Addition Financial Mortgage Rates, Fees & Info
Lake Mary, FLLEI: 5493001ZUNE2DKEA4702
Tax ID: 59-0678236
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Mortgage Data
Review & 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 by origination volume include: Orlando, Deltona, Palm Bay, Lakeland, and Tampa among others. We have data for 17 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.55% | 4/18/24 |
| 30 Year Conventional Refi | 6.51% | 4/18/24 |
| 30 Year Cash-out Refi | 6.75% | 4/18/24 |
| 15 Year Conventional Purchase | 5.98% | 4/18/24 |
| 15 Year Conventional Refi | 6.22% | 4/18/24 |
| 15 Year Cash-out Refi | 6.22% | 4/18/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
1,136Origination Dollar Volume (All Markets)
$160,760,000Awards
ADDITION FINANCIAL - 2021
ADDITION FINANCIAL is a 2021 , due to their low .
For 2021, less than of lenders were eligible for this award.
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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) | 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% |
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.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 829 | $138,825,000 | $167,461 | $3,190 | 2.91% |
| HELOC | 305 | $21,775,000 | $71,393 | n/a | 3.53% |
| USDA | 2 | $160,000 | $80,000 | $765 | 2.38% |
For 2021, Addition Financial's most frequently originated type of loan was Conventional, with 829 originations. Their 2nd most popular type was HELOC, with 305 originations.
Loan Reason
For 2021, Addition Financial's most frequently cited loan purpose was Cash Out Refi, with 509 originations. The 2nd most popular reason was Refi, with 265 originations.
Loan Duration/Length
For 2021, Addition Financial's most frequently cited loan duration was 15 Year, with 471 originations. The 2nd most popular length was 30 Year, with 366 originations.
Origination Fees/Closing Costs
Addition Financial's average total fees were $4,176, while their most frequently occuring range of origination fees (closing costs) 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 for loans was 3.14%, while their most frequently originated rate bucket for loans was 3-4%, with 506 originations.
Loan Sizing
2021 saw Addition Financial place emphasis on $100,000 or less loans with 480 originations, totaling $27,800,000 in origination value.
Applicant Income
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
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
Approval Rates
Total approvals of all applications76.08%
Addition Financial has a below average approval rate.
Pick Rate
Approvals leading to origination67.96%
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 |