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: Cincinnati, Columbus, Philadelphia, Charlotte, and Dayton among others. We have data for 86 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 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 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 | 7.07% | 4/18/24 |
| 30 Year Conventional Refi | 7.01% | 4/18/24 |
| 30 Year Cash-out Refi | 7.04% | 4/18/24 |
| 30 Year FHA Purchase | 7.76% | 4/18/24 |
| 30 Year FHA Refi | 7.37% | 4/18/24 |
| 30 Year VA Purchase | 6.67% | 4/18/24 |
| 30 Year VA Refi | 6.40% | 4/18/24 |
| 30 Year USDA Purchase | 7.09% | 4/18/24 |
| 30 Year USDA Refi | 6.27% | 4/18/24 |
| 15 Year Conventional Purchase | 6.47% | 4/18/24 |
| 15 Year Conventional Refi | 6.21% | 4/18/24 |
| 15 Year Cash-out Refi | 6.21% | 4/18/24 |
| 15 Year VA Purchase | 5.68% | 4/18/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
1,787Origination Dollar Volume (All Markets)
$320,495,000Awards
RAPID MORTGAGE COMPANY - 2019
RAPID MORTGAGE COMPANY is a 2019 , due to their low .
For 2019, 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 |
|---|---|---|---|---|---|
| CINCINNATI, OH-KY-IN (FHA|USDA|VA) | 482 | $83,590,000 | $173,423 | $5,658 | 4.50% |
| COLUMBUS, OH (FHA|USDA|VA) | 358 | $65,620,000 | $183,296 | $5,812 | 4.43% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 127 | $31,925,000 | $251,378 | $6,451 | 4.34% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 63 | $14,775,000 | $234,524 | $6,972 | 4.18% |
| DAYTON-KETTERING, OH (FHA|USDA|VA) | 105 | $14,745,000 | $140,429 | $5,942 | 4.52% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 65 | $13,195,000 | $203,000 | $9,417 | 4.12% |
| CLEVELAND-ELYRIA, OH (FHA|USDA|VA) | 66 | $10,820,000 | $163,939 | $6,377 | 4.40% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 42 | $8,450,000 | $201,190 | $5,322 | 4.35% |
| YOUNGSTOWN-WARREN-BOARDMAN, OH-PA (FHA|USDA|VA) | 57 | $6,795,000 | $119,211 | $4,993 | 4.40% |
| Athens, OH (FHA|USDA|VA) | 36 | $5,870,000 | $163,056 | $5,682 | 4.52% |
| Jackson, OH (FHA|USDA|VA) | 48 | $5,860,000 | $122,083 | $5,372 | 4.83% |
| Outside of Metro Areas | 37 | $5,115,000 | $138,243 | $5,919 | 4.47% |
| GREENVILLE-ANDERSON, SC (FHA|USDA|VA) | 25 | $4,645,000 | $185,800 | $5,228 | 4.45% |
| AKRON, OH (FHA|USDA|VA) | 21 | $3,605,000 | $171,667 | $5,361 | 4.78% |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) | 15 | $3,335,000 | $222,333 | $4,995 | 4.05% |
| RALEIGH-CARY, NC (FHA|USDA|VA) | 13 | $3,085,000 | $237,308 | $5,467 | 4.17% |
| SPARTANBURG, SC (FHA|USDA|VA) | 19 | $2,855,000 | $150,263 | $5,918 | 4.60% |
| DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) | 16 | $2,430,000 | $151,875 | $5,160 | 4.09% |
| WILMINGTON, NC (FHA|USDA|VA) | 14 | $2,290,000 | $163,571 | $5,086 | 4.04% |
| Wilmington, OH (FHA|USDA|VA) | 12 | $2,180,000 | $181,667 | $6,573 | 4.45% |
| Salem, OH (FHA|USDA|VA) | 17 | $1,815,000 | $106,765 | $4,986 | 4.24% |
| ATHENS-CLARKE COUNTY, GA (FHA|USDA|VA) | 8 | $1,700,000 | $212,500 | $8,681 | 4.22% |
| SPRINGFIELD, OH (FHA|USDA|VA) | 12 | $1,540,000 | $128,333 | $5,262 | 4.67% |
| Mount Vernon, OH (FHA|USDA|VA) | 9 | $1,465,000 | $162,778 | $6,491 | 4.28% |
| COLUMBIA, SC (FHA|USDA|VA) | 5 | $1,305,000 | $261,000 | $8,003 | 4.08% |
| Point Pleasant, WV-OH (FHA|USDA|VA) | 7 | $1,195,000 | $170,714 | $5,788 | 5.02% |
| FAYETTEVILLE, NC (FHA|USDA|VA) | 5 | $895,000 | $179,000 | $4,821 | 4.33% |
| CANTON-MASSILLON, OH (FHA|USDA|VA) | 6 | $870,000 | $145,000 | $6,370 | 4.54% |
| Jefferson, GA (FHA|USDA|VA) | 3 | $855,000 | $285,000 | $9,546 | 4.08% |
| Sanford, NC (FHA|USDA|VA) | 3 | $845,000 | $281,667 | $3,619 | 4.63% |
| HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) | 3 | $795,000 | $265,000 | $4,933 | 4.33% |
| GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) | 5 | $735,000 | $147,000 | $3,465 | 4.63% |
| Zanesville, OH (FHA|USDA|VA) | 5 | $705,000 | $141,000 | $4,319 | 4.95% |
| DOVER, DE (FHA|USDA|VA) | 3 | $695,000 | $231,667 | $7,827 | 4.42% |
| LANCASTER, PA (FHA|USDA|VA) | 2 | $610,000 | $305,000 | $7,550 | 4.25% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 1 | $565,000 | $565,000 | $9,420 | 4.38% |
| Seneca, SC (FHA|USDA|VA) | 1 | $485,000 | $485,000 | $4,413 | 4.63% |
| VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) | 1 | $485,000 | $485,000 | $6,915 | 3.88% |
| MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) | 2 | $480,000 | $240,000 | $10,522 | 3.88% |
| Marion, OH (FHA|USDA|VA) | 3 | $475,000 | $158,333 | $5,533 | 4.83% |
| JACKSONVILLE, NC (FHA|USDA|VA) | 2 | $470,000 | $235,000 | $5,996 | 4.31% |
| CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) | 2 | $460,000 | $230,000 | $6,910 | 3.94% |
| TOLEDO, OH (FHA|USDA|VA) | 3 | $445,000 | $148,333 | $5,697 | 5.08% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 2 | $420,000 | $210,000 | $8,559 | 4.19% |
| Bellefontaine, OH (FHA|USDA|VA) | 2 | $410,000 | $205,000 | $7,296 | 5.00% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 1 | $385,000 | $385,000 | $10,252 | 4.50% |
| Urbana, OH (FHA|USDA|VA) | 3 | $375,000 | $125,000 | $5,996 | 4.13% |
| PUNTA GORDA, FL (FHA|USDA|VA) | 1 | $375,000 | $375,000 | $4,647 | 5.88% |
| GOLDSBORO, NC (FHA|USDA|VA) | 2 | $360,000 | $180,000 | $6,227 | 4.81% |
| LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) | 2 | $350,000 | $175,000 | $6,006 | 4.00% |
| LEXINGTON-FAYETTE, KY (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $4,282 | 3.75% |
| Chillicothe, OH (FHA|USDA|VA) | 2 | $340,000 | $170,000 | $6,456 | 4.50% |
| Washington Court House, OH (FHA|USDA|VA) | 2 | $320,000 | $160,000 | $8,264 | 4.56% |
| MANSFIELD, OH (FHA|USDA|VA) | 3 | $315,000 | $105,000 | $6,065 | 5.08% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $10,263 | 5.50% |
| SALISBURY, MD-DE (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $2,976 | 4.50% |
| Greenville, OH (FHA|USDA|VA) | 3 | $265,000 | $88,333 | $5,162 | 4.46% |
| Dublin, GA (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $11,272 | 5.00% |
| Cambridge, OH (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $5,243 | 4.00% |
| Wapakoneta, OH (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $3,616 | 4.13% |
| ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $3,594 | 4.13% |
| PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $10,374 | 3.63% |
| BURLINGTON, NC (FHA|USDA|VA) | 2 | $200,000 | $100,000 | $5,544 | 5.31% |
| HUNTINGTON-ASHLAND, WV-KY-OH (FHA|USDA|VA) | 2 | $200,000 | $100,000 | $5,181 | 5.06% |
| Marietta, OH (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $8,419 | 4.63% |
| OCALA, FL (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $4,373 | 5.25% |
| PITTSBURGH, PA (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $2,909 | 5.50% |
| GREENVILLE, NC (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $6,141 | 4.13% |
| ROCKY MOUNT, NC (FHA|USDA|VA) | 2 | $180,000 | $90,000 | $2,214 | 4.75% |
| GAINESVILLE, GA (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $7,825 | 3.63% |
| WINSTON-SALEM, NC (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $3,958 | 4.50% |
| INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $3,386 | 5.38% |
| Somerset, KY (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $4,662 | 4.75% |
| New Castle, PA (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $4,497 | 4.38% |
| PANAMA CITY, FL (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $3,994 | 4.75% |
| HINESVILLE, GA (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $6,343 | 4.13% |
| Greenwood, SC (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $6,064 | 4.63% |
| Toccoa, GA (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $4,125 | 4.38% |
| Cedartown, GA (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $7,257 | 3.50% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $3,892 | 4.38% |
| Pinehurst-Southern Pines, NC (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $6,443 | 3.88% |
| Milledgeville, GA (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $3,647 | 4.63% |
| Portsmouth, OH (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $4,101 | 5.38% |
| Defiance, OH (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $5,275 | 5.13% |
| AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $4,589 | 5.13% |
| Sidney, OH (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $4,665 | 5.63% |
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Product Mix
For 2019, Rapid Mortgage Company's most frequently originated type of loan was Conventional, with 872 originations. Their 2nd most popular type was FHA, with 677 originations.
Loan Reason
For 2019, Rapid Mortgage Company's most frequently cited loan purpose was Home Purchase, with 1,533 originations. The 2nd most popular reason was Refi, with 152 originations.
Loan Duration/Length
For 2019, Rapid Mortgage Company's most frequently cited loan duration was 30 Year, with 1,713 originations. The 2nd most popular length was 15 Year, with 43 originations.
Origination Fees/Closing Costs
Rapid Mortgage Company's average total fees were $6,010, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 852 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 1,011 | $177,735,000 | $175,801 |
| 3-4% | 504 | $100,800,000 | $200,000 |
| 5-6% | 266 | $41,320,000 | $155,338 |
| 6-7% | 6 | $640,000 | $106,667 |
During 2019, Rapid Mortgage Company's average interest rate for loans was 4.46%, while their most frequently originated rate bucket for loans was 4-5%, with 1,011 originations.
Loan Sizing
2019 saw Rapid Mortgage Company place emphasis on $100k-200k loans with 916 originations, totaling $136,280,000 in origination value.
Applicant Income
Rapid Mortgage Company lent most frequently to those with incomes in the $50k or less range, with 595 originations. The second most popular income band? $50k-75k, with 575 originations.
Applicant Debt to Income Ratio
Rapid Mortgage Company lent most frequently to those with DTI ratios of 30-36%, with 295 originations. The next most common DTI ratio? 20-30%, with 289 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications97.73%
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 origination72.36%
Rapid Mortgage Company has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 1,787 | $320,495,000 | $179,348 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 46 | $5,640,000 | $122,609 |
| Single Family (1-4 Units):Site-Built | 1,741 | $314,855,000 | $180,847 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2019 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Rapid Mortgage Company | FHA mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 100.0% |