Rapid Mortgage Company Rates, Fees & Info
CINCINNATI, OHLEI: 549300KJKBXR3PD3QQ56
Tax ID: 35-2180985
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Mortgage Data
Review & Overview
Rapid Mortgage Company is a smaller mortgage company specializing in loans. Rapid Mortgage Company 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: Charlotte, Columbus, Cincinnati, Cleveland, and Chicago among others. We have data for 114 markets. (Some data included below & more in-depth data is available with an active subscription.)Rapid Mortgage Company 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. Rapid Mortgage Company is typically a high 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 | 7.07% | 3/30/23 |
| 30 Year Conventional Refi | 7.01% | 3/30/23 |
| 30 Year Cash-out Refi | 7.04% | 3/30/23 |
| 30 Year FHA Purchase | 7.76% | 3/30/23 |
| 30 Year FHA Refi | 7.37% | 3/30/23 |
| 30 Year VA Purchase | 6.67% | 3/30/23 |
| 30 Year VA Refi | 6.40% | 3/30/23 |
| 30 Year USDA Purchase | 7.09% | 3/30/23 |
| 30 Year USDA Refi | 6.27% | 3/30/23 |
| 15 Year Conventional Purchase | 6.47% | 3/30/23 |
| 15 Year Conventional Refi | 6.21% | 3/30/23 |
| 15 Year Cash-out Refi | 6.21% | 3/30/23 |
| 15 Year VA Purchase | 5.68% | 3/30/23 |
| 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. | ||
Originations
1,939Origination Dollar Volume (All Markets)
$467,115,000Relative Rate
Rapid Mortgage Company's average 30 year fixed mortgage rate was
5.41%.
The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.
This yields a difference of 0.65%.
Relative Fees (Closing Costs)
Rapid Mortgage Company's average total fees/closing costs for a 30 year fixed rate
mortgage were $8,459.
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 |
|---|---|---|---|---|---|
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 308 | $99,480,000 | $322,987 | $9,500 | 5.30% |
| COLUMBUS, OH (FHA|USDA|VA) | 406 | $96,530,000 | $237,759 | $8,257 | 5.56% |
| CINCINNATI, OH-KY-IN (FHA|USDA|VA) | 323 | $75,455,000 | $233,607 | $7,931 | 5.47% |
| CLEVELAND-ELYRIA, OH (FHA|USDA|VA) | 109 | $18,685,000 | $171,422 | $7,893 | 5.17% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 56 | $14,530,000 | $259,464 | $8,711 | 5.42% |
| YOUNGSTOWN-WARREN-BOARDMAN, OH-PA (FHA|USDA|VA) | 77 | $11,905,000 | $154,610 | $6,877 | 5.66% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 41 | $10,735,000 | $261,829 | $8,565 | 5.45% |
| RALEIGH-CARY, NC (FHA|USDA|VA) | 34 | $10,650,000 | $313,235 | $6,999 | 5.36% |
| GREENVILLE-ANDERSON, SC (FHA|USDA|VA) | 39 | $8,725,000 | $223,718 | $7,925 | 5.11% |
| Jackson, OH (FHA|USDA|VA) | 41 | $6,315,000 | $154,024 | $7,437 | 5.04% |
| Outside of Metro Areas | 32 | $6,270,000 | $195,938 | $8,237 | 5.55% |
| WILMINGTON, NC (FHA|USDA|VA) | 22 | $6,040,000 | $274,545 | $11,102 | 4.71% |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) | 21 | $5,945,000 | $283,095 | $8,748 | 5.38% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 17 | $5,565,000 | $327,353 | $11,231 | 4.69% |
| WARNER ROBINS, GA (FHA|USDA|VA) | 21 | $5,405,000 | $257,381 | $11,871 | 4.88% |
| AKRON, OH (FHA|USDA|VA) | 25 | $5,125,000 | $205,000 | $8,240 | 5.46% |
| CANTON-MASSILLON, OH (FHA|USDA|VA) | 32 | $4,840,000 | $151,250 | $7,094 | 4.62% |
| Athens, OH (FHA|USDA|VA) | 17 | $2,915,000 | $171,471 | $7,314 | 5.65% |
| DAYTON-KETTERING, OH (FHA|USDA|VA) | 18 | $2,800,000 | $155,556 | $6,300 | 5.66% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 9 | $2,535,000 | $281,667 | $9,992 | 6.26% |
| Salem, OH (FHA|USDA|VA) | 15 | $2,365,000 | $157,667 | $6,587 | 5.44% |
| Washington Court House, OH (FHA|USDA|VA) | 12 | $2,360,000 | $196,667 | $10,484 | 5.28% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 6 | $2,280,000 | $380,000 | $13,874 | 5.81% |
| DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) | 9 | $2,275,000 | $252,778 | $9,269 | 4.46% |
| FAYETTEVILLE, NC (FHA|USDA|VA) | 10 | $2,160,000 | $216,000 | $8,514 | 5.13% |
| GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) | 8 | $2,100,000 | $262,500 | $12,376 | 5.17% |
| TOLEDO, OH (FHA|USDA|VA) | 8 | $1,920,000 | $240,000 | $9,371 | 6.19% |
| SPARTANBURG, SC (FHA|USDA|VA) | 8 | $1,810,000 | $226,250 | $8,675 | 5.06% |
| WINSTON-SALEM, NC (FHA|USDA|VA) | 9 | $1,715,000 | $190,556 | $8,394 | 4.75% |
| Chillicothe, OH (FHA|USDA|VA) | 9 | $1,585,000 | $176,111 | $8,799 | 5.21% |
| READING, PA (FHA|USDA|VA) | 4 | $1,550,000 | $387,500 | $9,500 | 5.06% |
| Wilmington, OH (FHA|USDA|VA) | 8 | $1,530,000 | $191,250 | $7,663 | 5.03% |
| ASHEVILLE, NC (FHA|USDA|VA) | 4 | $1,490,000 | $372,500 | $8,240 | 5.40% |
| MANSFIELD, OH (FHA|USDA|VA) | 7 | $1,485,000 | $212,143 | $7,852 | 5.55% |
| JACKSONVILLE, NC (FHA|USDA|VA) | 5 | $1,475,000 | $295,000 | $8,512 | 5.40% |
| CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) | 4 | $1,430,000 | $357,500 | $6,233 | 5.34% |
| Albemarle, NC (FHA|USDA|VA) | 6 | $1,310,000 | $218,333 | $8,765 | 5.19% |
| PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) | 5 | $1,285,000 | $257,000 | $14,284 | 5.53% |
| MACON-BIBB COUNTY, GA (FHA|USDA|VA) | 6 | $1,280,000 | $213,333 | $8,492 | 5.50% |
| HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) | 6 | $1,270,000 | $211,667 | $7,306 | 5.25% |
| DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) | 6 | $1,240,000 | $206,667 | $9,676 | 6.38% |
| SPRINGFIELD, OH (FHA|USDA|VA) | 7 | $1,225,000 | $175,000 | $5,835 | 4.95% |
| Marion, OH (FHA|USDA|VA) | 6 | $1,190,000 | $198,333 | $7,620 | 5.77% |
| Shelby, NC (FHA|USDA|VA) | 4 | $1,150,000 | $287,500 | $10,457 | 4.16% |
| Morehead City, NC (FHA|USDA|VA) | 4 | $1,130,000 | $282,500 | $7,224 | 5.81% |
| PUNTA GORDA, FL (FHA|USDA|VA) | 4 | $1,110,000 | $277,500 | $8,912 | 6.22% |
| PANAMA CITY, FL (FHA|USDA|VA) | 3 | $1,045,000 | $348,333 | $8,728 | 4.46% |
| COLUMBIA, SC (FHA|USDA|VA) | 5 | $1,045,000 | $209,000 | $5,594 | 5.65% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 2 | $1,000,000 | $500,000 | $11,623 | 5.19% |
| CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) | 3 | $945,000 | $315,000 | $11,024 | 5.13% |
| Point Pleasant, WV-OH (FHA|USDA|VA) | 5 | $805,000 | $161,000 | $6,359 | 5.50% |
| NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN (FHA|USDA|VA) | 2 | $780,000 | $390,000 | $10,507 | 5.18% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 3 | $765,000 | $255,000 | $7,717 | 6.63% |
| Forest City, NC (FHA|USDA|VA) | 3 | $745,000 | $248,333 | $8,003 | 5.50% |
| New Philadelphia-Dover, OH (FHA|USDA|VA) | 3 | $735,000 | $245,000 | $10,335 | 6.21% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 2 | $720,000 | $360,000 | $14,500 | 6.00% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 3 | $705,000 | $235,000 | $7,399 | 5.54% |
| HATTIESBURG, MS (FHA|USDA|VA) | 2 | $620,000 | $310,000 | $13,137 | 6.38% |
| Bellefontaine, OH (FHA|USDA|VA) | 3 | $605,000 | $201,667 | $6,876 | 5.16% |
| Wooster, OH (FHA|USDA|VA) | 3 | $595,000 | $198,333 | $5,800 | 4.46% |
| Sanford, NC (FHA|USDA|VA) | 2 | $570,000 | $285,000 | $13,888 | 4.31% |
| PITTSBURGH, PA (FHA|USDA|VA) | 3 | $555,000 | $185,000 | $7,938 | 5.04% |
| ROCKY MOUNT, NC (FHA|USDA|VA) | 2 | $490,000 | $245,000 | $10,408 | 4.69% |
| Mount Vernon, OH (FHA|USDA|VA) | 3 | $485,000 | $161,667 | $4,307 | 4.54% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 1 | $465,000 | $465,000 | $10,085 | 5.75% |
| BURLINGTON, NC (FHA|USDA|VA) | 2 | $450,000 | $225,000 | $6,128 | 6.13% |
| NEW BERN, NC (FHA|USDA|VA) | 2 | $420,000 | $210,000 | $6,411 | 5.50% |
| Gaffney, SC (FHA|USDA|VA) | 2 | $400,000 | $200,000 | $9,877 | 6.06% |
| Laurel, MS (FHA|USDA|VA) | 3 | $385,000 | $128,333 | $5,887 | 6.13% |
| VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) | 1 | $365,000 | $365,000 | $10,536 | 3.25% |
| Newport, TN (FHA|USDA|VA) | 1 | $355,000 | $355,000 | $15,011 | 5.63% |
| HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) | 2 | $340,000 | $170,000 | $6,294 | 3.75% |
| Cambridge, OH (FHA|USDA|VA) | 2 | $330,000 | $165,000 | $4,907 | 6.63% |
| WILLIAMSPORT, PA (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $6,287 | 3.38% |
| Zanesville, OH (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $19,197 | 7.13% |
| FLORENCE, SC (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $12,322 | 4.63% |
| OCEAN CITY, NJ (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $8,460 | 3.50% |
| Somerset, KY (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $10,177 | 5.63% |
| Greenwood, SC (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $6,221 | 6.63% |
| KNOXVILLE, TN (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $9,185 | 5.63% |
| Ashland, OH (FHA|USDA|VA) | 2 | $290,000 | $145,000 | $6,733 | 5.13% |
| THE VILLAGES, FL (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $12,309 | 6.88% |
| Portsmouth, OH (FHA|USDA|VA) | 2 | $260,000 | $130,000 | $6,846 | 5.00% |
| LEXINGTON-FAYETTE, KY (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $9,167 | 6.50% |
| MEMPHIS, TN-MS-AR (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $9,090 | 5.63% |
| Coshocton, OH (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $13,582 | 5.63% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $8,373 | 7.25% |
| LANCASTER, PA (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $8,877 | 6.50% |
| GULFPORT-BILOXI, MS (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $12,960 | 6.13% |
| HUNTINGTON-ASHLAND, WV-KY-OH (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $9,606 | 5.88% |
| Wapakoneta, OH (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $10,562 | 6.13% |
| Ashtabula, OH (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $5,496 | 5.75% |
| HUNTSVILLE, AL (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $9,260 | 5.00% |
| Richmond, IN (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $2,581 | 3.38% |
| New Castle, PA (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $5,392 | 6.13% |
| CLARKSVILLE, TN-KY (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $5,265 | 5.63% |
| MOBILE, AL (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $8,972 | 5.63% |
| Georgetown, SC (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $5,362 | 3.63% |
| Wilson, NC (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $6,389 | 7.50% |
| Vidalia, GA (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $8,522 | 4.25% |
| SUMTER, SC (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $7,804 | 6.63% |
| Ottawa, IL (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $8,518 | 6.13% |
| Union City, TN (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $7,515 | 6.50% |
| Marietta, OH (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $5,913 | 6.50% |
| WHEELING, WV-OH (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $4,091 | 5.63% |
| Bucyrus-Galion, OH (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $6,606 | 3.38% |
| TERRE HAUTE, IN (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $7,069 | 5.13% |
| Lumberton, NC (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $4,776 | 4.50% |
| MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $6,144 | 5.63% |
| Troy, AL (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $7,286 | 6.13% |
| Seymour, IN (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $5,477 | 3.13% |
| St. Marys, PA (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $6,771 | 5.63% |
| LIMA, OH (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $4,223 | 6.88% |
| Roanoke Rapids, NC (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $5,439 | 4.75% |
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Product Mix
For 2022, Rapid Mortgage Company's most frequently originated type of loan was Conventional, with 1,146 originations. Their 2nd most popular type was FHA, with 623 originations.
Loan Reason
For 2022, Rapid Mortgage Company's most frequently cited loan purpose was Home Purchase, with 1,808 originations. The 2nd most popular reason was Cash Out Refi, with 79 originations.
Loan Duration/Length
For 2022, Rapid Mortgage Company's most frequently cited loan duration was 30 Year, with 1,893 originations. The 2nd most popular length was 15 Year, with 34 originations.
Origination Fees/Closing Costs
Rapid Mortgage Company's average total fees were $8,459, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 589 originations.
Interest Rates
During 2022, Rapid Mortgage Company's average interest rate for loans was 5.41%, while their most frequently originated rate bucket for loans was 5-6%, with 780 originations.
Loan Sizing
2022 saw Rapid Mortgage Company place emphasis on $200k-400k loans with 897 originations, totaling $249,545,000 in origination value.
Applicant Income
Rapid Mortgage Company lent most frequently to those with incomes in the $50k-75k range, with 591 originations. The second most popular income band? $50k or less, with 425 originations.
Applicant Debt to Income Ratio
Rapid Mortgage Company lent most frequently to those with DTI ratios of 30-36%, with 273 originations. The next most common DTI ratio? 20-30%, with 250 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications97.95%
Rapid Mortgage Company has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination62.15%
Rapid Mortgage Company has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 1,939 | $467,115,000 | $240,905 |