Patriot Mortgage Rates, Fees & Info

Chambersburg, PA

LEI: 549300IWSSP83SNIPE63

Tax ID: 25-1150379

5 stars - Updated: 5/13/24 - out of 5 stars, based on 21 reviews

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

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Mortgage Data

Review & Overview

Patriot is a smaller mortgage company specializing in Home Purchase loans. Patriot 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: Chambersburg, Hagerstown, Harrisburg, Washington, and Gettysburg among others. We have data for 15 markets. (Some data included below & more in-depth data is available with an active subscription.)

Patriot 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. Patriot 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.

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
30 Year Conventional Purchase 6.52% 5/13/24
30 Year Conventional Refi 6.47% 5/13/24
30 Year Cash-out Refi 6.60% 5/13/24
30 Year FHA Purchase 6.58% 5/13/24
30 Year VA Purchase 5.46% 5/13/24
30 Year VA Refi 5.81% 5/13/24
30 Year USDA Purchase 5.90% 5/13/24
15 Year Conventional Purchase 6.12% 5/13/24
15 Year Conventional Refi 6.32% 5/13/24
15 Year Cash-out Refi 6.32% 5/13/24
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.

Patriot Mortgage Calculator






Your Estimates

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

This is not an official calculator from Patriot. 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

457

Origination Dollar Volume (All Markets)

$55,385,000
Show all (8) awards

Relative Rate

Patriot's average 30 year fixed mortgage rate was 5.98%.

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

This yields a difference of -0.5%.

Relative Fees (Closing Costs)

Patriot's average total fees/closing costs for a 30 year fixed rate mortgage were $5,137.

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
CHAMBERSBURG-WAYNESBORO, PA (FHA|USDA|VA) 309 $38,145,000 $123,447 $1,896 6.45%
HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) 83 $9,005,000 $108,494 $880 6.60%
HARRISBURG-CARLISLE, PA (FHA|USDA|VA) 16 $2,340,000 $146,250 $3,544 6.31%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 20 $1,680,000 $84,000 $340 6.56%
GETTYSBURG, PA (FHA|USDA|VA) 8 $1,330,000 $166,250 $1,330 6.32%
Outside of Metro Areas 6 $700,000 $116,667 $1,213 6.69%
CUMBERLAND, MD-WV (FHA|USDA|VA) 2 $560,000 $280,000 $0 6.90%
Huntingdon, PA (FHA|USDA|VA) 3 $315,000 $105,000 $1,727 5.50%
YORK-HANOVER, PA (FHA|USDA|VA) 2 $300,000 $150,000 $5,814 5.66%
BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 3 $285,000 $95,000 $1,235 5.90%
READING, PA (FHA|USDA|VA) 1 $255,000 $255,000 $7,361 8.75%
PITTSBURGH, PA (FHA|USDA|VA) 1 $205,000 $205,000 $4,386 4.88%
LYNCHBURG, VA (FHA|USDA|VA) 1 $165,000 $165,000 $2,869 9.13%
ALTOONA, PA (FHA|USDA|VA) 1 $75,000 $75,000 $3,076 6.25%
JOHNSTOWN, PA (FHA|USDA|VA) 1 $25,000 $25,000 $99 5.99%
Patriot's top markets include Chambersburg, Hagerstown, Harrisburg, Washington, and Gettysburg among others.

Their top states include:
  • Pennsylvania (FHA|USDA|VA)
  • Maryland (FHA|USDA|VA)
  • West Virginia (FHA|USDA|VA)
  • Virginia (FHA|USDA|VA)
  • Similar Lenders

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

    ACNB Bank
    Similarity Rank: 48
    PATRIOT
    Similarity Rank: 195
    CNB Bank Inc.
    Similarity Rank: 279
    MILLENNIUM FINANCIAL GROUP, INC.
    Similarity Rank: 560
    Foote Capital Mortgage Company
    Similarity Rank: 564
    Homesale Mortgage, LLC
    Similarity Rank: 774

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 430 $48,720,000 $113,302 $1,227 6.52%
    FHA 19 $4,795,000 $252,368 $9,330 5.74%
    VA 4 $1,090,000 $272,500 $7,673 5.72%
    USDA 4 $780,000 $195,000 $6,265 5.75%

    For 2023, Patriot's most frequently originated type of loan was Conventional, with 430 originations. Their 2nd most popular type was FHA, with 19 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 153 $36,285,000 $237,157 $5,327 6.19%
    Home Improvement 141 $6,295,000 $44,645 $98 6.55%
    Other 83 $3,795,000 $45,723 $99 6.98%
    Refi 76 $8,130,000 $106,974 $270 6.35%
    Cash Out Refi 4 $880,000 $220,000 $3,624 6.22%

    For 2023, Patriot's most frequently cited loan purpose was Home Purchase, with 153 originations. The 2nd most popular reason was Home Improvement, with 141 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    10 Year 156 $14,380,000 $92,179 $99 6.61%
    30 Year 126 $29,850,000 $236,905 $5,137 5.98%
    15 Year 103 $7,435,000 $72,184 $132 6.95%
    5 Year 60 $1,760,000 $29,333 $97 6.20%
    Other 12 $1,960,000 $163,333 $3,446 7.34%

    For 2023, Patriot's most frequently cited loan duration was 10 Year, with 156 originations. The 2nd most popular length was 30 Year, with 126 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 383 $38,285,000 $99,961
    $1k-2k 11 $1,975,000 $179,545
    $2k-3k 11 $2,595,000 $235,909
    $4k-5k 6 $2,260,000 $376,667
    $3k-4k 2 $580,000 $290,000
    $5k+ 2 $520,000 $260,000

    Patriot's average total fees were $5,137, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 383 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 170 $17,820,000 $104,824
    6-7% 153 $17,785,000 $116,242
    7-8% 68 $8,710,000 $128,088
    Over 8% 38 $3,550,000 $93,421
    4-5% 28 $7,520,000 $268,571

    During 2023, Patriot's average interest rate for loans was 5.98%, while their most frequently originated rate bucket for loans was 5-6%, with 170 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 272 $11,860,000 $43,603 $236 6.61%
    $100k-200k 85 $12,365,000 $145,471 $2,256 6.54%
    $200k-400k 80 $21,350,000 $266,875 $5,817 5.97%
    $400k-600k 19 $8,935,000 $470,263 $6,247 6.33%
    $600k-1MM 1 $875,000 $875,000 $0 7.40%

    2023 saw Patriot place emphasis on $100,000 or less loans with 272 originations, totaling $11,860,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 112 $14,540,000 $129,821 $1,595 6.55%
    $50k-75k 107 $10,575,000 $98,832 $1,938 6.36%
    $75k-100k 89 $8,565,000 $96,236 $1,689 6.48%
    $150k-250k 67 $8,865,000 $132,313 $1,282 6.51%
    $50k or less 37 $2,755,000 $74,459 $1,747 6.46%
    $250k+ 4 $780,000 $195,000 $1,915 5.80%

    Patriot lent most frequently to those with incomes in the $100k-150k range, with 112 originations. The second most popular income band? $50k-75k, with 107 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 121 $9,775,000 $80,785 $921 6.27%
    30-36% 104 $10,310,000 $99,135 $1,164 6.70%
    <20% 31 $2,265,000 $73,065 $450 6.32%
    50-60% 19 $2,495,000 $131,316 $2,740 6.66%
    39% 18 $3,220,000 $178,889 $3,625 6.92%
    40% 16 $2,540,000 $158,750 $2,839 6.15%
    38% 13 $1,695,000 $130,385 $3,133 6.09%
    36% 13 $1,565,000 $120,385 $1,961 6.68%
    37% 12 $2,360,000 $196,667 $3,284 6.49%
    41% 12 $1,340,000 $111,667 $2,702 6.92%
    45% 12 $1,360,000 $113,333 $2,368 6.31%
    44% 11 $1,755,000 $159,545 $2,961 6.01%
    43% 10 $2,100,000 $210,000 $3,086 5.94%
    46% 9 $1,035,000 $115,000 $1,895 6.51%
    42% 6 $560,000 $93,333 $978 7.01%
    48% 5 $345,000 $69,000 $987 6.21%
    47% 4 $990,000 $247,500 $7,116 6.28%
    49% 3 $1,005,000 $335,000 $5,982 6.08%

    Patriot lent most frequently to those with DTI ratios of 20-30%, with 121 originations. The next most common DTI ratio? 30-36%, with 104 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 380 $39,780,000 $104,684 $1,494 6.44%
    Not applicable 31 $7,355,000 $237,258 $0 6.67%
    Not provided 31 $5,925,000 $191,129 $3,197 6.66%
    Black 11 $1,995,000 $181,364 $6,040 6.63%
    American Indian 2 $260,000 $130,000 $101 6.89%
    Asian 2 $70,000 $35,000 $99 6.22%

    Approval Rates

    Total approvals of all applications
    71.88%

    Patriot has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    84.03%

    Patriot has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 457 $55,385,000 $121,193

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    457 $55,385,000 $121,193

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 79 $6,575,000 $83,228 $334 6.74%
    40-60% 22 $3,430,000 $155,909 $1,898 6.06%
    60-80% 58 $13,060,000 $225,172 $3,826 6.44%
    80-100% 98 $25,220,000 $257,347 $5,667 6.08%
    Under 20% 200 $7,100,000 $35,500 $114 6.62%