Sound Mortgage Rates, Fees & Info

Tacoma, WA

LEI: 54930021QRU8VXNS6152

Tax ID: 91-0557925

5 stars - out of 5 stars, based on 36 reviews

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

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Mortgage Data

  • SimulatedRates™
  • Originations
  • Relative Rates
  • Relative Fees
  • 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

    Sound is a smaller mortgage company specializing in Home Improvement, Refi, and Home Purchase loans. Sound has a high proportion of conventional loans. Their top markets by origination volume include: Seattle, Olympia, Bremerton, Bellingham, and Redding among others. We have data for 25 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Sound 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. Sound 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
    Home Equity Line of Credit (HELOC) 5.19% 3/23/23
    30 Year Conventional Purchase 6.44% 3/23/23
    30 Year Conventional Refi 6.29% 3/23/23
    30 Year Cash-out Refi 6.46% 3/23/23
    30 Year FHA Purchase 6.27% 3/23/23
    30 Year VA Purchase 6.21% 3/23/23
    30 Year VA Refi 6.01% 3/23/23
    30 Year USDA Purchase 6.27% 3/23/23
    15 Year Conventional Purchase 5.59% 3/23/23
    15 Year Conventional Refi 5.92% 3/23/23
    15 Year Cash-out Refi 5.92% 3/23/23
    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.


    Originations

    1,304

    Origination Dollar Volume (All Markets)

    $243,000,000
    Show all (11) awards

    Relative Rate

    Sound's average 30 year fixed mortgage rate was 3.7%.

    The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.

    This yields a difference of -1.06%.

    Relative Fees (Closing Costs)

    Sound's average total fees/closing costs for a 30 year fixed rate mortgage were $3,858.

    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 $4,750.

    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
    Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 1,126 $190,800,000 $169,449 $1,060 4.24%
    OLYMPIA-LACEY-TUMWATER, WA (FHA|USDA|VA) 55 $11,445,000 $208,091 $1,088 4.29%
    BREMERTON-SILVERDALE-PORT ORCHARD, WA (FHA|USDA|VA) 39 $9,095,000 $233,205 $1,534 3.92%
    BELLINGHAM, WA (FHA|USDA|VA) 7 $7,155,000 $1,022,143 $0 3.81%
    REDDING, CA (FHA|USDA|VA) 1 $4,275,000 $4,275,000 $0 5.35%
    Outside of Metro Areas 4 $3,780,000 $945,000 $7,283 3.97%
    WENATCHEE, WA (FHA|USDA|VA) 5 $2,865,000 $573,000 $1,852 4.30%
    PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 6 $2,410,000 $401,667 $0 5.38%
    SPOKANE-SPOKANE VALLEY, WA (FHA|USDA|VA) 5 $1,925,000 $385,000 $1,191 5.24%
    Centralia, WA (FHA|USDA|VA) 9 $1,785,000 $198,333 $1,831 4.64%
    Oak Harbor, WA (FHA|USDA|VA) 13 $1,395,000 $107,308 $864 3.75%
    Shelton, WA (FHA|USDA|VA) 8 $1,260,000 $157,500 $2,157 3.67%
    YAKIMA, WA (FHA|USDA|VA) 3 $1,005,000 $335,000 $0 3.49%
    Ellensburg, WA (FHA|USDA|VA) 3 $815,000 $271,667 $0 3.96%
    MOUNT VERNON-ANACORTES, WA (FHA|USDA|VA) 6 $650,000 $108,333 $1,416 3.59%
    Moses Lake, WA (FHA|USDA|VA) 1 $645,000 $645,000 $4,136 3.00%
    Aberdeen, WA (FHA|USDA|VA) 5 $475,000 $95,000 $180 5.24%
    La Grande, OR (FHA|USDA|VA) 1 $305,000 $305,000 $4,523 5.25%
    KENNEWICK-RICHLAND, WA (FHA|USDA|VA) 1 $265,000 $265,000 $2,424 3.88%
    Coos Bay, OR (FHA|USDA|VA) 1 $205,000 $205,000 $0 4.60%
    Astoria, OR (FHA|USDA|VA) 1 $155,000 $155,000 $0 2.99%
    Newport, OR (FHA|USDA|VA) 1 $145,000 $145,000 $2,936 3.50%
    Hermiston-Pendleton, OR (FHA|USDA|VA) 1 $85,000 $85,000 $0 4.54%
    WALLA WALLA, WA (FHA|USDA|VA) 1 $45,000 $45,000 $0 3.74%
    Port Angeles, WA (FHA|USDA|VA) 1 $15,000 $15,000 $0 6.74%
    Sound's top markets include Seattle, Olympia, Bremerton, Bellingham, and Redding among others.

    Their top states include:
  • Washington (FHA|USDA|VA)
  • California (FHA|USDA|VA)
  • Oregon (FHA|USDA|VA)
  • Idaho (FHA|USDA|VA)

    • Similar Lenders

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

    ALL WESTERN MORTGAGE, INC.
    Similarity Rank: 648
    Olympia Federal Savings & Loan Association
    Similarity Rank: 924
    Bank of the Pacific
    Similarity Rank: 2093
    Chicago Financial Services, Inc.
    Similarity Rank: 2139
    IVY MORTGAGE, INC.
    Similarity Rank: 2166
    NorthWest Plus Credit Union
    Similarity Rank: 2303
    VERITY
    Similarity Rank: 2400
    U S WIDE FINANCIAL LLC
    Similarity Rank: 2496
    TRISTAR FINANCE, INC.
    Similarity Rank: 2808
    O BEE
    Similarity Rank: 2831

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 728 $87,240,000 $119,835 n/a 4.01%
    Conventional 571 $154,185,000 $270,026 $1,047 4.52%
    VA 5 $1,575,000 $315,000 $7,852 3.03%

    For 2022, Sound's most frequently originated type of loan was HELOC, with 728 originations. Their 2nd most popular type was Conventional, with 571 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 730 $65,710,000 $90,014 $28 4.36%
    Refi 196 $55,600,000 $283,673 $1,062 4.05%
    Other 149 $15,505,000 $104,060 $56 4.44%
    Home Purchase 135 $66,865,000 $495,296 $3,344 3.99%
    Cash Out Refi 94 $39,320,000 $418,298 $3,781 3.59%

    For 2022, Sound's most frequently cited loan purpose was Home Improvement, with 730 originations. The 2nd most popular reason was Refi, with 196 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    10 Year 879 $163,795,000 $186,342 $81 4.15%
    15 Year 225 $25,895,000 $115,089 $433 4.91%
    30 Year 120 $43,120,000 $359,333 $3,858 3.70%
    5 Year 60 $4,520,000 $75,333 $0 4.15%
    20 Year 12 $3,480,000 $290,000 $3,570 3.21%
    Other 7 $1,715,000 $245,000 $0 4.21%
    1 Year 1 $475,000 $475,000 $0 4.00%

    For 2022, Sound's most frequently cited loan duration was 10 Year, with 879 originations. The 2nd most popular length was 15 Year, with 225 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 382 $31,310,000 $81,963
    $1k-2k 121 $39,755,000 $328,554
    $2k-3k 12 $5,090,000 $424,167
    $5k+ 6 $1,870,000 $311,667
    $4k-5k 3 $1,755,000 $585,000
    $3k-4k 2 $710,000 $355,000

    Sound's average total fees were $3,858, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 382 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 546 $72,050,000 $131,960
    4-5% 244 $56,780,000 $232,705
    5-6% 147 $33,635,000 $228,810
    3-4% 145 $54,735,000 $377,483
    6-7% 122 $13,400,000 $109,836
    7-8% 54 $5,640,000 $104,444
    Over 8% 28 $2,170,000 $77,500
    <2.5% 18 $4,590,000 $255,000

    During 2022, Sound's average interest rate for loans was 3.70%, while their most frequently originated rate bucket for loans was 2.5-3%, with 546 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 676 $35,830,000 $53,003 $16 4.45%
    $100k-200k 317 $42,975,000 $135,568 $933 4.07%
    $200k-400k 214 $60,430,000 $282,383 $2,904 3.83%
    $400k-600k 46 $21,350,000 $464,130 $4,394 3.97%
    $1MM+ 27 $65,555,000 $2,427,963 $0 4.43%
    $600k-1MM 24 $16,860,000 $702,500 $5,258 3.93%

    2022 saw Sound place emphasis on $100,000 or less loans with 676 originations, totaling $35,830,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 395 $42,945,000 $108,722 $841 4.41%
    $150k-250k 352 $57,530,000 $163,438 $1,096 4.24%
    $75k-100k 204 $23,240,000 $113,922 $1,362 4.17%
    $50k-75k 144 $14,980,000 $104,028 $1,406 3.94%
    $250k+ 101 $23,765,000 $235,297 $801 4.12%
    $50k or less 49 $3,675,000 $75,000 $1,046 3.93%

    Sound lent most frequently to those with incomes in the $100k-150k range, with 395 originations. The second most popular income band? $150k-250k, with 352 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 287 $39,055,000 $136,080 $1,092 4.21%
    20-30% 267 $37,025,000 $138,670 $1,294 4.00%
    42% 216 $23,980,000 $111,019 $275 4.32%
    <20% 82 $13,660,000 $166,585 $1,784 3.81%
    40% 73 $9,535,000 $130,616 $1,030 4.23%
    41% 73 $8,855,000 $121,301 $782 4.48%
    37% 61 $8,375,000 $137,295 $857 4.46%
    39% 59 $7,625,000 $129,237 $870 4.45%
    36% 56 $6,050,000 $108,036 $438 4.69%
    38% 47 $6,395,000 $136,064 $1,142 4.36%
    43% 18 $3,600,000 $200,000 $3,115 4.37%
    44% 7 $2,195,000 $313,571 $2,334 4.40%
    47% 5 $845,000 $169,000 $1,157 3.87%
    48% 4 $660,000 $165,000 $3,827 5.22%
    45% 3 $535,000 $178,333 $4,566 3.08%
    46% 2 $400,000 $200,000 $1,962 4.58%
    49% 2 $590,000 $295,000 $3,791 3.25%
    50-60% 2 $150,000 $75,000 $0 3.77%

    Sound lent most frequently to those with DTI ratios of 30-36%, with 287 originations. The next most common DTI ratio? 20-30%, with 267 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 906 $120,520,000 $133,024 $1,115 4.26%
    Not applicable 39 $72,325,000 $1,854,487 $0 4.35%
    Not provided 199 $27,045,000 $135,905 $1,066 4.12%
    Asian 82 $14,710,000 $179,390 $1,463 4.03%
    Black 42 $4,000,000 $95,238 $211 4.43%
    American Indian 16 $1,600,000 $100,000 $1,037 4.52%
    Other Asian 2 $790,000 $395,000 $3,580 3.50%
    Native Hawaiian or Islander 6 $730,000 $121,667 $1,522 5.14%
    Asian Indian 4 $510,000 $127,500 $0 4.03%
    Chinese 3 $415,000 $138,333 $0 2.99%
    Filipino 3 $235,000 $78,333 $0 4.04%
    Vietnamese 1 $105,000 $105,000 $0 2.99%
    Guamanian 1 $15,000 $15,000 $0 2.99%

    Approval Rates

    Total approvals of all applications
    79.60%

    Sound has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    77.38%

    Sound has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,304 $243,000,000 $186,350

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,304 $243,000,000 $186,350

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 255 $56,875,000 $223,039 $1,253 3.99%
    40-60% 99 $33,435,000 $337,727 $2,688 3.69%
    60-80% 82 $78,600,000 $958,537 $3,982 3.94%
    80-100% 24 $11,060,000 $460,833 $5,076 3.76%
    Under 20% 844 $63,030,000 $74,680 $26 4.41%