  • Similar Lenders

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

    ORLANDO CREDIT UNION
    Similarity Rank: 459
    Hancock Whitney Bank
    Similarity Rank: 546
    COMMUNITY CREDIT UNION OF FLORIDA
    Similarity Rank: 583
    Terrabank
    Similarity Rank: 660
    SHELTER MORTGAGE COMPANY, L.L.C.
    Similarity Rank: 686
    INSPIRE HOME LOANS INC.
    Similarity Rank: 728
    ADDITION FINANCIAL
    Similarity Rank: 804
    LAUNCH FEDERAL CREDIT UNION
    Similarity Rank: 840
    PARK SQUARE HOME MORTGAGE, LLC
    Similarity Rank: 1000
    Suncoast Credit Union
    Similarity Rank: 1026

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 309 $25,485,000 $82,476 n/a 8.26%
    Conventional 205 $28,675,000 $139,878 $2,013 6.67%

    For 2023, Addition Financial's most frequently originated type of loan was HELOC, with 309 originations. Their 2nd most popular type was Conventional, with 205 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 460 $37,580,000 $81,696 $995 7.77%
    Home Purchase 46 $15,890,000 $345,435 $5,338 6.46%
    Refi 8 $690,000 $86,250 $1,849 5.89%

    For 2023, Addition Financial's most frequently cited loan purpose was Cash Out Refi, with 460 originations. The 2nd most popular reason was Home Purchase, with 46 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 366 $31,070,000 $84,891 $1,353 8.15%
    10 Year 83 $5,145,000 $61,988 $753 6.16%
    30 Year 49 $15,435,000 $315,000 $5,093 6.56%
    5 Year 11 $655,000 $59,545 $660 6.07%
    20 Year 3 $665,000 $221,667 $4,058 7.58%
    Other 2 $1,190,000 $595,000 $0 6.63%

    For 2023, Addition Financial's most frequently cited loan duration was 15 Year, with 366 originations. The 2nd most popular length was 10 Year, with 83 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 144 $9,570,000 $66,458
    $1k-2k 55 $14,735,000 $267,909
    $2k-3k 2 $1,020,000 $510,000
    $5k+ 2 $2,160,000 $1,080,000

    Addition Financial's average total fees were $5,093, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 144 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    Over 8% 200 $16,420,000 $82,100
    7-8% 173 $17,715,000 $102,399
    6-7% 78 $12,080,000 $154,872
    5-6% 59 $7,215,000 $122,288
    4-5% 4 $730,000 $182,500

    During 2023, Addition Financial's average interest rate for loans was 6.56%, while their most frequently originated rate bucket for loans was Over 8%, with 200 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 351 $19,865,000 $56,595 $813 7.70%
    $100k-200k 105 $12,255,000 $116,714 $2,412 7.74%
    $200k-400k 42 $11,920,000 $283,810 $4,502 6.95%
    $600k-1MM 8 $5,860,000 $732,500 $8,243 7.06%
    $400k-600k 7 $3,095,000 $442,143 $6,113 7.16%
    $1MM+ 1 $1,165,000 $1,165,000 $15,809 5.38%

    2023 saw Addition Financial place emphasis on $100,000 or less loans with 351 originations, totaling $19,865,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 159 $16,435,000 $103,365 $1,897 7.78%
    $75k-100k 103 $8,475,000 $82,282 $1,772 7.68%
    $50k-75k 90 $6,830,000 $75,889 $1,657 7.56%
    $150k-250k 84 $10,310,000 $122,738 $1,658 7.50%
    $50k or less 56 $3,360,000 $60,000 $1,484 7.35%
    $250k+ 21 $8,465,000 $403,095 $7,597 7.68%

    Addition Financial lent most frequently to those with incomes in the $100k-150k range, with 159 originations. The second most popular income band? $75k-100k, with 103 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 92 $10,530,000 $114,457 $1,921 7.41%
    20-30% 82 $8,350,000 $101,829 $2,075 7.44%
    42% 42 $3,270,000 $77,857 $1,066 7.79%
    38% 34 $2,880,000 $84,706 $1,285 7.70%
    44% 34 $2,590,000 $76,176 $2,312 8.38%
    41% 34 $2,830,000 $83,235 $1,147 7.51%
    45% 32 $3,420,000 $106,875 $4,729 8.06%
    39% 29 $3,155,000 $108,793 $2,296 7.72%
    43% 29 $2,245,000 $77,414 $1,384 7.89%
    40% 26 $2,200,000 $84,615 $1,532 7.56%
    <20% 23 $3,175,000 $138,043 $2,577 7.52%
    37% 15 $995,000 $66,333 $943 7.19%
    46% 11 $2,005,000 $182,273 $9,632 7.81%
    >60% 9 $2,295,000 $255,000 $5,384 7.07%
    36% 9 $1,325,000 $147,222 $2,752 7.15%
    48% 4 $560,000 $140,000 $4,364 7.84%
    50-60% 4 $1,210,000 $302,500 $4,748 7.28%
    49% 2 $460,000 $230,000 $4,211 6.94%
    47% 2 $380,000 $190,000 $4,798 7.00%

    Addition Financial lent most frequently to those with DTI ratios of 30-36%, with 92 originations. The next most common DTI ratio? 20-30%, with 82 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 363 $34,995,000 $96,405 $1,839 7.62%
    Not provided 73 $10,375,000 $142,123 $3,008 7.83%
    Black 57 $5,015,000 $87,982 $1,376 7.65%
    Asian 17 $3,565,000 $209,706 $4,245 6.96%
    American Indian 3 $155,000 $51,667 $661 5.71%
    Native Hawaiian or Islander 1 $55,000 $55,000 $0 8.25%

    Approval Rates

    Total approvals of all applications
    53.96%

    Addition Financial has a low approval rate. They may have poor market targeting or stringent lending standards.

    Pick Rate

    Approvals leading to origination
    55.06%

    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
    1004.75 1 $105,000 $105,000
    1078.15 1 $55,000 $55,000
    1109.5 1 $105,000 $105,000
    1110.45 1 $65,000 $65,000
    1117.0 1 $55,000 $55,000
    1185.45 1 $95,000 $95,000
    1194.5 1 $85,000 $85,000
    1329.75 1 $85,000 $85,000
    1415.75 1 $85,000 $85,000
    1418.87 1 $95,000 $95,000
    1490.75 1 $95,000 $95,000
    1536.5 1 $85,000 $85,000
    1643.6 1 $155,000 $155,000
    1857.45 1 $135,000 $135,000
    1965.95 1 $135,000 $135,000
    1982.2 1 $175,000 $175,000
    2068.8 1 $135,000 $135,000
    2144.95 1 $145,000 $145,000
    2222.25 1 $155,000 $155,000
    2224.0 1 $115,000 $115,000
    2301.0 1 $125,000 $125,000
    2395.9 1 $305,000 $305,000
    2427.25 1 $155,000 $155,000
    2462.4 1 $175,000 $175,000
    2466.9 1 $135,000 $135,000
    2472.25 1 $205,000 $205,000
    2504.65 1 $205,000 $205,000
    2565.95 1 $205,000 $205,000
    2661.2 1 $175,000 $175,000
    2710.2 1 $235,000 $235,000
    2711.65 1 $385,000 $385,000
    3012.25 1 $255,000 $255,000
    3045.1 1 $295,000 $295,000
    3054.0 1 $155,000 $155,000
    3199.65 1 $465,000 $465,000
    3447.25 1 $405,000 $405,000
    3533.05 1 $405,000 $405,000
    3626.2 1 $355,000 $355,000
    3726.75 1 $315,000 $315,000
    3892.25 1 $405,000 $405,000
    475.45 1 $35,000 $35,000
    477.35 2 $140,000 $70,000
    479.75 5 $285,000 $57,000
    484.5 2 $160,000 $80,000
    489.95 2 $210,000 $105,000
    494.75 2 $130,000 $65,000
    499.5 1 $75,000 $75,000
    504.75 5 $265,000 $53,000
    507.1 1 $35,000 $35,000
    519.5 1 $105,000 $105,000
    519.75 2 $50,000 $25,000
    530.75 2 $120,000 $60,000
    571.75 2 $140,000 $70,000
    579.75 1 $105,000 $105,000
    625.45 3 $205,000 $68,333
    627.35 9 $465,000 $51,667
    629.75 26 $1,380,000 $53,077
    632.1 6 $530,000 $88,333
    632.9 4 $260,000 $65,000
    634.5 14 $790,000 $56,429
    634.95 2 $120,000 $60,000
    639.25 3 $275,000 $91,667
    639.95 12 $890,000 $74,167
    640.25 1 $105,000 $105,000
    642.1 1 $105,000 $105,000
    642.4 1 $45,000 $45,000
    642.9 1 $45,000 $45,000
    644.7 4 $340,000 $85,000
    644.75 38 $2,780,000 $73,158
    646.75 1 $65,000 $65,000
    649.45 1 $105,000 $105,000
    649.5 20 $1,380,000 $69,000
    649.75 1 $35,000 $35,000
    649.95 1 $55,000 $55,000
    651.5 1 $25,000 $25,000
    654.25 3 $235,000 $78,333
    659.0 1 $45,000 $45,000
    659.5 1 $105,000 $105,000
    664.75 1 $25,000 $25,000
    666.13 1 $75,000 $75,000
    669.5 1 $85,000 $85,000
    679.75 1 $65,000 $65,000
    680.75 8 $440,000 $55,000
    696.75 11 $775,000 $70,455
    701.5 9 $505,000 $56,111
    706.25 1 $55,000 $55,000
    717.68 1 $45,000 $45,000
    780.75 2 $110,000 $55,000
    784.5 1 $55,000 $55,000
    785.5 1 $105,000 $105,000
    796.75 1 $105,000 $105,000
    801.5 1 $55,000 $55,000
    826.5 3 $255,000 $85,000
    831.75 1 $85,000 $85,000
    930.75 4 $210,000 $52,500
    935.5 9 $745,000 $82,778
    940.25 2 $160,000 $80,000
    946.75 14 $970,000 $69,286
    951.5 6 $360,000 $60,000
    956.25 3 $175,000 $58,333
    956.75 1 $105,000 $105,000
    961.5 1 $105,000 $105,000
    962.2 1 $55,000 $55,000
    NA 205 $28,675,000 $139,878

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    514 $54,160,000 $105,370

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 125 $12,565,000 $100,520 $1,344 7.77%
    40-60% 24 $4,920,000 $205,000 $3,853 7.29%
    60-80% 27 $9,685,000 $358,704 $4,946 6.73%
    80-100% 21 $8,665,000 $412,619 $5,961 6.70%
    Under 20% 317 $18,325,000 $57,808 $708 7.73%