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 also have a high ratio of USDA loans. Superior Financial Solutions has a high proportion of conventional loans. Their top markets by origination volume include: Bellefontaine, Lima, Springfield, Findlay, and Fremont among others. We have data for 5 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 | 7.22% | 4/17/25 |
| 30 Year Conventional Refi | 6.72% | 4/17/25 |
| 30 Year Cash-out Refi | 6.01% | 4/17/25 |
| 30 Year FHA Purchase | 7.64% | 4/17/25 |
| 30 Year VA Purchase | 6.72% | 4/17/25 |
| 30 Year USDA Purchase | 6.72% | 4/17/25 |
| 15 Year Conventional Purchase | 6.90% | 4/17/25 |
| 15 Year Conventional Refi | 6.00% | 4/17/25 |
| 15 Year Cash-out Refi | 6.00% | 4/17/25 |
| 15 Year FHA Purchase | 6.00% | 4/17/25 |
| 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
5Origination Dollar Volume (All Markets)
$535,000Top 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 |
|---|---|---|---|---|---|
| Bellefontaine, OH (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $3,909 | 3.25% |
| LIMA, OH (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $4,108 | 3.38% |
| SPRINGFIELD, OH (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $2,518 | 3.50% |
| Findlay, OH (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $3,479 | 2.75% |
| Fremont, OH (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $3,163 | 3.13% |
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 |
|---|---|---|---|---|---|
| USDA | 3 | $315,000 | $105,000 | $3,517 | 3.04% |
| Conventional | 2 | $220,000 | $110,000 | $3,313 | 3.44% |
For 2020, Superior Financial Solutions's most frequently originated type of loan was USDA, with 3 originations. Their 2nd most popular type was Conventional, with 2 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 3 | $315,000 | $105,000 | $3,517 | 3.04% |
| Refi | 1 | $105,000 | $105,000 | $2,518 | 3.50% |
| Cash Out Refi | 1 | $115,000 | $115,000 | $4,108 | 3.38% |
For 2020, Superior Financial Solutions's most frequently cited loan purpose was Home Purchase, with 3 originations. The 2nd most popular reason was Refi, with 1 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 4 | $420,000 | $105,000 | $3,267 | 3.16% |
| 15 Year | 1 | $115,000 | $115,000 | $4,108 | 3.38% |
For 2020, Superior Financial Solutions's most frequently cited loan duration was 30 Year, with 4 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 | 3 | $315,000 | $105,000 |
| $1k-2k | 1 | $105,000 | $105,000 |
| $2k-3k | 1 | $115,000 | $115,000 |
Superior Financial Solutions's average total fees were $3,267, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 3 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 4 | $440,000 | $110,000 |
| 2.5-3% | 1 | $95,000 | $95,000 |
During 2020, Superior Financial Solutions's average interest rate for loans was 3.16%, while their most frequently originated rate bucket for loans was 3-4%, with 4 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100k-200k | 3 | $365,000 | $121,667 | $3,512 | 3.38% |
| $100,000 or less | 2 | $170,000 | $85,000 | $3,321 | 2.94% |
2020 saw Superior Financial Solutions place emphasis on $100k-200k loans with 3 originations, totaling $365,000 in origination value.
Applicant Income
Superior Financial Solutions lent most frequently to those with incomes in the $50k-75k range, with 2 originations. The second most popular income band? $100k-150k, with 1 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| <20% | 2 | $180,000 | $90,000 | $2,840 | 3.31% |
| 36% | 2 | $210,000 | $105,000 | $3,793 | 3.06% |
| 44% | 1 | $145,000 | $145,000 | $3,909 | 3.25% |
Superior Financial Solutions lent most frequently to those with DTI ratios of <20%, with 2 originations. The next most common DTI ratio? 36%, with 2 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 4 | $430,000 | $107,500 | $3,665 | 3.13% |
| Not provided | 1 | $105,000 | $105,000 | $2,518 | 3.50% |
Approval Rates
Total approvals of all applications100.00%
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 origination80.00%
Superior Financial Solutions has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 5 | $535,000 | $107,000 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 5 | $535,000 | $107,000 |
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 60-80% | 2 | $220,000 | $110,000 | $3,313 | 3.44% |
| 80-100% | 3 | $315,000 | $105,000 | $3,517 | 3.04% |
Complaints
| Bank Name | Product | Issue | 2020 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Superior Settlement Services LLC | Other type of mortgage | Trouble during payment process | 1 | 100.0% |