Superior Financial Solutions Mortgage Rates, Fees & Info

LIMA, OH

LEI: 5493008ICL5D7TS4CI35

Tax ID: 20-5799048

5 stars - Updated: 12/16/24 - out of 5 stars, based on 10 reviews

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

Jump to:

  • 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

    Superior Financial Solutions is a smaller mortgage company specializing in Home Purchase loans. Superior Financial Solutions 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: Lima, Columbus, Van Wert, Wapakoneta, and Akron among others. We have data for 20 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Superior Financial Solutions 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. Superior Financial Solutions 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
    30 Year Conventional Purchase 6.65% 12/16/24
    30 Year Conventional Refi 6.46% 12/16/24
    30 Year Cash-out Refi 6.51% 12/16/24
    30 Year FHA Purchase 6.27% 12/16/24
    30 Year FHA Refi 6.27% 12/16/24
    30 Year VA Purchase 6.27% 12/16/24
    30 Year USDA Purchase 6.27% 12/16/24
    15 Year Conventional Purchase 6.44% 12/16/24
    15 Year Conventional Refi 5.68% 12/16/24
    15 Year Cash-out Refi 5.68% 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 Financial Solutions Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Superior Financial Solutions. 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

    95

    Origination Dollar Volume (All Markets)

    $16,765,000

    Awards

    SUPERIOR FINANCIAL SOLUTIONS FHA Loans bronze SUPERIOR FINANCIAL SOLUTIONS 30 Year Conventional Loans bronze SUPERIOR FINANCIAL SOLUTIONS FHA Loans gold SUPERIOR FINANCIAL SOLUTIONS FHA Loans bronze
    Show all (4) awards

    Relative Rate

    Superior Financial Solutions's average 30 year fixed mortgage rate was 6.76%.

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

    This yields a difference of 0.28%.

    Relative Fees (Closing Costs)

    Superior Financial Solutions's average total fees/closing costs for a 30 year fixed rate mortgage were $4,329.

    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
    LIMA, OH (FHA|USDA|VA) 55 $9,485,000 $172,455 $4,235 6.77%
    COLUMBUS, OH (FHA|USDA|VA) 2 $1,110,000 $555,000 $2,861 6.06%
    Van Wert, OH (FHA|USDA|VA) 6 $850,000 $141,667 $4,395 7.17%
    Wapakoneta, OH (FHA|USDA|VA) 5 $825,000 $165,000 $5,718 6.80%
    AKRON, OH (FHA|USDA|VA) 4 $580,000 $145,000 $2,963 6.34%
    CINCINNATI, OH-KY-IN (FHA|USDA|VA) 2 $540,000 $270,000 $4,940 6.19%
    Findlay, OH (FHA|USDA|VA) 2 $450,000 $225,000 $5,271 6.88%
    CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 2 $410,000 $205,000 $0 7.06%
    CANTON-MASSILLON, OH (FHA|USDA|VA) 2 $350,000 $175,000 $2,530 5.88%
    Outside of Metro Areas 3 $335,000 $111,667 $2,954 7.04%
    Celina, OH (FHA|USDA|VA) 2 $300,000 $150,000 $5,749 6.63%
    Portsmouth, OH (FHA|USDA|VA) 1 $275,000 $275,000 $6,013 7.88%
    HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) 1 $265,000 $265,000 $3,559 6.88%
    CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 1 $205,000 $205,000 $3,682 7.25%
    Bellefontaine, OH (FHA|USDA|VA) 1 $185,000 $185,000 $5,519 6.50%
    TOLEDO, OH (FHA|USDA|VA) 2 $160,000 $80,000 $3,217 6.44%
    Greenville, OH (FHA|USDA|VA) 1 $125,000 $125,000 $4,280 7.50%
    Tiffin, OH (FHA|USDA|VA) 1 $125,000 $125,000 $3,071 7.63%
    Decatur, IN (FHA|USDA|VA) 1 $105,000 $105,000 $4,797 7.38%
    DAYTON-KETTERING, OH (FHA|USDA|VA) 1 $85,000 $85,000 $3,672 5.13%
    Superior Financial Solutions's top markets include Lima, Columbus, Van Wert, Wapakoneta, and Akron among others.

    Their top states include:
  • Ohio (FHA|USDA|VA)
  • North Carolina (FHA|USDA|VA)
  • Indiana (FHA|USDA|VA)

    • Similar Lenders

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

    Superior Credit Union, Inc.
    Similarity Rank: 245
    The Citizens National Bank of Bluffton
    Similarity Rank: 286
    SUPERIOR FINANCIAL SOLUTIONS, LLC
    Similarity Rank: 340
    The Union Bank Company
    Similarity Rank: 558
    MYCUMORTGAGE, LLC
    Similarity Rank: 608
    Servion, Inc.
    Similarity Rank: 892
    The State Bank and Trust Company
    Similarity Rank: 945
    First Federal Bank of the Midwest
    Similarity Rank: 1261
    Mortgage Research Center, LLC
    Similarity Rank: 2754
    Fifth Third Bank
    Similarity Rank: 4257

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 71 $12,535,000 $176,549 $3,446 6.76%
    FHA 23 $4,105,000 $178,478 $6,485 6.73%
    USDA 1 $125,000 $125,000 $4,280 7.50%

    For 2023, Superior Financial Solutions's most frequently originated type of loan was Conventional, with 71 originations. Their 2nd most popular type was FHA, with 23 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 88 $15,970,000 $181,477 $4,231 6.76%
    Cash Out Refi 7 $795,000 $113,571 $4,255 6.75%

    For 2023, Superior Financial Solutions's most frequently cited loan purpose was Home Purchase, with 88 originations. The 2nd most popular reason was Cash Out Refi, with 7 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 90 $16,030,000 $178,111 $4,329 6.76%
    15 Year 2 $290,000 $145,000 $3,132 6.31%
    20 Year 2 $300,000 $150,000 $2,580 6.69%
    1 Year 1 $145,000 $145,000 $1,500 7.63%

    For 2023, Superior Financial Solutions's most frequently cited loan duration was 30 Year, with 90 originations. The 2nd most popular length was 15 Year, with 2 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 51 $8,665,000 $169,902
    $1k-2k 22 $4,580,000 $208,182
    $2k-3k 11 $1,565,000 $142,273
    $3k-4k 5 $1,015,000 $203,000
    $4k-5k 1 $205,000 $205,000

    Superior Financial Solutions's average total fees were $4,329, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 51 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 54 $9,640,000 $178,519
    7-8% 30 $4,590,000 $153,000
    5-6% 11 $2,535,000 $230,455

    During 2023, Superior Financial Solutions's average interest rate for loans was 6.76%, while their most frequently originated rate bucket for loans was 6-7%, with 54 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 51 $7,425,000 $145,588 $4,088 6.77%
    $200k-400k 31 $7,515,000 $242,419 $4,881 6.81%
    $100,000 or less 12 $920,000 $76,667 $3,324 6.68%
    $600k-1MM 1 $905,000 $905,000 $2,444 5.88%

    2023 saw Superior Financial Solutions place emphasis on $100k-200k loans with 51 originations, totaling $7,425,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 30 $4,790,000 $159,667 $3,932 6.73%
    $100k-150k 21 $4,795,000 $228,333 $4,143 6.72%
    $75k-100k 19 $3,275,000 $172,368 $5,639 6.74%
    $50k or less 16 $1,890,000 $118,125 $3,356 6.77%
    $150k-250k 8 $1,110,000 $138,750 $4,184 7.09%
    $250k+ 1 $905,000 $905,000 $2,444 5.88%

    Superior Financial Solutions lent most frequently to those with incomes in the $50k-75k range, with 30 originations. The second most popular income band? $100k-150k, with 21 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 15 $2,215,000 $147,667 $3,851 6.83%
    20-30% 13 $2,165,000 $166,538 $3,753 6.87%
    <20% 9 $1,255,000 $139,444 $3,594 6.35%
    41% 8 $1,370,000 $171,250 $4,396 6.78%
    42% 7 $1,525,000 $217,857 $5,916 6.73%
    44% 6 $960,000 $160,000 $3,275 7.06%
    45% 5 $835,000 $167,000 $4,125 6.68%
    50-60% 4 $690,000 $172,500 $6,108 6.69%
    39% 4 $1,360,000 $340,000 $3,816 6.47%
    43% 4 $690,000 $172,500 $4,052 7.19%
    48% 4 $830,000 $207,500 $5,828 7.13%
    49% 3 $595,000 $198,333 $4,696 6.71%
    40% 3 $595,000 $198,333 $5,036 6.88%
    46% 3 $465,000 $155,000 $4,205 6.25%
    37% 2 $250,000 $125,000 $2,757 6.44%
    38% 2 $360,000 $180,000 $2,798 7.31%
    36% 2 $210,000 $105,000 $3,400 6.81%
    47% 1 $395,000 $395,000 $4,499 5.75%

    Superior Financial Solutions lent most frequently to those with DTI ratios of 30-36%, with 15 originations. The next most common DTI ratio? 20-30%, with 13 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not provided 60 $10,830,000 $180,500 $3,950 6.81%
    White 29 $4,825,000 $166,379 $4,850 6.63%
    Asian 4 $800,000 $200,000 $3,315 7.16%
    Black 2 $310,000 $155,000 $4,238 6.31%

    Approval Rates

    Total approvals of all applications
    97.83%

    Superior Financial Solutions 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
    43.16%

    Superior Financial Solutions 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 95 $16,765,000 $176,474

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    95 $16,765,000 $176,474

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 2 $140,000 $70,000 $2,253 6.81%
    40-60% 3 $325,000 $108,333 $2,989 6.54%
    60-80% 20 $3,170,000 $158,500 $3,934 6.89%
    80-100% 70 $13,130,000 $187,571 $4,413 6.73%