Commonwealth Mortgage Rates, Fees & Info

Frankfort, KY

LEI: 549300CUF3Q2PQGM9256

Tax ID: 61-0671028

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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • 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 Cash Out Refi and Home Purchase loans. Commonwealth has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Lexington, Frankfort, Louisville, Richmond, and Cincinnati among others. We have data for 24 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% 4/14/24
    30 Year Conventional Purchase 6.88% 4/14/24
    30 Year Conventional Refi 6.83% 4/14/24
    30 Year Cash-out Refi 6.52% 4/14/24
    15 Year Conventional Purchase 6.25% 4/14/24
    15 Year Conventional Refi 5.73% 4/14/24
    15 Year Cash-out Refi 5.73% 4/14/24
    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

    1,367

    Origination Dollar Volume (All Markets)

    $123,755,000
    Show all (12) awards

    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) 359 $39,065,000 $108,816 $1,678 4.93%
    Frankfort, KY (FHA|USDA|VA) 381 $32,005,000 $84,003 $1,544 4.97%
    LOUISVILLE, KY (FHA|USDA|VA) 300 $26,910,000 $89,700 $1,481 5.11%
    Outside of Metro Areas 169 $12,805,000 $75,769 $1,572 4.91%
    Richmond-Berea, KY (FHA|USDA|VA) 31 $3,365,000 $108,548 $1,574 4.91%
    CINCINNATI, OH-KY-IN (FHA|USDA|VA) 20 $1,420,000 $71,000 $1,667 4.49%
    London, KY (FHA|USDA|VA) 15 $1,335,000 $89,000 $1,454 5.17%
    Somerset, KY (FHA|USDA|VA) 11 $1,185,000 $107,727 $1,360 4.92%
    HUNTINGTON-ASHLAND, WV-KY-OH (FHA|USDA|VA) 12 $1,020,000 $85,000 $1,557 4.52%
    Danville, KY (FHA|USDA|VA) 19 $1,005,000 $52,895 $1,480 4.86%
    BOWLING GREEN, KY (FHA|USDA|VA) 7 $775,000 $110,714 $1,581 5.20%
    Mount Sterling, KY (FHA|USDA|VA) 13 $765,000 $58,846 $1,723 5.32%
    ELIZABETHTOWN-FORT KNOX, KY (FHA|USDA|VA) 4 $570,000 $142,500 $1,852 3.34%
    Madison, IN (FHA|USDA|VA) 4 $410,000 $102,500 $1,001 3.97%
    Bardstown, KY (FHA|USDA|VA) 4 $270,000 $67,500 $1,478 3.66%
    CLARKSVILLE, TN-KY (FHA|USDA|VA) 3 $255,000 $85,000 $1,344 4.33%
    Central City, KY (FHA|USDA|VA) 2 $170,000 $85,000 $2,145 4.38%
    Campbellsville, KY (FHA|USDA|VA) 3 $105,000 $35,000 $0 4.71%
    OWENSBORO, KY (FHA|USDA|VA) 3 $95,000 $31,667 $3,701 4.63%
    Murray, KY (FHA|USDA|VA) 2 $90,000 $45,000 $1,973 5.31%
    Glasgow, KY (FHA|USDA|VA) 2 $80,000 $40,000 $0 4.25%
    Middlesborough, KY (FHA|USDA|VA) 1 $25,000 $25,000 $0 5.25%
    INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 1 $25,000 $25,000 $0 8.50%
    Madisonville, KY (FHA|USDA|VA) 1 $5,000 $5,000 $0 5.25%
    Commonwealth's top markets include Lexington, Frankfort, Louisville, 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 North Side Bank & Trust Company
    Similarity Rank: 55
    CINFED Federal Credit Union
    Similarity Rank: 162
    Peoples Exchange Bank
    Similarity Rank: 344
    Advanz Federal Credit Union
    Similarity Rank: 360
    The Peoples Bank
    Similarity Rank: 400
    RIVER VALLEY CREDIT UNION, INC.
    Similarity Rank: 504
    MEMBERS HERITAGE Credit Union
    Similarity Rank: 640
    TRANSCEND
    Similarity Rank: 702
    MORTGAGE SUPPLIERS, INC.
    Similarity Rank: 731
    Abound Federal Credit Union
    Similarity Rank: 752

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 681 $34,855,000 $51,182 n/a 6.10%
    Conventional 679 $87,925,000 $129,492 $1,553 3.83%
    USDA 4 $460,000 $115,000 $3,897 3.94%
    VA 3 $515,000 $171,667 $4,501 4.17%

    For 2019, Commonwealth's most frequently originated type of loan was HELOC, with 681 originations. Their 2nd most popular type was Conventional, with 679 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 400 $19,010,000 $47,525 $534 6.05%
    Cash Out Refi 389 $42,885,000 $110,244 $1,221 4.01%
    Home Purchase 261 $36,355,000 $139,291 $2,152 4.12%
    Other 182 $8,350,000 $45,879 $211 6.28%
    Refi 135 $17,155,000 $127,074 $1,257 4.37%

    For 2019, Commonwealth's most frequently cited loan purpose was Home Improvement, with 400 originations. The 2nd most popular reason was Cash Out Refi, with 389 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 681 $34,855,000 $51,182 $0 6.10%
    30 Year 308 $53,410,000 $173,409 $1,850 3.83%
    15 Year 261 $27,975,000 $107,184 $1,235 3.80%
    10 Year 84 $4,960,000 $59,048 $1,047 3.95%
    5 Year 17 $525,000 $30,882 $466 3.77%
    20 Year 16 $2,030,000 $126,875 $2,158 3.92%

    For 2019, Commonwealth's most frequently cited loan duration was Other, with 681 originations. The 2nd most popular length was 30 Year, with 308 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 562 $83,640,000 $148,826
    $1k-2k 2 $240,000 $120,000

    Commonwealth's average total fees were $1,850, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 562 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 497 $66,055,000 $132,907
    4-5% 283 $29,145,000 $102,986
    5-6% 251 $13,375,000 $53,287
    6-7% 180 $8,920,000 $49,556
    7-8% 116 $4,560,000 $39,310
    Over 8% 39 $1,655,000 $42,436
    2.5-3% 1 $45,000 $45,000

    During 2019, Commonwealth's average interest rate for loans was 3.83%, while their most frequently originated rate bucket for loans was 3-4%, with 497 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 893 $38,255,000 $42,839 $1,311 5.47%
    $100k-200k 330 $46,670,000 $141,424 $1,683 4.06%
    $200k-400k 134 $34,080,000 $254,328 $1,715 3.91%
    $400k-600k 9 $4,085,000 $453,889 $1,705 3.61%
    $600k-1MM 1 $665,000 $665,000 $2,653 4.75%

    2019 saw Commonwealth place emphasis on $100,000 or less loans with 893 originations, totaling $38,255,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 338 $25,820,000 $76,391 $1,679 4.99%
    $100k-150k 319 $34,735,000 $108,887 $1,533 5.00%
    $75k-100k 283 $24,445,000 $86,378 $1,488 5.00%
    $50k or less 280 $17,160,000 $61,286 $1,595 4.92%
    $150k-250k 126 $16,690,000 $132,460 $1,534 4.92%
    $250k+ 19 $4,645,000 $244,474 $1,522 4.22%

    Commonwealth lent most frequently to those with incomes in the $50k-75k range, with 338 originations. The second most popular income band? $100k-150k, with 319 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 350 $32,300,000 $92,286 $1,563 4.68%
    30-36% 262 $26,980,000 $102,977 $1,590 4.92%
    <20% 190 $17,240,000 $90,737 $1,485 4.50%
    38% 54 $4,730,000 $87,593 $1,470 5.26%
    36% 51 $4,265,000 $83,627 $1,646 4.91%
    41% 50 $4,790,000 $95,800 $1,618 5.32%
    37% 50 $4,240,000 $84,800 $1,602 5.06%
    39% 46 $4,560,000 $99,130 $1,838 5.05%
    40% 43 $3,275,000 $76,163 $1,627 5.56%
    42% 42 $3,990,000 $95,000 $1,631 4.93%
    43% 42 $3,280,000 $78,095 $1,811 5.50%
    47% 41 $2,735,000 $66,707 $959 5.73%
    44% 38 $3,130,000 $82,368 $1,860 5.79%
    46% 23 $1,985,000 $86,304 $1,493 5.46%
    45% 22 $1,220,000 $55,455 $0 6.13%
    >60% 17 $615,000 $36,176 $0 6.32%
    50-60% 9 $785,000 $87,222 $606 5.85%
    48% 7 $225,000 $32,143 $1,834 5.43%
    49% 2 $90,000 $45,000 $1,211 3.56%

    Commonwealth lent most frequently to those with DTI ratios of 20-30%, with 350 originations. The next most common DTI ratio? 30-36%, with 262 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,216 $111,360,000 $91,579 $1,597 4.92%
    Not provided 68 $6,890,000 $101,324 $1,296 5.01%
    Black 63 $3,715,000 $58,968 $1,359 5.74%
    American Indian 7 $745,000 $106,429 $1,419 4.14%
    Asian 9 $735,000 $81,667 $1,211 5.71%
    Native Hawaiian or Islander 3 $175,000 $58,333 $2,061 5.42%
    Asian Indian 1 $135,000 $135,000 $500 4.50%

    Approval Rates

    Total approvals of all applications
    81.12%

    Commonwealth has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    79.08%

    Commonwealth has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,367 $123,755,000 $90,530

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 27 $1,395,000 $51,667
    Single Family (1-4 Units):Site-Built 1,340 $122,360,000 $91,313

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 337 $19,225,000 $57,047 $1,000 5.73%
    40-60% 125 $13,275,000 $106,200 $1,378 4.66%
    60-80% 279 $45,815,000 $164,211 $1,512 3.81%
    80-100% 202 $32,860,000 $162,673 $2,016 3.97%
    Under 20% 422 $12,430,000 $29,455 $478 5.68%

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    Common Wealth Mortgage Services VA mortgage Trouble during payment process 1 100.0%