Florida Mortgage Rates, Fees & Info

Gainesville, FL

LEI: 5493006ZBGVXBAMCRG16

Tax ID: 59-0773154

3.8 stars - out of 5 stars, based on 38 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Florida is a smaller mortgage company specializing in Cash Out Refi and Home Purchase loans. Florida has a high proportion of conventional loans. Their top markets include Ocala, Gainesville, Tampa, Deltona, and Lake City among others. Florida has an average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Florida is typically an average fee lendor.


Originations

1,427

Origination Dollar Volume (All Markets)

$156,445,000

Awards

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

Relative Rate

Florida's average 30 year fixed rate mortgage of loans were 3.77%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of 0.62%.

Relative Fees

Florida's average total fees for a 30 year fixed rate mortgage are $4,066.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
OCALA, FL (FHA|USDA|VA) 548 $52,410,000 $95,639 $3,757 3.11%
GAINESVILLE, FL (FHA|USDA|VA) 375 $51,205,000 $136,547 $3,942 2.86%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 54 $9,390,000 $173,889 $4,716 2.05%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 87 $8,465,000 $97,299 $3,781 2.74%
Lake City, FL (FHA|USDA|VA) 71 $6,425,000 $90,493 $3,782 3.70%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 56 $5,650,000 $100,893 $4,062 2.15%
JACKSONVILLE, FL (FHA|USDA|VA) 48 $5,510,000 $114,792 $3,726 3.03%
Outside of Metro Areas 66 $5,490,000 $83,182 $3,686 3.76%
HOMOSASSA SPRINGS, FL (FHA|USDA|VA) 49 $4,795,000 $97,857 $3,906 3.29%
Palatka, FL (FHA|USDA|VA) 16 $1,350,000 $84,375 $4,438 2.85%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 11 $1,025,000 $93,182 $2,094 2.29%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 8 $1,020,000 $127,500 $4,113 1.54%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 5 $975,000 $195,000 $3,235 1.92%
THE VILLAGES, FL (FHA|USDA|VA) 9 $825,000 $91,667 $4,060 3.54%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 6 $600,000 $100,000 $0 0.99%
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 7 $545,000 $77,857 $4,393 1.78%
PUNTA GORDA, FL (FHA|USDA|VA) 3 $305,000 $101,667 $0 0.99%
TALLAHASSEE, FL (FHA|USDA|VA) 3 $135,000 $45,000 $4,796 4.50%
PORT ST. LUCIE, FL (FHA|USDA|VA) 2 $120,000 $60,000 $0 0.99%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 1 $105,000 $105,000 $4,744 5.50%
SEBRING-AVON PARK, FL (FHA|USDA|VA) 1 $75,000 $75,000 $4,026 5.75%
Sebastian-Vero Beach, FL (FHA|USDA|VA) 1 $25,000 $25,000 $0 0.99%

Florida's top markets include Ocala, Gainesville, Tampa, Deltona, and Lake City among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 1,427 $156,445,000 $109,632 $3,844 2.97%

For the 2021 period, Florida's most frequently originated loan type of loans were Conventional, with 1,427 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Improvement 423 $26,845,000 $63,463 $0 2.20%
Other 279 $16,195,000 $58,047 $0 2.71%
Cash Out Refi 277 $50,215,000 $181,282 $3,910 3.59%
Home Purchase 267 $38,855,000 $145,524 $4,187 3.89%
Refi 181 $24,335,000 $134,448 $3,508 2.85%

For the 2021, Florida's most frequently cited loan purpose of loans were Home Improvement, with 423 originations. The 2nd most popular reason of loans were Other, with 279 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
20 Year 687 $54,215,000 $78,916 $3,744 1.52%
30 Year 340 $58,100,000 $170,882 $4,066 3.77%
Other 215 $8,845,000 $41,140 $1,065 5.95%
15 Year 130 $18,790,000 $144,538 $3,722 2.84%
10 Year 45 $12,695,000 $282,111 $2,450 4.93%
5 Year 7 $3,725,000 $532,143 $2,526 4.35%
3 Year 3 $75,000 $25,000 $0 3.58%

For the 2021, Florida's most frequently cited loan length of loans were 20 Year, with 687 originations. The 2nd most popular length of loans were 30 Year, with 340 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 472 $70,860,000 $150,127
$2k-3k 76 $12,940,000 $170,263
$<1k 26 $1,200,000 $46,154
$3k-4k 16 $3,070,000 $191,875
$5k+ 5 $1,305,000 $261,000

$4,066 of loans were Florida's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 472 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
<2.5% 660 $51,300,000 $77,727
3-4% 247 $52,755,000 $213,583
2.5-3% 148 $22,730,000 $153,581
5-6% 130 $12,990,000 $99,923
4-5% 120 $9,350,000 $77,917
6-7% 50 $3,740,000 $74,800
Over 8% 43 $2,005,000 $46,628
7-8% 29 $1,575,000 $54,310

During 2021, Florida's average interest rate of loans were 3.77%, while their most frequently originated rate bucket of loans were <2.5%, with 660 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100,000 or less 846 $43,980,000 $51,986 $3,266 2.92%
$100k-200k 417 $57,705,000 $138,381 $3,785 3.03%
$200k-400k 147 $37,445,000 $254,728 $4,607 3.07%
$400k-600k 13 $6,195,000 $476,538 $6,697 3.01%
$1MM+ 3 $10,365,000 $3,455,000 $0 3.65%
$600k-1MM 1 $755,000 $755,000 $0 3.50%

2021 saw Florida place emphasis on $100,000 or less loans with 846 originations, totaling $43,980,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k-75k 354 $33,990,000 $96,017 $3,836 3.07%
$50k or less 337 $24,015,000 $71,261 $3,483 3.33%
$100k-150k 281 $29,255,000 $104,110 $3,986 2.72%
$75k-100k 254 $26,870,000 $105,787 $3,803 3.15%
$150k-250k 132 $19,740,000 $149,545 $4,909 2.15%
$250k+ 36 $6,110,000 $169,722 $5,994 1.46%

Florida lent most frequently to those with incomes in the $50k-75k range, with 354 originations. The second most popular income band? $50k or less, with 337 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 298 $28,940,000 $97,114 $3,691 2.68%
30-36% 297 $30,605,000 $103,047 $3,864 3.04%
<20% 100 $10,330,000 $103,300 $3,616 2.96%
42% 86 $7,430,000 $86,395 $4,054 3.15%
41% 74 $7,040,000 $95,135 $3,790 3.19%
40% 71 $6,815,000 $95,986 $4,113 3.34%
39% 65 $5,865,000 $90,231 $3,857 2.94%
37% 64 $6,380,000 $99,688 $4,375 3.12%
43% 54 $5,710,000 $105,741 $3,892 2.84%
36% 52 $4,510,000 $86,731 $3,469 2.74%
38% 51 $5,945,000 $116,569 $3,986 3.30%
44% 48 $5,370,000 $111,875 $4,071 3.33%
45% 45 $4,325,000 $96,111 $3,958 3.01%
46% 32 $2,860,000 $89,375 $4,131 2.65%
47% 18 $2,460,000 $136,667 $3,552 2.65%
49% 15 $2,475,000 $165,000 $4,201 2.85%
48% 13 $1,855,000 $142,692 $3,413 2.42%
50-60% 8 $900,000 $112,500 $0 0.99%
>60% 1 $55,000 $55,000 $0 0.99%

Florida lent most frequently to those with DTI ratios of 20-30%, with 298 originations. The next most common DTI ratio? 30-36%, with 297 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 1,181 $119,125,000 $100,868 $3,848 2.89%
Not applicable 33 $16,355,000 $495,606 $0 3.90%
Black 126 $11,710,000 $92,937 $3,769 3.63%
Not provided 59 $5,965,000 $101,102 $4,074 2.57%
Asian 18 $2,600,000 $144,444 $3,567 3.11%
American Indian 7 $475,000 $67,857 $5,707 3.57%
Other Pacific Islander 1 $115,000 $115,000 $4,147 5.63%
Native Hawaiian 2 $100,000 $50,000 $0 2.75%

Approval Rates

Total approvals of all applications
79.30%

Florida has a below average approval rate.

Pick Rate

Approvals leading to origination
36.65%

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
NA 1,427 $156,445,000 $109,632

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
1,427 $156,445,000 $109,632

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 342 $28,190,000 $82,427 $3,434 2.35%
40-60% 209 $24,495,000 $117,201 $3,565 2.84%
60-80% 300 $55,700,000 $185,667 $3,893 3.48%
80-100% 170 $29,760,000 $175,059 $4,240 4.41%
Under 20% 406 $18,300,000 $45,074 $538 2.58%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
Florida Pro Mortgage LLC Other type of mortgage Closing on a mortgage 1 100.0%