Patriot Mortgage Rates, Fees & Info
Chambersburg, PALEI: 549300IWSSP83SNIPE63
Tax ID: 25-1150379
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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 a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) 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 14 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 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.52% | 4/28/24 |
| 30 Year Conventional Refi | 6.47% | 4/28/24 |
| 30 Year Cash-out Refi | 6.60% | 4/28/24 |
| 30 Year FHA Purchase | 6.58% | 4/28/24 |
| 30 Year VA Purchase | 5.46% | 4/28/24 |
| 30 Year VA Refi | 5.81% | 4/28/24 |
| 30 Year USDA Purchase | 5.90% | 4/28/24 |
| 15 Year Conventional Purchase | 6.12% | 4/28/24 |
| 15 Year Conventional Refi | 6.32% | 4/28/24 |
| 15 Year Cash-out Refi | 6.32% | 4/28/24 |
| 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. | ||
Patriot Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
534Origination Dollar Volume (All Markets)
$64,870,000Awards
PATRIOT - 2022
PATRIOT is a 2022 , due to their low .
For 2022, less than of lenders were eligible for this award.
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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) | 346 | $43,470,000 | $125,636 | $1,706 | 4.43% |
| HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) | 93 | $9,365,000 | $100,699 | $1,095 | 4.68% |
| HARRISBURG-CARLISLE, PA (FHA|USDA|VA) | 31 | $4,385,000 | $141,452 | $3,036 | 4.45% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 20 | $2,610,000 | $130,500 | $1,442 | 4.92% |
| GETTYSBURG, PA (FHA|USDA|VA) | 15 | $2,205,000 | $147,000 | $2,379 | 4.18% |
| Outside of Metro Areas | 15 | $1,315,000 | $87,667 | $865 | 3.89% |
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 4 | $540,000 | $135,000 | $985 | 4.76% |
| LANCASTER, PA (FHA|USDA|VA) | 2 | $420,000 | $210,000 | $2,141 | 4.74% |
| Somerset, PA (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $8,261 | 5.99% |
| YORK-HANOVER, PA (FHA|USDA|VA) | 2 | $150,000 | $75,000 | $99 | 4.99% |
| Huntingdon, PA (FHA|USDA|VA) | 2 | $100,000 | $50,000 | $50 | 4.47% |
| CUMBERLAND, MD-WV (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 5.88% |
| ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $2,925 | 2.63% |
| JOHNSTOWN, PA (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $99 | 4.74% |
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.
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Product Mix
For 2022, Patriot's most frequently originated type of loan was Conventional, with 505 originations. Their 2nd most popular type was FHA, with 11 originations.
Loan Reason
For 2022, Patriot's most frequently cited loan purpose was Home Purchase, with 178 originations. The 2nd most popular reason was Home Improvement, with 148 originations.
Loan Duration/Length
For 2022, Patriot's most frequently cited loan duration was 10 Year, with 157 originations. The 2nd most popular length was 30 Year, with 147 originations.
Origination Fees/Closing Costs
Patriot's average total fees were $4,689, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 420 originations.
Interest Rates
During 2022, Patriot's average interest rate for loans was 4.62%, while their most frequently originated rate bucket for loans was 4-5%, with 165 originations.
Loan Sizing
2022 saw Patriot place emphasis on $100,000 or less loans with 294 originations, totaling $14,390,000 in origination value.
Applicant Income
Patriot lent most frequently to those with incomes in the $100k-150k range, with 127 originations. The second most popular income band? $50k-75k, with 125 originations.
Applicant Debt to Income Ratio
Patriot lent most frequently to those with DTI ratios of 20-30%, with 181 originations. The next most common DTI ratio? 30-36%, with 106 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications78.32%
Patriot has a below average approval rate.
Pick Rate
Approvals leading to origination83.90%
Patriot has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 534 | $64,870,000 | $121,479 |