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 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 by origination volume include: Phoenix, Prescott Valley, Flagstaff, Tucson, and Show Low among others. We have data for 13 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 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.76% | 11/21/24 |
| 30 Year Conventional Refi | 6.72% | 11/21/24 |
| 30 Year FHA Purchase | 7.59% | 11/21/24 |
| 30 Year FHA Refi | 7.21% | 11/21/24 |
| 30 Year VA Purchase | 6.46% | 11/21/24 |
| 30 Year VA Refi | 6.66% | 11/21/24 |
| 15 Year Conventional Purchase | 5.72% | 11/21/24 |
| 15 Year Conventional Refi | 6.17% | 11/21/24 |
| 15 Year Cash-out Refi | 6.17% | 11/21/24 |
| 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
1,505Origination Dollar Volume (All Markets)
$451,325,000Awards
SUBURBAN MORTGAGE - 2021
SUBURBAN MORTGAGE is a 2021 , due to their low .
For 2021, less than of lenders were eligible for this award.
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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 |
|---|---|---|---|---|---|
| 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% |
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 2021, Suburban Mortgage's most frequently originated type of loan was Conventional, with 1,311 originations. Their 2nd most popular type was FHA, with 112 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. 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 2021, Suburban Mortgage's most frequently cited loan purpose was Refi, with 802 originations. The 2nd most popular reason was Home Purchase, with 703 originations.
Loan Duration/Length
For 2021, Suburban Mortgage's most frequently cited loan duration was 30 Year, with 1,373 originations. The 2nd most popular length was 15 Year, with 85 originations.
Origination Fees/Closing Costs
Suburban Mortgage's average total fees were $4,036, while their most frequently occuring range of origination fees (closing costs) 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 for loans was 3.04%, while their most frequently originated rate bucket for loans was 2.5-3%, with 751 originations.
Loan Sizing
2021 saw Suburban Mortgage place emphasis on $200k-400k loans with 937 originations, totaling $270,665,000 in origination value.
Applicant Income
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
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
Approval Rates
Total approvals of all applications99.29%
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 origination80.66%
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 |