Quik Fund Inc Mortgage Rates, Fees & Info
Garden City, NYLEI: 549300L6D43H4DHZ8K12
Tax ID: 65-1078899
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Mortgage Data
Review & Overview
Quik Fund Inc is a smaller mortgage company specializing in Home Purchase loans. They have a a high proportion of FHA loans. Quik Fund Inc has a high proportion of conventional loans. Their top markets by origination volume include: New York, New Haven, Bridgeport, Poughkeepsie, and Miami among others. We have data for 8 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 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 | 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
223Origination Dollar Volume (All Markets)
$100,245,000Top 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 |
|---|---|---|---|---|---|
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 211 | $97,535,000 | $462,251 | $16,013 | 4.82% |
| NEW HAVEN-MILFORD, CT (FHA|USDA|VA) | 3 | $865,000 | $288,333 | $13,599 | 5.04% |
| BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) | 3 | $475,000 | $158,333 | $5,024 | 4.88% |
| POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) | 2 | $450,000 | $225,000 | $10,740 | 5.31% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 1 | $395,000 | $395,000 | $10,501 | 5.25% |
| EAST STROUDSBURG, PA (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $10,260 | 4.88% |
| ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $4,495 | 5.38% |
| Outside of Metro Areas | 1 | $105,000 | $105,000 | $4,251 | 4.50% |
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.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| FHA | 144 | $69,300,000 | $481,250 | $18,693 | 4.73% |
| Conventional | 78 | $30,420,000 | $390,000 | $9,878 | 5.02% |
| VA | 1 | $525,000 | $525,000 | $23,321 | 4.88% |
For 2018, Quik Fund Inc's most frequently originated type of loan was FHA, with 144 originations. Their 2nd most popular type was Conventional, with 78 originations.
Loan Reason
For 2018, Quik Fund Inc's most frequently cited loan purpose was Home Purchase, with 197 originations. The 2nd most popular reason was Refi, with 17 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 220 | $99,300,000 | $451,364 | $15,735 | 4.84% |
| 15 Year | 3 | $945,000 | $315,000 | $7,954 | 4.50% |
For 2018, Quik Fund Inc's most frequently cited loan duration was 30 Year, with 220 originations. The 2nd most popular length was 15 Year, with 3 originations.
Origination Fees/Closing Costs
Quik Fund Inc's average total fees were $15,735, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 137 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 161 | $73,415,000 | $455,994 |
| 5-6% | 56 | $24,290,000 | $433,750 |
| 3-4% | 6 | $2,540,000 | $423,333 |
During 2018, Quik Fund Inc's average interest rate for loans was 4.84%, while their most frequently originated rate bucket for loans was 4-5%, with 161 originations.
Loan Sizing
2018 saw Quik Fund Inc place emphasis on $400k-600k loans with 88 originations, totaling $42,870,000 in origination value.
Applicant Income
Quik Fund Inc lent most frequently to those with incomes in the $100k-150k range, with 84 originations. The second most popular income band? $75k-100k, with 65 originations.
Applicant Debt to Income Ratio
Quik Fund Inc lent most frequently to those with DTI ratios of 50-60%, with 45 originations. The next most common DTI ratio? 46%, with 18 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications89.80%
Quik Fund Inc has an average approval rate.
Pick Rate
Approvals leading to origination82.06%
Quik Fund Inc has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 223 | $100,245,000 | $449,529 |