Sound Mortgage Rates, Fees & Info

Tacoma, WA

LEI: 54930021QRU8VXNS6152

Tax ID: 91-0557925

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

    Sound is a smaller mortgage company specializing in Refi and Cash Out Refi loans. Sound has a high proportion of conventional loans. Their top markets by origination volume include: Seattle, Bremerton, Olympia, Portland, and Aberdeen among others. We have data for 20 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% 11/21/24
    30 Year Conventional Purchase 6.44% 11/21/24
    30 Year Conventional Refi 6.29% 11/21/24
    30 Year Cash-out Refi 6.46% 11/21/24
    30 Year FHA Purchase 6.27% 11/21/24
    30 Year VA Purchase 6.21% 11/21/24
    30 Year VA Refi 6.01% 11/21/24
    30 Year USDA Purchase 6.27% 11/21/24
    15 Year Conventional Purchase 5.59% 11/21/24
    15 Year Conventional Refi 5.92% 11/21/24
    15 Year Cash-out Refi 5.92% 11/21/24
    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

    1,706

    Origination Dollar Volume (All Markets)

    $386,540,000
    Show all (8) 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
    Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 1,513 $343,365,000 $226,943 $2,365 3.09%
    BREMERTON-SILVERDALE-PORT ORCHARD, WA (FHA|USDA|VA) 57 $13,245,000 $232,368 $2,169 3.11%
    OLYMPIA-LACEY-TUMWATER, WA (FHA|USDA|VA) 60 $12,310,000 $205,167 $2,395 3.09%
    PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 4 $3,470,000 $867,500 $2,883 3.89%
    Aberdeen, WA (FHA|USDA|VA) 12 $1,950,000 $162,500 $2,116 3.36%
    Shelton, WA (FHA|USDA|VA) 8 $1,800,000 $225,000 $2,712 2.78%
    Outside of Metro Areas 5 $1,595,000 $319,000 $2,532 2.77%
    WENATCHEE, WA (FHA|USDA|VA) 8 $1,460,000 $182,500 $5,505 3.18%
    Centralia, WA (FHA|USDA|VA) 9 $1,425,000 $158,333 $2,470 3.10%
    BELLINGHAM, WA (FHA|USDA|VA) 4 $1,040,000 $260,000 $3,379 2.94%
    Oak Harbor, WA (FHA|USDA|VA) 6 $850,000 $141,667 $2,083 3.30%
    Moses Lake, WA (FHA|USDA|VA) 3 $775,000 $258,333 $2,584 2.83%
    SPOKANE-SPOKANE VALLEY, WA (FHA|USDA|VA) 4 $680,000 $170,000 $1,054 3.86%
    Ellensburg, WA (FHA|USDA|VA) 3 $665,000 $221,667 $2,604 3.04%
    Port Angeles, WA (FHA|USDA|VA) 3 $505,000 $168,333 $2,461 3.21%
    KENNEWICK-RICHLAND, WA (FHA|USDA|VA) 2 $390,000 $195,000 $1,587 2.87%
    MOUNT VERNON-ANACORTES, WA (FHA|USDA|VA) 2 $320,000 $160,000 $787 3.08%
    WALLA WALLA, WA (FHA|USDA|VA) 1 $255,000 $255,000 $2,911 2.88%
    YAKIMA, WA (FHA|USDA|VA) 1 $235,000 $235,000 $2,032 2.50%
    BEND, OR (FHA|USDA|VA) 1 $205,000 $205,000 $3,467 2.75%
    Sound's top markets include Seattle, Bremerton, Olympia, Portland, and Aberdeen 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.

    TRISTAR FINANCE, INC.
    Similarity Rank: 378
    LOANSNAP, INC.
    Similarity Rank: 1106
    NATIONAL COOPERATIVE BANK, N.A.
    Similarity Rank: 1830
    O BEE
    Similarity Rank: 1965
    Kwik Mortgage Corporation
    Similarity Rank: 2670
    Shea Mortgage Inc.
    Similarity Rank: 4053
    CAMPOS FINANCIAL CORP.
    Similarity Rank: 4170
    Armed Forces Bank
    Similarity Rank: 4260
    SOUND
    Similarity Rank: 4420
    NorthWest Plus Credit Union
    Similarity Rank: 4608

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,253 $338,355,000 $270,036 $2,318 3.13%
    HELOC 433 $42,065,000 $97,148 n/a 3.00%
    VA 20 $6,120,000 $306,000 $5,590 2.78%

    For 2020, Sound's most frequently originated type of loan was Conventional, with 1,253 originations. Their 2nd most popular type was HELOC, with 433 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 713 $189,965,000 $266,431 $2,228 2.92%
    Cash Out Refi 441 $126,145,000 $286,043 $2,787 3.11%
    Home Improvement 301 $22,745,000 $75,565 $6 3.35%
    Home Purchase 134 $39,530,000 $295,000 $3,634 3.09%
    Other 117 $8,155,000 $69,701 $11 3.39%

    For 2020, Sound's most frequently cited loan purpose was Refi, with 713 originations. The 2nd most popular reason was Cash Out Refi, with 441 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 745 $225,785,000 $303,067 $2,795 3.09%
    10 Year 504 $61,870,000 $122,758 $403 3.18%
    15 Year 324 $74,020,000 $228,457 $2,056 2.84%
    20 Year 75 $20,285,000 $270,467 $2,541 3.01%
    5 Year 43 $1,835,000 $42,674 $1 3.84%
    Other 15 $2,745,000 $183,000 $796 3.83%

    For 2020, Sound's most frequently cited loan duration was 30 Year, with 745 originations. The 2nd most popular length was 10 Year, with 504 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 1,075 $274,695,000 $255,530
    $1k-2k 133 $39,835,000 $299,511
    $2k-3k 21 $6,685,000 $318,333
    $5k+ 10 $3,570,000 $357,000
    $3k-4k 8 $2,490,000 $311,250
    $4k-5k 2 $840,000 $420,000

    Sound's average total fees were $2,795, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 1,075 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 882 $173,660,000 $196,893
    3-4% 480 $137,780,000 $287,042
    <2.5% 223 $56,185,000 $251,951
    4-5% 77 $16,145,000 $209,675
    5-6% 30 $2,180,000 $72,667
    6-7% 10 $430,000 $43,000
    7-8% 4 $160,000 $40,000

    During 2020, Sound's average interest rate for loans was 3.09%, while their most frequently originated rate bucket for loans was 2.5-3%, with 882 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 714 $205,260,000 $287,479 $2,663 2.95%
    $100,000 or less 416 $21,190,000 $50,938 $335 3.41%
    $100k-200k 375 $55,635,000 $148,360 $2,142 3.00%
    $400k-600k 178 $81,920,000 $460,225 $3,046 3.04%
    $600k-1MM 18 $12,660,000 $703,333 $4,782 3.39%
    $1MM+ 5 $9,875,000 $1,975,000 $4,993 4.14%

    2020 saw Sound place emphasis on $200k-400k loans with 714 originations, totaling $205,260,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 458 $109,580,000 $239,258 $2,472 3.05%
    $75k-100k 355 $70,415,000 $198,352 $2,304 3.12%
    $150k-250k 336 $87,710,000 $261,042 $2,487 3.07%
    $50k-75k 331 $59,205,000 $178,867 $2,299 3.09%
    $50k or less 99 $12,055,000 $121,768 $2,061 3.18%
    $250k+ 65 $20,755,000 $319,308 $2,533 3.05%

    Sound lent most frequently to those with incomes in the $100k-150k range, with 458 originations. The second most popular income band? $75k-100k, with 355 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 490 $112,240,000 $229,061 $2,288 3.02%
    30-36% 341 $76,175,000 $223,387 $2,451 3.08%
    <20% 187 $40,835,000 $218,369 $2,052 2.94%
    42% 99 $14,595,000 $147,424 $1,860 3.28%
    41% 81 $16,855,000 $208,086 $2,379 3.21%
    38% 64 $13,540,000 $211,563 $2,404 3.11%
    40% 62 $12,800,000 $206,452 $2,565 3.13%
    39% 62 $13,340,000 $215,161 $2,567 3.16%
    37% 61 $14,305,000 $234,508 $2,495 3.00%
    36% 58 $10,080,000 $173,793 $2,250 3.42%
    43% 49 $10,435,000 $212,959 $2,468 3.34%
    44% 41 $10,665,000 $260,122 $2,607 3.00%
    45% 27 $6,825,000 $252,778 $3,037 3.19%
    48% 18 $5,470,000 $303,889 $2,982 2.85%
    47% 17 $4,275,000 $251,471 $2,946 2.85%
    46% 16 $4,530,000 $283,125 $2,253 2.89%
    49% 10 $3,130,000 $313,000 $3,657 3.14%
    50-60% 4 $600,000 $150,000 $3,382 2.81%
    >60% 1 $105,000 $105,000 $4,061 2.88%

    Sound lent most frequently to those with DTI ratios of 20-30%, with 490 originations. The next most common DTI ratio? 30-36%, with 341 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,266 $275,330,000 $217,480 $2,323 3.10%
    Not provided 229 $55,075,000 $240,502 $2,734 3.07%
    Asian 104 $22,630,000 $217,596 $2,255 2.94%
    Not applicable 13 $12,515,000 $962,692 $0 4.31%
    Black 35 $7,685,000 $219,571 $2,298 3.21%
    American Indian 23 $4,495,000 $195,435 $1,984 3.07%
    Filipino 9 $2,275,000 $252,778 $2,252 3.03%
    Native Hawaiian or Islander 6 $1,340,000 $223,333 $2,393 2.71%
    Asian Indian 4 $1,170,000 $292,500 $3,074 3.28%
    Other Asian 4 $970,000 $242,500 $2,036 3.35%
    Korean 3 $685,000 $228,333 $3,145 2.75%
    Vietnamese 3 $615,000 $205,000 $2,896 3.08%
    Japanese 2 $580,000 $290,000 $2,039 2.94%
    Other Pacific Islander 2 $500,000 $250,000 $1,848 2.50%
    Chinese 2 $450,000 $225,000 $1,924 2.50%
    Samoan 1 $225,000 $225,000 $1,715 2.38%

    Approval Rates

    Total approvals of all applications
    84.17%

    Sound has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    71.69%

    Sound has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,706 $386,540,000 $226,577

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 10 $10,730,000 $1,073,000
    Single Family (1-4 Units):Manufactured 23 $3,535,000 $153,696
    Single Family (1-4 Units):Site-Built 1,673 $372,275,000 $222,519

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 307 $57,845,000 $188,420 $2,108 2.97%
    40-60% 371 $101,405,000 $273,329 $2,457 2.87%
    60-80% 481 $155,195,000 $322,651 $2,678 3.08%
    80-100% 118 $45,570,000 $386,186 $3,438 3.13%
    Over 100% 1 $685,000 $685,000 $19,150 3.25%
    Under 20% 428 $25,840,000 $60,374 $430 3.36%