On Tap Mortgage Rates, Fees & Info

Golden, CO

LEI: 549300BQPSF250Q8KQ79

Tax ID: 84-0442238

5 stars - Updated: 12/2/24 - out of 5 stars, based on 15 reviews

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

Review & Overview

On Tap is a smaller mortgage company specializing in Home Purchase loans. On Tap has a high proportion of conventional loans. Their top markets by origination volume include: Denver, Greeley, Fort Collins, Montrose, and Asheville among others. We have data for 10 markets. (Some data included below & more in-depth data is available with an active subscription.)

On Tap has an average approval rate when compared to the average across all lenders. They have an average pick rate when compared to similar lenders. On Tap is typically an average 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 relatively high 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.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 6.27% 12/2/24
30 Year Conventional Refi 6.27% 12/2/24
30 Year Cash-out Refi 6.27% 12/2/24
15 Year Conventional Purchase 6.49% 12/2/24
15 Year Conventional Refi 6.88% 12/2/24
15 Year Cash-out Refi 6.88% 12/2/24
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.

On Tap Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from On Tap. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.


Originations

236

Origination Dollar Volume (All Markets)

$34,650,000

Relative Rate

On Tap's average 30 year fixed mortgage rate was 6.38%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of -0.1%.

Relative Fees (Closing Costs)

On Tap's average total fees/closing costs for a 30 year fixed rate mortgage were $5,163.

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 $9,089.

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
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 197 $26,885,000 $136,472 $818 7.03%
GREELEY, CO (FHA|USDA|VA) 12 $1,830,000 $152,500 $1,259 6.95%
FORT COLLINS, CO (FHA|USDA|VA) 8 $1,660,000 $207,500 $1,974 7.46%
Outside of Metro Areas 6 $1,490,000 $248,333 $2,795 7.43%
Montrose, CO (FHA|USDA|VA) 4 $910,000 $227,500 $1,666 7.06%
ASHEVILLE, NC (FHA|USDA|VA) 2 $710,000 $355,000 $6,148 7.44%
BOULDER, CO (FHA|USDA|VA) 3 $545,000 $181,667 $2,662 6.66%
COLORADO SPRINGS, CO (FHA|USDA|VA) 2 $440,000 $220,000 $1,801 6.43%
Edwards, CO (FHA|USDA|VA) 1 $165,000 $165,000 $3,519 6.88%
Fort Morgan, CO (FHA|USDA|VA) 1 $15,000 $15,000 $348 8.74%
On Tap's top markets include Denver, Greeley, Fort Collins, Montrose, and Asheville among others.

Their top states include:
  • Colorado (FHA|USDA|VA)
  • North Carolina (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against ON TAP based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    SOUTHERN LENDING SERVICES, LTD.
    Similarity Rank: 300
    Shea Mortgage Inc.
    Similarity Rank: 589
    HOME MORTGAGE ALLIANCE, LLC
    Similarity Rank: 942
    ON TAP
    Similarity Rank: 1140
    WESTERRA CREDIT UNION
    Similarity Rank: 1275
    Ent Credit Union
    Similarity Rank: 1296
    PREMIER MEMBERS CREDIT UNION
    Similarity Rank: 1792
    HOMEAMERICAN MORTGAGE CORPORATION
    Similarity Rank: 1804
    IDEAL HOME LOANS LLC
    Similarity Rank: 2093

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 236 $34,650,000 $146,822 $1,029 7.05%

    For 2023, On Tap's most frequently originated type of loan was Conventional, with 236 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 84 $6,670,000 $79,405 $315 7.20%
    Other 77 $5,685,000 $73,831 $255 7.25%
    Home Purchase 40 $14,810,000 $370,250 $3,911 6.59%
    Refi 26 $4,280,000 $164,615 $596 6.86%
    Cash Out Refi 9 $3,205,000 $356,111 $6,117 6.54%

    For 2023, On Tap's most frequently cited loan purpose was Home Improvement, with 84 originations. The 2nd most popular reason was Other, with 77 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 120 $10,930,000 $91,083 $278 7.52%
    10 Year 47 $2,985,000 $63,511 $261 7.04%
    30 Year 43 $17,395,000 $404,535 $5,163 6.38%
    5 Year 17 $825,000 $48,529 $257 6.46%
    Other 9 $2,515,000 $279,444 $891 5.07%

    For 2023, On Tap's most frequently cited loan duration was 15 Year, with 120 originations. The 2nd most popular length was 10 Year, with 47 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 194 $17,480,000 $90,103
    $1k-2k 9 $3,245,000 $360,556
    $5k+ 9 $5,595,000 $621,667
    $2k-3k 8 $2,390,000 $298,750
    $3k-4k 7 $2,335,000 $333,571
    $4k-5k 4 $1,750,000 $437,500

    On Tap's average total fees were $5,163, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 194 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    7-8% 100 $10,720,000 $107,200
    5-6% 52 $8,260,000 $158,846
    6-7% 41 $10,455,000 $255,000
    Over 8% 35 $2,805,000 $80,143
    4-5% 7 $2,395,000 $342,143
    <2.5% 1 $15,000 $15,000

    During 2023, On Tap's average interest rate for loans was 6.38%, while their most frequently originated rate bucket for loans was 7-8%, with 100 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 130 $6,770,000 $52,077 $269 7.23%
    $100k-200k 57 $7,745,000 $135,877 $606 7.09%
    $200k-400k 31 $8,655,000 $279,194 $2,928 6.66%
    $400k-600k 10 $4,900,000 $490,000 $6,500 5.99%
    $600k-1MM 7 $5,375,000 $767,857 $8,052 6.79%
    $1MM+ 1 $1,205,000 $1,205,000 $1,996 4.97%

    2023 saw On Tap place emphasis on $100,000 or less loans with 130 originations, totaling $6,770,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 72 $11,160,000 $155,000 $722 7.18%
    $100k-150k 66 $8,510,000 $128,939 $1,183 6.92%
    $50k-75k 33 $2,705,000 $81,970 $597 7.16%
    $75k-100k 33 $3,955,000 $119,848 $1,345 6.85%
    $250k+ 21 $7,125,000 $339,286 $1,967 7.34%
    $50k or less 5 $565,000 $113,000 $1,686 5.57%

    On Tap lent most frequently to those with incomes in the $150k-250k range, with 72 originations. The second most popular income band? $100k-150k, with 66 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 40 $7,540,000 $188,500 $1,622 6.91%
    50-60% 35 $3,895,000 $111,286 $472 7.43%
    20-30% 33 $3,885,000 $117,727 $574 6.93%
    39% 13 $1,995,000 $153,462 $1,689 6.70%
    47% 12 $2,200,000 $183,333 $1,883 7.25%
    41% 11 $1,745,000 $158,636 $1,358 6.22%
    42% 11 $1,455,000 $132,273 $621 7.47%
    45% 10 $1,150,000 $115,000 $982 6.82%
    49% 9 $765,000 $85,000 $276 7.24%
    46% 9 $2,075,000 $230,556 $1,101 6.98%
    >60% 7 $725,000 $103,571 $243 7.29%
    43% 7 $1,015,000 $145,000 $1,429 7.76%
    44% 7 $1,445,000 $206,429 $296 7.33%
    48% 7 $525,000 $75,000 $484 6.58%
    <20% 7 $755,000 $107,857 $992 6.72%
    38% 6 $1,180,000 $196,667 $1,128 7.24%
    37% 5 $1,175,000 $235,000 $2,914 6.38%
    36% 4 $250,000 $62,500 $236 7.74%
    40% 3 $875,000 $291,667 $3,511 7.00%

    On Tap lent most frequently to those with DTI ratios of 30-36%, with 40 originations. The next most common DTI ratio? 50-60%, with 35 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 175 $27,435,000 $156,771 $1,209 6.99%
    Not provided 53 $5,935,000 $111,981 $371 7.24%
    Black 5 $925,000 $185,000 $1,591 7.22%
    American Indian 2 $310,000 $155,000 $2,038 6.04%
    Asian 1 $45,000 $45,000 $236 7.49%

    Approval Rates

    Total approvals of all applications
    80.94%

    On Tap has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    93.64%

    On Tap has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    0.25 1 $535,000 $535,000
    0.38 1 $195,000 $195,000
    10812.5 1 $945,000 $945,000
    5090.0 1 $375,000 $375,000
    8352.49 1 $715,000 $715,000
    NA 231 $31,885,000 $138,030

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    236 $34,650,000 $146,822

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 40 $7,080,000 $177,000 $901 6.67%
    40-60% 6 $1,530,000 $255,000 $3,803 6.85%
    60-80% 10 $5,670,000 $567,000 $5,359 6.56%
    80-100% 22 $10,120,000 $460,000 $5,787 6.35%
    Under 20% 158 $10,250,000 $64,873 $269 7.28%