Sound Mortgage Rates, Fees & Info

Tacoma, WA

LEI: 54930021QRU8VXNS6152

Tax ID: 91-0557925

5 stars - Updated: 7/20/24 - out of 5 stars, based on 29 reviews

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

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Mortgage Data

Review & Overview

Sound is a smaller mortgage company specializing in Home Improvement and Home Purchase loans. Sound has a high proportion of conventional loans. Their top markets by origination volume include: Seattle, Bremerton, Olympia, Shelton, and Ellensburg among others. We have data for 22 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 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.

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% 7/20/24
30 Year Conventional Purchase 6.44% 7/20/24
30 Year Conventional Refi 6.29% 7/20/24
30 Year Cash-out Refi 6.46% 7/20/24
30 Year FHA Purchase 6.27% 7/20/24
30 Year VA Purchase 6.21% 7/20/24
30 Year VA Refi 6.01% 7/20/24
30 Year USDA Purchase 6.27% 7/20/24
15 Year Conventional Purchase 5.59% 7/20/24
15 Year Conventional Refi 5.92% 7/20/24
15 Year Cash-out Refi 5.92% 7/20/24
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.

Sound Mortgage Calculator






Your Estimates

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

This is not an official calculator from Sound. 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

815

Origination Dollar Volume (All Markets)

$124,735,000

Awards

SOUND 30 Year Conventional Loans bronze SOUND 30 Year Conventional Loans bronze
Show all (2) awards

Relative Rate

Sound's average 30 year fixed mortgage rate was 6.37%.

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

This yields a difference of -0.11%.

Relative Fees (Closing Costs)

Sound's average total fees/closing costs for a 30 year fixed rate mortgage were $6,183.

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
Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 704 $101,900,000 $144,744 $1,511 7.83%
BREMERTON-SILVERDALE-PORT ORCHARD, WA (FHA|USDA|VA) 26 $4,540,000 $174,615 $2,385 8.67%
OLYMPIA-LACEY-TUMWATER, WA (FHA|USDA|VA) 28 $3,900,000 $139,286 $944 7.39%
Shelton, WA (FHA|USDA|VA) 9 $2,825,000 $313,889 $0 7.91%
Ellensburg, WA (FHA|USDA|VA) 4 $1,950,000 $487,500 $3,945 6.69%
LONGVIEW, WA (FHA|USDA|VA) 2 $1,570,000 $785,000 $4,401 7.13%
Port Angeles, WA (FHA|USDA|VA) 4 $1,460,000 $365,000 $1,154 6.82%
Outside of Metro Areas 5 $1,335,000 $267,000 $4,048 7.80%
Centralia, WA (FHA|USDA|VA) 5 $1,085,000 $217,000 $0 7.77%
PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 3 $715,000 $238,333 $4,280 7.88%
MOUNT VERNON-ANACORTES, WA (FHA|USDA|VA) 6 $700,000 $116,667 $1,138 6.58%
SPOKANE-SPOKANE VALLEY, WA (FHA|USDA|VA) 3 $405,000 $135,000 $1,993 6.41%
Oak Harbor, WA (FHA|USDA|VA) 3 $395,000 $131,667 $1,579 6.13%
Aberdeen, WA (FHA|USDA|VA) 3 $395,000 $131,667 $788 7.64%
BEND, OR (FHA|USDA|VA) 1 $335,000 $335,000 $7,597 7.13%
KENNEWICK-RICHLAND, WA (FHA|USDA|VA) 1 $305,000 $305,000 $9,570 8.00%
BELLINGHAM, WA (FHA|USDA|VA) 2 $250,000 $125,000 $2,293 8.94%
WALLA WALLA, WA (FHA|USDA|VA) 1 $235,000 $235,000 $2,603 6.50%
Moses Lake, WA (FHA|USDA|VA) 2 $190,000 $95,000 $0 9.31%
Pullman, WA (FHA|USDA|VA) 1 $145,000 $145,000 $0 7.25%
LEWISTON, ID-WA (FHA|USDA|VA) 1 $75,000 $75,000 $0 6.50%
YAKIMA, WA (FHA|USDA|VA) 1 $25,000 $25,000 $0 7.39%
Sound's top markets include Seattle, Bremerton, Olympia, Shelton, and Ellensburg among others.

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

    KITSAP Credit Union
    Similarity Rank: 238
    LO, INC.
    Similarity Rank: 492
    CU HOME MORTGAGE SOLUTIONS, LLC
    Similarity Rank: 693
    TWINSTAR
    Similarity Rank: 957
    MORTGAGE LENDING GROUP LLC
    Similarity Rank: 1408
    East West Bank
    Similarity Rank: 1739
    SOUND
    Similarity Rank: 1782
    America's Credit Union
    Similarity Rank: 1806

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 455 $85,765,000 $188,495 $1,450 6.89%
    HELOC 355 $36,525,000 $102,887 n/a 9.02%
    VA 5 $2,445,000 $489,000 $10,970 5.85%

    For 2023, Sound's most frequently originated type of loan was Conventional, with 455 originations. Their 2nd most popular type was HELOC, with 355 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 385 $30,915,000 $80,299 $22 8.13%
    Other 146 $11,920,000 $81,644 $154 8.14%
    Refi 138 $19,320,000 $140,000 $342 7.75%
    Home Purchase 114 $49,110,000 $430,789 $6,160 6.71%
    Cash Out Refi 32 $13,470,000 $420,938 $4,599 6.62%

    For 2023, Sound's most frequently cited loan purpose was Home Improvement, with 385 originations. The 2nd most popular reason was Other, with 146 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    10 Year 460 $53,250,000 $115,761 $95 8.64%
    15 Year 189 $19,125,000 $101,190 $161 7.09%
    30 Year 111 $47,625,000 $429,054 $6,183 6.37%
    5 Year 52 $2,470,000 $47,500 $0 6.21%
    Other 3 $2,265,000 $755,000 $0 7.53%

    For 2023, Sound's most frequently cited loan duration was 10 Year, with 460 originations. The 2nd most popular length was 15 Year, with 189 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 322 $27,710,000 $86,056
    $1k-2k 71 $24,725,000 $348,239
    $5k+ 16 $10,510,000 $656,875
    $3k-4k 8 $2,990,000 $373,750
    $2k-3k 5 $3,015,000 $603,000
    $4k-5k 2 $830,000 $415,000

    Sound's average total fees were $6,183, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 322 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    Over 8% 340 $30,920,000 $90,941
    6-7% 219 $46,705,000 $213,265
    7-8% 181 $25,535,000 $141,077
    5-6% 74 $21,210,000 $286,622
    4-5% 1 $365,000 $365,000

    During 2023, Sound's average interest rate for loans was 6.37%, while their most frequently originated rate bucket for loans was Over 8%, with 340 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 475 $24,985,000 $52,600 $114 8.02%
    $100k-200k 168 $22,330,000 $132,917 $668 8.10%
    $200k-400k 104 $29,770,000 $286,250 $3,295 7.26%
    $400k-600k 34 $17,070,000 $502,059 $6,878 6.59%
    $600k-1MM 25 $17,835,000 $713,400 $9,770 6.43%
    $1MM+ 9 $12,745,000 $1,416,111 $11,701 6.34%

    2023 saw Sound place emphasis on $100,000 or less loans with 475 originations, totaling $24,985,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 227 $37,655,000 $165,881 $1,971 7.85%
    $100k-150k 224 $28,160,000 $125,714 $1,524 7.83%
    $75k-100k 120 $12,280,000 $102,333 $978 7.82%
    $50k-75k 109 $10,095,000 $92,615 $988 7.85%
    $250k+ 73 $20,075,000 $275,000 $2,694 7.93%
    $50k or less 35 $1,805,000 $51,571 $957 7.28%

    Sound lent most frequently to those with incomes in the $150k-250k range, with 227 originations. The second most popular income band? $100k-150k, with 224 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 149 $20,415,000 $137,013 $948 7.42%
    42% 148 $14,890,000 $100,608 $301 8.33%
    30-36% 143 $18,435,000 $128,916 $1,336 7.89%
    40% 58 $6,930,000 $119,483 $1,581 7.93%
    41% 57 $5,935,000 $104,123 $678 8.29%
    <20% 46 $5,640,000 $122,609 $1,437 7.08%
    38% 45 $5,025,000 $111,667 $598 8.26%
    39% 39 $4,185,000 $107,308 $942 7.74%
    36% 32 $4,790,000 $149,688 $2,366 8.22%
    37% 29 $3,395,000 $117,069 $2,429 8.15%
    43% 21 $4,875,000 $232,143 $2,968 7.21%
    44% 12 $5,220,000 $435,000 $5,513 6.47%
    45% 7 $2,935,000 $419,286 $7,015 6.57%
    48% 5 $3,835,000 $767,000 $7,915 6.83%
    47% 4 $1,570,000 $392,500 $7,881 6.25%
    46% 2 $1,480,000 $740,000 $5,401 6.44%
    49% 2 $1,170,000 $585,000 $11,946 7.00%

    Sound lent most frequently to those with DTI ratios of 20-30%, with 149 originations. The next most common DTI ratio? 42%, with 148 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 558 $72,900,000 $130,645 $1,365 7.81%
    Not provided 120 $19,540,000 $162,833 $2,047 8.00%
    Not applicable 16 $14,010,000 $875,625 $0 6.62%
    Asian 55 $9,745,000 $177,182 $1,963 7.66%
    Black 36 $3,780,000 $105,000 $1,365 8.11%
    American Indian 21 $2,445,000 $116,429 $1,536 7.87%
    Asian Indian 3 $1,115,000 $371,667 $7,353 6.42%
    Filipino 3 $655,000 $218,333 $1,427 6.21%
    Other Asian 1 $285,000 $285,000 $3,336 6.75%
    Native Hawaiian or Islander 2 $260,000 $130,000 $0 10.63%

    Approval Rates

    Total approvals of all applications
    76.05%

    Sound has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    72.88%

    Sound has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 815 $124,735,000 $153,049

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    815 $124,735,000 $153,049

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 138 $25,840,000 $187,246 $1,567 7.85%
    40-60% 35 $13,095,000 $374,143 $4,540 7.10%
    60-80% 45 $25,675,000 $570,556 $6,078 6.79%
    80-100% 42 $22,460,000 $534,762 $6,988 6.37%
    Over 100% 1 $565,000 $565,000 $21,623 5.13%
    Under 20% 554 $37,100,000 $66,968 $84 8.04%