On Tap Mortgage Rates, Fees & Info
Golden, COLEI: 549300BQPSF250Q8KQ79
Tax ID: 84-0442238
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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, Fort Collins, Greeley, Tampa, and Grand Junction among others. We have data for 6 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 a below average pick rate when compared to similar lenders. On Tap 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.
Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.01% | 4/5/25 |
| 30 Year Conventional Refi | 6.50% | 4/5/25 |
| 30 Year Cash-out Refi | 6.22% | 4/5/25 |
| 30 Year VA Purchase | 6.72% | 4/5/25 |
| 15 Year Conventional Purchase | 7.27% | 4/5/25 |
| 15 Year Conventional Refi | 8.23% | 4/5/25 |
| 15 Year Cash-out Refi | 8.23% | 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. | ||
On Tap Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
123Origination Dollar Volume (All Markets)
$18,705,000Awards
ON TAP - 2024
ON TAP is a 2024 , due to their low .
For 2024, less than of lenders were eligible for this award.
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Relative Rate
On Tap's average 30 year fixed mortgage rate was
6.34%.
The 2024 average 30 year fixed rate mortgage across all markets and lenders was 6.55%.
This yields a difference of -0.21%.
Relative Fees (Closing Costs)
On Tap's average total fees/closing costs for a 30 year fixed rate
mortgage were $5,775.
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 |
|---|---|---|---|---|---|
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 105 | $15,465,000 | $147,286 | $1,296 | 7.82% |
| FORT COLLINS, CO (FHA|USDA|VA) | 6 | $1,670,000 | $278,333 | $1,811 | 7.77% |
| GREELEY, CO (FHA|USDA|VA) | 8 | $940,000 | $117,500 | $1,550 | 8.01% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $6,885 | 7.13% |
| GRAND JUNCTION, CO (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $761 | 9.24% |
| Outside of Metro Areas | 2 | $100,000 | $50,000 | $491 | 6.80% |
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.
Similarity Rank: 264
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 123 | $18,705,000 | $152,073 | $1,365 | 7.82% |
For 2024, On Tap's most frequently originated type of loan was Conventional, with 123 originations.
Loan Reason
For 2024, On Tap's most frequently cited loan purpose was Other, with 46 originations. The 2nd most popular reason was Home Improvement, with 34 originations.
Loan Duration/Length
For 2024, On Tap's most frequently cited loan duration was 15 Year, with 50 originations. The 2nd most popular length was 10 Year, with 28 originations.
Origination Fees/Closing Costs
On Tap's average total fees were $5,775, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 95 originations.
Interest Rates
During 2024, On Tap's average interest rate for loans was 6.34%, while their most frequently originated rate bucket for loans was Over 8%, with 68 originations.
Loan Sizing
2024 saw On Tap place emphasis on $100,000 or less loans with 66 originations, totaling $3,510,000 in origination value.
Applicant Income
On Tap lent most frequently to those with incomes in the $100k-150k range, with 40 originations. The second most popular income band? $150k-250k, with 31 originations.
Applicant Debt to Income Ratio
On Tap lent most frequently to those with DTI ratios of 50-60%, with 20 originations. The next most common DTI ratio? 30-36%, with 15 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications74.51%
On Tap has a below average approval rate.
Pick Rate
Approvals leading to origination81.30%
On Tap has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| 10028.0 | 1 | $455,000 | $455,000 |
| 1626.0 | 1 | $325,000 | $325,000 |
| 1800.0 | 1 | $365,000 | $365,000 |
| 2520.0 | 1 | $225,000 | $225,000 |
| 3700.0 | 1 | $455,000 | $455,000 |
| NA | 118 | $16,880,000 | $143,051 |