Aurora Financial Mortgage Rates, Fees & Info

MECHANICSVILLE, VA

LEI: 549300S93XI20FLTGK89

Tax ID: 20-0137049

5 stars - out of 5 stars, based on 27 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Aurora Financial is a smaller mortgage company specializing in Refi and Cash Out Refi loans. Aurora Financial has a high proportion of conventional loans. Their top markets include Washington, Baltimore, Raleigh, Charlotte, and Richmond among others. Aurora Financial 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. Aurora Financial is typically a low fee lendor.


Originations

738

Origination Dollar Volume (All Markets)

$270,260,000
Show all (17) awards

Relative Rate

Aurora Financial 's average 30 year fixed rate mortgage of loans were 2.83%.

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

This yields a difference of -0.32%.

Relative Fees

Aurora Financial 's average total fees for a 30 year fixed rate mortgage are $2,272.

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
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 324 $129,460,000 $399,568 $2,022 2.61%
BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 86 $30,570,000 $355,465 $1,950 2.54%
RALEIGH-CARY, NC (FHA|USDA|VA) 35 $11,335,000 $323,857 $2,056 2.79%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 30 $10,110,000 $337,000 $1,878 2.72%
RICHMOND, VA (FHA|USDA|VA) 28 $8,950,000 $319,643 $1,800 2.59%
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 20 $6,570,000 $328,500 $1,853 2.60%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 17 $6,345,000 $373,235 $2,127 2.70%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 17 $5,875,000 $345,588 $2,849 2.87%
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 11 $3,985,000 $362,273 $2,664 2.72%
Outside of Metro Areas 11 $3,245,000 $295,000 $1,873 2.60%
CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 10 $3,090,000 $309,000 $2,091 2.88%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 8 $2,990,000 $373,750 $3,644 2.81%
Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 6 $2,420,000 $403,333 $1,780 2.79%
GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) 7 $2,405,000 $343,571 $1,780 2.68%
DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 8 $2,390,000 $298,750 $1,746 2.64%
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 5 $2,215,000 $443,000 $3,088 2.78%
CHARLOTTESVILLE, VA (FHA|USDA|VA) 6 $2,200,000 $366,667 $3,042 2.60%
GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 7 $2,145,000 $306,429 $1,573 2.57%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 4 $1,960,000 $490,000 $2,396 2.53%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 5 $1,915,000 $383,000 $3,836 2.95%
PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 5 $1,895,000 $379,000 $1,936 2.75%
WILMINGTON, NC (FHA|USDA|VA) 5 $1,655,000 $331,000 $4,789 2.78%
HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) 5 $1,655,000 $331,000 $2,168 2.58%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 5 $1,535,000 $307,000 $2,385 2.80%
PITTSBURGH, PA (FHA|USDA|VA) 4 $1,170,000 $292,500 $3,442 2.66%
HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) 3 $1,165,000 $388,333 $4,122 2.42%
SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) 2 $1,070,000 $535,000 $1,795 2.81%
CALIFORNIA-LEXINGTON PARK, MD (FHA|USDA|VA) 3 $1,005,000 $335,000 $1,759 2.25%
WINCHESTER, VA-WV (FHA|USDA|VA) 3 $995,000 $331,667 $2,113 2.96%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 3 $995,000 $331,667 $2,547 2.42%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 2 $830,000 $415,000 $3,141 2.06%
BRUNSWICK, GA (FHA|USDA|VA) 2 $680,000 $340,000 $2,007 2.81%
COLUMBIA, SC (FHA|USDA|VA) 2 $660,000 $330,000 $2,208 2.25%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 2 $650,000 $325,000 $1,357 2.69%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 2 $640,000 $320,000 $1,940 2.50%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 2 $630,000 $315,000 $2,756 3.00%
THE VILLAGES, FL (FHA|USDA|VA) 2 $610,000 $305,000 $3,658 2.69%
ASHEVILLE, NC (FHA|USDA|VA) 2 $610,000 $305,000 $1,507 2.63%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 2 $600,000 $300,000 $2,450 2.69%
SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 1 $595,000 $595,000 $2,000 2.88%
WORCESTER, MA-CT (FHA|USDA|VA) 1 $545,000 $545,000 $3,361 2.75%
AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 2 $540,000 $270,000 $2,118 3.06%
HARRISONBURG, VA (FHA|USDA|VA) 2 $510,000 $255,000 $1,587 2.38%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $475,000 $475,000 $2,941 2.25%
LYNCHBURG, VA (FHA|USDA|VA) 2 $470,000 $235,000 $2,579 2.19%
San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 1 $455,000 $455,000 $1,370 2.50%
SALEM, OR (FHA|USDA|VA) 1 $455,000 $455,000 $5,761 2.75%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 1 $425,000 $425,000 $3,694 2.63%
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 1 $405,000 $405,000 $1,469 2.88%
Morehead City, NC (FHA|USDA|VA) 1 $395,000 $395,000 $2,212 2.75%
SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) 1 $345,000 $345,000 $3,750 2.88%
VALLEJO, CA (FHA|USDA|VA) 1 $325,000 $325,000 $1,385 2.88%
PUNTA GORDA, FL (FHA|USDA|VA) 1 $315,000 $315,000 $3,159 3.25%
SPRINGFIELD, MA (FHA|USDA|VA) 1 $305,000 $305,000 $1,793 2.25%
SAVANNAH, GA (FHA|USDA|VA) 1 $295,000 $295,000 $2,126 3.13%
Georgetown, SC (FHA|USDA|VA) 1 $285,000 $285,000 $2,084 2.13%
ATHENS-CLARKE COUNTY, GA (FHA|USDA|VA) 1 $285,000 $285,000 $1,683 2.88%
Henderson, NC (FHA|USDA|VA) 1 $285,000 $285,000 $1,402 2.75%
OLYMPIA-LACEY-TUMWATER, WA (FHA|USDA|VA) 1 $285,000 $285,000 $2,123 2.88%
PORT ST. LUCIE, FL (FHA|USDA|VA) 1 $275,000 $275,000 $2,937 2.88%
Seneca, SC (FHA|USDA|VA) 1 $265,000 $265,000 $2,163 3.00%
Greenwood, SC (FHA|USDA|VA) 1 $255,000 $255,000 $1,761 2.13%
Sanford, NC (FHA|USDA|VA) 1 $255,000 $255,000 $1,410 2.75%
PARKERSBURG-VIENNA, WV (FHA|USDA|VA) 1 $255,000 $255,000 $2,146 3.13%
Danville, VA (FHA|USDA|VA) 1 $245,000 $245,000 $1,465 2.75%
WINSTON-SALEM, NC (FHA|USDA|VA) 1 $245,000 $245,000 $1,372 2.13%
CHAMPAIGN-URBANA, IL (FHA|USDA|VA) 1 $225,000 $225,000 $2,093 2.75%
BLACKSBURG-CHRISTIANSBURG, VA (FHA|USDA|VA) 1 $205,000 $205,000 $1,419 2.88%
BURLINGTON, NC (FHA|USDA|VA) 1 $205,000 $205,000 $1,727 2.88%
YORK-HANOVER, PA (FHA|USDA|VA) 1 $185,000 $185,000 $2,830 3.13%
Shelby, NC (FHA|USDA|VA) 1 $145,000 $145,000 $1,168 2.88%
SALISBURY, MD-DE (FHA|USDA|VA) 1 $145,000 $145,000 $3,421 3.00%
GAINESVILLE, GA (FHA|USDA|VA) 1 $135,000 $135,000 $3,221 3.00%

Aurora Financial 's top markets include Washington, Baltimore, Raleigh, Charlotte, and Richmond among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 733 $268,075,000 $365,723 $2,091 2.64%
VA 5 $2,185,000 $437,000 $6,525 2.53%

For the 2021 period, Aurora Financial 's most frequently originated loan type of loans were Conventional, with 733 originations. Their 2nd most popular type is VA, with 5 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 438 $157,140,000 $358,767 $1,867 2.56%
Cash Out Refi 192 $71,120,000 $370,417 $2,115 2.73%
Home Purchase 108 $42,000,000 $388,889 $3,157 2.80%

For the 2021, Aurora Financial 's most frequently cited loan purpose of loans were Refi, with 438 originations. The 2nd most popular reason of loans were Cash Out Refi, with 192 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 466 $177,140,000 $380,129 $2,272 2.83%
15 Year 182 $63,400,000 $348,352 $1,912 2.24%
20 Year 60 $20,520,000 $342,000 $1,812 2.63%
10 Year 27 $8,315,000 $307,963 $1,663 2.14%
Other 3 $885,000 $295,000 $1,516 2.96%

For the 2021, Aurora Financial 's most frequently cited loan length of loans were 30 Year, with 466 originations. The 2nd most popular length of loans were 15 Year, with 182 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 694 $254,960,000 $367,378
$1k-2k 29 $9,335,000 $321,897
$2k-3k 7 $2,565,000 $366,429
$3k-4k 6 $2,370,000 $395,000
$5k+ 2 $1,030,000 $515,000

$2,272 of loans were Aurora Financial 's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 694 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 421 $156,805,000 $372,458
<2.5% 259 $93,345,000 $360,405
3-4% 56 $19,400,000 $346,429
4-5% 2 $710,000 $355,000

During 2021, Aurora Financial 's average interest rate of loans were 2.83%, while their most frequently originated rate bucket of loans were 2.5-3%, with 421 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 485 $150,545,000 $310,402 $1,908 2.62%
$400k-600k 211 $100,195,000 $474,858 $2,467 2.62%
$600k-1MM 23 $16,455,000 $715,435 $3,044 2.89%
$100k-200k 18 $2,970,000 $165,000 $2,611 2.97%
$100,000 or less 1 $95,000 $95,000 $1,929 3.50%

2021 saw Aurora Financial place emphasis on $200k-400k loans with 485 originations, totaling $150,545,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$150k-250k 265 $103,905,000 $392,094 $2,236 2.59%
$100k-150k 261 $91,175,000 $349,330 $1,975 2.65%
$75k-100k 93 $30,385,000 $326,720 $2,183 2.72%
$250k+ 74 $32,520,000 $439,459 $2,116 2.54%
$50k-75k 38 $10,510,000 $276,579 $2,124 2.84%
$50k or less 5 $935,000 $187,000 $2,343 3.05%

Aurora Financial lent most frequently to those with incomes in the $150k-250k range, with 265 originations. The second most popular income band? $100k-150k, with 261 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 251 $92,635,000 $369,064 $2,046 2.59%
30-36% 158 $58,910,000 $372,848 $2,155 2.70%
<20% 133 $43,245,000 $325,150 $1,934 2.59%
37% 29 $10,855,000 $374,310 $2,409 2.60%
38% 24 $10,430,000 $434,583 $2,255 2.72%
40% 23 $9,765,000 $424,565 $2,013 2.71%
42% 22 $7,820,000 $355,455 $2,227 2.80%
43% 20 $7,050,000 $352,500 $2,351 2.86%
41% 19 $7,445,000 $391,842 $2,466 2.55%
39% 17 $6,205,000 $365,000 $1,993 2.69%
36% 14 $4,920,000 $351,429 $2,362 2.65%
44% 7 $2,865,000 $409,286 $4,461 2.82%
45% 5 $1,655,000 $331,000 $1,707 2.48%
47% 3 $1,275,000 $425,000 $2,409 2.63%
46% 1 $485,000 $485,000 $1,923 2.88%
48% 1 $365,000 $365,000 $2,108 2.50%

Aurora Financial lent most frequently to those with DTI ratios of 20-30%, with 251 originations. The next most common DTI ratio? 30-36%, with 158 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 440 $159,730,000 $363,023 $2,120 2.67%
Not provided 153 $56,725,000 $370,752 $2,159 2.60%
Asian 109 $40,505,000 $371,606 $2,060 2.59%
Black 31 $11,645,000 $375,645 $2,175 2.71%
Asian Indian 2 $640,000 $320,000 $1,582 2.19%
American Indian 2 $540,000 $270,000 $2,424 2.44%
Other Asian 1 $475,000 $475,000 $1,740 2.63%

Approval Rates

Total approvals of all applications
96.49%

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
79.90%

Aurora Financial has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 738 $270,260,000 $366,206

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
738 $270,260,000 $366,206

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
60-80% 1 $145,000 $145,000 $3,091 3.50%
80-100% 1 $405,000 $405,000 $2,068 2.88%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
Aurora Financial, LLC Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 2 50.0%
Aurora Financial, LLC Conventional home mortgage Trouble during payment process 2 50.0%