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

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  • 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 Other, Cash Out Refi, and Home Purchase loans. Addition Financial has a high proportion of conventional loans. Addition Financial has an average proportion of conventional loans. Their top markets by origination volume include: Orlando, Deltona, Lakeland, Palm Bay, and Tampa among others. We have data for 14 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.

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    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

    1,218

    Origination Dollar Volume (All Markets)

    $165,750,000
    Show all (5) 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) 1,091 $149,935,000 $137,429 $2,648 3.97%
    DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 73 $9,145,000 $125,274 $2,717 3.92%
    LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 15 $1,785,000 $119,000 $2,347 3.97%
    PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 8 $1,350,000 $168,750 $3,384 4.09%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 10 $1,300,000 $130,000 $2,622 4.18%
    THE VILLAGES, FL (FHA|USDA|VA) 5 $875,000 $175,000 $2,380 3.83%
    OCALA, FL (FHA|USDA|VA) 6 $420,000 $70,000 $3,424 3.80%
    JACKSONVILLE, FL (FHA|USDA|VA) 3 $335,000 $111,667 $2,818 3.88%
    North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 2 $160,000 $80,000 $905 3.44%
    PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 1 $155,000 $155,000 $5,111 3.63%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $105,000 $105,000 $0 0.00%
    Lake City, FL (FHA|USDA|VA) 1 $95,000 $95,000 $2,666 4.25%
    GAINESVILLE, FL (FHA|USDA|VA) 1 $75,000 $75,000 $3,259 3.63%
    PORT ST. LUCIE, FL (FHA|USDA|VA) 1 $15,000 $15,000 $0 0.00%
    Addition Financial's top markets include Orlando, Deltona, Lakeland, Palm Bay, 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: 342
    LAUNCH FEDERAL CREDIT UNION
    Similarity Rank: 441
    COMMUNITY CREDIT UNION OF FLORIDA
    Similarity Rank: 927
    Citizens First Bank
    Similarity Rank: 1072
    TrustCo Bank
    Similarity Rank: 1248
    DYBN FINANCIAL CORP.
    Similarity Rank: 1260
    ADDITION FINANCIAL
    Similarity Rank: 1288
    LOANFLIGHT LENDING, LLC
    Similarity Rank: 1554
    Suncoast Credit Union
    Similarity Rank: 1656
    CHAMPIONS MORTGAGE LLC
    Similarity Rank: 1870

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 932 $147,700,000 $158,476 $2,656 3.97%
    Conventional 286 $18,050,000 $63,112 $0 0.00%

    For 2019, Addition Financial's most frequently originated type of loan was Conventional, with 932 originations. Their 2nd most popular type was Conventional, with 286 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Other 568 $44,550,000 $78,433 $1,503 4.11%
    Cash Out Refi 284 $45,330,000 $159,613 $2,713 3.92%
    Home Purchase 208 $44,040,000 $211,731 $4,035 4.02%
    Refi 156 $31,730,000 $203,397 $2,986 3.73%
    NA 2 $100,000 $50,000 $0 0.00%

    For 2019, Addition Financial's most frequently cited loan purpose was Other, with 568 originations. The 2nd most popular reason was Cash Out Refi, with 284 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 453 $96,505,000 $213,035 $3,634 3.97%
    Other 286 $18,050,000 $63,112 $0 0.00%
    10 Year 209 $14,125,000 $67,584 $755 3.87%
    15 Year 166 $22,940,000 $138,193 $2,560 4.22%
    20 Year 72 $12,720,000 $176,667 $3,242 3.82%
    5 Year 32 $1,410,000 $44,063 $416 3.70%

    For 2019, Addition Financial's most frequently cited loan duration was 30 Year, with 453 originations. The 2nd most popular length was Other, with 286 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 722 $111,380,000 $154,266
    $1k-2k 141 $22,805,000 $161,738
    $2k-3k 46 $9,380,000 $203,913
    $3k-4k 18 $3,230,000 $179,444
    $4k-5k 3 $535,000 $178,333
    $5k+ 2 $370,000 $185,000

    Addition Financial's average total fees were $3,634, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 722 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 595 $103,885,000 $174,597
    4-5% 261 $37,235,000 $142,663
    5-6% 32 $2,000,000 $62,500
    2.5-3% 26 $3,110,000 $119,615
    6-7% 17 $1,415,000 $83,235
    7-8% 1 $55,000 $55,000

    During 2019, Addition Financial's average interest rate for loans was 3.97%, while their most frequently originated rate bucket for loans was 3-4%, with 595 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 555 $29,495,000 $53,144 $986 4.16%
    $100k-200k 374 $55,540,000 $148,503 $3,165 3.88%
    $200k-400k 262 $66,840,000 $255,115 $3,711 3.89%
    $400k-600k 25 $12,045,000 $481,800 $4,798 3.80%
    $1MM+ 1 $1,175,000 $1,175,000 $7,210 3.38%
    $600k-1MM 1 $655,000 $655,000 $5,197 3.38%

    2019 saw Addition Financial place emphasis on $100,000 or less loans with 555 originations, totaling $29,495,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 348 $41,160,000 $118,276 $2,467 3.93%
    $50k or less 270 $26,110,000 $96,704 $2,563 3.95%
    $100k-150k 250 $39,700,000 $158,800 $2,716 4.02%
    $75k-100k 212 $28,840,000 $136,038 $2,668 3.98%
    $150k-250k 85 $17,105,000 $201,235 $2,761 3.98%
    $250k+ 23 $7,925,000 $344,565 $4,142 3.97%

    Addition Financial lent most frequently to those with incomes in the $50k-75k range, with 348 originations. The second most popular income band? $50k or less, with 270 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 286 $18,050,000 $63,112 $0 0.00%
    30-36% 198 $32,220,000 $162,727 $2,799 3.90%
    20-30% 191 $33,805,000 $176,990 $2,825 3.90%
    <20% 55 $7,825,000 $142,273 $2,315 3.76%
    42% 53 $8,215,000 $155,000 $2,380 3.98%
    38% 49 $6,695,000 $136,633 $2,267 4.03%
    39% 45 $6,575,000 $146,111 $2,546 4.01%
    43% 43 $7,225,000 $168,023 $2,808 4.02%
    41% 43 $6,415,000 $149,186 $2,557 4.08%
    37% 40 $6,640,000 $166,000 $2,980 3.96%
    40% 37 $5,805,000 $156,892 $2,400 4.16%
    36% 33 $4,015,000 $121,667 $1,973 4.14%
    44% 31 $5,715,000 $184,355 $3,006 4.22%
    45% 27 $4,285,000 $158,704 $2,749 3.96%
    49% 23 $3,195,000 $138,913 $2,814 4.09%
    46% 21 $3,885,000 $185,000 $3,311 3.93%
    47% 19 $2,305,000 $121,316 $2,477 4.09%
    48% 13 $1,675,000 $128,846 $2,382 3.92%
    50-60% 10 $1,110,000 $111,000 $1,480 4.24%
    >60% 1 $95,000 $95,000 $4,430 4.25%

    Addition Financial lent most frequently to those with DTI ratios of Exempt%, with 286 originations. The next most common DTI ratio? 30-36%, with 198 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 909 $120,275,000 $132,316 $2,601 3.96%
    Black 134 $19,110,000 $142,612 $2,793 3.96%
    Not provided 110 $16,860,000 $153,273 $2,964 4.00%
    Asian 31 $4,975,000 $160,484 $2,389 4.03%
    American Indian 12 $1,560,000 $130,000 $2,581 4.00%
    Native Hawaiian or Islander 8 $980,000 $122,500 $2,786 4.10%
    Other Asian 3 $565,000 $188,333 $3,410 4.63%
    Filipino 3 $475,000 $158,333 $3,149 4.44%
    Not applicable 3 $455,000 $151,667 $0 0.00%
    Korean 1 $185,000 $185,000 $6,949 4.13%
    Other Pacific Islander 1 $165,000 $165,000 $3,569 4.13%
    Asian Indian 3 $145,000 $48,333 $354 3.88%

    Approval Rates

    Total approvals of all applications
    77.71%

    Addition Financial has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    71.51%

    Addition Financial has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 286 $18,050,000 $63,112
    NA 932 $147,700,000 $158,476

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 12 $740,000 $61,667
    Single Family (1-4 Units):Site-Built 1,206 $165,010,000 $136,824

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 131 $10,455,000 $79,809 $1,207 4.01%
    40-60% 139 $19,265,000 $138,597 $2,891 3.76%
    60-80% 322 $67,400,000 $209,317 $3,513 3.83%
    80-100% 194 $43,880,000 $226,186 $3,696 4.03%
    Over 100% 1 $1,175,000 $1,175,000 $7,210 3.38%
    Under 20% 145 $5,525,000 $38,103 $416 4.36%