Aurora Financial Mortgage Rates, Fees & Info

MECHANICSVILLE, VA

LEI: 549300S93XI20FLTGK89

Tax ID: 20-0137049

5 stars - Updated: 5/26/24 - out of 5 stars, based on 12 reviews

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

Review & Overview

Aurora Financial is a smaller mortgage company specializing in Home Purchase loans. Aurora Financial has a high proportion of conventional loans. Their top markets by origination volume include: Washington, Baltimore, Chicago, Houston, and Philadelphia among others. We have data for 48 markets. (Some data included below & more in-depth data is available with an active subscription.)

Aurora Financial 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. Aurora Financial 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 relatively high 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.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 6.24% 5/26/24
30 Year Conventional Refi 6.09% 5/26/24
30 Year Cash-out Refi 6.30% 5/26/24
30 Year VA Purchase 5.65% 5/26/24
30 Year VA Refi 5.54% 5/26/24
15 Year Conventional Purchase 5.65% 5/26/24
15 Year Conventional Refi 5.49% 5/26/24
15 Year Cash-out Refi 5.49% 5/26/24
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.

Aurora Financial Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Aurora Financial. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.


Originations

135

Origination Dollar Volume (All Markets)

$57,075,000

Awards

Aurora Financial 30 Year Conventional Loans gold Aurora Financial 30 Year Conventional Loans bronze
Show all (2) awards

Relative Rate

Aurora Financial's average 30 year fixed mortgage rate was 6.52%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of 0.04%.

Relative Fees (Closing Costs)

Aurora Financial's average total fees/closing costs for a 30 year fixed rate mortgage were $3,497.

The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $9,089.

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
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 26 $12,810,000 $492,692 $3,270 6.38%
BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 8 $3,570,000 $446,250 $3,517 6.39%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 8 $2,810,000 $351,250 $5,219 6.50%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 6 $2,510,000 $418,333 $5,327 6.48%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 6 $2,490,000 $415,000 $3,537 6.63%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 7 $2,405,000 $343,571 $4,464 6.12%
AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 5 $2,385,000 $477,000 $4,366 6.65%
RALEIGH-CARY, NC (FHA|USDA|VA) 5 $1,995,000 $399,000 $2,660 6.02%
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 4 $1,940,000 $485,000 $3,782 6.28%
RICHMOND, VA (FHA|USDA|VA) 4 $1,870,000 $467,500 $3,099 6.50%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 5 $1,825,000 $365,000 $4,276 6.95%
Outside of Metro Areas 4 $1,740,000 $435,000 $2,520 5.97%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 3 $1,355,000 $451,667 $4,483 6.54%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 3 $1,345,000 $448,333 $1,967 6.63%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 3 $1,215,000 $405,000 $3,346 5.96%
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 2 $1,110,000 $555,000 $2,229 6.63%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 1 $975,000 $975,000 $6,532 6.88%
CHARLOTTESVILLE, VA (FHA|USDA|VA) 2 $890,000 $445,000 $2,745 6.44%
WILMINGTON, NC (FHA|USDA|VA) 2 $870,000 $435,000 $2,464 6.38%
DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 2 $810,000 $405,000 $1,922 6.06%
CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 2 $570,000 $285,000 $2,440 6.43%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $525,000 $525,000 $4,506 6.38%
Athens, TX (FHA|USDA|VA) 1 $485,000 $485,000 $2,507 6.99%
DOVER, DE (FHA|USDA|VA) 1 $475,000 $475,000 $3,460 6.63%
WINSTON-SALEM, NC (FHA|USDA|VA) 1 $455,000 $455,000 $2,198 7.25%
Morehead City, NC (FHA|USDA|VA) 1 $445,000 $445,000 $2,648 6.99%
PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 1 $435,000 $435,000 $3,802 6.50%
COLUMBUS, GA-AL (FHA|USDA|VA) 1 $425,000 $425,000 $2,549 7.49%
HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) 1 $405,000 $405,000 $3,206 7.13%
LYNCHBURG, VA (FHA|USDA|VA) 1 $395,000 $395,000 $2,961 6.99%
GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 1 $395,000 $395,000 $2,392 5.88%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $385,000 $385,000 $4,425 6.75%
SUMTER, SC (FHA|USDA|VA) 1 $385,000 $385,000 $2,375 5.25%
ROANOKE, VA (FHA|USDA|VA) 1 $375,000 $375,000 $2,844 7.38%
ATHENS-CLARKE COUNTY, GA (FHA|USDA|VA) 1 $365,000 $365,000 $4,116 5.13%
COLORADO SPRINGS, CO (FHA|USDA|VA) 1 $365,000 $365,000 $2,262 6.99%
PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 1 $355,000 $355,000 $3,382 6.25%
SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 1 $345,000 $345,000 $2,281 5.88%
WINCHESTER, VA-WV (FHA|USDA|VA) 1 $325,000 $325,000 $1,597 6.99%
ASHEVILLE, NC (FHA|USDA|VA) 1 $325,000 $325,000 $2,401 6.88%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $305,000 $305,000 $3,279 6.00%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 1 $305,000 $305,000 $2,805 7.75%
HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) 1 $295,000 $295,000 $4,536 6.63%
PITTSBURGH, PA (FHA|USDA|VA) 1 $275,000 $275,000 $3,382 6.99%
JACKSONVILLE, FL (FHA|USDA|VA) 1 $265,000 $265,000 $1,719 5.99%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 1 $205,000 $205,000 $2,597 5.88%
CALIFORNIA-LEXINGTON PARK, MD (FHA|USDA|VA) 1 $155,000 $155,000 $1,156 6.88%
SALISBURY, MD-DE (FHA|USDA|VA) 1 $115,000 $115,000 $3,025 5.99%
Aurora Financial's top markets include Washington, Baltimore, Chicago, Houston, and Philadelphia among others.

Their top states include:
  • Virginia (FHA|USDA|VA)
  • Maryland (FHA|USDA|VA)
  • Texas (FHA|USDA|VA)
  • North Carolina (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against Aurora Financial based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Republic Bank
    Similarity Rank: 21
    ABNB Federal Credit Union
    Similarity Rank: 65
    Los Angeles Federal Credit Union
    Similarity Rank: 72
    JOHNSON MORTGAGE COMPANY, L.L.C.
    Similarity Rank: 108
    SCIENT Federal Credit Union
    Similarity Rank: 110
    FIRST FINANCIAL OF MARYLAND
    Similarity Rank: 117
    N C P D Federal Credit Union
    Similarity Rank: 126
    County Savings Bank
    Similarity Rank: 135

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 130 $54,820,000 $421,692 $3,359 6.46%
    VA 5 $2,255,000 $451,000 $6,944 5.83%

    For 2023, Aurora Financial's most frequently originated type of loan was Conventional, with 130 originations. Their 2nd most popular type was VA, with 5 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 122 $51,660,000 $423,443 $3,533 6.46%
    Refi 7 $3,075,000 $439,286 $2,320 6.20%
    Cash Out Refi 6 $2,340,000 $390,000 $4,007 6.27%

    For 2023, Aurora Financial's most frequently cited loan purpose was Home Purchase, with 122 originations. The 2nd most popular reason was Refi, with 7 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 117 $50,235,000 $429,359 $3,497 6.52%
    15 Year 15 $5,595,000 $373,000 $3,594 5.90%
    10 Year 2 $820,000 $410,000 $2,198 5.50%
    20 Year 1 $425,000 $425,000 $3,935 6.63%

    For 2023, Aurora Financial's most frequently cited loan duration was 30 Year, with 117 originations. The 2nd most popular length was 15 Year, with 15 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 123 $53,555,000 $435,407
    $2k-3k 7 $1,995,000 $285,000
    $1k-2k 3 $655,000 $218,333
    $5k+ 2 $870,000 $435,000

    Aurora Financial's average total fees were $3,497, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 123 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 86 $37,390,000 $434,767
    5-6% 34 $13,340,000 $392,353
    7-8% 15 $6,345,000 $423,000

    During 2023, Aurora Financial's average interest rate for loans was 6.52%, while their most frequently originated rate bucket for loans was 6-7%, with 86 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 60 $19,930,000 $332,167 $3,057 6.41%
    $400k-600k 55 $25,965,000 $472,091 $3,781 6.48%
    $600k-1MM 15 $10,405,000 $693,667 $3,966 6.39%
    $100k-200k 5 $775,000 $155,000 $4,099 6.52%

    2023 saw Aurora Financial place emphasis on $200k-400k loans with 60 originations, totaling $19,930,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 54 $23,820,000 $441,111 $3,606 6.43%
    $100k-150k 38 $13,680,000 $360,000 $3,318 6.38%
    $250k+ 33 $16,735,000 $507,121 $3,593 6.53%
    $75k-100k 8 $2,460,000 $307,500 $3,404 6.53%
    $50k-75k 2 $380,000 $190,000 $2,372 5.99%

    Aurora Financial lent most frequently to those with incomes in the $150k-250k range, with 54 originations. The second most popular income band? $100k-150k, with 38 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 35 $13,485,000 $385,286 $3,196 6.37%
    30-36% 35 $15,225,000 $435,000 $3,368 6.48%
    <20% 10 $3,820,000 $382,000 $2,656 6.11%
    37% 9 $3,685,000 $409,444 $3,549 6.30%
    41% 6 $2,250,000 $375,000 $2,584 6.71%
    38% 6 $3,110,000 $518,333 $4,515 6.75%
    40% 6 $2,670,000 $445,000 $3,230 7.13%
    43% 5 $1,855,000 $371,000 $2,787 6.62%
    46% 4 $2,130,000 $532,500 $3,678 6.28%
    47% 3 $955,000 $318,333 $4,770 7.04%
    42% 3 $1,875,000 $625,000 $4,110 6.38%
    44% 3 $1,435,000 $478,333 $7,425 6.08%
    45% 3 $1,675,000 $558,333 $2,641 6.33%
    39% 2 $850,000 $425,000 $6,623 6.19%
    36% 2 $1,030,000 $515,000 $4,442 6.63%
    49% 2 $660,000 $330,000 $4,718 5.94%
    48% 1 $365,000 $365,000 $4,116 5.13%

    Aurora Financial lent most frequently to those with DTI ratios of 20-30%, with 35 originations. The next most common DTI ratio? 30-36%, with 35 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 83 $36,305,000 $437,410 $3,436 6.47%
    Asian 28 $11,680,000 $417,143 $3,461 6.29%
    Not provided 20 $7,510,000 $375,500 $3,120 6.50%
    Black 4 $1,580,000 $395,000 $6,718 6.47%

    Approval Rates

    Total approvals of all applications
    98.26%

    Aurora Financial 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
    75.56%

    Aurora Financial has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 135 $57,075,000 $422,778

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    135 $57,075,000 $422,778

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 10 $2,600,000 $260,000 $2,999 5.95%
    40-60% 19 $7,175,000 $377,632 $2,813 6.32%
    60-80% 68 $30,140,000 $443,235 $3,522 6.53%
    80-100% 36 $16,430,000 $456,389 $3,623 6.50%
    Over 100% 1 $405,000 $405,000 $15,953 5.75%
    Under 20% 1 $325,000 $325,000 $2,035 6.00%