Financial Concepts Mortgage Rates, Fees & Info
OKLAHOMA CITY, OKLEI: 549300488506L45QIE35
Tax ID: 73-1611552
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Mortgage Data
Review & Overview
Financial Concepts Mortgage is a smaller mortgage company specializing in Home Purchase and Refi 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, Weatherford, and Tulsa among others. We have data for 27 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 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 | 6.32% | 11/17/24 |
| 30 Year Conventional Refi | 5.92% | 11/17/24 |
| 30 Year Cash-out Refi | 6.08% | 11/17/24 |
| 30 Year FHA Purchase | 7.13% | 11/17/24 |
| 30 Year FHA Refi | 7.16% | 11/17/24 |
| 30 Year VA Purchase | 5.85% | 11/17/24 |
| 30 Year VA Refi | 5.59% | 11/17/24 |
| 30 Year USDA Purchase | 6.44% | 11/17/24 |
| 15 Year Conventional Purchase | 5.45% | 11/17/24 |
| 15 Year Conventional Refi | 5.75% | 11/17/24 |
| 15 Year Cash-out Refi | 5.75% | 11/17/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
1,094Origination Dollar Volume (All Markets)
$237,990,000Awards
FINANCIAL CONCEPTS MORTGAGE - 2020
FINANCIAL CONCEPTS MORTGAGE is a 2020 , due to their low .
For 2020, less than of lenders were eligible for this award.
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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) | 736 | $166,280,000 | $225,924 | $4,117 | 3.01% |
| ENID, OK (FHA|USDA|VA) | 174 | $31,430,000 | $180,632 | $3,860 | 2.99% |
| Outside of Metro Areas | 53 | $10,935,000 | $206,321 | $4,528 | 3.13% |
| McAlester, OK (FHA|USDA|VA) | 38 | $8,490,000 | $223,421 | $4,942 | 3.18% |
| Weatherford, OK (FHA|USDA|VA) | 15 | $3,845,000 | $256,333 | $4,050 | 3.06% |
| TULSA, OK (FHA|USDA|VA) | 15 | $3,675,000 | $245,000 | $10,941 | 2.94% |
| BEAUMONT-PORT ARTHUR, TX (FHA|USDA|VA) | 12 | $2,890,000 | $240,833 | $3,800 | 2.82% |
| Shawnee, OK (FHA|USDA|VA) | 12 | $1,950,000 | $162,500 | $4,020 | 3.33% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 6 | $1,670,000 | $278,333 | $3,268 | 3.21% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 4 | $1,320,000 | $330,000 | $3,180 | 2.75% |
| Stillwater, OK (FHA|USDA|VA) | 5 | $1,225,000 | $245,000 | $0 | 3.00% |
| FORT SMITH, AR-OK (FHA|USDA|VA) | 3 | $895,000 | $298,333 | $3,581 | 3.00% |
| Muskogee, OK (FHA|USDA|VA) | 3 | $575,000 | $191,667 | $0 | 3.46% |
| Altus, OK (FHA|USDA|VA) | 3 | $445,000 | $148,333 | $2,964 | 3.08% |
| Elk City, OK (FHA|USDA|VA) | 2 | $350,000 | $175,000 | $3,555 | 2.88% |
| Duncan, OK (FHA|USDA|VA) | 2 | $280,000 | $140,000 | $0 | 3.31% |
| ABILENE, TX (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $0 | 2.38% |
| Tahlequah, OK (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $0 | 3.00% |
| LUBBOCK, TX (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $0 | 2.50% |
| Bartlesville, OK (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $3,056 | 2.25% |
| FAYETTEVILLE-SPRINGDALE-ROGERS, AR (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $2,981 | 2.75% |
| AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $0 | 3.00% |
| Durant, OK (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $0 | 3.75% |
| Ada, OK (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 3.38% |
| Woodward, OK (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $0 | 2.63% |
| KILLEEN-TEMPLE, TX (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $2,091 | 2.63% |
| Pampa, TX (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $0 | 2.00% |
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
For 2020, Financial Concepts Mortgage's most frequently originated type of loan was Conventional, with 637 originations. Their 2nd most popular type was VA, with 221 originations.
Loan Reason
For 2020, Financial Concepts Mortgage's most frequently cited loan purpose was Home Purchase, with 727 originations. The 2nd most popular reason was Refi, with 276 originations.
Loan Duration/Length
For 2020, Financial Concepts Mortgage's most frequently cited loan duration was 30 Year, with 957 originations. The 2nd most popular length was 15 Year, with 101 originations.
Origination Fees/Closing Costs
Financial Concepts Mortgage's average total fees were $4,264, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 931 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 2.5-3% | 415 | $91,595,000 | $220,711 |
| 3-4% | 414 | $85,250,000 | $205,918 |
| <2.5% | 229 | $56,065,000 | $244,825 |
| 4-5% | 34 | $4,820,000 | $141,765 |
| 5-6% | 2 | $260,000 | $130,000 |
During 2020, Financial Concepts Mortgage's average interest rate for loans was 3.08%, while their most frequently originated rate bucket for loans was 2.5-3%, with 415 originations.
Loan Sizing
2020 saw Financial Concepts Mortgage place emphasis on $200k-400k loans with 483 originations, totaling $132,235,000 in origination value.
Applicant Income
Financial Concepts Mortgage lent most frequently to those with incomes in the $50k-75k range, with 257 originations. The second most popular income band? $50k or less, with 255 originations.
Applicant Debt to Income Ratio
Financial Concepts Mortgage lent most frequently to those with DTI ratios of 20-30%, with 268 originations. The next most common DTI ratio? 30-36%, with 198 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications99.48%
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 origination95.06%
Financial Concepts Mortgage has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| 0.0 | 55 | $10,695,000 | $194,455 |
| 1095.0 | 2 | $260,000 | $130,000 |
| 1115.0 | 2 | $560,000 | $280,000 |
| 1190.0 | 1 | $225,000 | $225,000 |
| 1270.0 | 1 | $85,000 | $85,000 |
| 1418.68 | 1 | $285,000 | $285,000 |
| 1491.18 | 1 | $75,000 | $75,000 |
| 1498.88 | 1 | $175,000 | $175,000 |
| 1510.98 | 1 | $275,000 | $275,000 |
| 1571.88 | 1 | $195,000 | $195,000 |
| 1590.0 | 1 | $315,000 | $315,000 |
| 1611.11 | 1 | $175,000 | $175,000 |
| 1612.7 | 1 | $315,000 | $315,000 |
| 1707.5 | 1 | $55,000 | $55,000 |
| 1768.74 | 1 | $345,000 | $345,000 |
| 1827.0 | 1 | $125,000 | $125,000 |
| 1972.64 | 1 | $335,000 | $335,000 |
| 1988.97 | 1 | $145,000 | $145,000 |
| 1995.0 | 1 | $95,000 | $95,000 |
| 2075.9 | 1 | $95,000 | $95,000 |
| 2388.08 | 1 | $165,000 | $165,000 |
| 2467.8 | 1 | $345,000 | $345,000 |
| 2472.81 | 1 | $175,000 | $175,000 |
| 2506.92 | 1 | $125,000 | $125,000 |
| 2585.4 | 1 | $155,000 | $155,000 |
| 2713.2 | 1 | $195,000 | $195,000 |
| 2722.92 | 1 | $225,000 | $225,000 |
| 2976.36 | 1 | $315,000 | $315,000 |
| 2976.78 | 1 | $65,000 | $65,000 |
| 2983.01 | 1 | $155,000 | $155,000 |
| 3109.74 | 1 | $155,000 | $155,000 |
| 3247.8 | 1 | $95,000 | $95,000 |
| 3296.05 | 1 | $105,000 | $105,000 |
| 3333.39 | 1 | $175,000 | $175,000 |
| 3379.5 | 1 | $225,000 | $225,000 |
| 3519.31 | 1 | $145,000 | $145,000 |
| 3546.29 | 1 | $175,000 | $175,000 |
| 3586.94 | 1 | $205,000 | $205,000 |
| 3704.88 | 1 | $215,000 | $215,000 |
| 3707.5 | 1 | $235,000 | $235,000 |
| 3740.5 | 1 | $355,000 | $355,000 |
| 3834.28 | 1 | $195,000 | $195,000 |
| 3859.88 | 1 | $205,000 | $205,000 |
| 3932.2 | 1 | $345,000 | $345,000 |
| 397.05 | 1 | $175,000 | $175,000 |
| 4099.4 | 1 | $305,000 | $305,000 |
| 4281.3 | 1 | $205,000 | $205,000 |
| 4560.6 | 1 | $365,000 | $365,000 |
| 4603.7 | 1 | $275,000 | $275,000 |
| 4797.6 | 1 | $365,000 | $365,000 |
| 4998.1 | 1 | $335,000 | $335,000 |
| 5058.69 | 1 | $295,000 | $295,000 |
| 5424.03 | 1 | $185,000 | $185,000 |
| 5584.0 | 1 | $335,000 | $335,000 |
| 5670.2 | 1 | $205,000 | $205,000 |
| 6017.24 | 1 | $285,000 | $285,000 |
| 6784.8 | 1 | $265,000 | $265,000 |
| 7179.54 | 1 | $195,000 | $195,000 |
| 7312.6 | 1 | $255,000 | $255,000 |
| 738.24 | 1 | $175,000 | $175,000 |
| 7645.0 | 1 | $315,000 | $315,000 |
| 8573.88 | 1 | $315,000 | $315,000 |
| 9094.85 | 1 | $415,000 | $415,000 |
| 95.05 | 2 | $600,000 | $300,000 |
| NA | 973 | $212,545,000 | $218,443 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 4 | $760,000 | $190,000 |
| Single Family (1-4 Units):Site-Built | 1,090 | $237,230,000 | $217,642 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2020 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Financial Freedom Mortgage, LLC | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 3 | 75.0% |
| Financial Freedom Mortgage, LLC | FHA mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 25.0% |