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. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Lima, Wapakoneta, Akron, Cleveland, and Wooster among others. We have data for 13 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
Your Estimates
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
68Origination Dollar Volume (All Markets)
$10,350,000Top 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) | 35 | $5,525,000 | $157,857 | $3,454 | 5.11% |
| Wapakoneta, OH (FHA|USDA|VA) | 4 | $770,000 | $192,500 | $6,465 | 4.56% |
| AKRON, OH (FHA|USDA|VA) | 9 | $715,000 | $79,444 | $3,313 | 4.83% |
| Outside of Metro Areas | 5 | $665,000 | $133,000 | $2,990 | 5.28% |
| CLEVELAND-ELYRIA, OH (FHA|USDA|VA) | 5 | $525,000 | $105,000 | $3,705 | 5.30% |
| Wooster, OH (FHA|USDA|VA) | 1 | $445,000 | $445,000 | $4,861 | 3.00% |
| COLUMBUS, OH (FHA|USDA|VA) | 1 | $405,000 | $405,000 | $3,283 | 5.63% |
| Bellefontaine, OH (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $3,622 | 5.88% |
| CANTON-MASSILLON, OH (FHA|USDA|VA) | 3 | $305,000 | $101,667 | $3,002 | 3.75% |
| Angola, IN (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $3,027 | 5.00% |
| Findlay, OH (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $5,217 | 3.38% |
| DAYTON-KETTERING, OH (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $2,667 | 5.50% |
| Marion, OH (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $3,664 | 2.63% |
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 | 65 | $9,875,000 | $151,923 | $3,516 | 4.91% |
| FHA | 3 | $475,000 | $158,333 | $5,932 | 5.46% |
For 2022, Superior Financial Solutions's most frequently originated type of loan was Conventional, with 65 originations. Their 2nd most popular type was FHA, with 3 originations.
Loan Reason
For 2022, Superior Financial Solutions's most frequently cited loan purpose was Home Purchase, with 60 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 | 59 | $9,185,000 | $155,678 | $3,729 | 5.13% |
| 15 Year | 8 | $720,000 | $90,000 | $2,898 | 3.73% |
| Other | 1 | $445,000 | $445,000 | $4,861 | 3.00% |
For 2022, Superior Financial Solutions's most frequently cited loan duration was 30 Year, with 59 originations. The 2nd most popular length was 15 Year, with 8 originations.
Origination Fees/Closing Costs
Superior Financial Solutions's average total fees were $3,729, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 25 originations.
Interest Rates
During 2022, Superior Financial Solutions's average interest rate for loans was 5.13%, while their most frequently originated rate bucket for loans was 4-5%, with 25 originations.
Loan Sizing
2022 saw Superior Financial Solutions place emphasis on $100k-200k loans with 33 originations, totaling $4,695,000 in origination value.
Applicant Income
Superior Financial Solutions lent most frequently to those with incomes in the $50k-75k range, with 21 originations. The second most popular income band? $100k-150k, with 15 originations.
Applicant Debt to Income Ratio
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
Approval Rates
Total approvals of all applications97.47%
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 origination19.12%
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 | 68 | $10,350,000 | $152,206 |