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 Home Purchase loans. Rapid Mortgage Company has a high proportion of conventional loans. They have a a high proportion of FHA loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Columbus, Cincinnati, Charlotte, Chicago, and Philadelphia among others. We have data for 81 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.
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 | 7.07% | 12/16/24 |
| 30 Year Conventional Refi | 7.01% | 12/16/24 |
| 30 Year Cash-out Refi | 7.04% | 12/16/24 |
| 30 Year FHA Purchase | 7.76% | 12/16/24 |
| 30 Year FHA Refi | 7.37% | 12/16/24 |
| 30 Year VA Purchase | 6.67% | 12/16/24 |
| 30 Year VA Refi | 6.40% | 12/16/24 |
| 30 Year USDA Purchase | 7.09% | 12/16/24 |
| 30 Year USDA Refi | 6.27% | 12/16/24 |
| 15 Year Conventional Purchase | 6.47% | 12/16/24 |
| 15 Year Conventional Refi | 6.21% | 12/16/24 |
| 15 Year Cash-out Refi | 6.21% | 12/16/24 |
| 15 Year VA Purchase | 5.68% | 12/16/24 |
| 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. | ||
Rapid Mortgage Company Mortgage Calculator
Your Estimates
Estimated Loan Payment: Update the calculator values and click calculate payment!
This is not an official calculator from Rapid Mortgage Company. 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
1,023Origination Dollar Volume (All Markets)
$251,425,000Awards
RAPID MORTGAGE COMPANY - 2023
RAPID MORTGAGE COMPANY is a 2023 , due to their low .
For 2023, less than of lenders were eligible for this award.
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Relative Rate
Rapid Mortgage Company's average 30 year fixed mortgage rate was
6.95%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of 0.47%.
Relative Fees (Closing Costs)
Rapid Mortgage Company's average total fees/closing costs for a 30 year fixed rate
mortgage were $9,249.
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 |
|---|---|---|---|---|---|
| COLUMBUS, OH (FHA|USDA|VA) | 223 | $57,145,000 | $256,256 | $9,203 | 7.04% |
| CINCINNATI, OH-KY-IN (FHA|USDA|VA) | 234 | $56,080,000 | $239,658 | $8,767 | 6.92% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 163 | $49,955,000 | $306,472 | $10,311 | 6.75% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 34 | $8,420,000 | $247,647 | $9,552 | 7.15% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 21 | $7,565,000 | $360,238 | $13,519 | 6.88% |
| YOUNGSTOWN-WARREN-BOARDMAN, OH-PA (FHA|USDA|VA) | 39 | $6,005,000 | $153,974 | $7,496 | 7.22% |
| Jackson, OH (FHA|USDA|VA) | 31 | $5,325,000 | $171,774 | $8,849 | 7.11% |
| DAYTON-KETTERING, OH (FHA|USDA|VA) | 24 | $4,920,000 | $205,000 | $7,704 | 7.26% |
| CLEVELAND-ELYRIA, OH (FHA|USDA|VA) | 26 | $4,360,000 | $167,692 | $7,902 | 6.65% |
| RALEIGH-CARY, NC (FHA|USDA|VA) | 8 | $3,310,000 | $413,750 | $13,838 | 6.75% |
| GREENVILLE-ANDERSON, SC (FHA|USDA|VA) | 13 | $3,185,000 | $245,000 | $8,062 | 6.76% |
| Outside of Metro Areas | 18 | $2,950,000 | $163,889 | $7,165 | 7.05% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 6 | $2,200,000 | $366,667 | $16,939 | 7.04% |
| AKRON, OH (FHA|USDA|VA) | 8 | $2,190,000 | $273,750 | $10,264 | 6.91% |
| Athens, OH (FHA|USDA|VA) | 11 | $2,055,000 | $186,818 | $8,905 | 7.27% |
| Wilmington, OH (FHA|USDA|VA) | 9 | $1,565,000 | $173,889 | $8,428 | 6.94% |
| Portsmouth, OH (FHA|USDA|VA) | 8 | $1,550,000 | $193,750 | $8,886 | 7.36% |
| Point Pleasant, WV-OH (FHA|USDA|VA) | 10 | $1,500,000 | $150,000 | $8,692 | 7.11% |
| CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) | 4 | $1,500,000 | $375,000 | $16,004 | 6.19% |
| WINSTON-SALEM, NC (FHA|USDA|VA) | 5 | $1,185,000 | $237,000 | $12,315 | 6.35% |
| Salem, OH (FHA|USDA|VA) | 6 | $1,180,000 | $196,667 | $8,681 | 6.83% |
| SPARTANBURG, SC (FHA|USDA|VA) | 5 | $1,045,000 | $209,000 | $6,157 | 6.95% |
| Shelby, NC (FHA|USDA|VA) | 5 | $1,035,000 | $207,000 | $8,295 | 7.10% |
| DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) | 3 | $1,035,000 | $345,000 | $14,020 | 6.83% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 2 | $1,030,000 | $515,000 | $23,057 | 6.81% |
| GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) | 5 | $1,015,000 | $203,000 | $7,099 | 6.83% |
| CANTON-MASSILLON, OH (FHA|USDA|VA) | 5 | $1,005,000 | $201,000 | $8,377 | 7.10% |
| Zanesville, OH (FHA|USDA|VA) | 5 | $975,000 | $195,000 | $9,216 | 7.03% |
| Washington Court House, OH (FHA|USDA|VA) | 4 | $890,000 | $222,500 | $9,812 | 6.75% |
| SPRINGFIELD, OH (FHA|USDA|VA) | 6 | $890,000 | $148,333 | $5,912 | 6.94% |
| NEW BERN, NC (FHA|USDA|VA) | 4 | $820,000 | $205,000 | $5,802 | 6.81% |
| Chillicothe, OH (FHA|USDA|VA) | 5 | $815,000 | $163,000 | $7,896 | 7.35% |
| DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) | 3 | $765,000 | $255,000 | $6,015 | 6.41% |
| TOLEDO, OH (FHA|USDA|VA) | 3 | $765,000 | $255,000 | $10,312 | 7.00% |
| HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) | 3 | $715,000 | $238,333 | $9,695 | 6.79% |
| MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) | 2 | $710,000 | $355,000 | $11,157 | 6.88% |
| FAYETTEVILLE, NC (FHA|USDA|VA) | 4 | $680,000 | $170,000 | $8,416 | 7.16% |
| Marion, OH (FHA|USDA|VA) | 4 | $680,000 | $170,000 | $6,205 | 6.94% |
| Bellefontaine, OH (FHA|USDA|VA) | 3 | $655,000 | $218,333 | $10,487 | 7.08% |
| INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) | 2 | $620,000 | $310,000 | $8,868 | 7.06% |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) | 1 | $525,000 | $525,000 | $7,780 | 7.38% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 2 | $520,000 | $260,000 | $10,365 | 6.69% |
| WHEELING, WV-OH (FHA|USDA|VA) | 3 | $505,000 | $168,333 | $10,267 | 7.00% |
| Pinehurst-Southern Pines, NC (FHA|USDA|VA) | 1 | $475,000 | $475,000 | $16,396 | 6.99% |
| Albemarle, NC (FHA|USDA|VA) | 2 | $440,000 | $220,000 | $7,885 | 7.06% |
| Seneca, SC (FHA|USDA|VA) | 3 | $435,000 | $145,000 | $5,967 | 6.54% |
| READING, PA (FHA|USDA|VA) | 1 | $405,000 | $405,000 | $11,456 | 7.99% |
| SALISBURY, MD-DE (FHA|USDA|VA) | 1 | $395,000 | $395,000 | $3,699 | 6.25% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 1 | $375,000 | $375,000 | $20,026 | 6.63% |
| PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) | 1 | $365,000 | $365,000 | $7,089 | 7.63% |
| WARNER ROBINS, GA (FHA|USDA|VA) | 1 | $365,000 | $365,000 | $19,489 | 5.75% |
| WILMINGTON, NC (FHA|USDA|VA) | 2 | $350,000 | $175,000 | $6,283 | 6.13% |
| CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $10,627 | 6.99% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $10,239 | 7.25% |
| New Castle, PA (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $8,848 | 7.13% |
| YORK-HANOVER, PA (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $12,407 | 7.25% |
| JACKSONVILLE, NC (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $9,691 | 7.13% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $11,549 | 6.63% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $17,076 | 7.25% |
| VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $6,191 | 6.50% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $7,643 | 6.13% |
| PITTSBURGH, PA (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $11,435 | 6.63% |
| Laurinburg, NC (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $12,582 | 7.25% |
| New Philadelphia-Dover, OH (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $11,858 | 7.25% |
| Mount Vernon, OH (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $6,540 | 6.63% |
| Forest City, NC (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $8,937 | 7.50% |
| Morehead City, NC (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $3,682 | 7.13% |
| WEIRTON-STEUBENVILLE, WV-OH (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $11,486 | 7.38% |
| Coshocton, OH (FHA|USDA|VA) | 2 | $200,000 | $100,000 | $6,428 | 7.06% |
| Atmore, AL (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $3,125 | 6.63% |
| London, KY (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $3,998 | 6.13% |
| COLUMBIA, SC (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $10,125 | 7.00% |
| Cambridge, OH (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $4,712 | 7.38% |
| MANSFIELD, OH (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $6,415 | 8.00% |
| Mount Airy, NC (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $6,814 | 6.50% |
| GREENVILLE, NC (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $4,012 | 6.63% |
| Lumberton, NC (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $7,272 | 6.50% |
| ERIE, PA (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $6,195 | 7.25% |
| Wapakoneta, OH (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $5,496 | 7.75% |
| Van Wert, OH (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $7,013 | 7.13% |
| Iron Mountain, MI-WI (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $3,119 | 6.63% |
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We use machine learning to identify the top lenders compared against RAPID MORTGAGE COMPANY 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 2023, Rapid Mortgage Company's most frequently originated type of loan was Conventional, with 585 originations. Their 2nd most popular type was FHA, with 357 originations.
Loan Reason
For 2023, Rapid Mortgage Company's most frequently cited loan purpose was Home Purchase, with 991 originations. The 2nd most popular reason was Refi, with 17 originations.
Loan Duration/Length
For 2023, Rapid Mortgage Company's most frequently cited loan duration was 30 Year, with 1,014 originations. The 2nd most popular length was 15 Year, with 3 originations.
Origination Fees/Closing Costs
Rapid Mortgage Company's average total fees were $9,249, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 388 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 517 | $129,105,000 | $249,720 |
| 7-8% | 455 | $109,195,000 | $239,989 |
| 5-6% | 45 | $11,365,000 | $252,556 |
| Over 8% | 6 | $1,760,000 | $293,333 |
During 2023, Rapid Mortgage Company's average interest rate for loans was 6.95%, while their most frequently originated rate bucket for loans was 6-7%, with 517 originations.
Loan Sizing
2023 saw Rapid Mortgage Company place emphasis on $200k-400k loans with 539 originations, totaling $151,045,000 in origination value.
Applicant Income
Rapid Mortgage Company lent most frequently to those with incomes in the $50k-75k range, with 335 originations. The second most popular income band? $75k-100k, with 204 originations.
Applicant Debt to Income Ratio
Rapid Mortgage Company lent most frequently to those with DTI ratios of 50-60%, with 141 originations. The next most common DTI ratio? 30-36%, with 136 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications98.37%
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 origination52.20%
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 | 1,023 | $251,425,000 | $245,772 |