Commonwealth Mortgage Rates, Fees & Info

Frankfort, KY

LEI: 549300CUF3Q2PQGM9256

Tax ID: 61-0671028

5 stars - Updated: 5/26/24 - out of 5 stars, based on 42 reviews

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

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Mortgage Data

Review & Overview

Commonwealth is a smaller mortgage company specializing in Home Improvement, Other, and Home Purchase loans. Commonwealth has a high proportion of conventional loans. Their top markets by origination volume include: Lexington, Louisville, Frankfort, Richmond, and Cincinnati among others. We have data for 23 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 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
Home Equity Line of Credit (HELOC) 7.19% 5/26/24
30 Year Conventional Purchase 6.88% 5/26/24
30 Year Conventional Refi 6.83% 5/26/24
30 Year Cash-out Refi 6.52% 5/26/24
15 Year Conventional Purchase 6.25% 5/26/24
15 Year Conventional Refi 5.73% 5/26/24
15 Year Cash-out Refi 5.73% 5/26/24
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.

Commonwealth Mortgage Calculator






Your Estimates

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

This is not an official calculator from Commonwealth. 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

1,796

Origination Dollar Volume (All Markets)

$178,980,000
Show all (7) awards

Relative Rate

Commonwealth's average 30 year fixed mortgage rate was 6.37%.

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

This yields a difference of -0.11%.

Relative Fees (Closing Costs)

Commonwealth's average total fees/closing costs for a 30 year fixed rate mortgage were $2,626.

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
LEXINGTON-FAYETTE, KY (FHA|USDA|VA) 542 $60,880,000 $112,325 $1,518 8.26%
LOUISVILLE, KY (FHA|USDA|VA) 456 $47,910,000 $105,066 $1,778 8.55%
Frankfort, KY (FHA|USDA|VA) 384 $32,940,000 $85,781 $1,829 8.23%
Outside of Metro Areas 220 $18,750,000 $85,227 $1,637 8.36%
Richmond-Berea, KY (FHA|USDA|VA) 59 $5,755,000 $97,542 $1,896 8.55%
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 32 $3,540,000 $110,625 $2,215 8.89%
Danville, KY (FHA|USDA|VA) 19 $1,495,000 $78,684 $614 8.34%
Somerset, KY (FHA|USDA|VA) 13 $1,385,000 $106,538 $1,646 7.98%
Mount Sterling, KY (FHA|USDA|VA) 11 $1,155,000 $105,000 $1,942 8.94%
BOWLING GREEN, KY (FHA|USDA|VA) 8 $1,090,000 $136,250 $3,512 7.72%
ELIZABETHTOWN-FORT KNOX, KY (FHA|USDA|VA) 8 $900,000 $112,500 $1,408 9.47%
London, KY (FHA|USDA|VA) 11 $605,000 $55,000 $88 8.43%
Bardstown, KY (FHA|USDA|VA) 9 $425,000 $47,222 $0 9.03%
CLARKSVILLE, TN-KY (FHA|USDA|VA) 4 $390,000 $97,500 $0 9.91%
Campbellsville, KY (FHA|USDA|VA) 4 $370,000 $92,500 $2,995 8.25%
EVANSVILLE, IN-KY (FHA|USDA|VA) 3 $355,000 $118,333 $2,642 8.33%
HUNTINGTON-ASHLAND, WV-KY-OH (FHA|USDA|VA) 5 $295,000 $59,000 $2,225 9.15%
Central City, KY (FHA|USDA|VA) 1 $205,000 $205,000 $0 10.00%
Glasgow, KY (FHA|USDA|VA) 1 $155,000 $155,000 $0 9.25%
Maysville, KY (FHA|USDA|VA) 2 $140,000 $70,000 $0 9.88%
Middlesborough, KY (FHA|USDA|VA) 2 $100,000 $50,000 $0 9.88%
Madisonville, KY (FHA|USDA|VA) 1 $75,000 $75,000 $0 8.25%
Mayfield, KY (FHA|USDA|VA) 1 $65,000 $65,000 $0 11.00%
Commonwealth's top markets include Lexington, Louisville, Frankfort, Richmond, and Cincinnati 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.

    The Peoples Bank
    Similarity Rank: 270
    Whitaker Bank
    Similarity Rank: 272
    Peoples Exchange Bank
    Similarity Rank: 333
    Abound Federal Credit Union
    Similarity Rank: 420
    CINFED Federal Credit Union
    Similarity Rank: 483
    Eagle Savings Bank
    Similarity Rank: 484
    LCNB National Bank
    Similarity Rank: 486
    Wilson & Muir Bank & Trust Company
    Similarity Rank: 532

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 1,332 $103,080,000 $77,387 n/a 8.90%
    Conventional 464 $75,900,000 $163,578 $1,670 6.89%

    For 2023, Commonwealth's most frequently originated type of loan was HELOC, with 1,332 originations. Their 2nd most popular type was Conventional, with 464 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 607 $46,055,000 $75,873 $1,084 8.66%
    Other 553 $37,185,000 $67,242 $0 9.17%
    Home Purchase 311 $56,565,000 $181,881 $2,686 7.28%
    Cash Out Refi 202 $20,150,000 $99,752 $747 7.80%
    Refi 123 $19,025,000 $154,675 $2,274 7.23%

    For 2023, Commonwealth's most frequently cited loan purpose was Home Improvement, with 607 originations. The 2nd most popular reason was Other, with 553 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 1,343 $106,325,000 $79,170 $0 8.88%
    30 Year 174 $38,620,000 $221,954 $2,626 6.37%
    10 Year 129 $19,145,000 $148,411 $439 6.80%
    15 Year 118 $11,450,000 $97,034 $746 7.74%
    20 Year 18 $2,870,000 $159,444 $2,442 6.39%
    5 Year 14 $570,000 $40,714 $0 8.12%

    For 2023, Commonwealth's most frequently cited loan duration was Other, with 1,343 originations. The 2nd most popular length was 30 Year, with 174 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 360 $55,480,000 $154,111
    $1k-2k 2 $210,000 $105,000

    Commonwealth's average total fees were $2,626, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 360 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    Over 8% 1,053 $84,975,000 $80,698
    7-8% 407 $29,315,000 $72,027
    6-7% 253 $50,075,000 $197,925
    5-6% 82 $14,480,000 $176,585
    4-5% 1 $135,000 $135,000

    During 2023, Commonwealth's average interest rate for loans was 6.37%, while their most frequently originated rate bucket for loans was Over 8%, with 1,053 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 1,184 $59,300,000 $50,084 $619 8.68%
    $100k-200k 379 $50,795,000 $134,024 $1,982 8.05%
    $200k-400k 201 $52,135,000 $259,378 $2,735 7.42%
    $400k-600k 26 $11,460,000 $440,769 $3,184 7.59%
    $600k-1MM 5 $3,605,000 $721,000 $3,730 6.35%
    $1MM+ 1 $1,685,000 $1,685,000 $0 6.50%

    2023 saw Commonwealth place emphasis on $100,000 or less loans with 1,184 originations, totaling $59,300,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 443 $46,395,000 $104,729 $1,739 8.58%
    $50k-75k 386 $27,360,000 $70,881 $1,503 8.51%
    $75k-100k 340 $26,330,000 $77,441 $1,621 8.47%
    $150k-250k 268 $35,000,000 $130,597 $1,792 8.38%
    $50k or less 205 $11,805,000 $57,585 $1,827 8.39%
    $250k+ 69 $14,185,000 $205,580 $1,764 8.36%

    Commonwealth lent most frequently to those with incomes in the $100k-150k range, with 443 originations. The second most popular income band? $50k-75k, with 386 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 383 $36,535,000 $95,392 $1,774 8.05%
    30-36% 292 $27,940,000 $95,685 $1,635 8.42%
    47% 134 $11,080,000 $82,687 $801 8.92%
    <20% 130 $13,330,000 $102,538 $2,068 7.78%
    44% 102 $7,160,000 $70,196 $967 9.35%
    42% 75 $7,285,000 $97,133 $1,697 9.10%
    41% 75 $7,285,000 $97,133 $1,816 8.58%
    43% 73 $6,405,000 $87,740 $2,037 9.04%
    46% 70 $4,600,000 $65,714 $61 9.10%
    45% 64 $6,050,000 $94,531 $254 9.01%
    39% 61 $6,455,000 $105,820 $1,735 8.29%
    40% 59 $6,585,000 $111,610 $1,933 8.74%
    38% 53 $4,745,000 $89,528 $2,112 8.42%
    37% 51 $6,185,000 $121,275 $2,032 8.38%
    36% 45 $4,505,000 $100,111 $1,758 8.39%
    50-60% 12 $1,280,000 $106,667 $2,880 8.00%
    48% 8 $480,000 $60,000 $0 8.22%
    49% 7 $865,000 $123,571 $0 8.95%

    Commonwealth lent most frequently to those with DTI ratios of 20-30%, with 383 originations. The next most common DTI ratio? 30-36%, with 292 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,469 $137,465,000 $93,577 $1,656 8.42%
    Not applicable 82 $17,450,000 $212,805 $0 6.45%
    Not provided 130 $13,850,000 $106,538 $1,962 8.84%
    Black 91 $7,735,000 $85,000 $1,552 8.84%
    Asian 8 $1,400,000 $175,000 $1,807 8.23%
    American Indian 11 $485,000 $44,091 $1,330 8.76%
    Asian Indian 2 $300,000 $150,000 $2,150 8.25%
    Native Hawaiian or Islander 3 $295,000 $98,333 $2,794 7.67%

    Approval Rates

    Total approvals of all applications
    77.77%

    Commonwealth has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    79.23%

    Commonwealth has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,796 $178,980,000 $99,655

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,796 $178,980,000 $99,655

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 568 $50,160,000 $88,310 $700 8.87%
    40-60% 157 $23,905,000 $152,261 $1,707 8.54%
    60-80% 192 $38,200,000 $198,958 $2,543 6.83%
    80-100% 149 $35,535,000 $238,490 $2,715 7.04%
    Under 20% 730 $31,180,000 $42,712 $170 8.65%