Mortgage Financial Group Rates, Fees & Info

TAVARES, FL

LEI: 5493004KSBZEBHIMRT79

Tax ID: 54-2096352

3.8 stars - Updated: 11/17/24 - out of 5 stars, based on 14 reviews

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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

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

    Mortgage Financial Group is a smaller mortgage company specializing in Home Purchase loans. Mortgage Financial Group 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: Orlando, Ocala, The Villages, Winston, and Greensboro among others. We have data for 20 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Mortgage Financial Group 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. Mortgage Financial Group is typically a high 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 6.94% 11/17/24
    30 Year Conventional Refi 6.44% 11/17/24
    30 Year Cash-out Refi 6.92% 11/17/24
    30 Year FHA Purchase 7.47% 11/17/24
    30 Year VA Purchase 6.84% 11/17/24
    30 Year USDA Purchase 6.93% 11/17/24
    15 Year Conventional Purchase 6.30% 11/17/24
    15 Year Conventional Refi 5.88% 11/17/24
    15 Year Cash-out Refi 5.88% 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.

    Mortgage Financial Group Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Mortgage Financial Group. 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

    191

    Origination Dollar Volume (All Markets)

    $50,315,000

    Awards

    MORTGAGE FINANCIAL GROUP FHA Loans silver
    Show all (1) awards

    Relative Rate

    Mortgage Financial Group's average 30 year fixed mortgage rate was 6.73%.

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

    This yields a difference of 0.25%.

    Relative Fees (Closing Costs)

    Mortgage Financial Group's average total fees/closing costs for a 30 year fixed rate mortgage were $9,524.

    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
    ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 94 $26,000,000 $276,596 $9,934 6.73%
    Outside of Metro Areas 19 $4,475,000 $235,526 $8,216 6.83%
    OCALA, FL (FHA|USDA|VA) 18 $4,060,000 $225,556 $10,071 6.69%
    THE VILLAGES, FL (FHA|USDA|VA) 12 $3,610,000 $300,833 $9,406 6.92%
    WINSTON-SALEM, NC (FHA|USDA|VA) 8 $2,290,000 $286,250 $10,146 6.64%
    GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) 9 $2,085,000 $231,667 $9,384 6.71%
    HOMOSASSA SPRINGS, FL (FHA|USDA|VA) 9 $1,865,000 $207,222 $8,929 6.44%
    GAINESVILLE, FL (FHA|USDA|VA) 2 $980,000 $490,000 $11,639 6.06%
    Cullowhee, NC (FHA|USDA|VA) 2 $820,000 $410,000 $10,108 6.25%
    DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 3 $815,000 $271,667 $10,884 6.54%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 3 $785,000 $261,667 $7,765 6.63%
    ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 3 $595,000 $198,333 $8,937 6.96%
    LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 2 $550,000 $275,000 $8,547 6.75%
    FAYETTEVILLE, NC (FHA|USDA|VA) 1 $295,000 $295,000 $7,204 7.38%
    JACKSONVILLE, FL (FHA|USDA|VA) 1 $235,000 $235,000 $10,730 7.13%
    CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 1 $205,000 $205,000 $2,348 6.75%
    RALEIGH-CARY, NC (FHA|USDA|VA) 1 $185,000 $185,000 $5,410 6.13%
    Lake City, FL (FHA|USDA|VA) 1 $185,000 $185,000 $9,026 7.00%
    Martin, TN (FHA|USDA|VA) 1 $155,000 $155,000 $4,273 7.63%
    DAYTON-KETTERING, OH (FHA|USDA|VA) 1 $125,000 $125,000 $4,919 6.75%
    Mortgage Financial Group's top markets include Orlando, Ocala, The Villages, Winston, and Greensboro among others.

    Their top states include:
  • Florida (FHA|USDA|VA)
  • North Carolina (FHA|USDA|VA)
  • Georgia (FHA|USDA|VA)
  • Tennessee (FHA|USDA|VA)
  • Ohio (FHA|USDA|VA)

    • Similar Lenders

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

    ORLANDO CREDIT UNION
    Similarity Rank: 459
    Terrabank
    Similarity Rank: 660
    TrustCo Bank
    Similarity Rank: 672
    CAMPUS USA
    Similarity Rank: 700
    Piedmont Federal Savings Bank
    Similarity Rank: 720
    Shea Mortgage Inc.
    Similarity Rank: 741
    ADDITION FINANCIAL
    Similarity Rank: 804
    PARK SQUARE HOME MORTGAGE, LLC
    Similarity Rank: 845
    FLORIDA
    Similarity Rank: 1020
    Suncoast Credit Union
    Similarity Rank: 1026

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 94 $24,500,000 $260,638 $7,530 6.75%
    FHA 78 $19,800,000 $253,846 $12,113 6.73%
    VA 13 $4,655,000 $358,077 $8,763 6.56%
    USDA 6 $1,360,000 $226,667 $8,450 6.63%

    For 2023, Mortgage Financial Group's most frequently originated type of loan was Conventional, with 94 originations. Their 2nd most popular type was FHA, with 78 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 178 $47,230,000 $265,337 $9,633 6.75%
    Cash Out Refi 11 $2,525,000 $229,545 $7,649 6.52%
    Refi 2 $560,000 $280,000 $9,251 5.94%

    For 2023, Mortgage Financial Group's most frequently cited loan purpose was Home Purchase, with 178 originations. The 2nd most popular reason was Cash Out Refi, with 11 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 190 $49,590,000 $261,000 $9,524 6.73%
    15 Year 1 $725,000 $725,000 $7,639 5.50%

    For 2023, Mortgage Financial Group's most frequently cited loan duration was 30 Year, with 190 originations. The 2nd most popular length was 15 Year, with 1 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $5k+ 67 $21,125,000 $315,299
    $3k-4k 43 $9,955,000 $231,512
    $2k-3k 25 $4,145,000 $165,800
    $4k-5k 23 $6,635,000 $288,478
    $1k-2k 22 $5,180,000 $235,455
    $<1k 11 $3,275,000 $297,727

    Mortgage Financial Group's average total fees were $9,524, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 67 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 79 $19,225,000 $243,354
    7-8% 64 $17,530,000 $273,906
    5-6% 42 $11,380,000 $270,952
    Over 8% 6 $2,180,000 $363,333

    During 2023, Mortgage Financial Group's average interest rate for loans was 6.73%, while their most frequently originated rate bucket for loans was 6-7%, with 79 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 121 $32,615,000 $269,545 $10,099 6.77%
    $100k-200k 48 $7,780,000 $162,083 $6,460 6.59%
    $400k-600k 16 $7,540,000 $471,250 $13,779 6.98%
    $100,000 or less 3 $245,000 $81,667 $4,737 6.46%
    $600k-1MM 3 $2,135,000 $711,667 $16,832 6.17%

    2023 saw Mortgage Financial Group place emphasis on $200k-400k loans with 121 originations, totaling $32,615,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 66 $14,300,000 $216,667 $8,474 6.71%
    $75k-100k 48 $12,290,000 $256,042 $10,651 6.70%
    $100k-150k 40 $12,310,000 $307,750 $10,757 6.88%
    $150k-250k 16 $6,280,000 $392,500 $9,447 7.07%
    $50k or less 14 $2,160,000 $154,286 $6,594 6.10%
    $250k+ 7 $2,975,000 $425,000 $10,425 6.59%

    Mortgage Financial Group lent most frequently to those with incomes in the $50k-75k range, with 66 originations. The second most popular income band? $75k-100k, with 48 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 30 $7,810,000 $260,333 $8,859 6.79%
    20-30% 22 $5,470,000 $248,636 $8,283 6.68%
    48% 15 $4,275,000 $285,000 $9,410 6.62%
    50-60% 14 $3,780,000 $270,000 $11,571 6.74%
    49% 13 $4,165,000 $320,385 $9,975 6.68%
    37% 11 $2,415,000 $219,545 $7,206 6.49%
    46% 10 $2,710,000 $271,000 $10,649 6.94%
    44% 10 $2,080,000 $208,000 $8,306 6.91%
    43% 10 $2,630,000 $263,000 $8,455 6.46%
    40% 8 $2,260,000 $282,500 $11,588 6.69%
    <20% 7 $1,925,000 $275,000 $8,974 6.46%
    36% 7 $1,845,000 $263,571 $10,893 6.66%
    42% 6 $1,650,000 $275,000 $9,239 6.90%
    47% 6 $2,030,000 $338,333 $12,247 6.77%
    41% 6 $1,330,000 $221,667 $9,663 6.63%
    39% 6 $1,420,000 $236,667 $10,546 6.54%
    45% 5 $1,395,000 $279,000 $9,468 7.40%
    38% 5 $1,125,000 $225,000 $10,762 7.10%

    Mortgage Financial Group lent most frequently to those with DTI ratios of 30-36%, with 30 originations. The next most common DTI ratio? 20-30%, with 22 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 170 $44,590,000 $262,294 $9,522 6.73%
    Not provided 10 $2,540,000 $254,000 $10,141 6.63%
    Black 8 $2,130,000 $266,250 $8,759 6.69%
    Asian 3 $1,055,000 $351,667 $9,013 7.08%

    Approval Rates

    Total approvals of all applications
    97.68%

    Mortgage Financial Group 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
    67.54%

    Mortgage Financial Group 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 191 $50,315,000 $263,429

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    191 $50,315,000 $263,429

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 7 $1,175,000 $167,857 $6,343 6.59%
    40-60% 12 $2,500,000 $208,333 $5,808 6.40%
    60-80% 38 $10,020,000 $263,684 $8,180 6.86%
    80-100% 131 $35,615,000 $271,870 $10,358 6.72%
    Over 100% 3 $1,005,000 $335,000 $11,826 6.83%