Smart Choice Mortgage A Texas Limited Liability C Rates, Fees & Info
HOUSTON, TXLEI: 549300PZATEYE8VIEN67
Tax ID: 47-3980438
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Mortgage Data
Review & Overview
Smart Choice Mortgage A Texas Limited Liability C is a smaller mortgage company specializing in Home Purchase loans. Smart Choice Mortgage A Texas Limited Liability C has a high proportion of conventional loans. Their top markets by origination volume include: Austin, San Antonio, and Houston among others. We have data for 3 markets. (Some data included below & more in-depth data is available with an active subscription.)Smart Choice Mortgage A Texas Limited Liability C 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. Smart Choice Mortgage A Texas Limited Liability C 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 | 6.58% | 12/16/24 |
| 30 Year Cash-out Refi | 6.27% | 12/16/24 |
| 30 Year FHA Purchase | 6.27% | 12/16/24 |
| 30 Year VA Purchase | 5.98% | 12/16/24 |
| 15 Year Conventional Purchase | 6.12% | 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. | ||
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
13Origination Dollar Volume (All Markets)
$4,875,000Top 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 |
|---|---|---|---|---|---|
| AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) | 8 | $2,880,000 | $360,000 | $5,211 | 4.38% |
| SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) | 4 | $1,690,000 | $422,500 | $6,712 | 4.06% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $2,157 | 4.25% |
Similar Lenders
We use machine learning to identify the top lenders compared against SMART CHOICE MORTGAGE A TEXAS LIMITED LIABILITY C 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 | 11 | $4,215,000 | $383,182 | $5,490 | 4.28% |
| VA | 2 | $660,000 | $330,000 | $5,154 | 4.19% |
For 2018, Smart Choice Mortgage A Texas Limited Liability C's most frequently originated type of loan was Conventional, with 11 originations. Their 2nd most popular type was VA, with 2 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 13 | $4,875,000 | $375,000 | $5,438 | 4.27% |
For 2018, Smart Choice Mortgage A Texas Limited Liability C's most frequently cited loan purpose was Home Purchase, with 13 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 11 | $4,245,000 | $385,909 | $5,674 | 4.31% |
| 15 Year | 2 | $630,000 | $315,000 | $4,140 | 4.06% |
For 2018, Smart Choice Mortgage A Texas Limited Liability C's most frequently cited loan duration was 30 Year, with 11 originations. The 2nd most popular length was 15 Year, with 2 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $1k-2k | 6 | $2,470,000 | $411,667 |
| $<1k | 4 | $1,150,000 | $287,500 |
| $2k-3k | 2 | $750,000 | $375,000 |
| $5k+ | 1 | $505,000 | $505,000 |
Smart Choice Mortgage A Texas Limited Liability C's average total fees were $5,674, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 6 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 11 | $4,105,000 | $373,182 |
| 3-4% | 2 | $770,000 | $385,000 |
During 2018, Smart Choice Mortgage A Texas Limited Liability C's average interest rate for loans was 4.31%, while their most frequently originated rate bucket for loans was 4-5%, with 11 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $200k-400k | 8 | $2,490,000 | $311,250 | $4,202 | 4.34% |
| $400k-600k | 5 | $2,385,000 | $477,000 | $7,415 | 4.15% |
2018 saw Smart Choice Mortgage A Texas Limited Liability C place emphasis on $200k-400k loans with 8 originations, totaling $2,490,000 in origination value.
Applicant Income
Smart Choice Mortgage A Texas Limited Liability C lent most frequently to those with incomes in the $150k-250k range, with 5 originations. The second most popular income band? $100k-150k, with 3 originations.
Applicant Debt to Income Ratio
Smart Choice Mortgage A Texas Limited Liability C lent most frequently to those with DTI ratios of 49%, with 2 originations. The next most common DTI ratio? 30-36%, with 2 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Not provided | 7 | $2,545,000 | $363,571 | $4,591 | 4.30% |
| White | 6 | $2,330,000 | $388,333 | $6,426 | 4.23% |
Approval Rates
Total approvals of all applications100.00%
Smart Choice Mortgage A Texas Limited Liability C has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination69.23%
Smart Choice Mortgage A Texas Limited Liability C 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 | 13 | $4,875,000 | $375,000 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 13 | $4,875,000 | $375,000 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2018 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Shea Mortgage Inc. | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 100.0% |