Preferred Mortgage Corporation Rates, Fees & Info

Rio Piedras,

LEI: 549300C2LYW7GU30DV25

Tax ID: 66-0433589

5 stars - Updated: 7/14/24 - out of 5 stars, based on 22 reviews

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

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Mortgage Data

Review & Overview

Preferred Mortgage Corporation is a smaller mortgage company specializing in Home Purchase loans. They have a a high proportion of FHA loans. Preferred Mortgage Corporation has an average proportion of conventional loans. Their top markets by origination volume include: San Juan, Arecibo, Aguadilla, Guayama, and San GermÁn among others. We have data for 11 markets. (Some data included below & more in-depth data is available with an active subscription.)

Preferred Mortgage Corporation 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. Preferred Mortgage Corporation is typically a high 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 7.33% 7/14/24
30 Year Conventional Refi 6.61% 7/14/24
30 Year Cash-out Refi 6.95% 7/14/24
30 Year FHA Purchase 7.15% 7/14/24
30 Year FHA Refi 6.80% 7/14/24
30 Year VA Purchase 6.31% 7/14/24
30 Year VA Refi 6.27% 7/14/24
30 Year USDA Purchase 6.67% 7/14/24
15 Year Conventional Purchase 7.70% 7/14/24
15 Year Conventional Refi 6.06% 7/14/24
15 Year Cash-out Refi 6.06% 7/14/24
15 Year FHA Purchase 7.04% 7/14/24
15 Year FHA Refi 6.75% 7/14/24
15 Year VA Purchase 7.40% 7/14/24
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.

Preferred Mortgage Corporation Mortgage Calculator






Your Estimates

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

This is not an official calculator from Preferred Mortgage Corporation. 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

487

Origination Dollar Volume (All Markets)

$64,245,000

Awards

PREFERRED MORTGAGE CORPORATION USDA Loans bronze PREFERRED MORTGAGE CORPORATION FHA Loans bronze
Show all (2) awards

Relative Rate

Preferred Mortgage Corporation's average 30 year fixed mortgage rate was 6.52%.

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

This yields a difference of 0.04%.

Relative Fees (Closing Costs)

Preferred Mortgage Corporation's average total fees/closing costs for a 30 year fixed rate mortgage were $8,751.

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
SAN JUAN-BAYAMÓN-CAGUAS, PR (FHA|USDA|VA) 420 $57,430,000 $136,738 $8,909 6.52%
Arecibo, PR (FHA|USDA|VA) 15 $1,725,000 $115,000 $8,955 6.53%
AGUADILLA-ISABELA, PR (FHA|USDA|VA) 12 $1,530,000 $127,500 $8,747 6.67%
GUAYAMA, PR (FHA|USDA|VA) 19 $1,495,000 $78,684 $6,761 6.50%
SAN GERMÁN, PR (FHA|USDA|VA) 5 $715,000 $143,000 $7,518 7.18%
PONCE, PR (FHA|USDA|VA) 6 $440,000 $73,333 $6,430 6.50%
Coco, PR (FHA|USDA|VA) 4 $260,000 $65,000 $6,763 6.63%
Coamo, PR (FHA|USDA|VA) 2 $260,000 $130,000 $7,897 6.63%
MAYAGÜEZ, PR (FHA|USDA|VA) 2 $180,000 $90,000 $6,966 6.25%
Jayuya, PR (FHA|USDA|VA) 1 $125,000 $125,000 $6,166 7.25%
YAUCO, PR (FHA|USDA|VA) 1 $85,000 $85,000 $6,213 6.75%
Preferred Mortgage Corporation's top markets include San Juan, Arecibo, Aguadilla, Guayama, and San GermÁn among others.

Their top states include:
  • Puerto Rico (FHA|USDA|VA)
  • (FHA|USDA|VA)
  • Similar Lenders

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

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    FHA 331 $39,615,000 $119,683 $9,139 6.43%
    USDA 77 $8,285,000 $107,597 $7,360 6.43%
    Conventional 40 $8,040,000 $201,000 $8,161 7.59%
    VA 39 $8,305,000 $212,949 $8,594 6.47%

    For 2023, Preferred Mortgage Corporation's most frequently originated type of loan was FHA, with 331 originations. Their 2nd most popular type was USDA, with 77 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 471 $61,385,000 $130,329 $8,494 6.53%
    Refi 8 $1,320,000 $165,000 $20,080 6.44%
    Cash Out Refi 8 $1,540,000 $192,500 $11,553 6.58%

    For 2023, Preferred Mortgage Corporation's most frequently cited loan purpose was Home Purchase, with 471 originations. The 2nd most popular reason was Refi, with 8 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 483 $63,795,000 $132,081 $8,751 6.52%
    20 Year 4 $450,000 $112,500 $6,985 7.22%

    For 2023, Preferred Mortgage Corporation's most frequently cited loan duration was 30 Year, with 483 originations. The 2nd most popular length was 20 Year, with 4 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $3k-4k 145 $15,585,000 $107,483
    $2k-3k 117 $10,715,000 $91,581
    $5k+ 96 $20,840,000 $217,083
    $4k-5k 78 $10,410,000 $133,462
    $1k-2k 31 $3,255,000 $105,000
    $<1k 18 $3,260,000 $181,111

    Preferred Mortgage Corporation's average total fees were $8,751, while their most frequently occuring range of origination fees (closing costs) were in the $3k-4k bucket, with 145 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 362 $47,220,000 $130,442
    7-8% 65 $8,705,000 $133,923
    5-6% 51 $7,095,000 $139,118
    Over 8% 7 $1,045,000 $149,286

    During 2023, Preferred Mortgage Corporation's average interest rate for loans was 6.52%, while their most frequently originated rate bucket for loans was 6-7%, with 362 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 216 $16,320,000 $75,556 $7,008 6.56%
    $100k-200k 213 $29,205,000 $137,113 $8,796 6.50%
    $200k-400k 46 $11,950,000 $259,783 $12,283 6.53%
    $400k-600k 8 $3,840,000 $480,000 $29,199 6.59%
    $600k-1MM 4 $2,930,000 $732,500 $16,262 6.81%

    2023 saw Preferred Mortgage Corporation place emphasis on $100,000 or less loans with 216 originations, totaling $16,320,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 311 $28,745,000 $92,428 $7,644 6.49%
    $50k-75k 91 $13,685,000 $150,385 $9,073 6.54%
    $75k-100k 36 $7,040,000 $195,556 $10,112 6.62%
    $100k-150k 30 $6,430,000 $214,333 $10,642 6.71%
    $150k-250k 13 $5,225,000 $401,923 $14,500 6.42%
    $250k+ 6 $3,120,000 $520,000 $29,561 7.04%

    Preferred Mortgage Corporation lent most frequently to those with incomes in the $50k or less range, with 311 originations. The second most popular income band? $50k-75k, with 91 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 87 $12,205,000 $140,287 $8,606 6.52%
    20-30% 85 $10,795,000 $127,000 $9,428 6.46%
    50-60% 72 $9,880,000 $137,222 $8,833 6.43%
    42% 22 $2,950,000 $134,091 $8,530 6.62%
    36% 22 $2,320,000 $105,455 $7,381 6.73%
    39% 20 $2,610,000 $130,500 $9,355 6.44%
    37% 19 $2,115,000 $111,316 $8,341 6.38%
    45% 17 $2,415,000 $142,059 $8,006 6.58%
    49% 17 $1,965,000 $115,588 $8,031 6.65%
    38% 16 $2,220,000 $138,750 $8,371 6.69%
    40% 14 $1,560,000 $111,429 $8,554 6.56%
    47% 14 $1,600,000 $114,286 $7,930 6.64%
    48% 14 $2,110,000 $150,714 $9,312 6.55%
    41% 14 $1,630,000 $116,429 $8,158 6.48%
    44% 13 $1,705,000 $131,154 $7,629 6.67%
    <20% 13 $2,945,000 $226,538 $11,093 6.57%
    43% 11 $1,355,000 $123,182 $9,898 6.44%
    46% 8 $790,000 $98,750 $7,636 6.95%

    Preferred Mortgage Corporation lent most frequently to those with DTI ratios of 30-36%, with 87 originations. The next most common DTI ratio? 20-30%, with 85 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 407 $51,045,000 $125,418 $8,470 6.50%
    Not provided 43 $9,095,000 $211,512 $11,950 6.81%
    Black 37 $4,105,000 $110,946 $7,911 6.53%

    Approval Rates

    Total approvals of all applications
    82.43%

    Preferred Mortgage Corporation has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    87.27%

    Preferred Mortgage Corporation has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 487 $64,245,000 $131,920

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    487 $64,245,000 $131,920

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 3 $685,000 $228,333 $13,016 6.96%
    40-60% 48 $3,010,000 $62,708 $6,526 6.49%
    60-80% 204 $21,320,000 $104,510 $8,144 6.56%
    80-100% 218 $36,750,000 $168,578 $9,566 6.51%
    Over 100% 13 $2,385,000 $183,462 $11,334 6.44%