Superior Financial Solutions Mortgage Rates, Fees & Info
LIMA, OHLEI: 5493008ICL5D7TS4CI35
Tax ID: 20-5799048
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Mortgage Data
Review & Overview
Superior Financial Solutions is a smaller mortgage company specializing in Home Purchase and Cash Out Refi loans. They have a a high proportion of FHA loans. Their top markets by origination volume include: Columbus, Lima, Marion, Toledo, and Wapakoneta among others. We have data for 6 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 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.65% | 5/13/24 |
| 30 Year Conventional Refi | 6.46% | 5/13/24 |
| 30 Year Cash-out Refi | 6.51% | 5/13/24 |
| 30 Year FHA Purchase | 6.27% | 5/13/24 |
| 30 Year FHA Refi | 6.27% | 5/13/24 |
| 30 Year VA Purchase | 6.27% | 5/13/24 |
| 30 Year USDA Purchase | 6.27% | 5/13/24 |
| 15 Year Conventional Purchase | 6.44% | 5/13/24 |
| 15 Year Conventional Refi | 5.68% | 5/13/24 |
| 15 Year Cash-out Refi | 5.68% | 5/13/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
10Origination Dollar Volume (All Markets)
$1,300,000Top 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 |
|---|---|---|---|---|---|
| COLUMBUS, OH (FHA|USDA|VA) | 4 | $550,000 | $137,500 | $1,377 | 3.88% |
| LIMA, OH (FHA|USDA|VA) | 2 | $190,000 | $95,000 | $4,378 | 4.00% |
| Marion, OH (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $0 | 3.88% |
| TOLEDO, OH (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $25 | 3.88% |
| Wapakoneta, OH (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $25 | 4.00% |
| WHEELING, WV-OH (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $5,320 | 4.75% |
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.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| FHA | 8 | $1,030,000 | $128,750 | $2,605 | 4.09% |
| VA | 2 | $270,000 | $135,000 | $25 | 3.63% |
For 2019, Superior Financial Solutions's most frequently originated type of loan was FHA, with 8 originations. Their 2nd most popular type was VA, with 2 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 8 | $1,020,000 | $127,500 | $2,282 | 4.06% |
| Cash Out Refi | 2 | $280,000 | $140,000 | $0 | 3.75% |
For 2019, Superior Financial Solutions's most frequently cited loan purpose was Home Purchase, with 8 originations. The 2nd most popular reason was Cash Out Refi, with 2 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 9 | $1,175,000 | $130,556 | $2,282 | 4.04% |
| 15 Year | 1 | $125,000 | $125,000 | $0 | 3.63% |
For 2019, Superior Financial Solutions's most frequently cited loan duration was 30 Year, with 9 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 |
|---|---|---|---|
| $<1k | 10 | $1,300,000 | $130,000 |
Superior Financial Solutions's average total fees were $2,282, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 10 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 7 | $975,000 | $139,286 |
| 4-5% | 3 | $325,000 | $108,333 |
During 2019, Superior Financial Solutions's average interest rate for loans was 4.04%, while their most frequently originated rate bucket for loans was 3-4%, with 7 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100k-200k | 8 | $1,150,000 | $143,750 | $1,721 | 3.98% |
| $100,000 or less | 2 | $150,000 | $75,000 | $3,965 | 4.06% |
2019 saw Superior Financial Solutions place emphasis on $100k-200k loans with 8 originations, totaling $1,150,000 in origination value.
Applicant Income
Superior Financial Solutions lent most frequently to those with incomes in the $50k-75k range, with 6 originations. The second most popular income band? $50k or less, with 2 originations.
Applicant Debt to Income Ratio
Superior Financial Solutions lent most frequently to those with DTI ratios of 30-36%, with 2 originations. The next most common DTI ratio? 20-30%, with 2 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 7 | $865,000 | $123,571 | $2,825 | 3.98% |
| Black | 3 | $435,000 | $145,000 | $1,377 | 4.04% |
Approval Rates
Total approvals of all applications99.06%
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-10.00%
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 | 10 | $1,300,000 | $130,000 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 10 | $1,300,000 | $130,000 |
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 80-100% | 9 | $1,155,000 | $128,333 | $2,605 | 4.04% |
| Over 100% | 1 | $145,000 | $145,000 | $25 | 3.63% |
Complaints
| Bank Name | Product | Issue | 2019 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Superior Home Loans, Inc. | Conventional home mortgage | Closing on a mortgage | 1 | 100.0% |