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. They have a a high proportion of FHA loans. Shelter Mortgage Company has an average proportion of conventional loans. Their top markets by origination volume include: Palm Bay, Port St. Lucie, and North Port among others. We have data for 3 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 an average 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 | 6.95% | 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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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
14Origination Dollar Volume (All Markets)
$1,720,000Top 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 |
|---|---|---|---|---|---|
| PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) | 10 | $1,450,000 | $145,000 | $7,629 | 5.18% |
| PORT ST. LUCIE, FL (FHA|USDA|VA) | 2 | $140,000 | $70,000 | $4,303 | 2.75% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 2 | $130,000 | $65,000 | $3,299 | 2.38% |
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 |
|---|---|---|---|---|---|
| FHA | 10 | $1,450,000 | $145,000 | $8,009 | 5.13% |
| Conventional | 4 | $270,000 | $67,500 | $2,851 | 2.69% |
For 2019, Shelter Mortgage Company's most frequently originated type of loan was FHA, with 10 originations. Their 2nd most popular type was Conventional, with 4 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 14 | $1,720,000 | $122,857 | $6,535 | 4.43% |
For 2019, Shelter Mortgage Company's most frequently cited loan purpose was Home Purchase, with 14 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 14 | $1,720,000 | $122,857 | $6,535 | 4.43% |
For 2019, Shelter Mortgage Company's most frequently cited loan duration was 30 Year, with 14 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $2k-3k | 11 | $1,565,000 | $142,273 |
| $<1k | 2 | $10,000 | $5,000 |
| $3k-4k | 1 | $145,000 | $145,000 |
Shelter Mortgage Company's average total fees were $6,535, while their most frequently occuring range of origination fees (closing costs) were in the $2k-3k bucket, with 11 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 5-6% | 11 | $1,585,000 | $144,091 |
| <2.5% | 2 | $10,000 | $5,000 |
| 4-5% | 1 | $125,000 | $125,000 |
During 2019, Shelter Mortgage Company's average interest rate for loans was 4.43%, while their most frequently originated rate bucket for loans was 5-6%, with 11 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100k-200k | 12 | $1,710,000 | $142,500 | $7,624 | 5.17% |
| $100,000 or less | 2 | $10,000 | $5,000 | $0 | 0.00% |
2019 saw Shelter Mortgage Company place emphasis on $100k-200k loans with 12 originations, totaling $1,710,000 in origination value.
Applicant Income
| Applicant Income | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $50k-75k | 8 | $890,000 | $111,250 | $6,091 | 3.84% |
| $50k or less | 6 | $830,000 | $138,333 | $7,128 | 5.21% |
Shelter Mortgage Company lent most frequently to those with incomes in the $50k-75k range, with 8 originations. The second most popular income band? $50k or less, with 6 originations.
Applicant Debt to Income Ratio
Shelter Mortgage Company lent most frequently to those with DTI ratios of 30-36%, with 5 originations. The next most common DTI ratio? 43%, with 2 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 12 | $1,580,000 | $131,667 | $6,907 | 4.71% |
| Black | 2 | $140,000 | $70,000 | $4,303 | 2.75% |
Approval Rates
Total approvals of all applications99.58%
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 origination-1,092.86%
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 | 14 | $1,720,000 | $122,857 |