Superior Choice Mortgage Rates, Fees & Info

Superior, WI

LEI: 5493008BSTI0PQR0IL08

Tax ID: 39-0906277

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

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • 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

    Superior Choice is a smaller mortgage company specializing in Home Purchase, Cash Out Refi, and Refi loans. Superior Choice has a high proportion of conventional loans. Their top markets by origination volume include: Duluth, Madison, Minneapolis, Eau Claire, and Wisconsin Rapids among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Superior Choice 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. Superior Choice 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
    Home Equity Line of Credit (HELOC) 6.27% 12/16/24
    30 Year Conventional Purchase 6.83% 12/16/24
    30 Year Conventional Refi 6.57% 12/16/24
    30 Year Cash-out Refi 6.95% 12/16/24
    15 Year Conventional Purchase 7.10% 12/16/24
    15 Year Conventional Refi 6.57% 12/16/24
    15 Year Cash-out Refi 6.57% 12/16/24
    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.

    Superior Choice Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Superior Choice. 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

    248

    Origination Dollar Volume (All Markets)

    $37,290,000

    Awards

    SUPERIOR CHOICE 30 Year Conventional Loans gold SUPERIOR CHOICE 30 Year Conventional Loans silver
    Show all (2) 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
    DULUTH, MN-WI (FHA|USDA|VA) 167 $25,675,000 $153,743 $3,168 4.88%
    Outside of Metro Areas 76 $10,340,000 $136,053 $2,805 4.91%
    MADISON, WI (FHA|USDA|VA) 1 $565,000 $565,000 $4,637 4.88%
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 1 $325,000 $325,000 $0 4.00%
    EAU CLAIRE, WI (FHA|USDA|VA) 2 $200,000 $100,000 $2,252 4.56%
    Wisconsin Rapids-Marshfield, WI (FHA|USDA|VA) 1 $185,000 $185,000 $3,068 4.88%
    Superior Choice's top markets include Duluth, Madison, Minneapolis, Eau Claire, and Wisconsin Rapids among others.

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

    • Similar Lenders

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

    SUPERIOR CHOICE
    Similarity Rank: 60
    North Shore Federal Credit Union
    Similarity Rank: 105
    NORTHWOODS
    Similarity Rank: 174
    Northview Bank
    Similarity Rank: 285
    MEMBERS COOPERATIVE
    Similarity Rank: 360
    National Bank of Commerce
    Similarity Rank: 576
    WINGS FINANCIAL
    Similarity Rank: 648
    AFFINITY PLUS
    Similarity Rank: 840
    North Shore Bank of Commerce
    Similarity Rank: 869
    RESULTS MORTGAGE, LLC
    Similarity Rank: 1020

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 246 $37,040,000 $150,569 $3,030 4.88%
    HELOC 2 $250,000 $125,000 n/a 4.98%

    For 2022, Superior Choice's most frequently originated type of loan was Conventional, with 246 originations. Their 2nd most popular type was HELOC, with 2 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 120 $20,340,000 $169,500 $3,461 5.07%
    Cash Out Refi 66 $7,890,000 $119,545 $2,665 4.83%
    Refi 53 $8,265,000 $155,943 $2,781 4.48%
    Home Improvement 9 $795,000 $88,333 $2,022 5.26%

    For 2022, Superior Choice's most frequently cited loan purpose was Home Purchase, with 120 originations. The 2nd most popular reason was Cash Out Refi, with 66 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 123 $21,185,000 $172,236 $3,388 4.94%
    15 Year 82 $11,910,000 $145,244 $2,557 4.64%
    20 Year 18 $1,580,000 $87,778 $2,398 5.60%
    10 Year 10 $320,000 $32,000 $1,455 4.35%
    Other 5 $425,000 $85,000 $2,547 4.98%
    1 Year 4 $1,200,000 $300,000 $0 4.68%
    5 Year 4 $530,000 $132,500 $0 5.88%
    3 Year 2 $140,000 $70,000 $0 6.13%

    For 2022, Superior Choice's most frequently cited loan duration was 30 Year, with 123 originations. The 2nd most popular length was 15 Year, with 82 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 85 $13,345,000 $157,000
    $<1k 59 $3,725,000 $63,136
    $2k-3k 22 $4,010,000 $182,273
    $3k-4k 9 $2,365,000 $262,778
    $4k-5k 5 $1,165,000 $233,000
    $5k+ 5 $1,575,000 $315,000

    Superior Choice's average total fees were $3,388, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 85 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 107 $16,675,000 $155,841
    5-6% 57 $8,915,000 $156,404
    3-4% 52 $8,700,000 $167,308
    6-7% 23 $2,205,000 $95,870
    2.5-3% 4 $240,000 $60,000
    7-8% 4 $520,000 $130,000
    Over 8% 1 $35,000 $35,000

    During 2022, Superior Choice's average interest rate for loans was 4.94%, while their most frequently originated rate bucket for loans was 4-5%, with 107 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 105 $14,815,000 $141,095 $3,140 4.97%
    $100,000 or less 87 $5,275,000 $60,632 $2,141 4.84%
    $200k-400k 47 $12,425,000 $264,362 $4,349 4.88%
    $400k-600k 7 $3,315,000 $473,571 $4,822 4.50%
    $600k-1MM 2 $1,460,000 $730,000 $0 4.00%

    2022 saw Superior Choice place emphasis on $100k-200k loans with 105 originations, totaling $14,815,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 52 $5,940,000 $114,231 $2,836 4.61%
    $50k or less 51 $4,775,000 $93,627 $2,644 4.85%
    $100k-150k 38 $7,280,000 $191,579 $3,238 5.04%
    $75k-100k 37 $5,525,000 $149,324 $3,205 5.09%
    $150k-250k 18 $4,700,000 $261,111 $4,469 4.90%
    $250k+ 2 $100,000 $50,000 $899 6.38%

    Superior Choice lent most frequently to those with incomes in the $50k-75k range, with 52 originations. The second most popular income band? $50k or less, with 51 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 51 $7,555,000 $148,137 $3,101 4.78%
    30-36% 33 $4,965,000 $150,455 $3,155 4.91%
    <20% 27 $2,635,000 $97,593 $2,927 4.35%
    40% 8 $1,100,000 $137,500 $2,603 4.95%
    36% 8 $610,000 $76,250 $1,793 5.41%
    37% 8 $1,740,000 $217,500 $3,554 4.84%
    41% 7 $1,095,000 $156,429 $3,594 4.54%
    38% 6 $990,000 $165,000 $2,694 4.96%
    44% 5 $665,000 $133,000 $3,200 5.38%
    42% 5 $1,115,000 $223,000 $2,781 5.65%
    39% 5 $705,000 $141,000 $2,923 5.30%
    45% 4 $710,000 $177,500 $3,269 4.34%
    43% 3 $265,000 $88,333 $2,409 3.71%
    46% 3 $265,000 $88,333 $3,109 4.96%
    47% 3 $275,000 $91,667 $2,080 5.08%
    50-60% 2 $390,000 $195,000 $3,636 4.31%
    49% 1 $215,000 $215,000 $3,397 5.25%

    Superior Choice lent most frequently to those with DTI ratios of 20-30%, with 51 originations. The next most common DTI ratio? 30-36%, with 33 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 191 $27,795,000 $145,524 $3,045 4.91%
    Not applicable 42 $7,770,000 $185,000 $0 4.83%
    American Indian 9 $1,105,000 $122,778 $2,757 4.81%
    Not provided 2 $270,000 $135,000 $3,225 4.19%
    Black 2 $200,000 $100,000 $2,711 5.75%
    Asian 2 $150,000 $75,000 $3,114 4.13%

    Approval Rates

    Total approvals of all applications
    86.93%

    Superior Choice has an average approval rate.

    Pick Rate

    Approvals leading to origination
    64.11%

    Superior Choice 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 248 $37,290,000 $150,363

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    248 $37,290,000 $150,363

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 20 $1,470,000 $73,500 $2,100 5.01%
    40-60% 26 $3,350,000 $128,846 $3,109 4.54%
    60-80% 99 $15,265,000 $154,192 $3,119 4.78%
    80-100% 70 $14,140,000 $202,000 $3,599 5.07%
    Over 100% 3 $1,105,000 $368,333 $0 4.33%
    Under 20% 22 $770,000 $35,000 $1,581 4.85%