Financial Concepts Mortgage Rates, Fees & Info

OKLAHOMA CITY, OK

LEI: 549300488506L45QIE35

Tax ID: 73-1611552

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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • 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

    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 an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Oklahoma City, Enid, Mcalester, Shawnee, and Weatherford among others. We have data for 18 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. Financial Concepts Mortgage 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 6.32% 4/28/24
    30 Year Conventional Refi 5.92% 4/28/24
    30 Year Cash-out Refi 6.08% 4/28/24
    30 Year FHA Purchase 7.13% 4/28/24
    30 Year FHA Refi 7.16% 4/28/24
    30 Year VA Purchase 5.85% 4/28/24
    30 Year VA Refi 5.59% 4/28/24
    30 Year USDA Purchase 6.44% 4/28/24
    15 Year Conventional Purchase 5.45% 4/28/24
    15 Year Conventional Refi 5.75% 4/28/24
    15 Year Cash-out Refi 5.75% 4/28/24
    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

    649

    Origination Dollar Volume (All Markets)

    $118,755,000
    Show all (5) 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
    OKLAHOMA CITY, OK (FHA|USDA|VA) 387 $75,315,000 $194,612 $4,362 4.18%
    ENID, OK (FHA|USDA|VA) 112 $19,090,000 $170,446 $5,064 4.14%
    McAlester, OK (FHA|USDA|VA) 41 $6,825,000 $166,463 $5,420 4.53%
    Outside of Metro Areas 46 $6,220,000 $135,217 $4,701 4.53%
    Shawnee, OK (FHA|USDA|VA) 23 $3,415,000 $148,478 $4,953 4.42%
    Weatherford, OK (FHA|USDA|VA) 7 $1,765,000 $252,143 $4,241 4.16%
    Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 6 $1,730,000 $288,333 $3,601 3.88%
    TULSA, OK (FHA|USDA|VA) 10 $1,480,000 $148,000 $4,327 4.39%
    Tahlequah, OK (FHA|USDA|VA) 3 $785,000 $261,667 $4,566 4.42%
    Muskogee, OK (FHA|USDA|VA) 4 $430,000 $107,500 $4,499 4.53%
    Duncan, OK (FHA|USDA|VA) 1 $325,000 $325,000 $4,045 4.00%
    SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) 1 $295,000 $295,000 $3,626 4.63%
    Stillwater, OK (FHA|USDA|VA) 2 $280,000 $140,000 $4,774 4.38%
    FORT SMITH, AR-OK (FHA|USDA|VA) 1 $195,000 $195,000 $3,670 4.63%
    Ardmore, OK (FHA|USDA|VA) 1 $155,000 $155,000 $3,446 4.38%
    Altus, OK (FHA|USDA|VA) 1 $155,000 $155,000 $5,468 3.50%
    Ponca City, OK (FHA|USDA|VA) 2 $150,000 $75,000 $2,838 4.31%
    LAWTON, OK (FHA|USDA|VA) 1 $145,000 $145,000 $6,299 3.38%
    Financial Concepts Mortgage's top markets include Oklahoma City, Enid, Mcalester, Shawnee, and Weatherford among others.

    Their top states include:
  • Oklahoma (FHA|USDA|VA)
  • Texas (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.

    TRUE SKY
    Similarity Rank: 174
    WEOKIE
    Similarity Rank: 243
    Municipal Employees Credit Union of Oklahoma City
    Similarity Rank: 321
    Intrust Bank
    Similarity Rank: 352
    MORTGAGE CLEARING CORPORATION
    Similarity Rank: 780
    US Employees O.C. Federal Credit Union
    Similarity Rank: 784
    TIB The Independent Bankersbank
    Similarity Rank: 824
    CWM PARTNERS, L.P.
    Similarity Rank: 1180
    FIRST AMERICAN MORTGAGE, INC.
    Similarity Rank: 1224
    COMMUNICATION
    Similarity Rank: 1273

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 268 $52,300,000 $195,149 $3,661 4.14%
    FHA 201 $31,185,000 $155,149 $6,036 4.50%
    VA 143 $31,365,000 $219,336 $4,434 4.01%
    USDA 37 $3,905,000 $105,541 $4,284 4.38%

    For 2019, Financial Concepts Mortgage's most frequently originated type of loan was Conventional, with 268 originations. Their 2nd most popular type was FHA, with 201 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 555 $97,185,000 $175,108 $4,703 4.31%
    Refi 60 $13,960,000 $232,667 $3,776 3.64%
    Cash Out Refi 34 $7,610,000 $223,824 $4,244 4.12%

    For 2019, Financial Concepts Mortgage's most frequently cited loan purpose was Home Purchase, with 555 originations. The 2nd most popular reason was Refi, with 60 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 622 $113,930,000 $183,167 $4,638 4.26%
    15 Year 21 $3,665,000 $174,524 $3,453 3.65%
    10 Year 3 $465,000 $155,000 $3,195 3.25%
    20 Year 2 $490,000 $245,000 $3,580 4.25%
    Other 1 $205,000 $205,000 $3,278 3.63%

    For 2019, Financial Concepts Mortgage's most frequently cited loan duration was 30 Year, with 622 originations. The 2nd most popular length was 15 Year, with 21 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 413 $75,735,000 $183,378
    $<1k 24 $4,040,000 $168,333
    $2k-3k 22 $3,430,000 $155,909
    $3k-4k 11 $2,025,000 $184,091
    $5k+ 4 $1,250,000 $312,500
    $4k-5k 3 $975,000 $325,000

    Financial Concepts Mortgage's average total fees were $4,638, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 413 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 328 $55,100,000 $167,988
    3-4% 266 $55,340,000 $208,045
    5-6% 50 $7,270,000 $145,400
    2.5-3% 5 $1,045,000 $209,000

    During 2019, Financial Concepts Mortgage's average interest rate for loans was 4.26%, while their most frequently originated rate bucket for loans was 4-5%, with 328 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 307 $45,605,000 $148,550 $4,520 4.27%
    $200k-400k 216 $56,130,000 $259,861 $4,823 4.08%
    $100,000 or less 107 $8,375,000 $78,271 $3,757 4.51%
    $400k-600k 19 $8,645,000 $455,000 $7,116 3.96%

    2019 saw Financial Concepts Mortgage place emphasis on $100k-200k loans with 307 originations, totaling $45,605,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 192 $30,300,000 $157,813 $4,664 4.33%
    $50k or less 169 $22,875,000 $135,355 $4,197 4.24%
    $100k-150k 130 $28,810,000 $221,615 $4,605 4.19%
    $75k-100k 106 $21,130,000 $199,340 $5,120 4.19%
    $150k-250k 43 $12,705,000 $295,465 $4,036 4.02%
    $250k+ 9 $2,935,000 $326,111 $5,536 4.35%

    Financial Concepts Mortgage lent most frequently to those with incomes in the $50k-75k range, with 192 originations. The second most popular income band? $50k or less, with 169 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 141 $24,095,000 $170,887 $4,154 4.15%
    30-36% 103 $18,715,000 $181,699 $4,554 4.34%
    <20% 60 $11,830,000 $197,167 $3,463 3.85%
    50-60% 54 $10,210,000 $189,074 $5,860 4.29%
    36% 34 $5,440,000 $160,000 $4,290 4.50%
    39% 28 $4,600,000 $164,286 $5,247 4.36%
    44% 27 $4,955,000 $183,519 $4,887 4.27%
    43% 27 $5,085,000 $188,333 $4,851 4.31%
    38% 25 $3,895,000 $155,800 $4,900 4.36%
    37% 23 $4,815,000 $209,348 $6,644 4.25%
    40% 22 $3,940,000 $179,091 $4,411 4.21%
    48% 21 $4,645,000 $221,190 $5,294 4.25%
    45% 19 $3,665,000 $192,895 $5,248 4.34%
    42% 17 $3,865,000 $227,353 $4,089 4.12%
    47% 13 $2,485,000 $191,154 $4,391 4.15%
    41% 12 $2,440,000 $203,333 $4,414 4.44%
    46% 11 $2,045,000 $185,909 $3,211 4.11%
    49% 10 $1,740,000 $174,000 $4,569 4.40%
    >60% 2 $290,000 $145,000 $4,363 4.19%

    Financial Concepts Mortgage lent most frequently to those with DTI ratios of 20-30%, with 141 originations. The next most common DTI ratio? 30-36%, with 103 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 419 $78,185,000 $186,599 $4,551 4.28%
    Not provided 189 $33,795,000 $178,810 $4,432 4.13%
    American Indian 22 $3,540,000 $160,909 $5,791 4.33%
    Black 9 $1,675,000 $186,111 $6,536 3.93%
    Asian 4 $710,000 $177,500 $3,013 4.56%
    Native Hawaiian or Islander 5 $635,000 $127,000 $4,755 4.25%
    Other Pacific Islander 1 $215,000 $215,000 $6,584 4.88%

    Approval Rates

    Total approvals of all applications
    100.00%

    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

    Points and Fees

    Points Originations Total Value Average Loan
    0.0 11 $1,715,000 $155,909
    1082.79 1 $105,000 $105,000
    1095.0 76 $14,330,000 $188,553
    1100.0 1 $115,000 $115,000
    1292.04 1 $85,000 $85,000
    1307.0 1 $215,000 $215,000
    1495.0 12 $1,640,000 $136,667
    1547.2 1 $125,000 $125,000
    1575.0 2 $290,000 $145,000
    2041.22 1 $185,000 $185,000
    2875.38 1 $55,000 $55,000
    3819.33 1 $95,000 $95,000
    4022.33 1 $135,000 $135,000
    4064.86 1 $275,000 $275,000
    5213.25 1 $245,000 $245,000
    5337.0 1 $175,000 $175,000
    5590.0 1 $185,000 $185,000
    6228.42 1 $225,000 $225,000
    800.0 1 $85,000 $85,000
    NA 533 $98,475,000 $184,756

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 7 $685,000 $97,857
    Single Family (1-4 Units):Site-Built 642 $118,070,000 $183,910

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 10 $1,080,000 $108,000 $3,437 3.89%
    40-60% 15 $2,765,000 $184,333 $3,242 3.97%
    60-80% 78 $16,370,000 $209,872 $3,649 4.08%
    80-100% 237 $48,555,000 $204,873 $3,313 4.21%
    Over 100% 1 $145,000 $145,000 $4,968 3.88%

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    Financial Freedom Mortgage, LLC VA mortgage Trouble during payment process 1 50.0%
    Financial Freedom Mortgage, LLC Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 50.0%