T2 Financial Mortgage Rates, Fees & Info

COLUMBUS, OH

LEI: 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.

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 6.90% 3/28/24
30 Year Conventional Refi 6.51% 3/28/24
30 Year Cash-out Refi 6.79% 3/28/24
30 Year FHA Purchase 7.78% 3/28/24
30 Year FHA Refi 7.23% 3/28/24
30 Year VA Purchase 6.52% 3/28/24
30 Year VA Refi 6.07% 3/28/24
30 Year USDA Purchase 7.08% 3/28/24
30 Year USDA Refi 6.27% 3/28/24
15 Year Conventional Purchase 6.35% 3/28/24
15 Year Conventional Refi 5.91% 3/28/24
15 Year Cash-out Refi 5.91% 3/28/24
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

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

This is not an official calculator from T2 Financial. 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

99

Origination Dollar Volume (All Markets)

$17,155,000

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
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%
T2 Financial's top markets include Columbus, Cincinnati, Jackson, Toledo, and Bucyrus among others.

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

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 84 $14,060,000 $167,381 $4,204 5.27%
    FHA 7 $1,225,000 $175,000 $7,694 5.20%
    VA 7 $1,725,000 $246,429 $7,071 4.96%
    USDA 1 $145,000 $145,000 $6,238 5.00%

    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

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 36 $6,010,000 $166,944
    $2k-3k 31 $4,875,000 $157,258
    $<1k 14 $2,960,000 $211,429
    $3k-4k 14 $2,260,000 $161,429
    $4k-5k 3 $715,000 $238,333
    $5k+ 1 $335,000 $335,000

    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

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 50 $7,460,000 $149,200 $4,485 5.31%
    $200k-400k 30 $7,910,000 $263,667 $5,317 5.00%
    $100,000 or less 18 $1,380,000 $76,667 $3,909 5.48%
    $400k-600k 1 $405,000 $405,000 $8,557 4.75%

    2018 saw T2 Financial place emphasis on $100k-200k loans with 50 originations, totaling $7,460,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 32 $3,520,000 $110,000 $4,121 5.33%
    $50k-75k 28 $4,810,000 $171,786 $5,221 5.16%
    $150k-250k 14 $3,200,000 $228,571 $4,332 5.34%
    $75k-100k 12 $2,560,000 $213,333 $6,137 5.25%
    $100k-150k 11 $2,665,000 $242,273 $3,947 5.15%
    $250k+ 2 $400,000 $200,000 $3,475 4.63%

    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

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 16 $2,160,000 $135,000 $4,189 5.33%
    20-30% 14 $2,170,000 $155,000 $4,122 5.07%
    48% 7 $1,535,000 $219,286 $4,760 5.27%
    42% 6 $950,000 $158,333 $3,583 5.50%
    40% 6 $1,230,000 $205,000 $5,825 5.43%
    41% 6 $1,290,000 $215,000 $5,534 5.17%
    49% 6 $1,180,000 $196,667 $5,170 4.96%
    38% 5 $955,000 $191,000 $4,096 5.15%
    36% 5 $715,000 $143,000 $4,917 5.12%
    44% 5 $705,000 $141,000 $4,759 5.55%
    39% 4 $430,000 $107,500 $4,984 5.56%
    <20% 3 $655,000 $218,333 $3,583 4.79%
    37% 3 $765,000 $255,000 $4,142 4.88%
    45% 3 $575,000 $191,667 $4,306 5.08%
    46% 3 $395,000 $131,667 $2,991 5.50%
    47% 3 $525,000 $175,000 $4,999 5.50%
    43% 2 $230,000 $115,000 $6,143 5.50%
    50-60% 2 $690,000 $345,000 $11,420 4.81%

    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

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 76 $13,710,000 $180,395 $4,632 5.22%
    Black 18 $2,670,000 $148,333 $4,926 5.37%
    Asian 5 $775,000 $155,000 $4,406 5.10%

    Approval Rates

    Total approvals of all applications
    93.55%

    T2 Financial has an average approval rate.

    Pick Rate

    Approvals leading to origination
    82.83%

    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

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 1 $205,000 $205,000 $2,991 4.38%
    40-60% 1 $125,000 $125,000 $4,214 4.75%
    60-80% 17 $3,275,000 $192,647 $3,378 5.31%
    80-100% 77 $12,835,000 $166,688 $4,812 5.24%
    Over 100% 3 $715,000 $238,333 $9,171 5.17%