Desco Mortgage Rates, Fees & Info

Portsmouth, OH

LEI: 5493002G1DPDOKT55X37

Tax ID: 31-6042202

5 stars - Updated: 3/3/24 - out of 5 stars, based on 21 reviews

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

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Mortgage Data

Review & Overview

Desco is a smaller mortgage company specializing in Home Purchase and Cash Out Refi loans. Desco has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Huntington, Portsmouth, Lexington, Cincinnati, and Miami among others. We have data for 16 markets. (Some data included below & more in-depth data is available with an active subscription.)

Desco 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. Desco 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
30 Year Conventional Purchase 6.87% 3/3/24
30 Year Conventional Refi 6.54% 3/3/24
30 Year Cash-out Refi 6.92% 3/3/24
30 Year FHA Purchase 7.03% 3/3/24
30 Year VA Purchase 6.47% 3/3/24
30 Year USDA Purchase 6.93% 3/3/24
15 Year Conventional Purchase 5.77% 3/3/24
15 Year Conventional Refi 5.89% 3/3/24
15 Year Cash-out Refi 5.89% 3/3/24
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.

Desco Mortgage Calculator






Your Estimates

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

This is not an official calculator from Desco. 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

429

Origination Dollar Volume (All Markets)

$57,615,000

Awards

DESCO 30 Year Conventional Loans gold DESCO 30 Year Conventional Loans gold DESCO 30 Year Conventional Loans silver
Show all (3) awards

Relative Rate

Desco's average 30 year fixed mortgage rate was 4.82%.

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

This yields a difference of 0.06%.

Relative Fees (Closing Costs)

Desco's average total fees/closing costs for a 30 year fixed rate mortgage were $2,882.

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
HUNTINGTON-ASHLAND, WV-KY-OH (FHA|USDA|VA) 219 $31,275,000 $142,808 $2,154 4.83%
Portsmouth, OH (FHA|USDA|VA) 172 $18,860,000 $109,651 $2,853 4.76%
Outside of Metro Areas 12 $1,470,000 $122,500 $2,946 4.14%
LEXINGTON-FAYETTE, KY (FHA|USDA|VA) 6 $1,330,000 $221,667 $2,527 4.65%
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 2 $780,000 $390,000 $2,979 6.25%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $775,000 $775,000 $6,705 2.38%
LOUISVILLE, KY (FHA|USDA|VA) 2 $650,000 $325,000 $2,579 4.88%
Frankfort, KY (FHA|USDA|VA) 3 $565,000 $188,333 $0 6.17%
CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 1 $355,000 $355,000 $3,325 4.38%
Jackson, OH (FHA|USDA|VA) 4 $340,000 $85,000 $2,724 5.34%
CHARLESTON, WV (FHA|USDA|VA) 2 $290,000 $145,000 $2,198 3.56%
Richmond-Berea, KY (FHA|USDA|VA) 1 $245,000 $245,000 $3,044 3.00%
COLUMBUS, OH (FHA|USDA|VA) 1 $225,000 $225,000 $2,845 3.25%
SAVANNAH, GA (FHA|USDA|VA) 1 $205,000 $205,000 $2,396 5.88%
KNOXVILLE, TN (FHA|USDA|VA) 1 $195,000 $195,000 $2,065 2.63%
Maysville, KY (FHA|USDA|VA) 1 $55,000 $55,000 $2,284 3.00%
Desco's top markets include Huntington, Portsmouth, Lexington, Cincinnati, and Miami among others.

Their top states include:
  • Ohio (FHA|USDA|VA)
  • Kentucky (FHA|USDA|VA)
  • West Virginia (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Indiana (FHA|USDA|VA)
  • Similar Lenders

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

    Huntington Federal Savings Bank
    Similarity Rank: 12
    Community Trust Bank, Inc.
    Similarity Rank: 480
    DESCO
    Similarity Rank: 560
    The Ohio Valley Bank Company
    Similarity Rank: 1054
    POLARIS HOME FUNDING CORP.
    Similarity Rank: 1281
    City National Bank of West Virginia
    Similarity Rank: 1295
    ASHLAND Credit Union
    Similarity Rank: 1316
    MYCUMORTGAGE, LLC
    Similarity Rank: 1554
    Summit Community Bank, Inc.
    Similarity Rank: 1710
    Low VA Rates, LLC
    Similarity Rank: 2248

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 401 $53,815,000 $134,202 $2,417 4.78%
    USDA 16 $1,860,000 $116,250 $3,909 4.92%
    VA 12 $1,940,000 $161,667 $3,417 4.45%

    For 2022, Desco's most frequently originated type of loan was Conventional, with 401 originations. Their 2nd most popular type was USDA, with 16 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 241 $33,545,000 $139,191 $2,835 5.06%
    Cash Out Refi 98 $13,520,000 $137,959 $2,372 4.37%
    Refi 42 $5,890,000 $140,238 $2,184 4.12%
    Other 25 $3,045,000 $121,800 $1,949 4.15%
    Home Improvement 23 $1,615,000 $70,217 $1,580 5.47%

    For 2022, Desco's most frequently cited loan purpose was Home Purchase, with 241 originations. The 2nd most popular reason was Cash Out Refi, with 98 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 176 $28,070,000 $159,489 $2,882 4.82%
    15 Year 164 $20,410,000 $124,451 $2,236 4.54%
    10 Year 47 $4,175,000 $88,830 $1,844 5.05%
    20 Year 25 $3,665,000 $146,600 $2,351 4.30%
    5 Year 11 $635,000 $57,727 $1,062 7.29%
    Other 3 $335,000 $111,667 $1,928 5.71%
    1 Year 2 $90,000 $45,000 $0 5.25%
    3 Year 1 $235,000 $235,000 $0 4.00%

    For 2022, Desco's most frequently cited loan duration was 30 Year, with 176 originations. The 2nd most popular length was 15 Year, with 164 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 323 $44,055,000 $136,393
    $1k-2k 9 $1,525,000 $169,444
    $2k-3k 2 $210,000 $105,000

    Desco's average total fees were $2,882, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 323 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 110 $13,960,000 $126,909
    3-4% 101 $12,575,000 $124,505
    4-5% 92 $14,880,000 $161,739
    6-7% 57 $6,185,000 $108,509
    2.5-3% 37 $5,885,000 $159,054
    <2.5% 15 $2,955,000 $197,000
    Over 8% 9 $265,000 $29,444
    7-8% 8 $910,000 $113,750

    During 2022, Desco's average interest rate for loans was 4.82%, while their most frequently originated rate bucket for loans was 5-6%, with 110 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 214 $12,760,000 $59,626 $2,246 4.97%
    $100k-200k 135 $19,055,000 $141,148 $2,650 4.58%
    $200k-400k 66 $16,900,000 $256,061 $2,883 4.70%
    $400k-600k 7 $3,395,000 $485,000 $3,068 4.27%
    $600k-1MM 5 $3,495,000 $699,000 $3,274 3.73%
    $1MM+ 2 $2,010,000 $1,005,000 $0 4.50%

    2022 saw Desco place emphasis on $100,000 or less loans with 214 originations, totaling $12,760,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 90 $6,670,000 $74,111 $2,407 4.57%
    $50k-75k 84 $8,590,000 $102,262 $2,571 4.83%
    $75k-100k 73 $9,375,000 $128,425 $2,679 4.81%
    $100k-150k 66 $9,480,000 $143,636 $2,494 4.88%
    $150k-250k 24 $5,020,000 $209,167 $2,638 5.06%
    $250k+ 23 $7,515,000 $326,739 $2,654 4.64%

    Desco lent most frequently to those with incomes in the $50k or less range, with 90 originations. The second most popular income band? $50k-75k, with 84 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 104 $14,980,000 $144,038 $2,661 4.78%
    <20% 57 $7,405,000 $129,912 $2,306 4.86%
    30-36% 57 $7,465,000 $130,965 $2,749 4.76%
    41% 17 $2,105,000 $123,824 $2,426 4.76%
    39% 16 $1,920,000 $120,000 $2,415 4.67%
    38% 13 $1,625,000 $125,000 $2,589 4.83%
    36% 12 $1,310,000 $109,167 $2,617 5.56%
    40% 12 $1,940,000 $161,667 $2,169 4.42%
    43% 8 $530,000 $66,250 $2,213 4.30%
    47% 7 $1,085,000 $155,000 $2,621 4.46%
    50-60% 7 $775,000 $110,714 $2,028 4.77%
    >60% 6 $490,000 $81,667 $1,499 5.77%
    42% 6 $730,000 $121,667 $2,672 5.19%
    48% 6 $1,020,000 $170,000 $2,359 5.46%
    46% 5 $675,000 $135,000 $3,432 4.85%
    45% 4 $400,000 $100,000 $2,063 5.78%
    37% 4 $340,000 $85,000 $2,687 4.90%
    49% 3 $255,000 $85,000 $3,130 4.38%
    44% 1 $195,000 $195,000 $3,088 5.88%

    Desco lent most frequently to those with DTI ratios of 20-30%, with 104 originations. The next most common DTI ratio? <20%, with 57 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 350 $46,150,000 $131,857 $2,539 4.71%
    Not applicable 53 $8,145,000 $153,679 $0 5.27%
    Not provided 20 $2,450,000 $122,500 $2,343 4.71%
    Asian 1 $605,000 $605,000 $1,955 4.00%
    Black 5 $265,000 $53,000 $2,590 4.55%

    Approval Rates

    Total approvals of all applications
    89.77%

    Desco has an average approval rate.

    Pick Rate

    Approvals leading to origination
    58.74%

    Desco 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
    NA 429 $57,615,000 $134,301

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    429 $57,615,000 $134,301

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 35 $1,845,000 $52,714 $1,986 5.00%
    40-60% 51 $5,655,000 $110,882 $2,390 4.50%
    60-80% 165 $23,455,000 $142,152 $2,509 4.92%
    80-100% 139 $22,205,000 $159,748 $2,865 4.83%
    Over 100% 1 $325,000 $325,000 $9,426 3.00%
    Under 20% 9 $265,000 $29,444 $716 7.02%