Preferred Mortgage Corporation Rates, Fees & InfoRio Piedras,
Tax ID: 66-0433589
Latest/2022 | 2021 Data | 2020 Data | 2019 Data | 2018 Data
Review & OverviewPreferred Mortgage Corporation is a smaller mortgage company specializing in 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, Aguadilla, Arecibo, San GermÁn, and Guayama among others. We have data for 13 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 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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|Simulated Rate||Simulation Date|
|30 Year Conventional Purchase||7.33%||3/28/23|
|30 Year Conventional Refi||6.61%||3/28/23|
|30 Year Cash-out Refi||6.95%||3/28/23|
|30 Year FHA Purchase||7.15%||3/28/23|
|30 Year FHA Refi||6.80%||3/28/23|
|30 Year VA Purchase||6.31%||3/28/23|
|30 Year VA Refi||6.27%||3/28/23|
|30 Year USDA Purchase||6.67%||3/28/23|
|15 Year Conventional Purchase||7.70%||3/28/23|
|15 Year Conventional Refi||6.06%||3/28/23|
|15 Year Cash-out Refi||6.06%||3/28/23|
|15 Year FHA Purchase||7.04%||3/28/23|
|15 Year FHA Refi||6.75%||3/28/23|
|15 Year VA Purchase||7.40%||3/28/23|
|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.|
Origination Dollar Volume (All Markets)$80,030,000
Preferred Mortgage Corporation's average 30 year fixed mortgage rate was
The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.
This yields a difference of 0.37%.
Relative Fees (Closing Costs)
Preferred Mortgage Corporation's average total fees/closing costs for a 30 year fixed rate
mortgage were $8,731.
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 $4,750.
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)||471||$63,845,000||$135,552||$8,848||5.08%|
|AGUADILLA-ISABELA, PR (FHA|USDA|VA)||33||$4,645,000||$140,758||$9,503||5.23%|
|Arecibo, PR (FHA|USDA|VA)||33||$3,785,000||$114,697||$8,541||5.23%|
|SAN GERMÁN, PR (FHA|USDA|VA)||13||$2,225,000||$171,154||$10,851||4.94%|
|GUAYAMA, PR (FHA|USDA|VA)||22||$1,880,000||$85,455||$7,565||5.55%|
|PONCE, PR (FHA|USDA|VA)||11||$1,335,000||$121,364||$8,991||5.34%|
|Coamo, PR (FHA|USDA|VA)||4||$580,000||$145,000||$8,783||5.63%|
|MAYAGÜEZ, PR (FHA|USDA|VA)||6||$490,000||$81,667||$7,144||4.50%|
|YAUCO, PR (FHA|USDA|VA)||4||$390,000||$97,500||$7,726||4.44%|
|Coco, PR (FHA|USDA|VA)||4||$370,000||$92,500||$6,608||6.00%|
|Santa Isabel, PR (FHA|USDA|VA)||3||$245,000||$81,667||$6,005||5.21%|
|Outside of Metro Areas||1||$145,000||$145,000||$8,363||6.88%|
|Jayuya, PR (FHA|USDA|VA)||1||$95,000||$95,000||$6,594||5.00%|
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.
Similarity Rank: 18
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Similarity Rank: 40
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Similarity Rank: 108
Similarity Rank: 140
Similarity Rank: 144
Similarity Rank: 150
|Loan Type||Originations||Total Value||Avg. Loan||Avg. Fees||Avg. Rate|
For 2022, Preferred Mortgage Corporation's most frequently originated type of loan was FHA, with 358 originations. Their 2nd most popular type was USDA, with 120 originations.
|Loan Reason||Originations||Total Value||Avg. Loan||Avg. Fees||Avg. Rate|
|Cash Out Refi||11||$1,525,000||$138,636||$7,645||4.98%|
For 2022, Preferred Mortgage Corporation's most frequently cited loan purpose was Home Purchase, with 587 originations. The 2nd most popular reason was Cash Out Refi, with 11 originations.
For 2022, Preferred Mortgage Corporation's most frequently cited loan duration was 30 Year, with 592 originations. The 2nd most popular length was 15 Year, with 7 originations.
Origination Fees/Closing Costs
|Origination Fee/Closing Cost||Originations||Total Value||Average Loan|
Preferred Mortgage Corporation's average total fees were $8,731, while their most frequently occuring range of origination fees (closing costs) were in the $3k-4k bucket, with 157 originations.
|Loan Rate||Originations||Total Value||Average Loan|
During 2022, Preferred Mortgage Corporation's average interest rate for loans was 5.13%, while their most frequently originated rate bucket for loans was 5-6%, with 250 originations.
2022 saw Preferred Mortgage Corporation place emphasis on $100,000 or less loans with 271 originations, totaling $20,885,000 in origination value.
Preferred Mortgage Corporation lent most frequently to those with incomes in the $50k or less range, with 407 originations. The second most popular income band? $50k-75k, with 91 originations.
Applicant Debt to Income Ratio
Preferred Mortgage Corporation lent most frequently to those with DTI ratios of 30-36%, with 106 originations. The next most common DTI ratio? 20-30%, with 75 originations.
Approval RatesTotal approvals of all applications
Preferred Mortgage Corporation has a below average approval rate.
Pick RateApprovals leading to origination
Preferred Mortgage Corporation has a below average pick rate.
Points and Fees
|Points||Originations||Total Value||Average Loan|