Rio Grande Mortgage Rates, Fees & Info

Albuquerque, NM

LEI: 549300NVA07UVMZS8E14

Tax ID: 85-0116621

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Rio Grande is a smaller mortgage company specializing in Cash Out Refi, Home Purchase, and Refi loans. Rio Grande has a high proportion of conventional loans. Their top two markets are Albuquerque and Santa Fe .

    Rio Grande 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. Rio Grande is typically a low 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.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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    Originations

    123

    Origination Dollar Volume (All Markets)

    $15,175,000

    Awards

    RIO GRANDE 30 Year Conventional Loans gold RIO GRANDE 30 Year Conventional Loans silver
    Show all (2) awards

    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
    ALBUQUERQUE, NM (FHA|USDA|VA) 113 $13,535,000 $119,779 $2,125 6.00%
    Outside of Metro Areas 9 $1,595,000 $177,222 $2,002 5.21%
    SANTA FE, NM (FHA|USDA|VA) 1 $45,000 $45,000 $1,723 6.24%
    Rio Grande's top markets include Albuquerque and Santa Fe among others.

    Their top states include:
  • New Mexico (FHA|USDA|VA)
  • (FHA|USDA|VA)

    • Similar Lenders

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

    SANDIA LABORATORY
    Similarity Rank: 28
    Kirtland Federal Credit Union
    Similarity Rank: 96
    SANDIA AREA
    Similarity Rank: 144
    RIO GRANDE
    Similarity Rank: 195
    Del Norte Credit Union
    Similarity Rank: 396
    First Financial Credit Union
    Similarity Rank: 820
    New Mexico Bank & Trust
    Similarity Rank: 869
    NUSENDA
    Similarity Rank: 960
    CLEARPATH LENDING
    Similarity Rank: 1932
    LEGACY MORTGAGE LLC
    Similarity Rank: 3894

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 123 $15,175,000 $123,374 $2,113 5.95%

    For 2018, Rio Grande's most frequently originated type of loan was Conventional, with 123 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 53 $5,485,000 $103,491 $2,164 6.32%
    Home Purchase 35 $5,365,000 $153,286 $2,022 5.47%
    Refi 33 $4,055,000 $122,879 $2,108 5.96%
    Home Improvement 2 $270,000 $135,000 $2,392 4.12%

    For 2018, Rio Grande's most frequently cited loan purpose was Cash Out Refi, with 53 originations. The 2nd most popular reason was Home Purchase, with 35 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 42 $7,560,000 $180,000 $2,132 5.10%
    20 Year 40 $4,420,000 $110,500 $2,267 7.02%
    15 Year 23 $1,505,000 $65,435 $1,756 7.33%
    10 Year 18 $1,690,000 $93,889 $2,178 3.77%

    For 2018, Rio Grande's most frequently cited loan duration was 30 Year, with 42 originations. The 2nd most popular length was 20 Year, with 40 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 121 $14,775,000 $122,107
    $1k-2k 1 $225,000 $225,000
    $2k-3k 1 $175,000 $175,000

    Rio Grande's average total fees were $2,132, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 121 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 38 $5,670,000 $149,211
    5-6% 23 $3,725,000 $161,957
    6-7% 17 $1,705,000 $100,294
    Over 8% 17 $1,395,000 $82,059
    2.5-3% 13 $1,375,000 $105,769
    7-8% 12 $1,040,000 $86,667
    3-4% 3 $265,000 $88,333

    During 2018, Rio Grande's average interest rate for loans was 5.10%, while their most frequently originated rate bucket for loans was 4-5%, with 38 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 55 $7,715,000 $140,273 $2,159 5.63%
    $100,000 or less 52 $3,120,000 $60,000 $1,882 6.53%
    $200k-400k 15 $3,925,000 $261,667 $2,541 5.10%
    $400k-600k 1 $415,000 $415,000 $5,124 5.63%

    2018 saw Rio Grande place emphasis on $100k-200k loans with 55 originations, totaling $7,715,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 50 $4,720,000 $94,400 $1,966 5.95%
    $50k-75k 30 $3,380,000 $112,667 $2,053 5.72%
    $75k-100k 21 $2,875,000 $136,905 $2,113 6.43%
    $100k-150k 11 $2,505,000 $227,727 $2,760 5.62%
    $150k-250k 9 $1,515,000 $168,333 $2,320 6.01%

    Rio Grande lent most frequently to those with incomes in the $50k or less range, with 50 originations. The second most popular income band? $50k-75k, with 30 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 36 $5,340,000 $148,333 $2,226 5.82%
    20-30% 35 $3,605,000 $103,000 $1,981 5.95%
    42% 9 $1,155,000 $128,333 $2,231 6.99%
    <20% 9 $675,000 $75,000 $1,930 4.45%
    38% 7 $935,000 $133,571 $1,788 5.80%
    41% 5 $755,000 $151,000 $2,802 5.47%
    39% 5 $485,000 $97,000 $2,319 6.62%
    37% 4 $240,000 $60,000 $1,597 8.37%
    36% 3 $325,000 $108,333 $2,451 7.45%
    40% 2 $370,000 $185,000 $2,561 6.50%
    43% 2 $410,000 $205,000 $1,201 4.88%
    44% 2 $190,000 $95,000 $2,359 5.81%
    46% 2 $450,000 $225,000 $2,735 4.69%
    49% 1 $145,000 $145,000 $2,281 5.25%
    45% 1 $95,000 $95,000 $1,082 4.75%

    Rio Grande lent most frequently to those with DTI ratios of 30-36%, with 36 originations. The next most common DTI ratio? 20-30%, with 35 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 117 $14,665,000 $125,342 $2,109 5.77%
    Other Pacific Islander 1 $165,000 $165,000 $3,540 7.49%
    Black 3 $155,000 $51,667 $1,825 11.07%
    Asian 1 $135,000 $135,000 $2,335 6.49%
    American Indian 1 $55,000 $55,000 $1,725 9.49%

    Approval Rates

    Total approvals of all applications
    87.97%

    Rio Grande has an average approval rate.

    Pick Rate

    Approvals leading to origination
    86.99%

    Rio Grande has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 123 $15,175,000 $123,374

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 4 $250,000 $62,500
    Single Family (1-4 Units):Site-Built 119 $14,925,000 $125,420

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 22 $1,400,000 $63,636 $1,827 6.69%
    40-60% 12 $1,170,000 $97,500 $2,188 5.33%
    60-80% 55 $7,455,000 $135,545 $2,205 5.73%
    80-100% 29 $5,005,000 $172,586 $2,189 5.50%
    Under 20% 5 $145,000 $29,000 $1,724 9.14%