Commonwealth Mortgage Rates, Fees & Info

Frankfort, KY

LEI: 549300CUF3Q2PQGM9256

Tax ID: 61-0671028

5 stars - out of 5 stars, based on 43 reviews

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

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Mortgage Data

  • SimulatedRates™
  • Originations
  • Relative Rates
  • Relative Fees
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Commonwealth 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.

    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
    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.


    Originations

    1,863

    Origination Dollar Volume (All Markets)

    $181,175,000
    Show all (10) awards

    Relative Rate

    Commonwealth's average 30 year fixed mortgage rate was 4.05%.

    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.

    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
    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%
    Commonwealth's top markets include Lexington, Louisville/jefferson County, Frankfort, Cincinnati, and Richmond among others.

    Their top states include:
  • Kentucky (FHA|USDA|VA)
  • Indiana (FHA|USDA|VA)

    • Similar Lenders

    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.

    CINFED Federal Credit Union
    Similarity Rank: 288
    Peoples Exchange Bank
    Similarity Rank: 324
    Eagle Savings Bank
    Similarity Rank: 384
    MORTGAGE SUPPLIERS, INC.
    Similarity Rank: 462
    INDIANA MEMBERS CREDIT UNION
    Similarity Rank: 780
    The Monticello Banking Company
    Similarity Rank: 817
    OCEANSIDE MORTGAGE COMPANY
    Similarity Rank: 840
    RIVER VALLEY CREDIT UNION, INC.
    Similarity Rank: 860
    The Citizens National Bank of Somerset
    Similarity Rank: 910
    SIBCY CLINE MORTGAGE SERVICES, INC.
    Similarity Rank: 928

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 1,193 $75,805,000 $63,541 n/a 5.25%
    Conventional 670 $105,370,000 $157,269 $1,783 4.52%

    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.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 661 $44,175,000 $66,831 $1,501 4.98%
    Other 411 $22,355,000 $54,392 $0 5.74%
    Cash Out Refi 350 $45,720,000 $130,629 $1,264 4.84%
    Home Purchase 341 $57,205,000 $167,757 $2,454 4.48%
    Refi 100 $11,720,000 $117,200 $2,012 4.26%

    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.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 1,209 $78,165,000 $64,653 $0 5.24%
    30 Year 284 $60,160,000 $211,831 $2,455 4.05%
    15 Year 231 $27,995,000 $121,190 $1,174 5.00%
    10 Year 105 $11,815,000 $112,524 $1,034 4.78%
    20 Year 18 $2,620,000 $145,556 $2,252 3.29%
    5 Year 16 $420,000 $26,250 $0 5.84%

    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
    $<1k 583 $88,855,000 $152,410
    $1k-2k 1 $155,000 $155,000

    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.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 402 $51,030,000 $126,940
    3-4% 393 $41,075,000 $104,517
    5-6% 393 $31,405,000 $79,911
    6-7% 240 $14,710,000 $61,292
    2.5-3% 217 $27,055,000 $124,677
    7-8% 137 $9,445,000 $68,942
    Over 8% 69 $4,715,000 $68,333
    <2.5% 12 $1,740,000 $145,000

    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.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 1,223 $58,555,000 $47,878 $748 5.30%
    $100k-200k 424 $58,490,000 $137,948 $2,116 4.49%
    $200k-400k 191 $49,365,000 $258,455 $2,552 4.24%
    $400k-600k 22 $10,190,000 $463,182 $3,114 4.38%
    $600k-1MM 2 $1,620,000 $810,000 $3,716 3.00%
    $1MM+ 1 $2,955,000 $2,955,000 $0 4.25%

    2022 saw Commonwealth place emphasis on $100,000 or less loans with 1,223 originations, totaling $58,555,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 481 $49,285,000 $102,464 $1,705 5.06%
    $50k-75k 455 $36,845,000 $80,978 $1,775 5.06%
    $75k-100k 348 $30,900,000 $88,793 $1,736 4.97%
    $50k or less 278 $16,910,000 $60,827 $1,852 4.83%
    $150k-250k 205 $26,695,000 $130,220 $1,813 5.10%
    $250k+ 93 $16,345,000 $175,753 $2,299 4.66%

    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

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 396 $35,740,000 $90,253 $1,871 4.63%
    30-36% 347 $33,685,000 $97,075 $1,846 4.89%
    <20% 187 $18,065,000 $96,604 $2,160 4.24%
    42% 81 $7,575,000 $93,519 $1,839 5.55%
    47% 81 $6,365,000 $78,580 $186 5.31%
    41% 79 $7,435,000 $94,114 $1,463 5.22%
    43% 75 $6,215,000 $82,867 $1,347 5.53%
    44% 75 $5,305,000 $70,733 $950 5.98%
    39% 70 $8,220,000 $117,429 $1,980 5.34%
    40% 66 $6,090,000 $92,273 $1,968 5.31%
    38% 63 $6,605,000 $104,841 $2,045 4.99%
    46% 62 $4,260,000 $68,710 $308 5.71%
    37% 61 $6,625,000 $108,607 $2,263 5.38%
    36% 47 $5,245,000 $111,596 $1,835 4.97%
    45% 46 $3,240,000 $70,435 $1,020 5.52%
    48% 19 $2,015,000 $106,053 $0 4.85%
    50-60% 14 $1,290,000 $92,143 $1,052 5.53%
    49% 9 $885,000 $98,333 $1,587 5.38%

    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.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,577 $155,955,000 $98,893 $1,797 4.96%
    Not provided 169 $15,265,000 $90,325 $1,278 5.16%
    Black 93 $7,235,000 $77,796 $1,989 5.20%
    Asian 9 $945,000 $105,000 $2,553 5.33%
    American Indian 9 $805,000 $89,444 $2,378 5.67%
    Asian Indian 4 $770,000 $192,500 $2,824 4.41%
    Native Hawaiian or Islander 1 $145,000 $145,000 $2,389 4.38%
    Other Asian 1 $55,000 $55,000 $0 5.25%

    Approval Rates

    Total approvals of all applications
    74.84%

    Commonwealth has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    79.60%

    Commonwealth has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,863 $181,175,000 $97,249

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,863 $181,175,000 $97,249

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 481 $37,485,000 $77,931 $862 5.56%
    40-60% 192 $24,960,000 $130,000 $1,957 4.62%
    60-80% 278 $52,760,000 $189,784 $2,375 4.07%
    80-100% 169 $37,265,000 $220,503 $2,507 4.21%
    Under 20% 743 $28,705,000 $38,634 $171 5.24%