Quik Fund Inc Mortgage Rates, Fees & Info

Garden City, NY

LEI: 549300L6D43H4DHZ8K12

Tax ID: 65-1078899

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

Latest/2022 | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

Review & Overview

Quik Fund Inc is a smaller mortgage company specializing in Home Purchase loans. Quik Fund Inc has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets by origination volume include: New York, Gainesville, Glens Falls, Washington, and Orlando among others. We have data for 9 markets. (Some data included below & more in-depth data is available with an active subscription.)

Quik Fund Inc has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Quik Fund Inc 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.

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SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 6.97% 3/24/24
30 Year Conventional Refi 6.86% 3/24/24
30 Year Cash-out Refi 6.27% 3/24/24
30 Year FHA Purchase 7.78% 3/24/24
30 Year FHA Refi 7.21% 3/24/24
30 Year VA Purchase 6.35% 3/24/24
15 Year Conventional Purchase 6.75% 3/24/24
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.

Quik Fund Inc Mortgage Calculator






Your Estimates

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

This is not an official calculator from Quik Fund Inc. 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

25

Origination Dollar Volume (All Markets)

$11,785,000

Relative Rate

Quik Fund Inc's average 30 year fixed mortgage rate was 6.17%.

The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.

This yields a difference of 1.41%.

Relative Fees (Closing Costs)

Quik Fund Inc's average total fees/closing costs for a 30 year fixed rate mortgage were $17,759.

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
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 16 $9,700,000 $606,250 $21,842 5.89%
GAINESVILLE, FL (FHA|USDA|VA) 1 $545,000 $545,000 $15,586 5.63%
GLENS FALLS, NY (FHA|USDA|VA) 2 $420,000 $210,000 $9,398 7.25%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 1 $405,000 $405,000 $5,449 6.63%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $205,000 $205,000 $9,529 7.00%
BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 1 $165,000 $165,000 $10,034 7.25%
PITTSBURGH, PA (FHA|USDA|VA) 1 $145,000 $145,000 $9,688 6.63%
VINELAND-BRIDGETON, NJ (FHA|USDA|VA) 1 $105,000 $105,000 $7,656 6.25%
ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) 1 $95,000 $95,000 $4,752 5.63%
Quik Fund Inc's top markets include New York, Gainesville, Glens Falls, Washington, and Orlando among others.

Their top states include:
  • New York (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Maryland (FHA|USDA|VA)
  • Pennsylvania (FHA|USDA|VA)
  • New Jersey (FHA|USDA|VA)
  • Similar Lenders

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

    N C P D Federal Credit Union
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 17 $8,845,000 $520,294 $16,831 6.02%
    FHA 7 $2,535,000 $362,143 $19,912 6.39%
    VA 1 $405,000 $405,000 $5,449 6.63%

    For 2022, Quik Fund Inc's most frequently originated type of loan was Conventional, with 17 originations. Their 2nd most popular type was FHA, with 7 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 22 $10,520,000 $478,182 $17,023 6.26%
    Refi 2 $880,000 $440,000 $21,063 5.56%
    Home Improvement 1 $385,000 $385,000 $14,325 5.00%

    For 2022, Quik Fund Inc's most frequently cited loan purpose was Home Purchase, with 22 originations. The 2nd most popular reason was Refi, with 2 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 24 $11,690,000 $487,083 $17,759 6.17%
    15 Year 1 $95,000 $95,000 $4,752 5.63%

    For 2022, Quik Fund Inc's most frequently cited loan duration was 30 Year, with 24 originations. The 2nd most popular length was 15 Year, with 1 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $5k+ 17 $9,895,000 $582,059
    $4k-5k 5 $1,285,000 $257,000
    $1k-2k 1 $405,000 $405,000
    $2k-3k 1 $95,000 $95,000
    $3k-4k 1 $105,000 $105,000

    Quik Fund Inc's average total fees were $17,759, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 17 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 10 $5,200,000 $520,000
    6-7% 10 $4,720,000 $472,000
    7-8% 3 $875,000 $291,667
    4-5% 2 $990,000 $495,000

    During 2022, Quik Fund Inc's average interest rate for loans was 6.17%, while their most frequently originated rate bucket for loans was 5-6%, with 10 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $400k-600k 8 $4,210,000 $526,250 $20,847 6.11%
    $600k-1MM 7 $5,355,000 $765,000 $23,084 5.80%
    $200k-400k 5 $1,545,000 $309,000 $12,367 6.20%
    $100k-200k 4 $580,000 $145,000 $9,003 6.91%
    $100,000 or less 1 $95,000 $95,000 $4,752 5.63%

    2022 saw Quik Fund Inc place emphasis on $400k-600k loans with 8 originations, totaling $4,210,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 10 $4,490,000 $449,000 $19,449 6.34%
    $150k-250k 5 $3,455,000 $691,000 $19,700 5.68%
    $250k+ 3 $2,245,000 $748,333 $21,234 6.42%
    $75k-100k 3 $1,085,000 $361,667 $14,048 5.67%
    $50k-75k 2 $270,000 $135,000 $8,845 6.75%
    $50k or less 2 $240,000 $120,000 $7,220 6.13%

    Quik Fund Inc lent most frequently to those with incomes in the $100k-150k range, with 10 originations. The second most popular income band? $150k-250k, with 5 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 3 $1,875,000 $625,000 $13,464 5.71%
    30-36% 3 $585,000 $195,000 $8,911 5.63%
    37% 3 $1,685,000 $561,667 $19,292 6.54%
    48% 3 $795,000 $265,000 $10,928 6.67%
    49% 3 $1,745,000 $581,667 $19,807 6.25%
    50-60% 3 $1,175,000 $391,667 $21,214 6.79%
    43% 2 $1,130,000 $565,000 $20,238 6.06%
    45% 1 $585,000 $585,000 $22,161 5.50%
    46% 1 $515,000 $515,000 $27,401 5.13%
    38% 1 $405,000 $405,000 $5,449 6.63%
    39% 1 $575,000 $575,000 $30,652 5.75%
    40% 1 $715,000 $715,000 $23,977 5.88%

    Quik Fund Inc lent most frequently to those with DTI ratios of 20-30%, with 3 originations. The next most common DTI ratio? 30-36%, with 3 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 17 $8,085,000 $475,588 $17,192 6.13%
    Asian 3 $1,905,000 $635,000 $21,613 5.67%
    Black 5 $1,795,000 $359,000 $14,771 6.53%

    Approval Rates

    Total approvals of all applications
    88.89%

    Quik Fund Inc has an average approval rate.

    Pick Rate

    Approvals leading to origination
    64.00%

    Quik Fund Inc 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 25 $11,785,000 $471,400

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    25 $11,785,000 $471,400

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 2 $370,000 $185,000 $9,082 7.25%
    60-80% 8 $4,870,000 $608,750 $20,678 5.91%
    80-100% 15 $6,545,000 $436,333 $16,492 6.13%