Service One Mortgage Rates, Fees & Info

Bowling Green, KY

LEI: 549300J2D35S72FE4K21

Tax ID: 61-6034178

5 stars - Updated: 3/27/24 - out of 5 stars, based on 11 reviews

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

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Mortgage Data

Review & Overview

Service One is a smaller mortgage company specializing in Other and Home Purchase loans. Service One has a high proportion of conventional loans. Their top markets by origination volume include: Bowling Green, Glasgow, Clarksville, Louisville, and Campbellsville among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)

Service One has an average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. Service One 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 5.64% 3/27/24
30 Year Conventional Refi 5.32% 3/27/24
30 Year Cash-out Refi 5.91% 3/27/24
15 Year Conventional Purchase 5.26% 3/27/24
15 Year Conventional Refi 5.20% 3/27/24
15 Year Cash-out Refi 5.20% 3/27/24
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.

Service One Mortgage Calculator






Your Estimates

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

This is not an official calculator from Service One. 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

120

Origination Dollar Volume (All Markets)

$10,960,000

Awards

SERVICE ONE 30 Year Conventional Loans gold SERVICE ONE 30 Year Conventional Loans gold
Show all (2) awards

Relative Rate

Service One's average 30 year fixed mortgage rate was 6.64%.

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

This yields a difference of 0.16%.

Relative Fees (Closing Costs)

Service One's average total fees/closing costs for a 30 year fixed rate mortgage were $2,413.

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 $4,750.

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
BOWLING GREEN, KY (FHA|USDA|VA) 87 $7,765,000 $89,253 $951 7.26%
Glasgow, KY (FHA|USDA|VA) 10 $1,340,000 $134,000 $1,106 7.18%
Outside of Metro Areas 14 $1,100,000 $78,571 $820 7.17%
CLARKSVILLE, TN-KY (FHA|USDA|VA) 7 $515,000 $73,571 $849 7.37%
LOUISVILLE, KY (FHA|USDA|VA) 1 $225,000 $225,000 $2,486 7.25%
Campbellsville, KY (FHA|USDA|VA) 1 $15,000 $15,000 $241 7.63%
Service One's top markets include Bowling Green, Glasgow, Clarksville, Louisville, and Campbellsville among others.

Their top states include:
  • Kentucky (FHA|USDA|VA)
  • Similar Lenders

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

    SERVICE ONE
    Similarity Rank: 54
    Abound Federal Credit Union
    Similarity Rank: 105
    Independence Bank of Kentucky
    Similarity Rank: 128
    First Federal Savings Bank
    Similarity Rank: 150
    Edmonton State Bank
    Similarity Rank: 308
    German American Bank
    Similarity Rank: 950
    SOUTH CENTRAL BANK, INC.
    Similarity Rank: 1056
    FBC MORTGAGE, LLC
    Similarity Rank: 1152
    NAVY FEDERAL CREDIT UNION
    Similarity Rank: 1778

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 120 $10,960,000 $91,333 $949 7.25%

    For 2023, Service One's most frequently originated type of loan was Conventional, with 120 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Other 45 $2,345,000 $52,111 $272 7.62%
    Home Purchase 35 $5,945,000 $169,857 $2,196 6.63%
    Home Improvement 30 $1,500,000 $50,000 $248 7.34%
    Cash Out Refi 7 $925,000 $132,143 $2,238 7.31%
    Refi 3 $245,000 $81,667 $582 7.91%

    For 2023, Service One's most frequently cited loan purpose was Other, with 45 originations. The 2nd most popular reason was Home Purchase, with 35 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 47 $3,185,000 $67,766 $573 7.52%
    30 Year 31 $6,055,000 $195,323 $2,413 6.64%
    10 Year 24 $1,070,000 $44,583 $259 7.55%
    5 Year 10 $320,000 $32,000 $254 6.96%
    Other 8 $330,000 $41,250 $430 7.55%

    For 2023, Service One's most frequently cited loan duration was 15 Year, with 47 originations. The 2nd most popular length was 30 Year, with 31 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 119 $10,815,000 $90,882

    Service One's average total fees were $2,413, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 119 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    7-8% 59 $5,385,000 $91,271
    6-7% 30 $2,660,000 $88,667
    Over 8% 21 $1,275,000 $60,714
    5-6% 8 $1,370,000 $171,250
    2.5-3% 2 $270,000 $135,000

    During 2023, Service One's average interest rate for loans was 6.64%, while their most frequently originated rate bucket for loans was 7-8%, with 59 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 86 $4,210,000 $48,953 $472 7.45%
    $100k-200k 22 $3,270,000 $148,636 $1,852 6.68%
    $200k-400k 12 $3,480,000 $290,000 $2,717 6.90%

    2023 saw Service One place emphasis on $100,000 or less loans with 86 originations, totaling $4,210,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 32 $2,850,000 $89,063 $1,008 7.20%
    $75k-100k 26 $2,520,000 $96,923 $892 7.26%
    $50k or less 22 $1,270,000 $57,727 $1,055 6.99%
    $100k-150k 20 $2,390,000 $119,500 $1,128 7.41%
    $150k-250k 13 $1,505,000 $115,769 $748 7.40%
    $250k+ 3 $135,000 $45,000 $241 7.12%

    Service One lent most frequently to those with incomes in the $50k-75k range, with 32 originations. The second most popular income band? $75k-100k, with 26 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 26 $2,080,000 $80,000 $744 7.33%
    30-36% 26 $3,190,000 $122,692 $1,334 7.16%
    <20% 14 $690,000 $49,286 $929 7.08%
    39% 9 $915,000 $101,667 $812 7.52%
    37% 9 $695,000 $77,222 $732 7.19%
    42% 6 $290,000 $48,333 $241 7.83%
    41% 5 $335,000 $67,000 $1,053 6.87%
    >60% 4 $290,000 $72,500 $566 7.96%
    38% 4 $410,000 $102,500 $763 7.06%
    36% 4 $190,000 $47,500 $513 6.44%
    43% 4 $590,000 $147,500 $911 7.34%
    40% 3 $225,000 $75,000 $919 7.62%
    45% 2 $670,000 $335,000 $2,710 5.81%
    44% 2 $270,000 $135,000 $2,370 7.76%
    46% 1 $45,000 $45,000 $241 8.12%
    50-60% 1 $75,000 $75,000 $2,118 7.53%

    Service One lent most frequently to those with DTI ratios of 20-30%, with 26 originations. The next most common DTI ratio? 30-36%, with 26 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 102 $9,210,000 $90,294 $920 7.37%
    Black 11 $855,000 $77,727 $849 6.32%
    Not provided 3 $485,000 $161,667 $1,685 6.79%
    Asian 4 $410,000 $102,500 $1,433 7.19%

    Approval Rates

    Total approvals of all applications
    74.58%

    Service One has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    90.00%

    Service One has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 120 $10,960,000 $91,333

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    120 $10,960,000 $91,333

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 38 $2,540,000 $66,842 $524 7.44%
    40-60% 5 $665,000 $133,000 $1,449 6.93%
    60-80% 9 $1,565,000 $173,889 $2,443 7.21%
    80-100% 21 $4,245,000 $202,143 $2,411 6.51%
    Under 20% 47 $1,945,000 $41,383 $301 7.48%