T2 Financial Mortgage Rates, Fees & Info
COLUMBUS, OHLEI: 549300GTVXJ2PGXNLM73
Tax ID: 82-3060879
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Mortgage Data
Review & Overview
T2 Financial is a smaller mortgage company specializing in Home Purchase loans. T2 Financial has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Columbus, Cincinnati, Jackson, Toledo, and Bucyrus among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)T2 Financial has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. T2 Financial 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.90% | 12/17/24 |
| 30 Year Conventional Refi | 6.51% | 12/17/24 |
| 30 Year Cash-out Refi | 6.79% | 12/17/24 |
| 30 Year FHA Purchase | 7.78% | 12/17/24 |
| 30 Year FHA Refi | 7.23% | 12/17/24 |
| 30 Year VA Purchase | 6.52% | 12/17/24 |
| 30 Year VA Refi | 6.07% | 12/17/24 |
| 30 Year USDA Purchase | 7.08% | 12/17/24 |
| 30 Year USDA Refi | 6.27% | 12/17/24 |
| 15 Year Conventional Purchase | 6.35% | 12/17/24 |
| 15 Year Conventional Refi | 5.91% | 12/17/24 |
| 15 Year Cash-out Refi | 5.91% | 12/17/24 |
| 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. | ||
T2 Financial Mortgage Calculator
Your Estimates
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This is not an official calculator from T2 Financial. It uses our SimulatedRate™
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
99Origination Dollar Volume (All Markets)
$17,155,000Top 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 |
|---|---|---|---|---|---|
| COLUMBUS, OH (FHA|USDA|VA) | 94 | $16,770,000 | $178,404 | $4,739 | 5.24% |
| CINCINNATI, OH-KY-IN (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $3,356 | 4.99% |
| Outside of Metro Areas | 1 | $85,000 | $85,000 | $3,626 | 4.99% |
| Jackson, OH (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $3,323 | 4.88% |
| TOLEDO, OH (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $4,090 | 5.88% |
| Bucyrus-Galion, OH (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $2,852 | 5.63% |
Similar Lenders
We use machine learning to identify the top lenders compared against T2 FINANCIAL based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
For 2018, T2 Financial's most frequently originated type of loan was Conventional, with 84 originations. Their 2nd most popular type was FHA, with 7 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 98 | $17,020,000 | $173,673 | $4,692 | 5.23% |
| Cash Out Refi | 1 | $135,000 | $135,000 | $2,864 | 5.75% |
For 2018, T2 Financial's most frequently cited loan purpose was Home Purchase, with 98 originations. The 2nd most popular reason was Cash Out Refi, with 1 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 97 | $16,825,000 | $173,454 | $4,687 | 5.25% |
| 15 Year | 2 | $330,000 | $165,000 | $4,037 | 4.81% |
For 2018, T2 Financial's most frequently cited loan duration was 30 Year, with 97 originations. The 2nd most popular length was 15 Year, with 2 originations.
Origination Fees/Closing Costs
T2 Financial's average total fees were $4,687, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 36 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 5-6% | 53 | $8,375,000 | $158,019 |
| 4-5% | 45 | $8,685,000 | $193,000 |
| 6-7% | 1 | $95,000 | $95,000 |
During 2018, T2 Financial's average interest rate for loans was 5.25%, while their most frequently originated rate bucket for loans was 5-6%, with 53 originations.
Loan Sizing
2018 saw T2 Financial place emphasis on $100k-200k loans with 50 originations, totaling $7,460,000 in origination value.
Applicant Income
T2 Financial lent most frequently to those with incomes in the $50k or less range, with 32 originations. The second most popular income band? $50k-75k, with 28 originations.
Applicant Debt to Income Ratio
T2 Financial lent most frequently to those with DTI ratios of 30-36%, with 16 originations. The next most common DTI ratio? 20-30%, with 14 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications93.55%
T2 Financial has an average approval rate.
Pick Rate
Approvals leading to origination82.83%
T2 Financial has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 99 | $17,155,000 | $173,283 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 99 | $17,155,000 | $173,283 |