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 an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Columbus, Cincinnati, Charlotte, Cleveland, and Philadelphia among others. We have data for 111 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% | 4/14/24 |
| 30 Year Conventional Refi | 7.01% | 4/14/24 |
| 30 Year Cash-out Refi | 7.04% | 4/14/24 |
| 30 Year FHA Purchase | 7.76% | 4/14/24 |
| 30 Year FHA Refi | 7.37% | 4/14/24 |
| 30 Year VA Purchase | 6.67% | 4/14/24 |
| 30 Year VA Refi | 6.40% | 4/14/24 |
| 30 Year USDA Purchase | 7.09% | 4/14/24 |
| 30 Year USDA Refi | 6.27% | 4/14/24 |
| 15 Year Conventional Purchase | 6.47% | 4/14/24 |
| 15 Year Conventional Refi | 6.21% | 4/14/24 |
| 15 Year Cash-out Refi | 6.21% | 4/14/24 |
| 15 Year VA Purchase | 5.68% | 4/14/24 |
| 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
2,713Origination Dollar Volume (All Markets)
$607,245,000Top 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) | 571 | $129,185,000 | $226,243 | $6,231 | 3.31% |
| CINCINNATI, OH-KY-IN (FHA|USDA|VA) | 495 | $110,275,000 | $222,778 | $5,293 | 3.32% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 356 | $97,990,000 | $275,253 | $6,497 | 3.29% |
| CLEVELAND-ELYRIA, OH (FHA|USDA|VA) | 196 | $32,350,000 | $165,051 | $6,077 | 3.33% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 102 | $29,780,000 | $291,961 | $6,371 | 3.15% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 89 | $20,515,000 | $230,506 | $6,444 | 3.27% |
| RALEIGH-CARY, NC (FHA|USDA|VA) | 63 | $19,275,000 | $305,952 | $5,574 | 3.18% |
| YOUNGSTOWN-WARREN-BOARDMAN, OH-PA (FHA|USDA|VA) | 102 | $15,120,000 | $148,235 | $5,584 | 3.34% |
| Jackson, OH (FHA|USDA|VA) | 73 | $11,725,000 | $160,616 | $6,461 | 3.33% |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) | 36 | $9,570,000 | $265,833 | $5,996 | 3.07% |
| CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) | 32 | $8,770,000 | $274,063 | $5,688 | 3.55% |
| Outside of Metro Areas | 50 | $8,400,000 | $168,000 | $6,408 | 3.39% |
| GREENVILLE-ANDERSON, SC (FHA|USDA|VA) | 36 | $8,360,000 | $232,222 | $5,474 | 3.43% |
| WILMINGTON, NC (FHA|USDA|VA) | 30 | $7,150,000 | $238,333 | $6,269 | 3.03% |
| Athens, OH (FHA|USDA|VA) | 37 | $6,945,000 | $187,703 | $5,165 | 3.16% |
| CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) | 20 | $6,290,000 | $314,500 | $9,118 | 3.47% |
| AKRON, OH (FHA|USDA|VA) | 36 | $5,970,000 | $165,833 | $5,549 | 3.30% |
| SPARTANBURG, SC (FHA|USDA|VA) | 23 | $5,375,000 | $233,696 | $5,093 | 3.53% |
| CANTON-MASSILLON, OH (FHA|USDA|VA) | 30 | $5,010,000 | $167,000 | $6,628 | 3.27% |
| DAYTON-KETTERING, OH (FHA|USDA|VA) | 28 | $4,690,000 | $167,500 | $5,604 | 3.38% |
| DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) | 20 | $4,000,000 | $200,000 | $6,956 | 3.08% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 11 | $2,925,000 | $265,909 | $6,260 | 3.41% |
| WINSTON-SALEM, NC (FHA|USDA|VA) | 13 | $2,745,000 | $211,154 | $6,149 | 3.33% |
| FAYETTEVILLE, NC (FHA|USDA|VA) | 10 | $2,180,000 | $218,000 | $7,149 | 3.31% |
| Bellefontaine, OH (FHA|USDA|VA) | 9 | $2,065,000 | $229,444 | $6,739 | 3.33% |
| NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) | 6 | $2,010,000 | $335,000 | $6,048 | 3.27% |
| Washington Court House, OH (FHA|USDA|VA) | 14 | $1,940,000 | $138,571 | $6,619 | 3.43% |
| Zanesville, OH (FHA|USDA|VA) | 9 | $1,845,000 | $205,000 | $7,626 | 3.39% |
| Salem, OH (FHA|USDA|VA) | 15 | $1,795,000 | $119,667 | $5,633 | 3.36% |
| GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) | 10 | $1,720,000 | $172,000 | $6,355 | 3.23% |
| Mount Vernon, OH (FHA|USDA|VA) | 9 | $1,715,000 | $190,556 | $5,030 | 3.38% |
| Morehead City, NC (FHA|USDA|VA) | 6 | $1,710,000 | $285,000 | $5,906 | 2.90% |
| Cambridge, OH (FHA|USDA|VA) | 8 | $1,680,000 | $210,000 | $6,104 | 3.23% |
| COLUMBIA, SC (FHA|USDA|VA) | 7 | $1,605,000 | $229,286 | $8,081 | 3.00% |
| Chillicothe, OH (FHA|USDA|VA) | 6 | $1,490,000 | $248,333 | $7,079 | 3.67% |
| HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) | 5 | $1,335,000 | $267,000 | $7,561 | 3.45% |
| TOLEDO, OH (FHA|USDA|VA) | 4 | $1,160,000 | $290,000 | $4,872 | 3.34% |
| Marion, OH (FHA|USDA|VA) | 6 | $1,060,000 | $176,667 | $6,450 | 3.48% |
| Wilmington, OH (FHA|USDA|VA) | 5 | $1,045,000 | $209,000 | $7,291 | 3.35% |
| Point Pleasant, WV-OH (FHA|USDA|VA) | 6 | $1,020,000 | $170,000 | $6,307 | 3.50% |
| VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) | 4 | $1,010,000 | $252,500 | $5,313 | 2.69% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 3 | $995,000 | $331,667 | $7,956 | 3.08% |
| Portsmouth, OH (FHA|USDA|VA) | 5 | $895,000 | $179,000 | $6,100 | 3.43% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 2 | $810,000 | $405,000 | $6,525 | 3.31% |
| Seneca, SC (FHA|USDA|VA) | 3 | $805,000 | $268,333 | $6,220 | 3.75% |
| Albemarle, NC (FHA|USDA|VA) | 3 | $795,000 | $265,000 | $6,549 | 3.42% |
| DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) | 2 | $750,000 | $375,000 | $10,173 | 3.50% |
| Shelby, NC (FHA|USDA|VA) | 4 | $690,000 | $172,500 | $7,917 | 3.13% |
| Coshocton, OH (FHA|USDA|VA) | 3 | $675,000 | $225,000 | $5,095 | 3.46% |
| CLARKSVILLE, TN-KY (FHA|USDA|VA) | 3 | $655,000 | $218,333 | $7,383 | 3.54% |
| Pinehurst-Southern Pines, NC (FHA|USDA|VA) | 3 | $625,000 | $208,333 | $4,657 | 2.75% |
| WARNER ROBINS, GA (FHA|USDA|VA) | 3 | $575,000 | $191,667 | $6,928 | 3.12% |
| Ashtabula, OH (FHA|USDA|VA) | 4 | $560,000 | $140,000 | $4,808 | 3.53% |
| INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) | 2 | $540,000 | $270,000 | $8,669 | 3.31% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 2 | $530,000 | $265,000 | $5,306 | 2.88% |
| Greenwood, SC (FHA|USDA|VA) | 4 | $520,000 | $130,000 | $5,658 | 3.81% |
| READING, PA (FHA|USDA|VA) | 2 | $500,000 | $250,000 | $5,024 | 3.19% |
| Forest City, NC (FHA|USDA|VA) | 1 | $485,000 | $485,000 | $21,947 | 2.88% |
| Mount Airy, NC (FHA|USDA|VA) | 1 | $475,000 | $475,000 | $4,709 | 2.75% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 2 | $450,000 | $225,000 | $6,698 | 3.06% |
| WEIRTON-STEUBENVILLE, WV-OH (FHA|USDA|VA) | 1 | $435,000 | $435,000 | $6,550 | 3.25% |
| BURLINGTON, NC (FHA|USDA|VA) | 3 | $435,000 | $145,000 | $8,829 | 3.08% |
| Celina, OH (FHA|USDA|VA) | 1 | $425,000 | $425,000 | $5,858 | 2.75% |
| PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) | 2 | $420,000 | $210,000 | $5,248 | 3.38% |
| Sandusky, OH (FHA|USDA|VA) | 2 | $420,000 | $210,000 | $5,018 | 3.13% |
| HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) | 2 | $410,000 | $205,000 | $6,592 | 3.44% |
| WHEELING, WV-OH (FHA|USDA|VA) | 2 | $410,000 | $205,000 | $6,675 | 3.50% |
| ASHEVILLE, NC (FHA|USDA|VA) | 2 | $400,000 | $200,000 | $6,866 | 3.06% |
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 1 | $395,000 | $395,000 | $8,761 | 3.00% |
| SPRINGFIELD, OH (FHA|USDA|VA) | 2 | $390,000 | $195,000 | $6,278 | 3.94% |
| Van Wert, OH (FHA|USDA|VA) | 2 | $380,000 | $190,000 | $6,372 | 3.38% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 2 | $380,000 | $190,000 | $5,226 | 3.25% |
| JACKSONVILLE, NC (FHA|USDA|VA) | 2 | $380,000 | $190,000 | $8,559 | 3.75% |
| Laurinburg, NC (FHA|USDA|VA) | 2 | $380,000 | $190,000 | $6,107 | 3.00% |
| PANAMA CITY, FL (FHA|USDA|VA) | 2 | $380,000 | $190,000 | $6,527 | 3.31% |
| PITTSBURGH, PA (FHA|USDA|VA) | 3 | $375,000 | $125,000 | $4,752 | 3.21% |
| Wooster, OH (FHA|USDA|VA) | 2 | $370,000 | $185,000 | $4,610 | 3.13% |
| Henderson, NC (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $9,787 | 3.25% |
| MANSFIELD, OH (FHA|USDA|VA) | 3 | $325,000 | $108,333 | $3,264 | 3.38% |
| FORT WAYNE, IN (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $3,064 | 3.38% |
| Statesboro, GA (FHA|USDA|VA) | 2 | $310,000 | $155,000 | $6,526 | 3.50% |
| Urbana, OH (FHA|USDA|VA) | 2 | $300,000 | $150,000 | $5,303 | 3.25% |
| ROCKY MOUNT, NC (FHA|USDA|VA) | 2 | $290,000 | $145,000 | $4,901 | 3.19% |
| LEXINGTON-FAYETTE, KY (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $3,464 | 3.50% |
| DOVER, DE (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $4,233 | 3.38% |
| Waycross, GA (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $11,447 | 3.50% |
| MEMPHIS, TN-MS-AR (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $8,936 | 3.50% |
| Connersville, IN (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $4,395 | 3.38% |
| Ashland, OH (FHA|USDA|VA) | 2 | $260,000 | $130,000 | $4,492 | 3.06% |
| KINGSPORT-BRISTOL, TN-VA (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $8,377 | 3.50% |
| Kinston, NC (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $7,548 | 3.50% |
| GOLDSBORO, NC (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $8,051 | 3.13% |
| New Philadelphia-Dover, OH (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $5,226 | 3.25% |
| PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $8,688 | 2.88% |
| PARKERSBURG-VIENNA, WV (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $7,914 | 3.50% |
| North Wilkesboro, NC (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $3,785 | 3.25% |
| Roanoke Rapids, NC (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $8,278 | 3.63% |
| Martinsville, VA (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $8,075 | 3.00% |
| Marietta, OH (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $10,261 | 2.75% |
| FLORENCE, SC (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $8,941 | 3.25% |
| ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $3,870 | 2.75% |
| GAINESVILLE, FL (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $3,981 | 2.88% |
| LIMA, OH (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $3,971 | 3.38% |
| NEW BERN, NC (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $8,193 | 2.75% |
| Lumberton, NC (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $8,597 | 3.75% |
| Bennettsville, SC (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $4,354 | 3.50% |
| Sidney, OH (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $4,945 | 2.88% |
| Arcadia, FL (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $7,269 | 3.25% |
| Sanford, NC (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $5,326 | 3.25% |
| London, KY (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $3,017 | 3.13% |
| Maysville, KY (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $3,531 | 3.88% |
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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 2021, Rapid Mortgage Company's most frequently originated type of loan was Conventional, with 1,754 originations. Their 2nd most popular type was FHA, with 717 originations.
Loan Reason
For 2021, Rapid Mortgage Company's most frequently cited loan purpose was Home Purchase, with 2,151 originations. The 2nd most popular reason was Refi, with 320 originations.
Loan Duration/Length
For 2021, Rapid Mortgage Company's most frequently cited loan duration was 30 Year, with 2,582 originations. The 2nd most popular length was 15 Year, with 104 originations.
Origination Fees/Closing Costs
Rapid Mortgage Company's average total fees were $6,119, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 1,406 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 1,783 | $391,265,000 | $219,442 |
| 2.5-3% | 733 | $174,425,000 | $237,960 |
| 4-5% | 130 | $24,730,000 | $190,231 |
| <2.5% | 67 | $16,825,000 | $251,119 |
During 2021, Rapid Mortgage Company's average interest rate for loans was 3.33%, while their most frequently originated rate bucket for loans was 3-4%, with 1,783 originations.
Loan Sizing
2021 saw Rapid Mortgage Company place emphasis on $200k-400k loans with 1,217 originations, totaling $332,965,000 in origination value.
Applicant Income
Rapid Mortgage Company lent most frequently to those with incomes in the $50k-75k range, with 807 originations. The second most popular income band? $50k or less, with 734 originations.
Applicant Debt to Income Ratio
Rapid Mortgage Company lent most frequently to those with DTI ratios of 20-30%, with 488 originations. The next most common DTI ratio? 30-36%, with 484 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications98.40%
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 origination65.83%
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 | 2,713 | $607,245,000 | $223,828 |