Suburban Mortgage Rates, Fees & Info

PHOENIX, AZ

LEI: 549300PW1OR537MRMS88

Tax ID: 86-0619371

5 stars - out of 5 stars, based on 39 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Suburban Mortgage is a smaller mortgage company specializing in Refi and Home Purchase loans. Suburban Mortgage has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets include Phoenix, Prescott Valley, Flagstaff, Tucson, and Show Low among others. Suburban Mortgage has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Suburban Mortgage is typically an average fee lendor.


Originations

1,505

Origination Dollar Volume (All Markets)

$451,325,000

Awards

SUBURBAN MORTGAGE  30 Year Conventional Loans bronze SUBURBAN MORTGAGE  30 Year Conventional Loans bronze SUBURBAN MORTGAGE  30 Year Conventional Loans silver
Show all (3) awards

Relative Rate

Suburban Mortgage 's average 30 year fixed rate mortgage of loans were 3.04%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of -0.11%.

Relative Fees

Suburban Mortgage 's average total fees for a 30 year fixed rate mortgage are $4,036.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 1,420 $425,910,000 $299,937 $3,908 3.00%
PRESCOTT VALLEY-PRESCOTT, AZ (FHA|USDA|VA) 37 $11,275,000 $304,730 $3,654 3.12%
FLAGSTAFF, AZ (FHA|USDA|VA) 13 $4,675,000 $359,615 $3,733 2.96%
TUCSON, AZ (FHA|USDA|VA) 12 $3,050,000 $254,167 $5,952 2.97%
Show Low, AZ (FHA|USDA|VA) 7 $1,705,000 $243,571 $3,507 2.82%
Payson, AZ (FHA|USDA|VA) 4 $880,000 $220,000 $3,620 3.25%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 2 $850,000 $425,000 $4,331 3.18%
LAKE HAVASU CITY-KINGMAN, AZ (FHA|USDA|VA) 4 $770,000 $192,500 $4,139 3.31%
OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) 1 $695,000 $695,000 $7,075 4.50%
ALBUQUERQUE, NM (FHA|USDA|VA) 2 $480,000 $240,000 $5,405 3.06%
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 1 $455,000 $455,000 $3,190 2.75%
SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) 1 $435,000 $435,000 $0 3.25%
YUMA, AZ (FHA|USDA|VA) 1 $145,000 $145,000 $2,260 2.50%

Suburban Mortgage 's top markets include Phoenix, Prescott Valley, Flagstaff, Tucson, and Show Low among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 1,311 $394,085,000 $300,599 $3,414 3.01%
FHA 112 $31,000,000 $276,786 $8,275 3.13%
VA 82 $26,240,000 $320,000 $6,105 2.74%

For the 2021 period, Suburban Mortgage 's most frequently originated loan type of loans were Conventional, with 1,311 originations. Their 2nd most popular type is FHA, with 112 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 802 $218,730,000 $272,731 $3,071 2.97%
Home Purchase 703 $232,595,000 $330,861 $4,929 3.04%

For the 2021, Suburban Mortgage 's most frequently cited loan purpose of loans were Refi, with 802 originations. The 2nd most popular reason of loans were Home Purchase, with 703 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 1,373 $422,155,000 $307,469 $4,036 3.04%
15 Year 85 $18,715,000 $220,176 $2,737 2.47%
20 Year 22 $5,880,000 $267,273 $2,841 2.94%
Other 19 $3,855,000 $202,895 $2,686 2.91%
10 Year 6 $720,000 $120,000 $2,382 2.40%

For the 2021, Suburban Mortgage 's most frequently cited loan length of loans were 30 Year, with 1,373 originations. The 2nd most popular length of loans were 15 Year, with 85 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 1,073 $320,875,000 $299,045
$<1k 186 $55,480,000 $298,280
$2k-3k 116 $33,730,000 $290,776
$3k-4k 102 $31,630,000 $310,098
$5k+ 27 $9,395,000 $347,963

$4,036 of loans were Suburban Mortgage 's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 1,073 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 751 $224,175,000 $298,502
3-4% 540 $166,560,000 $308,444
<2.5% 189 $53,225,000 $281,614
4-5% 25 $7,365,000 $294,600

During 2021, Suburban Mortgage 's average interest rate of loans were 3.04%, while their most frequently originated rate bucket of loans were 2.5-3%, with 751 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 937 $270,665,000 $288,863 $4,063 3.01%
$100k-200k 281 $44,735,000 $159,199 $3,195 3.00%
$400k-600k 249 $118,685,000 $476,647 $4,161 2.97%
$100,000 or less 22 $1,740,000 $79,091 $2,759 2.97%
$600k-1MM 13 $10,195,000 $784,231 $5,032 3.36%
$1MM+ 3 $5,305,000 $1,768,333 $6,541 3.33%

2021 saw Suburban Mortgage place emphasis on $200k-400k loans with 937 originations, totaling $270,665,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k-75k 438 $109,820,000 $250,731 $3,843 3.02%
$100k-150k 325 $113,335,000 $348,723 $3,909 2.99%
$75k-100k 290 $86,650,000 $298,793 $4,053 2.98%
$50k or less 201 $39,545,000 $196,741 $3,712 2.97%
$150k-250k 189 $73,545,000 $389,127 $4,154 3.04%
$250k+ 61 $28,165,000 $461,721 $3,943 3.13%

Suburban Mortgage lent most frequently to those with incomes in the $50k-75k range, with 438 originations. The second most popular income band? $100k-150k, with 325 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
30-36% 314 $92,560,000 $294,777 $3,668 3.00%
20-30% 298 $85,800,000 $287,919 $3,503 2.95%
<20% 118 $33,790,000 $286,356 $3,178 2.82%
42% 86 $27,760,000 $322,791 $4,161 3.12%
39% 73 $22,205,000 $304,178 $4,030 2.99%
43% 72 $21,120,000 $293,333 $3,865 3.09%
40% 67 $21,135,000 $315,448 $4,576 3.08%
36% 63 $20,435,000 $324,365 $4,074 3.12%
44% 63 $18,795,000 $298,333 $3,926 3.01%
37% 59 $17,955,000 $304,322 $3,961 3.18%
41% 54 $17,190,000 $318,333 $4,094 3.03%
45% 47 $14,305,000 $304,362 $4,154 3.06%
38% 46 $15,530,000 $337,609 $4,709 3.08%
46% 31 $8,705,000 $280,806 $4,616 3.21%
48% 30 $7,790,000 $259,667 $4,047 2.90%
47% 25 $9,195,000 $367,800 $4,734 2.97%
49% 25 $7,035,000 $281,400 $4,504 3.06%
50-60% 21 $6,715,000 $319,762 $8,869 2.81%
>60% 2 $520,000 $260,000 $4,058 2.94%

Suburban Mortgage lent most frequently to those with DTI ratios of 30-36%, with 314 originations. The next most common DTI ratio? 20-30%, with 298 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 1,319 $392,925,000 $297,896 $3,883 3.01%
Not provided 75 $23,505,000 $313,400 $4,031 2.94%
Black 61 $19,475,000 $319,262 $4,595 3.05%
Asian 29 $9,015,000 $310,862 $3,308 2.84%
American Indian 15 $4,635,000 $309,000 $4,376 3.14%
Native Hawaiian 6 $1,770,000 $295,000 $5,438 2.73%

Approval Rates

Total approvals of all applications
98.67%

Suburban Mortgage 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
78.43%

Suburban Mortgage has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 1,505 $451,325,000 $299,884

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
1,505 $451,325,000 $299,884

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 82 $14,240,000 $173,659 $2,851 2.80%
40-60% 261 $64,415,000 $246,801 $2,821 2.93%
60-80% 619 $198,855,000 $321,252 $3,431 3.04%
80-100% 523 $167,715,000 $320,679 $4,852 3.03%
Over 100% 16 $5,600,000 $350,000 $13,517 2.90%
Under 20% 4 $500,000 $125,000 $3,258 3.00%