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 loans. Superior Financial Solutions has a high proportion of conventional loans. Their top markets by origination volume include: Lima, Columbus, Canton, Bellefontaine, and Dayton among others. We have data for 16 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% | 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
71Origination Dollar Volume (All Markets)
$10,895,000Top 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 |
|---|---|---|---|---|---|
| LIMA, OH (FHA|USDA|VA) | 49 | $7,675,000 | $156,633 | $2,967 | 3.10% |
| COLUMBUS, OH (FHA|USDA|VA) | 4 | $820,000 | $205,000 | $2,987 | 3.78% |
| Outside of Metro Areas | 3 | $435,000 | $145,000 | $2,361 | 3.38% |
| CANTON-MASSILLON, OH (FHA|USDA|VA) | 2 | $270,000 | $135,000 | $3,233 | 2.69% |
| Bellefontaine, OH (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $3,954 | 3.00% |
| DAYTON-KETTERING, OH (FHA|USDA|VA) | 2 | $250,000 | $125,000 | $4,552 | 3.63% |
| Findlay, OH (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $2,602 | 3.00% |
| Sidney, OH (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $3,889 | 3.00% |
| YOUNGSTOWN-WARREN-BOARDMAN, OH-PA (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $2,930 | 3.13% |
| WHEELING, WV-OH (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $3,056 | 2.63% |
| Salem, OH (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $2,592 | 2.63% |
| CLEVELAND-ELYRIA, OH (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $5,063 | 3.25% |
| AKRON, OH (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $2,667 | 2.75% |
| Wapakoneta, OH (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $2,023 | 3.13% |
| Van Wert, OH (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $1,819 | 3.00% |
| Tiffin, OH (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $3,419 | 3.00% |
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 |
|---|---|---|---|---|---|
| Conventional | 66 | $10,300,000 | $156,061 | $2,961 | 3.14% |
| USDA | 5 | $595,000 | $119,000 | $3,710 | 2.98% |
For 2021, Superior Financial Solutions's most frequently originated type of loan was Conventional, with 66 originations. Their 2nd most popular type was USDA, with 5 originations.
Loan Reason
For 2021, Superior Financial Solutions's most frequently cited loan purpose was Home Purchase, with 47 originations. The 2nd most popular reason was Cash Out Refi, with 14 originations.
Loan Duration/Length
For 2021, Superior Financial Solutions's most frequently cited loan duration was 30 Year, with 55 originations. The 2nd most popular length was 15 Year, with 11 originations.
Origination Fees/Closing Costs
Superior Financial Solutions's average total fees were $3,162, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 46 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 37 | $5,865,000 | $158,514 |
| 2.5-3% | 24 | $4,020,000 | $167,500 |
| <2.5% | 8 | $730,000 | $91,250 |
| 4-5% | 2 | $280,000 | $140,000 |
During 2021, Superior Financial Solutions's average interest rate for loans was 3.29%, while their most frequently originated rate bucket for loans was 3-4%, with 37 originations.
Loan Sizing
2021 saw Superior Financial Solutions place emphasis on $100k-200k loans with 29 originations, totaling $4,365,000 in origination value.
Applicant Income
Superior Financial Solutions lent most frequently to those with incomes in the $50k-75k range, with 25 originations. The second most popular income band? $50k or less, with 21 originations.
Applicant Debt to Income Ratio
Superior Financial Solutions lent most frequently to those with DTI ratios of 20-30%, with 21 originations. The next most common DTI ratio? 30-36%, with 10 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications96.97%
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 origination32.39%
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 | 71 | $10,895,000 | $153,451 |