Suburban Mortgage Rates, Fees & Info
PHOENIX, AZLEI: 549300PW1OR537MRMS88
Tax ID: 86-0619371
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Mortgage Data
Review & Overview
Suburban Mortgage is a smaller mortgage company specializing in Home Purchase and Refi loans. Suburban Mortgage has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Phoenix, Prescott Valley, Flagstaff, Show Low, and Tucson among others. We have data for 12 markets. (Some data included below & more in-depth data is available with an active subscription.)Suburban 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. Suburban Mortgage 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 | 6.76% | 4/21/24 |
| 30 Year Conventional Refi | 6.72% | 4/21/24 |
| 30 Year FHA Purchase | 7.59% | 4/21/24 |
| 30 Year FHA Refi | 7.21% | 4/21/24 |
| 30 Year VA Purchase | 6.46% | 4/21/24 |
| 30 Year VA Refi | 6.66% | 4/21/24 |
| 15 Year Conventional Purchase | 5.72% | 4/21/24 |
| 15 Year Conventional Refi | 6.17% | 4/21/24 |
| 15 Year Cash-out Refi | 6.17% | 4/21/24 |
| 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. | ||
Suburban Mortgage Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
1,056Origination Dollar Volume (All Markets)
$276,460,000Top 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 |
|---|---|---|---|---|---|
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 1,003 | $263,735,000 | $262,946 | $4,793 | 4.29% |
| PRESCOTT VALLEY-PRESCOTT, AZ (FHA|USDA|VA) | 22 | $5,480,000 | $249,091 | $4,303 | 4.36% |
| FLAGSTAFF, AZ (FHA|USDA|VA) | 6 | $1,580,000 | $263,333 | $4,146 | 4.17% |
| Show Low, AZ (FHA|USDA|VA) | 6 | $1,370,000 | $228,333 | $5,247 | 4.35% |
| TUCSON, AZ (FHA|USDA|VA) | 6 | $1,070,000 | $178,333 | $3,075 | 4.40% |
| Payson, AZ (FHA|USDA|VA) | 5 | $825,000 | $165,000 | $3,420 | 4.65% |
| SANTA ROSA-PETALUMA, CA (FHA|USDA|VA) | 1 | $745,000 | $745,000 | $1,968 | 4.75% |
| Outside of Metro Areas | 2 | $520,000 | $260,000 | $6,188 | 4.75% |
| LAKE HAVASU CITY-KINGMAN, AZ (FHA|USDA|VA) | 2 | $430,000 | $215,000 | $4,076 | 5.00% |
| SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $3,760 | 4.88% |
| HANFORD-CORCORAN, CA (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $6,433 | 4.13% |
| ALBUQUERQUE, NM (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $3,143 | 4.00% |
Similar Lenders
We use machine learning to identify the top lenders compared against SUBURBAN 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
For 2019, Suburban Mortgage's most frequently originated type of loan was Conventional, with 800 originations. Their 2nd most popular type was FHA, with 154 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 741 | $195,675,000 | $264,069 | $5,254 | 4.37% |
| Refi | 315 | $80,785,000 | $256,460 | $3,610 | 4.11% |
For 2019, Suburban Mortgage's most frequently cited loan purpose was Home Purchase, with 741 originations. The 2nd most popular reason was Refi, with 315 originations.
Loan Duration/Length
For 2019, Suburban Mortgage's most frequently cited loan duration was 30 Year, with 993 originations. The 2nd most popular length was 15 Year, with 42 originations.
Origination Fees/Closing Costs
Suburban Mortgage's average total fees were $4,864, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 561 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 482 | $125,100,000 | $259,544 |
| 3-4% | 454 | $126,270,000 | $278,128 |
| 5-6% | 110 | $22,980,000 | $208,909 |
| 6-7% | 6 | $1,110,000 | $185,000 |
| 2.5-3% | 4 | $1,000,000 | $250,000 |
During 2019, Suburban Mortgage's average interest rate for loans was 4.33%, while their most frequently originated rate bucket for loans was 4-5%, with 482 originations.
Loan Sizing
2019 saw Suburban Mortgage place emphasis on $200k-400k loans with 657 originations, totaling $180,575,000 in origination value.
Applicant Income
Suburban Mortgage lent most frequently to those with incomes in the $50k-75k range, with 302 originations. The second most popular income band? $100k-150k, with 224 originations.
Applicant Debt to Income Ratio
Suburban Mortgage lent most frequently to those with DTI ratios of 30-36%, with 205 originations. The next most common DTI ratio? 20-30%, with 199 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications98.11%
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 origination78.79%
Suburban Mortgage has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 1,056 | $276,460,000 | $261,799 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 20 | $3,210,000 | $160,500 |
| Single Family (1-4 Units):Site-Built | 1,036 | $273,250,000 | $263,755 |