Florida Mortgage Rates, Fees & Info

Gainesville, FL

LEI: 5493006ZBGVXBAMCRG16

Tax ID: 59-0773154

5 stars - out of 5 stars, based on 37 reviews

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

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Mortgage Data

  • SimulatedRates™
  • 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

    Florida is a smaller mortgage company specializing in Home Improvement and Home Purchase loans. Florida has a high proportion of conventional loans. Their top markets by origination volume include: Ocala, Gainesville, Tampa, Deltona, and Jacksonville among others. We have data for 21 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Florida has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Florida 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 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
    Home Equity Line of Credit (HELOC) 6.27% 3/23/23
    30 Year Conventional Purchase 6.93% 3/23/23
    30 Year Conventional Refi 6.77% 3/23/23
    30 Year Cash-out Refi 7.14% 3/23/23
    30 Year FHA Purchase 8.29% 3/23/23
    30 Year FHA Refi 6.27% 3/23/23
    30 Year VA Purchase 6.27% 3/23/23
    30 Year USDA Purchase 7.08% 3/23/23
    15 Year Conventional Purchase 5.88% 3/23/23
    15 Year Conventional Refi 5.97% 3/23/23
    15 Year Cash-out Refi 5.97% 3/23/23
    15 Year FHA Purchase 6.75% 3/23/23
    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

    1,340

    Origination Dollar Volume (All Markets)

    $132,100,000

    Awards

    FLORIDA 30 Year Conventional Loans silver
    Show all (1) awards

    Relative Rate

    Florida's average 30 year fixed mortgage rate was 5.27%.

    The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.

    This yields a difference of 0.51%.

    Relative Fees (Closing Costs)

    Florida's average total fees/closing costs for a 30 year fixed rate mortgage were $4,497.

    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
    OCALA, FL (FHA|USDA|VA) 505 $40,605,000 $80,406 $3,317 5.40%
    GAINESVILLE, FL (FHA|USDA|VA) 330 $29,980,000 $90,848 $2,913 5.24%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 52 $15,730,000 $302,500 $3,011 4.25%
    DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 85 $7,205,000 $84,765 $3,976 5.03%
    Outside of Metro Areas 69 $6,475,000 $93,841 $3,937 5.69%
    JACKSONVILLE, FL (FHA|USDA|VA) 35 $6,275,000 $179,286 $4,332 5.04%
    Lake City, FL (FHA|USDA|VA) 60 $5,890,000 $98,167 $4,970 5.25%
    ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 48 $5,010,000 $104,375 $3,202 5.26%
    HOMOSASSA SPRINGS, FL (FHA|USDA|VA) 55 $4,605,000 $83,727 $3,681 5.06%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 20 $2,500,000 $125,000 $2,140 4.35%
    North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 17 $1,715,000 $100,882 $5,239 2.90%
    THE VILLAGES, FL (FHA|USDA|VA) 15 $1,225,000 $81,667 $2,031 5.42%
    Palatka, FL (FHA|USDA|VA) 13 $1,025,000 $78,846 $2,917 4.39%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 7 $1,005,000 $143,571 $6,252 4.16%
    PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 8 $910,000 $113,750 $0 5.61%
    LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 7 $805,000 $115,000 $4,320 4.57%
    PORT ST. LUCIE, FL (FHA|USDA|VA) 6 $440,000 $73,333 $2,403 5.56%
    TALLAHASSEE, FL (FHA|USDA|VA) 4 $320,000 $80,000 $0 5.65%
    Okeechobee, FL (FHA|USDA|VA) 1 $165,000 $165,000 $4,506 3.63%
    PUNTA GORDA, FL (FHA|USDA|VA) 2 $140,000 $70,000 $0 0.99%
    Sebastian-Vero Beach, FL (FHA|USDA|VA) 1 $75,000 $75,000 $0 6.25%
    Florida's top markets include Ocala, Gainesville, Tampa, Deltona, and Jacksonville among others.

    Their top states include:
  • Florida (FHA|USDA|VA)

    • Similar Lenders

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

    SHELTER MORTGAGE COMPANY, L.L.C.
    Similarity Rank: 705
    ALL WESTERN MORTGAGE, INC.
    Similarity Rank: 1274
    SAN ANTONIO CITIZENS
    Similarity Rank: 1280
    RAILROAD & INDUSTRIAL
    Similarity Rank: 1410
    Citizens First Bank
    Similarity Rank: 1596
    LAUNCH FEDERAL CREDIT UNION
    Similarity Rank: 1672
    Chicago Financial Services, Inc.
    Similarity Rank: 2356
    JAX
    Similarity Rank: 2673
    INSIGHT
    Similarity Rank: 2930
    Auto Club Trust, FSB
    Similarity Rank: 3024

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 917 $58,485,000 $63,779 n/a 4.94%
    Conventional 423 $73,615,000 $174,031 $3,407 5.76%

    For 2022, Florida's most frequently originated type of loan was HELOC, with 917 originations. Their 2nd most popular type was Conventional, with 423 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 472 $29,300,000 $62,076 $34 4.79%
    Other 436 $25,200,000 $57,798 $13 5.66%
    Home Purchase 223 $47,225,000 $211,771 $4,968 5.29%
    Cash Out Refi 156 $25,010,000 $160,321 $3,664 5.24%
    Refi 53 $5,365,000 $101,226 $3,556 4.51%

    For 2022, Florida's most frequently cited loan purpose was Home Improvement, with 472 originations. The 2nd most popular reason was Other, with 436 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    20 Year 543 $48,375,000 $89,088 $3,037 3.76%
    Other 444 $22,710,000 $51,149 $1,124 6.63%
    30 Year 213 $37,365,000 $175,423 $4,497 5.27%
    10 Year 63 $14,825,000 $235,317 $372 6.38%
    15 Year 54 $6,360,000 $117,778 $2,776 5.84%
    30+ year 14 $2,060,000 $147,143 $5,674 6.43%
    5 Year 7 $335,000 $47,857 $0 5.25%
    3 Year 2 $70,000 $35,000 $288 5.13%

    For 2022, Florida's most frequently cited loan duration was 20 Year, with 543 originations. The 2nd most popular length was Other, with 444 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 250 $38,110,000 $152,440
    $<1k 105 $6,285,000 $59,857
    $2k-3k 26 $4,890,000 $188,077
    $3k-4k 11 $2,555,000 $232,273
    $4k-5k 6 $1,370,000 $228,333
    $5k+ 3 $995,000 $331,667

    Florida's average total fees were $4,497, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 250 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 271 $28,165,000 $103,930
    5-6% 245 $24,275,000 $99,082
    <2.5% 235 $18,935,000 $80,574
    6-7% 215 $19,535,000 $90,860
    7-8% 126 $8,410,000 $66,746
    Over 8% 126 $6,250,000 $49,603
    3-4% 114 $24,170,000 $212,018
    2.5-3% 6 $700,000 $116,667

    During 2022, Florida's average interest rate for loans was 5.27%, while their most frequently originated rate bucket for loans was 4-5%, with 271 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 939 $46,785,000 $49,824 $1,721 5.39%
    $100k-200k 292 $40,160,000 $137,534 $4,175 4.82%
    $200k-400k 91 $23,055,000 $253,352 $5,376 4.55%
    $400k-600k 11 $5,065,000 $460,455 $6,690 4.98%
    $1MM+ 5 $15,655,000 $3,131,000 $0 4.19%
    $600k-1MM 2 $1,380,000 $690,000 $0 2.87%

    2022 saw Florida place emphasis on $100,000 or less loans with 939 originations, totaling $46,785,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 332 $25,530,000 $76,898 $3,611 5.48%
    $100k-150k 289 $27,565,000 $95,381 $2,692 5.25%
    $50k or less 288 $18,570,000 $64,479 $3,439 5.19%
    $75k-100k 238 $18,380,000 $77,227 $3,538 5.26%
    $150k-250k 137 $17,695,000 $129,161 $3,822 4.67%
    $250k+ 42 $7,010,000 $166,905 $4,551 4.29%

    Florida lent most frequently to those with incomes in the $50k-75k range, with 332 originations. The second most popular income band? $100k-150k, with 289 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 274 $23,570,000 $86,022 $3,144 5.18%
    20-30% 237 $20,695,000 $87,321 $3,832 4.96%
    42% 134 $10,380,000 $77,463 $3,300 5.52%
    41% 95 $7,545,000 $79,421 $2,818 6.07%
    40% 91 $7,835,000 $86,099 $3,118 5.50%
    38% 83 $6,475,000 $78,012 $2,829 5.70%
    43% 73 $4,375,000 $59,932 $2,477 5.34%
    39% 62 $6,200,000 $100,000 $4,199 5.20%
    37% 52 $4,490,000 $86,346 $3,654 5.30%
    <20% 51 $4,375,000 $85,784 $3,215 4.28%
    44% 48 $4,250,000 $88,542 $4,231 4.67%
    36% 37 $3,425,000 $92,568 $3,266 5.17%
    45% 29 $2,735,000 $94,310 $3,919 4.36%
    46% 15 $1,265,000 $84,333 $3,571 4.07%
    47% 13 $2,145,000 $165,000 $5,423 4.19%
    50-60% 12 $1,080,000 $90,000 $0 5.69%
    48% 7 $1,215,000 $173,571 $4,468 3.66%
    49% 6 $640,000 $106,667 $7,414 3.58%
    >60% 1 $125,000 $125,000 $3,549 7.50%

    Florida lent most frequently to those with DTI ratios of 30-36%, with 274 originations. The next most common DTI ratio? 20-30%, with 237 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,085 $90,975,000 $83,848 $3,355 5.16%
    Not applicable 19 $19,235,000 $1,012,368 $0 4.72%
    Black 123 $10,045,000 $81,667 $3,799 5.48%
    Not provided 88 $9,570,000 $108,750 $3,554 5.32%
    Asian 14 $1,530,000 $109,286 $2,057 5.57%
    American Indian 5 $325,000 $65,000 $0 6.23%
    Asian Indian 2 $160,000 $80,000 $0 0.99%
    Native Hawaiian or Islander 2 $120,000 $60,000 $0 9.19%
    Vietnamese 1 $85,000 $85,000 $0 7.38%
    Other Pacific Islander 1 $55,000 $55,000 $0 0.99%

    Approval Rates

    Total approvals of all applications
    76.22%

    Florida has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    -1.49%

    Florida 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
    0.0 3 $175,000 $58,333
    NA 1,337 $131,925,000 $98,672

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,340 $132,100,000 $98,582

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 376 $30,110,000 $80,080 $2,108 5.06%
    40-60% 122 $16,950,000 $138,934 $3,779 4.57%
    60-80% 120 $35,000,000 $291,667 $4,436 4.95%
    80-100% 107 $19,985,000 $186,776 $5,021 5.42%
    Over 100% 1 $165,000 $165,000 $3,440 5.00%
    Under 20% 612 $28,230,000 $46,127 $266 5.42%