Commonwealth Mortgage Rates, Fees & InfoFrankfort, KY
Tax ID: 61-0671028
Latest/2022 | 2021 Data | 2020 Data | 2019 Data | 2018 Data
Review & OverviewCommonwealth is a smaller mortgage company specializing in Home Improvement, Cash Out Refi, and Home Purchase loans. Commonwealth has a high proportion of conventional loans. Their top markets by origination volume include: Lexington, Louisville/jefferson County, Frankfort, Cincinnati, and Richmond among others. We have data for 25 markets. (Some data included below & more in-depth data is available with an active subscription.)
Commonwealth 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. Commonwealth 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.
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|Simulated Rate||Simulation Date|
|Home Equity Line of Credit (HELOC)||7.19%||3/28/23|
|30 Year Conventional Purchase||6.88%||3/28/23|
|30 Year Conventional Refi||6.83%||3/28/23|
|30 Year Cash-out Refi||6.52%||3/28/23|
|15 Year Conventional Purchase||6.25%||3/28/23|
|15 Year Conventional Refi||5.73%||3/28/23|
|15 Year Cash-out Refi||5.73%||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)$181,175,000
Commonwealth'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 -0.71%.
Relative Fees (Closing Costs)
Commonwealth's average total fees/closing costs for a 30 year fixed rate
mortgage were $2,455.
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|
|LEXINGTON-FAYETTE, KY (FHA|USDA|VA)||523||$58,465,000||$111,788||$1,846||4.94%|
|LOUISVILLE/JEFFERSON COUNTY, KY-IN (FHA|USDA|VA)||452||$45,020,000||$99,602||$1,795||5.05%|
|Frankfort, KY (FHA|USDA|VA)||467||$43,325,000||$92,773||$1,894||4.88%|
|Outside of Metro Areas||221||$17,055,000||$77,172||$1,669||5.08%|
|CINCINNATI, OH-KY-IN (FHA|USDA|VA)||35||$3,655,000||$104,429||$1,448||4.90%|
|Richmond-Berea, KY (FHA|USDA|VA)||41||$3,395,000||$82,805||$1,130||5.40%|
|Danville, KY (FHA|USDA|VA)||25||$2,065,000||$82,600||$2,181||4.99%|
|Somerset, KY (FHA|USDA|VA)||15||$1,765,000||$117,667||$1,171||4.91%|
|London, KY (FHA|USDA|VA)||15||$1,185,000||$79,000||$1,397||4.50%|
|Mount Sterling, KY (FHA|USDA|VA)||13||$1,175,000||$90,385||$1,650||5.22%|
|ELIZABETHTOWN-FORT KNOX, KY (FHA|USDA|VA)||10||$790,000||$79,000||$1,670||5.75%|
|HUNTINGTON-ASHLAND, WV-KY-OH (FHA|USDA|VA)||8||$750,000||$93,750||$2,557||5.69%|
|BOWLING GREEN, KY (FHA|USDA|VA)||6||$550,000||$91,667||$2,067||4.63%|
|Bardstown, KY (FHA|USDA|VA)||6||$530,000||$88,333||$2,132||5.17%|
|OWENSBORO, KY (FHA|USDA|VA)||5||$395,000||$79,000||$1,192||5.83%|
|Campbellsville, KY (FHA|USDA|VA)||5||$315,000||$63,000||$0||6.65%|
|EVANSVILLE, IN-KY (FHA|USDA|VA)||2||$230,000||$115,000||$2,468||6.06%|
|New Castle, IN (FHA|USDA|VA)||1||$125,000||$125,000||$1,747||4.13%|
|CLARKSVILLE, TN-KY (FHA|USDA|VA)||4||$120,000||$30,000||$2,254||4.72%|
|Maysville, KY (FHA|USDA|VA)||1||$85,000||$85,000||$0||6.75%|
|Murray, KY (FHA|USDA|VA)||2||$70,000||$35,000||$0||5.50%|
|Madisonville, KY (FHA|USDA|VA)||2||$40,000||$20,000||$2,092||3.88%|
|Middlesborough, KY (FHA|USDA|VA)||2||$30,000||$15,000||$0||4.88%|
|Madison, IN (FHA|USDA|VA)||1||$25,000||$25,000||$0||6.00%|
|Mayfield, KY (FHA|USDA|VA)||1||$15,000||$15,000||$0||4.25%|
We use machine learning to identify the top lenders compared against COMMONWEALTH based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 288
Similarity Rank: 324
Similarity Rank: 384
Similarity Rank: 462
Similarity Rank: 780
Similarity Rank: 817
Similarity Rank: 840
Similarity Rank: 860
Similarity Rank: 910
Similarity Rank: 928
|Loan Type||Originations||Total Value||Avg. Loan||Avg. Fees||Avg. Rate|
For 2022, Commonwealth's most frequently originated type of loan was HELOC, with 1,193 originations. Their 2nd most popular type was Conventional, with 670 originations.
For 2022, Commonwealth's most frequently cited loan purpose was Home Improvement, with 661 originations. The 2nd most popular reason was Other, with 411 originations.
For 2022, Commonwealth's most frequently cited loan duration was Other, with 1,209 originations. The 2nd most popular length was 30 Year, with 284 originations.
Origination Fees/Closing Costs
|Origination Fee/Closing Cost||Originations||Total Value||Average Loan|
Commonwealth's average total fees were $2,455, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 583 originations.
During 2022, Commonwealth's average interest rate for loans was 4.05%, while their most frequently originated rate bucket for loans was 4-5%, with 402 originations.
2022 saw Commonwealth place emphasis on $100,000 or less loans with 1,223 originations, totaling $58,555,000 in origination value.
Commonwealth lent most frequently to those with incomes in the $100k-150k range, with 481 originations. The second most popular income band? $50k-75k, with 455 originations.
Applicant Debt to Income Ratio
Commonwealth lent most frequently to those with DTI ratios of 20-30%, with 396 originations. The next most common DTI ratio? 30-36%, with 347 originations.
Approval RatesTotal approvals of all applications
Commonwealth has a below average approval rate.
Pick RateApprovals leading to origination
Commonwealth has a below average pick rate.
Points and Fees
|Points||Originations||Total Value||Average Loan|