Preferred Mortgage Corporation Rates, Fees & Info
Rio Piedras,LEI: 549300C2LYW7GU30DV25
Tax ID: 66-0433589
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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. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: San Juan, Arecibo, Aguadilla, Guayama, and Ponce among others. We have data for 12 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 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 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 | 7.33% | 11/22/24 |
| 30 Year Conventional Refi | 6.61% | 11/22/24 |
| 30 Year Cash-out Refi | 6.95% | 11/22/24 |
| 30 Year FHA Purchase | 7.15% | 11/22/24 |
| 30 Year FHA Refi | 6.80% | 11/22/24 |
| 30 Year VA Purchase | 6.31% | 11/22/24 |
| 30 Year VA Refi | 6.27% | 11/22/24 |
| 30 Year USDA Purchase | 6.67% | 11/22/24 |
| 15 Year Conventional Purchase | 7.70% | 11/22/24 |
| 15 Year Conventional Refi | 6.06% | 11/22/24 |
| 15 Year Cash-out Refi | 6.06% | 11/22/24 |
| 15 Year FHA Purchase | 7.04% | 11/22/24 |
| 15 Year FHA Refi | 6.75% | 11/22/24 |
| 15 Year VA Purchase | 7.40% | 11/22/24 |
| 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
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This is not an official calculator from Preferred Mortgage Corporation. It uses our SimulatedRate™
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
668Origination Dollar Volume (All Markets)
$91,840,000Top 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) | 551 | $77,495,000 | $140,644 | $6,703 | 3.23% |
| Arecibo, PR (FHA|USDA|VA) | 41 | $4,925,000 | $120,122 | $6,463 | 3.15% |
| AGUADILLA-ISABELA, PR (FHA|USDA|VA) | 21 | $2,915,000 | $138,810 | $6,394 | 3.23% |
| GUAYAMA, PR (FHA|USDA|VA) | 21 | $2,005,000 | $95,476 | $5,081 | 3.19% |
| PONCE, PR (FHA|USDA|VA) | 11 | $1,475,000 | $134,091 | $8,117 | 2.98% |
| SAN GERMÁN, PR (FHA|USDA|VA) | 10 | $1,420,000 | $142,000 | $6,585 | 3.36% |
| MAYAGÜEZ, PR (FHA|USDA|VA) | 2 | $410,000 | $205,000 | $9,317 | 3.50% |
| YAUCO, PR (FHA|USDA|VA) | 3 | $355,000 | $118,333 | $6,221 | 3.33% |
| Coco, PR (FHA|USDA|VA) | 3 | $245,000 | $81,667 | $5,408 | 3.00% |
| Outside of Metro Areas | 1 | $205,000 | $205,000 | $12,581 | 4.38% |
| Coamo, PR (FHA|USDA|VA) | 2 | $200,000 | $100,000 | $5,586 | 2.88% |
| Santa Isabel, PR (FHA|USDA|VA) | 2 | $190,000 | $95,000 | $3,430 | 3.50% |
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.
Similarity Rank: 14
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Product Mix
For 2020, Preferred Mortgage Corporation's most frequently originated type of loan was FHA, with 366 originations. Their 2nd most popular type was USDA, with 155 originations.
Loan Reason
For 2020, Preferred Mortgage Corporation's most frequently cited loan purpose was Home Purchase, with 619 originations. The 2nd most popular reason was Refi, with 26 originations.
Loan Duration/Length
For 2020, Preferred Mortgage Corporation's most frequently cited loan duration was 30 Year, with 634 originations. The 2nd most popular length was 15 Year, with 18 originations.
Origination Fees/Closing Costs
Preferred Mortgage Corporation's average total fees were $6,624, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 222 originations.
Interest Rates
During 2020, Preferred Mortgage Corporation's average interest rate for loans was 3.22%, while their most frequently originated rate bucket for loans was 2.5-3%, with 391 originations.
Loan Sizing
2020 saw Preferred Mortgage Corporation place emphasis on $100k-200k loans with 356 originations, totaling $47,730,000 in origination value.
Applicant Income
Preferred Mortgage Corporation lent most frequently to those with incomes in the $50k or less range, with 432 originations. The second most popular income band? $50k-75k, with 131 originations.
Applicant Debt to Income Ratio
Preferred Mortgage Corporation lent most frequently to those with DTI ratios of 30-36%, with 141 originations. The next most common DTI ratio? 20-30%, with 102 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications85.39%
Preferred Mortgage Corporation has an average approval rate.
Pick Rate
Approvals leading to origination78.29%
Preferred Mortgage Corporation has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 668 | $91,840,000 | $137,485 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 668 | $91,840,000 | $137,485 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2020 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| PREFERRED MORTGAGE CORPORATION | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 50.0% |
| PREFERRED MORTGAGE CORPORATION | Conventional home mortgage | Closing on a mortgage | 1 | 50.0% |