Addition Financial Mortgage Rates, Fees & Info

Lake Mary, FL

LEI: 5493001ZUNE2DKEA4702

Tax ID: 59-0678236

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

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • 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, Palm Bay, Miami, and Tampa among others. We have data for 13 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Addition Financial 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. Addition Financial 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 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.

    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
    30 Year Conventional Purchase 6.55% 12/16/24
    30 Year Conventional Refi 6.51% 12/16/24
    30 Year Cash-out Refi 6.75% 12/16/24
    15 Year Conventional Purchase 5.98% 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.

    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

    616

    Origination Dollar Volume (All Markets)

    $76,600,000

    Awards

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

    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) 549 $68,275,000 $124,362 $2,331 4.51%
    DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 30 $3,560,000 $118,667 $2,788 4.37%
    PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 9 $1,075,000 $119,444 $2,963 4.72%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 4 $980,000 $245,000 $5,172 4.78%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 5 $735,000 $147,000 $2,695 5.13%
    LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 9 $715,000 $79,444 $1,809 4.65%
    Okeechobee, FL (FHA|USDA|VA) 2 $290,000 $145,000 $1,826 5.44%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $275,000 $275,000 $3,930 5.38%
    OCALA, FL (FHA|USDA|VA) 2 $200,000 $100,000 $3,148 4.19%
    JACKSONVILLE, FL (FHA|USDA|VA) 1 $165,000 $165,000 $3,120 5.13%
    PORT ST. LUCIE, FL (FHA|USDA|VA) 1 $125,000 $125,000 $2,886 4.75%
    HOMOSASSA SPRINGS, FL (FHA|USDA|VA) 2 $120,000 $60,000 $1,954 5.31%
    North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $85,000 $85,000 $389 5.88%
    Addition Financial's top markets include Orlando, Deltona, Palm Bay, Miami, and Tampa among others.

    Their top states include:
  • Florida (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.

    McCoy Federal Credit Union
    Similarity Rank: 60
    Suncoast Credit Union
    Similarity Rank: 232
    LAUNCH FEDERAL CREDIT UNION
    Similarity Rank: 378
    Third Federal Savings and Loan Association of Cleveland
    Similarity Rank: 614
    DYBN FINANCIAL CORP.
    Similarity Rank: 756
    COMMUNITY CREDIT UNION OF FLORIDA
    Similarity Rank: 945
    TrustCo Bank
    Similarity Rank: 1225
    HOME SOLUTION LENDERS INC.
    Similarity Rank: 1539
    FLORIDA
    Similarity Rank: 1632
    WATSON MORTGAGE CORP.
    Similarity Rank: 1826

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 616 $76,600,000 $124,351 $2,377 4.52%

    For 2018, Addition Financial's most frequently originated type of loan was Conventional, with 616 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 314 $33,670,000 $107,229 $1,917 4.54%
    Home Purchase 153 $30,575,000 $199,837 $4,201 4.72%
    Other 74 $3,580,000 $48,378 $604 4.28%
    Refi 61 $8,175,000 $134,016 $2,732 4.36%
    Home Improvement 14 $600,000 $42,857 $597 3.98%

    For 2018, Addition Financial's most frequently cited loan purpose was Cash Out Refi, with 314 originations. The 2nd most popular reason was Home Purchase, with 153 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 252 $48,140,000 $191,032 $3,851 4.75%
    10 Year 176 $9,880,000 $56,136 $641 4.04%
    15 Year 104 $9,800,000 $94,231 $2,003 5.14%
    20 Year 44 $7,080,000 $160,909 $3,514 4.57%
    5 Year 40 $1,700,000 $42,500 $459 3.53%

    For 2018, Addition Financial's most frequently cited loan duration was 30 Year, with 252 originations. The 2nd most popular length was 10 Year, with 176 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 475 $51,265,000 $107,926
    $1k-2k 77 $12,445,000 $161,623
    $2k-3k 36 $7,100,000 $197,222
    $3k-4k 17 $3,185,000 $187,353
    $5k+ 8 $2,100,000 $262,500
    $4k-5k 3 $505,000 $168,333

    Addition Financial's average total fees were $3,851, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 475 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 369 $52,745,000 $142,940
    3-4% 139 $13,085,000 $94,137
    5-6% 58 $7,980,000 $137,586
    6-7% 26 $1,250,000 $48,077
    2.5-3% 20 $1,100,000 $55,000
    7-8% 4 $440,000 $110,000

    During 2018, Addition Financial's average interest rate for loans was 4.75%, while their most frequently originated rate bucket for loans was 4-5%, with 369 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 291 $14,145,000 $48,608 $915 4.40%
    $100k-200k 207 $30,805,000 $148,816 $3,255 4.61%
    $200k-400k 109 $27,405,000 $251,422 $4,276 4.66%
    $400k-600k 8 $3,550,000 $443,750 $6,379 4.42%
    $600k-1MM 1 $695,000 $695,000 $7,253 4.50%

    2018 saw Addition Financial place emphasis on $100,000 or less loans with 291 originations, totaling $14,145,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 187 $20,645,000 $110,401 $2,313 4.62%
    $50k or less 129 $10,915,000 $84,612 $2,175 4.40%
    $100k-150k 124 $17,950,000 $144,758 $2,403 4.48%
    $75k-100k 124 $18,190,000 $146,694 $2,512 4.55%
    $150k-250k 38 $5,730,000 $150,789 $2,114 4.47%
    $250k+ 6 $1,750,000 $291,667 $4,098 4.73%

    Addition Financial lent most frequently to those with incomes in the $50k-75k range, with 187 originations. The second most popular income band? $50k or less, with 129 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 137 $16,635,000 $121,423 $2,313 4.43%
    30-36% 120 $15,650,000 $130,417 $2,477 4.48%
    <20% 47 $5,295,000 $112,660 $2,366 4.14%
    42% 43 $4,105,000 $95,465 $1,533 4.50%
    40% 40 $4,950,000 $123,750 $2,325 4.77%
    41% 34 $3,380,000 $99,412 $1,576 4.80%
    38% 27 $2,775,000 $102,778 $2,037 4.22%
    37% 26 $3,020,000 $116,154 $2,396 4.45%
    43% 23 $3,455,000 $150,217 $3,272 4.78%
    36% 23 $3,175,000 $138,043 $2,396 4.41%
    44% 22 $3,450,000 $156,818 $3,490 4.72%
    39% 21 $3,145,000 $149,762 $2,542 4.74%
    46% 12 $1,800,000 $150,000 $2,767 5.00%
    48% 11 $1,505,000 $136,818 $3,314 4.55%
    45% 9 $1,275,000 $141,667 $2,880 4.58%
    49% 8 $1,070,000 $133,750 $3,010 5.03%
    47% 6 $1,070,000 $178,333 $2,585 4.85%
    50-60% 6 $680,000 $113,333 $2,101 4.83%
    >60% 1 $165,000 $165,000 $1,003 3.50%

    Addition Financial lent most frequently to those with DTI ratios of 20-30%, with 137 originations. The next most common DTI ratio? 30-36%, with 120 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 471 $58,485,000 $124,172 $2,379 4.53%
    Black 56 $7,060,000 $126,071 $2,430 4.46%
    Not provided 54 $6,620,000 $122,593 $2,324 4.47%
    Asian 20 $2,580,000 $129,000 $2,273 4.38%
    Native Hawaiian or Islander 5 $655,000 $131,000 $2,479 4.28%
    Asian Indian 2 $470,000 $235,000 $3,764 5.38%
    American Indian 5 $435,000 $87,000 $2,747 5.28%
    Other Pacific Islander 1 $215,000 $215,000 $2,640 5.00%
    Filipino 1 $55,000 $55,000 $320 4.13%
    Other Asian 1 $25,000 $25,000 $328 6.63%

    Approval Rates

    Total approvals of all applications
    78.86%

    Addition Financial has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    62.01%

    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
    NA 616 $76,600,000 $124,351

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 3 $225,000 $75,000
    Single Family (1-4 Units):Site-Built 613 $76,375,000 $124,592

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 101 $7,085,000 $70,149 $1,199 4.28%
    40-60% 70 $9,240,000 $132,000 $2,835 4.38%
    60-80% 175 $31,975,000 $182,714 $3,660 4.58%
    80-100% 109 $22,715,000 $208,394 $3,996 4.75%
    Under 20% 161 $5,585,000 $34,689 $428 4.51%