Financial Concepts Mortgage Rates, Fees & Info

OKLAHOMA CITY, OK

LEI: 549300488506L45QIE35

Tax ID: 73-1611552

5 stars - Updated: 7/20/24 - out of 5 stars, based on 25 reviews

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

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Mortgage Data

Review & Overview

Financial Concepts Mortgage is a smaller mortgage company specializing in Home Purchase loans. Financial Concepts Mortgage has a high proportion of conventional loans. They have a a high proportion of FHA loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Oklahoma City, Enid, Shawnee, Tulsa, and Weatherford among others. We have data for 22 markets. (Some data included below & more in-depth data is available with an active subscription.)

Financial Concepts Mortgage has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. Financial Concepts Mortgage 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
30 Year Conventional Purchase 6.32% 7/20/24
30 Year Conventional Refi 5.92% 7/20/24
30 Year Cash-out Refi 6.08% 7/20/24
30 Year FHA Purchase 7.13% 7/20/24
30 Year FHA Refi 7.16% 7/20/24
30 Year VA Purchase 5.85% 7/20/24
30 Year VA Refi 5.59% 7/20/24
30 Year USDA Purchase 6.44% 7/20/24
15 Year Conventional Purchase 5.45% 7/20/24
15 Year Conventional Refi 5.75% 7/20/24
15 Year Cash-out Refi 5.75% 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.

Financial Concepts Mortgage Mortgage Calculator






Your Estimates

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

This is not an official calculator from Financial Concepts Mortgage. 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

613

Origination Dollar Volume (All Markets)

$142,155,000

Awards

FINANCIAL CONCEPTS MORTGAGE FHA Loans silver FINANCIAL CONCEPTS MORTGAGE FHA Loans bronze FINANCIAL CONCEPTS MORTGAGE VA Loans silver
Show all (3) awards

Relative Rate

Financial Concepts Mortgage's average 30 year fixed mortgage rate was 6.65%.

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

This yields a difference of 0.17%.

Relative Fees (Closing Costs)

Financial Concepts Mortgage's average total fees/closing costs for a 30 year fixed rate mortgage were $7,737.

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
OKLAHOMA CITY, OK (FHA|USDA|VA) 455 $109,705,000 $241,110 $8,281 6.68%
ENID, OK (FHA|USDA|VA) 66 $12,950,000 $196,212 $2,834 6.39%
Outside of Metro Areas 31 $6,375,000 $205,645 $4,877 6.79%
Shawnee, OK (FHA|USDA|VA) 20 $4,420,000 $221,000 $6,542 6.70%
TULSA, OK (FHA|USDA|VA) 7 $1,475,000 $210,714 $10,235 6.57%
Weatherford, OK (FHA|USDA|VA) 6 $1,420,000 $236,667 $7,829 6.75%
Stillwater, OK (FHA|USDA|VA) 5 $1,045,000 $209,000 $3,462 6.60%
LAWTON, OK (FHA|USDA|VA) 4 $850,000 $212,500 $9,488 6.37%
Elk City, OK (FHA|USDA|VA) 4 $780,000 $195,000 $5,893 6.66%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 1 $505,000 $505,000 $0 6.75%
LUBBOCK, TX (FHA|USDA|VA) 1 $435,000 $435,000 $0 5.75%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 1 $395,000 $395,000 $272 6.25%
MANHATTAN, KS (FHA|USDA|VA) 1 $365,000 $365,000 $0 6.75%
BEAUMONT-PORT ARTHUR, TX (FHA|USDA|VA) 1 $265,000 $265,000 $0 7.63%
Muskogee, OK (FHA|USDA|VA) 2 $220,000 $110,000 $0 7.00%
Duncan, OK (FHA|USDA|VA) 2 $200,000 $100,000 $0 6.19%
Altus, OK (FHA|USDA|VA) 1 $195,000 $195,000 $0 6.00%
Guymon, OK (FHA|USDA|VA) 1 $175,000 $175,000 $0 5.63%
Bartlesville, OK (FHA|USDA|VA) 1 $145,000 $145,000 $0 6.00%
Woodward, OK (FHA|USDA|VA) 1 $105,000 $105,000 $0 5.49%
WICHITA, KS (FHA|USDA|VA) 1 $75,000 $75,000 $0 6.88%
McAlester, OK (FHA|USDA|VA) 1 $55,000 $55,000 $0 7.25%
Financial Concepts Mortgage's top markets include Oklahoma City, Enid, Shawnee, Tulsa, and Weatherford among others.

Their top states include:
  • Oklahoma (FHA|USDA|VA)
  • Texas (FHA|USDA|VA)
  • Kansas (FHA|USDA|VA)
  • Similar Lenders

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

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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 274 $65,450,000 $238,869 $17,538 6.69%
    FHA 209 $43,245,000 $206,914 $8,148 6.71%
    VA 120 $31,800,000 $265,000 $6,668 6.46%
    USDA 10 $1,660,000 $166,000 $6,333 6.36%

    For 2023, Financial Concepts Mortgage's most frequently originated type of loan was Conventional, with 274 originations. Their 2nd most popular type was FHA, with 209 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 594 $138,000,000 $232,323 $7,737 6.65%
    Cash Out Refi 14 $2,760,000 $197,143 $0 6.54%
    Refi 5 $1,395,000 $279,000 $0 6.65%

    For 2023, Financial Concepts Mortgage's most frequently cited loan purpose was Home Purchase, with 594 originations. The 2nd most popular reason was Cash Out Refi, with 14 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 609 $141,215,000 $231,880 $7,737 6.65%
    20 Year 2 $580,000 $290,000 $0 6.50%
    10 Year 1 $75,000 $75,000 $0 7.00%
    15 Year 1 $285,000 $285,000 $0 6.50%

    For 2023, Financial Concepts Mortgage's most frequently cited loan duration was 30 Year, with 609 originations. The 2nd most popular length was 20 Year, with 2 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 320 $64,270,000 $200,844
    $5k+ 79 $26,915,000 $340,696
    $3k-4k 42 $9,070,000 $215,952
    $2k-3k 37 $7,725,000 $208,784
    $4k-5k 35 $10,125,000 $289,286
    $<1k 25 $5,535,000 $221,400

    Financial Concepts Mortgage's average total fees were $7,737, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 320 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 323 $72,735,000 $225,186
    7-8% 176 $41,450,000 $235,511
    5-6% 110 $25,710,000 $233,727
    Over 8% 4 $2,260,000 $565,000

    During 2023, Financial Concepts Mortgage's average interest rate for loans was 6.65%, while their most frequently originated rate bucket for loans was 6-7%, with 323 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 278 $75,770,000 $272,554 $8,560 6.62%
    $100k-200k 239 $37,235,000 $155,795 $6,396 6.64%
    $100,000 or less 45 $3,425,000 $76,111 $5,682 6.53%
    $400k-600k 45 $21,095,000 $468,778 $9,076 6.88%
    $600k-1MM 6 $4,630,000 $771,667 $0 7.08%

    2023 saw Financial Concepts Mortgage place emphasis on $200k-400k loans with 278 originations, totaling $75,770,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 158 $29,310,000 $185,506 $7,400 6.55%
    $75k-100k 139 $31,155,000 $224,137 $7,825 6.67%
    $100k-150k 130 $36,110,000 $277,769 $8,857 6.67%
    $50k or less 92 $12,350,000 $134,239 $7,504 6.56%
    $150k-250k 62 $20,640,000 $332,903 $4,720 6.78%
    $250k+ 32 $12,590,000 $393,438 $11,299 6.92%

    Financial Concepts Mortgage lent most frequently to those with incomes in the $50k-75k range, with 158 originations. The second most popular income band? $75k-100k, with 139 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 109 $23,465,000 $215,275 $7,300 6.60%
    20-30% 97 $21,485,000 $221,495 $6,398 6.60%
    50-60% 64 $15,850,000 $247,656 $9,079 6.56%
    44% 36 $7,440,000 $206,667 $5,990 6.67%
    49% 36 $8,690,000 $241,389 $5,825 6.57%
    <20% 27 $5,875,000 $217,593 $5,682 6.66%
    36% 27 $6,195,000 $229,444 $3,329 6.74%
    38% 25 $6,355,000 $254,200 $6,670 6.53%
    39% 24 $5,860,000 $244,167 $6,701 6.63%
    42% 23 $5,865,000 $255,000 $8,714 6.60%
    45% 23 $5,325,000 $231,522 $7,370 6.84%
    46% 22 $5,230,000 $237,727 $9,355 6.53%
    37% 20 $4,630,000 $231,500 $5,281 6.98%
    47% 19 $4,945,000 $260,263 $17,292 6.85%
    43% 18 $4,240,000 $235,556 $0 6.83%
    40% 15 $3,845,000 $256,333 $9,471 6.59%
    48% 13 $2,945,000 $226,538 $7,939 6.83%
    41% 9 $1,965,000 $218,333 $0 6.76%
    >60% 6 $1,950,000 $325,000 $16,314 6.71%

    Financial Concepts Mortgage lent most frequently to those with DTI ratios of 30-36%, with 109 originations. The next most common DTI ratio? 20-30%, with 97 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 416 $97,080,000 $233,365 $7,626 6.63%
    Not provided 83 $17,865,000 $215,241 $6,949 6.72%
    American Indian 52 $12,420,000 $238,846 $8,001 6.58%
    Black 35 $9,235,000 $263,857 $9,200 6.62%
    Asian 19 $4,275,000 $225,000 $0 6.89%
    Other Asian 4 $780,000 $195,000 $11,221 6.63%
    Other Pacific Islander 2 $260,000 $130,000 $0 6.50%
    Native Hawaiian or Islander 2 $240,000 $120,000 $0 7.19%

    Approval Rates

    Total approvals of all applications
    98.11%

    Financial Concepts Mortgage has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    90.54%

    Financial Concepts Mortgage has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    0.0 126 $26,010,000 $206,429
    10745.67 1 $275,000 $275,000
    11048.75 1 $525,000 $525,000
    1145.0 1 $255,000 $255,000
    1295.0 27 $6,595,000 $244,259
    1313.0 1 $185,000 $185,000
    1445.0 1 $195,000 $195,000
    1479.0 1 $85,000 $85,000
    1530.0 1 $385,000 $385,000
    1579.0 1 $215,000 $215,000
    1580.25 1 $175,000 $175,000
    1795.0 1 $155,000 $155,000
    1808.75 1 $45,000 $45,000
    1857.5 1 $225,000 $225,000
    1945.5 1 $265,000 $265,000
    2095.0 1 $75,000 $75,000
    2612.07 1 $135,000 $135,000
    5250.0 1 $205,000 $205,000
    5292.71 1 $445,000 $445,000
    5774.85 1 $355,000 $355,000
    6175.0 1 $245,000 $245,000
    6895.0 1 $285,000 $285,000
    7551.96 1 $485,000 $485,000
    NA 439 $104,335,000 $237,665

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    613 $142,155,000 $231,900

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 6 $520,000 $86,667 $0 6.27%
    40-60% 16 $2,520,000 $157,500 $0 6.50%
    60-80% 101 $21,705,000 $214,901 $15,498 6.74%
    80-100% 457 $108,435,000 $237,276 $7,065 6.66%
    Over 100% 32 $8,930,000 $279,063 $10,915 6.26%
    Under 20% 1 $45,000 $45,000 $0 6.13%