Shelter Mortgage Company Rates, Fees & Info
SPRINGFIELD, ILLEI: 549300PTX8QF0BPQ5U19
Tax ID: 39-1856165
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Mortgage Data
Review & Overview
Shelter Mortgage Company is a smaller mortgage company specializing in Home Purchase loans. Shelter Mortgage Company has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets by origination volume include: Palm Bay, Miami, Naples, Cape Coral, and Jacksonville among others. We have data for 7 markets. (Some data included below & more in-depth data is available with an active subscription.)Shelter 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. Shelter Mortgage Company 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.95% | 12/16/24 |
| 30 Year Conventional Refi | 6.27% | 12/16/24 |
| 30 Year Cash-out Refi | 6.99% | 12/16/24 |
| 30 Year FHA Purchase | 7.68% | 12/16/24 |
| 30 Year FHA Refi | 6.27% | 12/16/24 |
| 30 Year VA Purchase | 6.60% | 12/16/24 |
| 30 Year VA Refi | 6.27% | 12/16/24 |
| 30 Year USDA Purchase | 7.18% | 12/16/24 |
| 15 Year Conventional Purchase | 6.09% | 12/16/24 |
| 15 Year Conventional Refi | 5.68% | 12/16/24 |
| 15 Year Cash-out Refi | 5.68% | 12/16/24 |
| 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. | ||
Shelter Mortgage Company Mortgage Calculator
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This is not an official calculator from Shelter Mortgage Company. It uses our SimulatedRate™
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
28Origination Dollar Volume (All Markets)
$10,710,000Relative Rate
Shelter Mortgage Company's average 30 year fixed mortgage rate was
6.56%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of 0.08%.
Relative Fees (Closing Costs)
Shelter Mortgage Company's average total fees/closing costs for a 30 year fixed rate
mortgage were $9,949.
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 |
|---|---|---|---|---|---|
| PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) | 22 | $8,520,000 | $387,273 | $9,884 | 6.47% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 1 | $645,000 | $645,000 | $27,614 | 4.88% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 1 | $525,000 | $525,000 | $4,641 | 5.99% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $22,924 | 5.63% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $8,134 | 6.00% |
| OCALA, FL (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $13,788 | 5.50% |
| Sebastian-Vero Beach, FL (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $7,172 | 6.75% |
Similar Lenders
We use machine learning to identify the top lenders compared against SHELTER 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
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 16 | $5,780,000 | $361,250 | $8,710 | 6.73% |
| VA | 7 | $3,395,000 | $485,000 | $13,494 | 5.32% |
| FHA | 5 | $1,535,000 | $307,000 | $13,348 | 6.43% |
For 2023, Shelter Mortgage Company's most frequently originated type of loan was Conventional, with 16 originations. Their 2nd most popular type was VA, with 7 originations.
Loan Reason
For 2023, Shelter Mortgage Company's most frequently cited loan purpose was Home Purchase, with 21 originations. The 2nd most popular reason was Other, with 3 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 25 | $8,605,000 | $344,200 | $9,949 | 6.56% |
| Other | 3 | $2,105,000 | $701,667 | $17,692 | 4.33% |
For 2023, Shelter Mortgage Company's most frequently cited loan duration was 30 Year, with 25 originations. The 2nd most popular length was Other, with 3 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $1k-2k | 12 | $4,070,000 | $339,167 |
| $5k+ | 11 | $4,915,000 | $446,818 |
| $2k-3k | 2 | $700,000 | $350,000 |
| $4k-5k | 2 | $750,000 | $375,000 |
Shelter Mortgage Company's average total fees were $9,949, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 12 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 12 | $3,570,000 | $297,500 |
| 5-6% | 8 | $2,840,000 | $355,000 |
| 4-5% | 4 | $2,750,000 | $687,500 |
| Over 8% | 3 | $1,255,000 | $418,333 |
| 7-8% | 1 | $295,000 | $295,000 |
During 2023, Shelter Mortgage Company's average interest rate for loans was 6.56%, while their most frequently originated rate bucket for loans was 6-7%, with 12 originations.
Loan Sizing
2023 saw Shelter Mortgage Company place emphasis on $200k-400k loans with 16 originations, totaling $4,810,000 in origination value.
Applicant Income
Shelter Mortgage Company lent most frequently to those with incomes in the $100k-150k range, with 6 originations. The second most popular income band? $250k+, with 6 originations.
Applicant Debt to Income Ratio
Shelter Mortgage Company lent most frequently to those with DTI ratios of 30-36%, with 6 originations. The next most common DTI ratio? 20-30%, with 4 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications100.00%
Shelter 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 origination32.14%
Shelter 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 | 28 | $10,710,000 | $382,500 |