Finance Of America Mortgage Rates, Fees & Info
WILMINGTON, DELEI: 549300MXJA09WZJ0DV55
Tax ID: 23-2769131
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Mortgage Data
Review & Overview
Finance Of America Mortgage is a smaller mortgage company specializing in Home Purchase and Cash Out Refi loans. Finance Of America Mortgage has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Chicago, New York, Riverside, Philadelphia, and Lake Havasu City among others. We have data for 111 markets. (Some data included below & more in-depth data is available with an active subscription.)Finance Of America Mortgage 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. Finance Of America Mortgage 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 |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 7.99% | 11/17/24 |
| 30 Year Conventional Purchase | 6.80% | 11/17/24 |
| 30 Year Conventional Refi | 6.48% | 11/17/24 |
| 30 Year Cash-out Refi | 6.72% | 11/17/24 |
| 30 Year FHA Purchase | 7.38% | 11/17/24 |
| 30 Year FHA Refi | 7.06% | 11/17/24 |
| 30 Year VA Purchase | 6.22% | 11/17/24 |
| 30 Year VA Refi | 5.69% | 11/17/24 |
| 30 Year USDA Purchase | 6.77% | 11/17/24 |
| 30 Year USDA Refi | 6.62% | 11/17/24 |
| 15 Year Conventional Purchase | 6.18% | 11/17/24 |
| 15 Year Conventional Refi | 5.83% | 11/17/24 |
| 15 Year Cash-out Refi | 5.83% | 11/17/24 |
| 15 Year FHA Refi | 5.68% | 11/17/24 |
| 15 Year VA Purchase | 5.68% | 11/17/24 |
| 15 Year VA Refi | 5.40% | 11/17/24 |
| 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. | ||
Finance Of America Mortgage Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
407Origination Dollar Volume (All Markets)
$82,695,000Awards
FINANCE OF AMERICA MORTGAGE - 2023
FINANCE OF AMERICA MORTGAGE is a 2023 , due to their low .
For 2023, less than of lenders were eligible for this award.
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Relative Rate
Finance Of America Mortgage's average 30 year fixed mortgage rate was
7.9%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of 1.42%.
Relative Fees (Closing Costs)
Finance Of America Mortgage's average total fees/closing costs for a 30 year fixed rate
mortgage were $13,381.
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 |
|---|---|---|---|---|---|
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 80 | $13,900,000 | $173,750 | $0 | 9.65% |
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 16 | $6,320,000 | $395,000 | $0 | 10.93% |
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 12 | $5,450,000 | $454,167 | $13,578 | 5.68% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 34 | $4,980,000 | $146,471 | $0 | 8.89% |
| LAKE HAVASU CITY-KINGMAN, AZ (FHA|USDA|VA) | 4 | $2,300,000 | $575,000 | $0 | 11.00% |
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 13 | $2,105,000 | $161,923 | $0 | 8.33% |
| RENO, NV (FHA|USDA|VA) | 5 | $2,075,000 | $415,000 | $10,764 | 6.00% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 11 | $2,005,000 | $182,273 | $0 | 9.52% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 5 | $1,615,000 | $323,000 | $0 | 10.60% |
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 15 | $1,495,000 | $99,667 | $0 | 11.69% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 6 | $1,480,000 | $246,667 | $13,635 | 8.34% |
| KILLEEN-TEMPLE, TX (FHA|USDA|VA) | 4 | $1,390,000 | $347,500 | $0 | 10.44% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 6 | $1,370,000 | $228,333 | $0 | 9.65% |
| PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) | 4 | $1,330,000 | $332,500 | $0 | 8.69% |
| LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) | 3 | $1,275,000 | $425,000 | $13,420 | 5.67% |
| SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) | 2 | $1,050,000 | $525,000 | $0 | 13.33% |
| INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) | 8 | $1,010,000 | $126,250 | $0 | 8.03% |
| TRENTON-PRINCETON, NJ (FHA|USDA|VA) | 5 | $975,000 | $195,000 | $0 | 8.58% |
| NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) | 1 | $965,000 | $965,000 | $0 | 7.63% |
| MEMPHIS, TN-MS-AR (FHA|USDA|VA) | 5 | $965,000 | $193,000 | $0 | 10.29% |
| KANSAS CITY, MO-KS (FHA|USDA|VA) | 7 | $905,000 | $129,286 | $0 | 8.80% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 3 | $785,000 | $261,667 | $0 | 10.04% |
| SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) | 4 | $760,000 | $190,000 | $0 | 9.24% |
| NEW HAVEN-MILFORD, CT (FHA|USDA|VA) | 3 | $735,000 | $245,000 | $0 | 11.05% |
| ANCHORAGE, AK (FHA|USDA|VA) | 1 | $715,000 | $715,000 | $32,499 | 4.38% |
| YORK-HANOVER, PA (FHA|USDA|VA) | 1 | $665,000 | $665,000 | $13,047 | 5.63% |
| MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) | 8 | $660,000 | $82,500 | $0 | 11.70% |
| FRESNO, CA (FHA|USDA|VA) | 1 | $645,000 | $645,000 | $13,100 | 4.75% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 4 | $590,000 | $147,500 | $0 | 8.31% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 3 | $565,000 | $188,333 | $0 | 8.13% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 1 | $565,000 | $565,000 | $12,134 | 5.25% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 2 | $550,000 | $275,000 | $0 | 11.34% |
| BOISE CITY, ID (FHA|USDA|VA) | 2 | $550,000 | $275,000 | $0 | 11.60% |
| ASHEVILLE, NC (FHA|USDA|VA) | 2 | $540,000 | $270,000 | $0 | 12.39% |
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 1 | $535,000 | $535,000 | $25,473 | 6.13% |
| ST. LOUIS, MO-IL (FHA|USDA|VA) | 6 | $510,000 | $85,000 | $0 | 7.83% |
| CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) | 2 | $490,000 | $245,000 | $0 | 7.25% |
| LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) | 3 | $485,000 | $161,667 | $0 | 11.46% |
| DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) | 1 | $485,000 | $485,000 | $0 | 13.30% |
| Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) | 1 | $485,000 | $485,000 | $0 | 11.83% |
| PUEBLO, CO (FHA|USDA|VA) | 2 | $480,000 | $240,000 | $11,220 | 8.61% |
| KENNEWICK-RICHLAND, WA (FHA|USDA|VA) | 2 | $480,000 | $240,000 | $0 | 7.56% |
| MIDLAND, TX (FHA|USDA|VA) | 3 | $465,000 | $155,000 | $0 | 8.04% |
| DOVER, DE (FHA|USDA|VA) | 2 | $460,000 | $230,000 | $0 | 11.41% |
| CINCINNATI, OH-KY-IN (FHA|USDA|VA) | 3 | $445,000 | $148,333 | $0 | 8.08% |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) | 2 | $430,000 | $215,000 | $0 | 8.00% |
| PRESCOTT VALLEY-PRESCOTT, AZ (FHA|USDA|VA) | 1 | $415,000 | $415,000 | $14,430 | 5.13% |
| PITTSBURGH, PA (FHA|USDA|VA) | 4 | $410,000 | $102,500 | $0 | 11.95% |
| BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) | 5 | $405,000 | $81,000 | $0 | 13.81% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 2 | $400,000 | $200,000 | $0 | 10.87% |
| HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) | 2 | $390,000 | $195,000 | $0 | 7.81% |
| TYLER, TX (FHA|USDA|VA) | 2 | $380,000 | $190,000 | $0 | 10.38% |
| ALBUQUERQUE, NM (FHA|USDA|VA) | 2 | $380,000 | $190,000 | $0 | 12.10% |
| Jefferson, GA (FHA|USDA|VA) | 1 | $365,000 | $365,000 | $0 | 12.33% |
| DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) | 2 | $360,000 | $180,000 | $9,953 | 5.94% |
| OKLAHOMA CITY, OK (FHA|USDA|VA) | 3 | $345,000 | $115,000 | $0 | 7.96% |
| Torrington, CT (FHA|USDA|VA) | 5 | $345,000 | $69,000 | $0 | 8.05% |
| PUNTA GORDA, FL (FHA|USDA|VA) | 1 | $335,000 | $335,000 | $0 | 7.88% |
| WORCESTER, MA-CT (FHA|USDA|VA) | 1 | $335,000 | $335,000 | $0 | 13.86% |
| LITTLE ROCK-NORTH LITTLE ROCK-CONWAY, AR (FHA|USDA|VA) | 2 | $310,000 | $155,000 | $0 | 8.25% |
| NEW ORLEANS-METAIRIE, LA (FHA|USDA|VA) | 3 | $305,000 | $101,667 | $0 | 12.38% |
| Keene, NH (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $0 | 7.50% |
| VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) | 2 | $300,000 | $150,000 | $0 | 7.88% |
| SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $7,781 | 5.63% |
| BUFFALO-CHEEKTOWAGA, NY (FHA|USDA|VA) | 2 | $290,000 | $145,000 | $0 | 12.00% |
| COLUMBUS, OH (FHA|USDA|VA) | 2 | $280,000 | $140,000 | $0 | 9.94% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 2 | $270,000 | $135,000 | $0 | 8.13% |
| SPOKANE-SPOKANE VALLEY, WA (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $5,911 | 5.38% |
| Wilson, NC (FHA|USDA|VA) | 2 | $240,000 | $120,000 | $0 | 8.13% |
| YOUNGSTOWN-WARREN-BOARDMAN, OH-PA (FHA|USDA|VA) | 2 | $230,000 | $115,000 | $0 | 12.79% |
| Laconia, NH (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $0 | 7.00% |
| GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $7,304 | 6.38% |
| HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $0 | 7.63% |
| LANSING-EAST LANSING, MI (FHA|USDA|VA) | 2 | $210,000 | $105,000 | $0 | 8.94% |
| WICHITA, KS (FHA|USDA|VA) | 2 | $210,000 | $105,000 | $0 | 8.94% |
| VALDOSTA, GA (FHA|USDA|VA) | 2 | $210,000 | $105,000 | $0 | 12.10% |
| VISALIA, CA (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $6,895 | 6.88% |
| HANFORD-CORCORAN, CA (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $0 | 7.00% |
| SPRINGFIELD, MA (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $0 | 13.05% |
| SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) | 2 | $200,000 | $100,000 | $0 | 11.16% |
| SAVANNAH, GA (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $0 | 7.75% |
| Paris, TX (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $0 | 9.13% |
| GULFPORT-BILOXI, MS (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $0 | 7.75% |
| SAGINAW, MI (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $0 | 10.50% |
| WARNER ROBINS, GA (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $0 | 7.63% |
| EVANSVILLE, IN-KY (FHA|USDA|VA) | 2 | $160,000 | $80,000 | $0 | 8.94% |
| NILES, MI (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $0 | 7.75% |
| Georgetown, SC (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $0 | 14.25% |
| FLORENCE, SC (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $0 | 9.25% |
| KINGSTON, NY (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $0 | 8.75% |
| BROWNSVILLE-HARLINGEN, TX (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $0 | 8.00% |
| Shelby, NC (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $0 | 7.25% |
| PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $0 | 8.63% |
| CLEVELAND-ELYRIA, OH (FHA|USDA|VA) | 2 | $120,000 | $60,000 | $0 | 12.50% |
| DAYTON-KETTERING, OH (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $0 | 8.63% |
| Henderson, NC (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 13.99% |
| FAYETTEVILLE, NC (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 8.25% |
| LAFAYETTE, LA (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 8.25% |
| Batavia, NY (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $0 | 12.83% |
| EAST STROUDSBURG, PA (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $0 | 9.00% |
| Albemarle, NC (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $0 | 7.88% |
| LANCASTER, PA (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 8.88% |
| Olean, NY (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 8.13% |
| JACKSON, MS (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 7.88% |
| AKRON, OH (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 10.75% |
| DANVILLE, IL (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 9.25% |
| TALLAHASSEE, FL (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 8.00% |
| ROCHESTER, NY (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 8.63% |
| BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 8.00% |
| MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 12.83% |
| CHARLESTON, WV (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 14.05% |
Similar Lenders
We use machine learning to identify the top lenders compared against FINANCE OF AMERICA MORTGAGE 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 |
|---|---|---|---|---|---|
| Conventional | 400 | $78,750,000 | $196,875 | $10,992 | 9.48% |
| VA | 5 | $3,015,000 | $603,000 | $20,969 | 4.98% |
| FHA | 2 | $930,000 | $465,000 | $19,880 | 5.50% |
For 2023, Finance Of America Mortgage's most frequently originated type of loan was Conventional, with 400 originations. Their 2nd most popular type was VA, with 5 originations.
Loan Reason
For 2023, Finance Of America Mortgage's most frequently cited loan purpose was Home Purchase, with 178 originations. The 2nd most popular reason was Cash Out Refi, with 158 originations.
Loan Duration/Length
For 2023, Finance Of America Mortgage's most frequently cited loan duration was 30 Year, with 277 originations. The 2nd most popular length was 1 Year, with 104 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $5k+ | 24 | $11,470,000 | $477,917 |
| $4k-5k | 5 | $1,655,000 | $331,000 |
| $3k-4k | 3 | $1,325,000 | $441,667 |
| $2k-3k | 1 | $85,000 | $85,000 |
Finance Of America Mortgage's average total fees were $13,381, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 24 originations.
Interest Rates
During 2023, Finance Of America Mortgage's average interest rate for loans was 7.90%, while their most frequently originated rate bucket for loans was Over 8%, with 247 originations.
Loan Sizing
2023 saw Finance Of America Mortgage place emphasis on $100k-200k loans with 184 originations, totaling $26,740,000 in origination value.
Applicant Income
Finance Of America Mortgage lent most frequently to those with incomes in the $150k-250k range, with 12 originations. The second most popular income band? $100k-150k, with 11 originations.
Applicant Debt to Income Ratio
Finance Of America Mortgage lent most frequently to those with DTI ratios of 30-36%, with 7 originations. The next most common DTI ratio? 48%, with 5 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications94.11%
Finance Of America Mortgage has an average approval rate.
Pick Rate
Approvals leading to origination-1.97%
Finance Of America Mortgage 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 | 407 | $82,695,000 | $203,182 |