Desco Mortgage Rates, Fees & Info
Portsmouth, OHLEI: 5493002G1DPDOKT55X37
Tax ID: 31-6042202
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Mortgage Data
Review & Overview
Desco is a smaller mortgage company specializing in Home Purchase, Cash Out Refi, and 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, Chillicothe, Cincinnati, and Lexington among others. We have data for 14 markets. (Some data included below & more in-depth data is available with an active subscription.)Desco has an above 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.80% | 3/19/23 |
| 30 Year Conventional Refi | 6.54% | 3/19/23 |
| 30 Year Cash-out Refi | 6.74% | 3/19/23 |
| 30 Year FHA Purchase | 7.23% | 3/19/23 |
| 30 Year FHA Refi | 6.27% | 3/19/23 |
| 30 Year VA Purchase | 6.50% | 3/19/23 |
| 30 Year VA Refi | 6.27% | 3/19/23 |
| 30 Year USDA Purchase | 6.87% | 3/19/23 |
| 15 Year Conventional Purchase | 5.94% | 3/19/23 |
| 15 Year Conventional Refi | 5.76% | 3/19/23 |
| 15 Year Cash-out Refi | 5.76% | 3/19/23 |
| 15 Year FHA Purchase | 5.68% | 3/19/23 |
| 15 Year VA Purchase | 5.68% | 3/19/23 |
| 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
732Origination Dollar Volume (All Markets)
$98,530,000Awards
DESCO - 2021
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For 2021, less than of lenders were eligible for this award.
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Relative Rate
Desco's average 30 year fixed mortgage rate was
3.22%.
The 2021 average 30 year fixed rate mortgage across all markets and lenders was 3.15%.
This yields a difference of 0.07%.
Relative Fees (Closing Costs)
Desco's average total fees/closing costs for a 30 year fixed rate
mortgage were $2,535.
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) | 346 | $48,420,000 | $139,942 | $1,875 | 3.07% |
| Portsmouth, OH (FHA|USDA|VA) | 343 | $41,865,000 | $122,055 | $2,539 | 3.26% |
| Outside of Metro Areas | 23 | $3,195,000 | $138,913 | $2,408 | 2.84% |
| Chillicothe, OH (FHA|USDA|VA) | 2 | $1,700,000 | $850,000 | $2,331 | 3.25% |
| CINCINNATI, OH-KY-IN (FHA|USDA|VA) | 5 | $1,225,000 | $245,000 | $2,694 | 2.98% |
| LEXINGTON-FAYETTE, KY (FHA|USDA|VA) | 4 | $750,000 | $187,500 | $2,085 | 3.22% |
| LOUISVILLE/JEFFERSON COUNTY, KY-IN (FHA|USDA|VA) | 2 | $350,000 | $175,000 | $1,956 | 2.25% |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) | 1 | $335,000 | $335,000 | $3,236 | 2.75% |
| COLUMBUS, OH (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $1,100 | 2.13% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $4,551 | 2.63% |
| MANSFIELD, OH (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $2,919 | 2.38% |
| Mount Vernon, OH (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $2,624 | 2.75% |
| Point Pleasant, WV-OH (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $1,169 | 2.38% |
| Mount Sterling, KY (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $2,279 | 2.75% |
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.
Similarity Rank: 12
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 715 | $96,535,000 | $135,014 | $2,202 | 3.15% |
| VA | 10 | $1,430,000 | $143,000 | $2,284 | 3.09% |
| USDA | 7 | $565,000 | $80,714 | $3,589 | 2.95% |
For 2021, Desco's most frequently originated type of loan was Conventional, with 715 originations. Their 2nd most popular type was VA, with 10 originations.
Loan Reason
For 2021, Desco's most frequently cited loan purpose was Home Purchase, with 288 originations. The 2nd most popular reason was Cash Out Refi, with 200 originations.
Loan Duration/Length
For 2021, Desco's most frequently cited loan duration was 15 Year, with 283 originations. The 2nd most popular length was 30 Year, with 225 originations.
Origination Fees/Closing Costs
Desco's average total fees were $2,535, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 647 originations.
Interest Rates
During 2021, Desco's average interest rate for loans was 3.22%, while their most frequently originated rate bucket for loans was 3-4%, with 245 originations.
Loan Sizing
2021 saw Desco place emphasis on $100,000 or less loans with 326 originations, totaling $20,310,000 in origination value.
Applicant Income
Desco lent most frequently to those with incomes in the $50k or less range, with 155 originations. The second most popular income band? $50k-75k, with 128 originations.
Applicant Debt to Income Ratio
Desco lent most frequently to those with DTI ratios of 20-30%, with 137 originations. The next most common DTI ratio? <20%, with 88 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications91.30%
Desco has an average approval rate.
Pick Rate
Approvals leading to origination82.51%
Desco has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 732 | $98,530,000 | $134,604 |