Ontario Shores Mortgage Rates, Fees & Info
Newfane, NYLEI: 5493009U7VIT7UF4QH15
Tax ID: 16-0871756
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Mortgage Data
Review & Overview
Ontario Shores is a smaller mortgage company specializing in Home Improvement loans. Ontario Shores has a high proportion of conventional loans. Their top markets by origination volume include: Buffalo, Rochester, Olean, and Batavia among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)Ontario Shores has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. Ontario Shores 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 | 6.72% | 4/5/25 |
| 30 Year Conventional Refi | 6.72% | 4/5/25 |
| 15 Year Conventional Purchase | 6.00% | 4/5/25 |
| 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. | ||
Ontario Shores Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
177Origination Dollar Volume (All Markets)
$15,025,000Awards
ONTARIO SHORES - 2024
ONTARIO SHORES is a 2024 , due to their low .
For 2024, less than of lenders were eligible for this award.
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Relative Rate
Ontario Shores's average 30 year fixed mortgage rate was
6.54%.
The 2024 average 30 year fixed rate mortgage across all markets and lenders was 6.55%.
This yields a difference of -0.01%.
Relative Fees (Closing Costs)
Ontario Shores's average total fees/closing costs for a 30 year fixed rate
mortgage were $2,741.
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 $8,356.
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 |
|---|---|---|---|---|---|
| BUFFALO-CHEEKTOWAGA, NY (FHA|USDA|VA) | 116 | $10,880,000 | $93,793 | $2,818 | 8.01% |
| ROCHESTER, NY (FHA|USDA|VA) | 51 | $3,565,000 | $69,902 | $2,357 | 7.82% |
| Olean, NY (FHA|USDA|VA) | 2 | $310,000 | $155,000 | $0 | 8.08% |
| Outside of Metro Areas | 7 | $255,000 | $36,429 | $0 | 8.30% |
| Batavia, NY (FHA|USDA|VA) | 1 | $15,000 | $15,000 | $0 | 7.20% |
Similar Lenders
We use machine learning to identify the top lenders compared against ONTARIO SHORES based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 20
Similarity Rank: 80
Similarity Rank: 144
Similarity Rank: 150
Similarity Rank: 160
Similarity Rank: 189
Similarity Rank: 286
Similarity Rank: 510
Similarity Rank: 852
Similarity Rank: 875
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 139 | $11,925,000 | $85,791 | $2,703 | 7.40% |
| HELOC | 38 | $3,100,000 | $81,579 | n/a | 9.95% |
For 2024, Ontario Shores's most frequently originated type of loan was Conventional, with 139 originations. Their 2nd most popular type was HELOC, with 38 originations.
Loan Reason
For 2024, Ontario Shores's most frequently cited loan purpose was Home Improvement, with 148 originations. The 2nd most popular reason was Home Purchase, with 18 originations.
Loan Duration/Length
For 2024, Ontario Shores's most frequently cited loan duration was 15 Year, with 92 originations. The 2nd most popular length was 30 Year, with 24 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 28 | $4,730,000 | $168,929 |
Ontario Shores's average total fees were $2,741, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 28 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 7-8% | 80 | $5,860,000 | $73,250 |
| Over 8% | 49 | $3,625,000 | $73,980 |
| 6-7% | 44 | $5,250,000 | $119,318 |
| 5-6% | 1 | $175,000 | $175,000 |
During 2024, Ontario Shores's average interest rate for loans was 6.54%, while their most frequently originated rate bucket for loans was 7-8%, with 80 originations.
Loan Sizing
2024 saw Ontario Shores place emphasis on $100,000 or less loans with 124 originations, totaling $5,190,000 in origination value.
Applicant Income
Ontario Shores lent most frequently to those with incomes in the $50k-75k range, with 41 originations. The second most popular income band? $75k-100k, with 40 originations.
Applicant Debt to Income Ratio
Ontario Shores lent most frequently to those with DTI ratios of 20-30%, with 40 originations. The next most common DTI ratio? 30-36%, with 37 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications94.20%
Ontario Shores has an average approval rate.
Pick Rate
Approvals leading to origination98.87%
Ontario Shores has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 177 | $15,025,000 | $84,887 |