South Florida Educational Mortgage Rates, Fees & Info

Miami, FL

LEI: 549300GL556PQ7WG0G08

Tax ID: 59-0630270

5 stars - Updated: 12/16/24 - out of 5 stars, based on 19 reviews

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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • 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

    South Florida Educational is a smaller mortgage company specializing in Home Improvement, Cash Out Refi, and Home Purchase loans. South Florida Educational has a high proportion of conventional loans. Their top markets by origination volume include: Miami, Key West, Tampa, Orlando, and Tallahassee among others. We have data for 12 markets. (Some data included below & more in-depth data is available with an active subscription.)

    South Florida Educational has a below average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. South Florida Educational 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 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.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.53% 12/16/24
    30 Year Conventional Refi 6.41% 12/16/24
    30 Year Cash-out Refi 6.61% 12/16/24
    15 Year Conventional Purchase 6.13% 12/16/24
    15 Year Conventional Refi 6.00% 12/16/24
    15 Year Cash-out Refi 6.00% 12/16/24
    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.

    South Florida Educational Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from South Florida Educational. 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

    379

    Origination Dollar Volume (All Markets)

    $39,735,000

    Awards

    SOUTH FLORIDA EDUCATIONAL 30 Year Conventional Loans gold SOUTH FLORIDA EDUCATIONAL 30 Year Conventional Loans gold SOUTH FLORIDA EDUCATIONAL 30 Year Conventional Loans silver
    Show all (3) awards

    Relative Rate

    South Florida Educational's average 30 year fixed mortgage rate was 6.08%.

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

    This yields a difference of -0.4%.

    Relative Fees (Closing Costs)

    South Florida Educational's average total fees/closing costs for a 30 year fixed rate mortgage were $6,586.

    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
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 362 $36,500,000 $100,829 $699 6.42%
    Key West, FL (FHA|USDA|VA) 1 $595,000 $595,000 $8,040 4.50%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 3 $485,000 $161,667 $2,037 6.83%
    ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 3 $435,000 $145,000 $2,030 6.96%
    TALLAHASSEE, FL (FHA|USDA|VA) 1 $395,000 $395,000 $6,324 7.38%
    NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $295,000 $295,000 $5,864 6.88%
    PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 1 $295,000 $295,000 $5,248 6.88%
    Sebastian-Vero Beach, FL (FHA|USDA|VA) 1 $275,000 $275,000 $7,663 4.50%
    DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 2 $170,000 $85,000 $2,814 6.19%
    PORT ST. LUCIE, FL (FHA|USDA|VA) 2 $170,000 $85,000 $0 7.12%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $65,000 $65,000 $0 5.75%
    LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 1 $55,000 $55,000 $0 6.50%
    South Florida Educational's top markets include Miami, Key West, Tampa, Orlando, and Tallahassee among others.

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

    • Similar Lenders

    We use machine learning to identify the top lenders compared against SOUTH FLORIDA EDUCATIONAL based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    FineMark National Bank & Trust
    Similarity Rank: 280
    We Florida Financial
    Similarity Rank: 476
    SOUTH FLORIDA EDUCATIONAL
    Similarity Rank: 588
    Terrabank
    Similarity Rank: 852
    Suncoast Credit Union
    Similarity Rank: 855
    POWER FINANCIAL
    Similarity Rank: 1128
    FIRSTBANK PUERTO RICO
    Similarity Rank: 1280
    SPACE COAST Credit Union
    Similarity Rank: 1300
    TROPICAL FINANCIAL CREDIT UNION
    Similarity Rank: 1410
    BANKING MORTGAGE SERVICES, B.M.S. CORP.
    Similarity Rank: 1770

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 379 $39,735,000 $104,842 $802 6.42%

    For 2023, South Florida Educational's most frequently originated type of loan was Conventional, with 379 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 140 $9,930,000 $70,929 $48 6.38%
    Other 108 $7,800,000 $72,222 $59 6.51%
    Cash Out Refi 98 $11,830,000 $120,714 $1,022 6.47%
    Home Purchase 27 $8,935,000 $330,926 $6,022 6.40%
    Refi 6 $1,240,000 $206,667 $4,711 5.17%

    For 2023, South Florida Educational's most frequently cited loan purpose was Home Improvement, with 140 originations. The 2nd most popular reason was Other, with 108 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 260 $21,410,000 $82,346 $32 6.56%
    10 Year 41 $2,275,000 $55,488 $8 6.21%
    30 Year 41 $13,205,000 $322,073 $6,586 6.08%
    Other 18 $920,000 $51,111 $0 6.25%
    5 Year 15 $975,000 $65,000 $0 5.65%
    20 Year 4 $950,000 $237,500 $6,370 6.59%

    For 2023, South Florida Educational's most frequently cited loan duration was 15 Year, with 260 originations. The 2nd most popular length was 10 Year, with 41 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 332 $25,370,000 $76,416
    $1k-2k 31 $9,005,000 $290,484
    $2k-3k 8 $2,580,000 $322,500
    $3k-4k 4 $980,000 $245,000
    $5k+ 3 $1,415,000 $471,667
    $4k-5k 1 $385,000 $385,000

    South Florida Educational's average total fees were $6,586, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 332 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 172 $16,870,000 $98,081
    5-6% 136 $12,470,000 $91,691
    7-8% 61 $7,245,000 $118,770
    4-5% 10 $3,150,000 $315,000

    During 2023, South Florida Educational's average interest rate for loans was 6.08%, while their most frequently originated rate bucket for loans was 6-7%, with 172 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 248 $13,350,000 $53,831 $34 6.41%
    $100k-200k 88 $11,530,000 $131,023 $597 6.58%
    $200k-400k 30 $8,520,000 $284,000 $4,344 6.17%
    $400k-600k 13 $6,335,000 $487,308 $8,670 6.17%

    2023 saw South Florida Educational place emphasis on $100,000 or less loans with 248 originations, totaling $13,350,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 110 $12,440,000 $113,091 $863 6.42%
    $75k-100k 89 $8,015,000 $90,056 $649 6.40%
    $50k-75k 80 $6,100,000 $76,250 $725 6.42%
    $150k-250k 73 $10,625,000 $145,548 $1,096 6.39%
    $50k or less 17 $845,000 $49,706 $337 6.41%
    $250k+ 6 $1,460,000 $243,333 $1,297 6.89%

    South Florida Educational lent most frequently to those with incomes in the $100k-150k range, with 110 originations. The second most popular income band? $75k-100k, with 89 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    49% 69 $5,555,000 $80,507 $96 6.62%
    48% 41 $4,805,000 $117,195 $911 6.54%
    30-36% 37 $4,535,000 $122,568 $1,473 6.36%
    47% 28 $2,350,000 $83,929 $218 6.38%
    46% 28 $2,910,000 $103,929 $760 6.38%
    45% 26 $2,650,000 $101,923 $733 6.49%
    20-30% 23 $2,335,000 $101,522 $1,163 6.03%
    43% 19 $2,455,000 $129,211 $1,132 6.55%
    44% 19 $2,725,000 $143,421 $1,360 6.44%
    42% 16 $2,390,000 $149,375 $1,360 6.19%
    41% 15 $1,205,000 $80,333 $375 6.35%
    40% 14 $1,500,000 $107,143 $1,686 6.37%
    36% 13 $1,305,000 $100,385 $681 6.13%
    37% 11 $1,065,000 $96,818 $937 6.68%
    50-60% 6 $1,140,000 $190,000 $2,479 6.04%
    39% 6 $330,000 $55,000 $0 6.50%
    38% 4 $190,000 $47,500 $0 6.63%
    <20% 4 $290,000 $72,500 $0 5.75%

    South Florida Educational lent most frequently to those with DTI ratios of 49%, with 69 originations. The next most common DTI ratio? 48%, with 41 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 240 $27,970,000 $116,542 $1,059 6.41%
    Black 88 $8,030,000 $91,250 $497 6.46%
    Not provided 50 $3,680,000 $73,600 $126 6.40%
    Other Asian 1 $55,000 $55,000 $0 6.00%

    Approval Rates

    Total approvals of all applications
    60.68%

    South Florida Educational has a low approval rate. They may have poor market targeting or stringent lending standards.

    Pick Rate

    Approvals leading to origination
    81.00%

    South Florida Educational has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 379 $39,735,000 $104,842

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    379 $39,735,000 $104,842

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 79 $9,945,000 $125,886 $581 6.56%
    40-60% 10 $2,380,000 $238,000 $3,394 5.89%
    60-80% 17 $6,405,000 $376,765 $8,041 5.96%
    80-100% 12 $4,640,000 $386,667 $6,590 6.70%
    Under 20% 261 $16,365,000 $62,701 $33 6.42%