Aurora Financial Mortgage Rates, Fees & Info

MECHANICSVILLE, VA

LEI: 549300S93XI20FLTGK89

Tax ID: 20-0137049

5 stars - out of 5 stars, based on 13 reviews

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

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Mortgage Data

  • SimulatedRates™
  • Originations
  • Relative Rates
  • Relative Fees
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Aurora Financial is a smaller mortgage company specializing in Home Purchase and Cash Out Refi loans. Aurora Financial has a high proportion of conventional loans. Their top markets by origination volume include: Washington, Baltimore, Raleigh, New York, and Chicago among others. We have data for 52 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 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.

    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% 3/24/23
    30 Year Conventional Refi 6.09% 3/24/23
    30 Year Cash-out Refi 6.30% 3/24/23
    30 Year VA Purchase 5.65% 3/24/23
    30 Year VA Refi 5.54% 3/24/23
    15 Year Conventional Purchase 5.65% 3/24/23
    15 Year Conventional Refi 5.49% 3/24/23
    15 Year Cash-out Refi 5.49% 3/24/23
    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.


    Originations

    173

    Origination Dollar Volume (All Markets)

    $70,195,000
    Show all (17) awards

    Relative Rate

    Aurora Financial's average 30 year fixed mortgage rate was 4.39%.

    The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.

    This yields a difference of -0.37%.

    Relative Fees (Closing Costs)

    Aurora Financial's average total fees/closing costs for a 30 year fixed rate mortgage were $2,777.

    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 $4,750.

    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) 42 $18,530,000 $441,190 $2,228 4.01%
    BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 11 $4,495,000 $408,636 $2,590 4.15%
    RALEIGH-CARY, NC (FHA|USDA|VA) 10 $4,300,000 $430,000 $2,052 3.85%
    New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 7 $3,165,000 $452,143 $4,832 5.52%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 7 $2,255,000 $322,143 $3,331 4.84%
    Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 6 $2,230,000 $371,667 $3,979 4.10%
    Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 5 $2,215,000 $443,000 $3,231 3.85%
    ASHEVILLE, NC (FHA|USDA|VA) 5 $1,635,000 $327,000 $2,342 4.67%
    CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 5 $1,625,000 $325,000 $2,272 3.85%
    Outside of Metro Areas 4 $1,590,000 $397,500 $2,664 3.91%
    GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) 5 $1,395,000 $279,000 $1,979 3.52%
    VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 4 $1,320,000 $330,000 $2,353 3.88%
    GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 3 $1,315,000 $438,333 $2,845 4.58%
    MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 3 $1,265,000 $421,667 $1,973 3.96%
    HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 2 $1,080,000 $540,000 $5,300 4.87%
    RICHMOND, VA (FHA|USDA|VA) 3 $1,055,000 $351,667 $1,735 3.46%
    DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 1 $1,045,000 $1,045,000 $2,215 3.00%
    COLUMBIA, SC (FHA|USDA|VA) 2 $1,010,000 $505,000 $2,698 4.25%
    PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 2 $980,000 $490,000 $2,323 5.00%
    BEND, OR (FHA|USDA|VA) 2 $970,000 $485,000 $4,286 5.19%
    CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 3 $965,000 $321,667 $2,053 3.33%
    SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) 1 $925,000 $925,000 $4,052 2.88%
    WINSTON-SALEM, NC (FHA|USDA|VA) 2 $850,000 $425,000 $1,900 4.99%
    SPOKANE-SPOKANE VALLEY, WA (FHA|USDA|VA) 2 $850,000 $425,000 $2,152 4.63%
    SALISBURY, MD-DE (FHA|USDA|VA) 2 $810,000 $405,000 $3,310 4.56%
    CHARLOTTESVILLE, VA (FHA|USDA|VA) 2 $770,000 $385,000 $2,645 5.50%
    WILMINGTON, NC (FHA|USDA|VA) 3 $735,000 $245,000 $1,842 4.75%
    ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 2 $720,000 $360,000 $1,778 4.19%
    AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 2 $700,000 $350,000 $3,775 4.75%
    HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) 2 $690,000 $345,000 $2,485 4.44%
    DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 2 $690,000 $345,000 $2,037 2.81%
    JACKSONVILLE, FL (FHA|USDA|VA) 1 $615,000 $615,000 $4,334 3.50%
    SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 1 $595,000 $595,000 $2,294 4.25%
    Cullowhee, NC (FHA|USDA|VA) 1 $495,000 $495,000 $2,484 2.88%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $485,000 $485,000 $4,250 5.50%
    Georgetown, SC (FHA|USDA|VA) 1 $475,000 $475,000 $0 5.50%
    ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 1 $445,000 $445,000 $4,444 5.63%
    GAINESVILLE, FL (FHA|USDA|VA) 1 $435,000 $435,000 $13,169 4.25%
    OLYMPIA-LACEY-TUMWATER, WA (FHA|USDA|VA) 1 $435,000 $435,000 $2,820 5.13%
    DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 1 $435,000 $435,000 $3,975 4.49%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $395,000 $395,000 $3,426 5.13%
    CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 1 $385,000 $385,000 $3,642 5.50%
    MODESTO, CA (FHA|USDA|VA) 1 $365,000 $365,000 $1,374 2.38%
    BLOOMSBURG-BERWICK, PA (FHA|USDA|VA) 1 $355,000 $355,000 $3,850 3.00%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $345,000 $345,000 $2,121 2.13%
    North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $305,000 $305,000 $2,190 4.99%
    SPARTANBURG, SC (FHA|USDA|VA) 1 $305,000 $305,000 $2,390 3.13%
    BURLINGTON, NC (FHA|USDA|VA) 1 $255,000 $255,000 $1,720 3.13%
    PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 1 $245,000 $245,000 $0 6.50%
    HARRISBURG-CARLISLE, PA (FHA|USDA|VA) 1 $245,000 $245,000 $0 5.50%
    FAYETTEVILLE, NC (FHA|USDA|VA) 1 $205,000 $205,000 $0 4.75%
    LYNCHBURG, VA (FHA|USDA|VA) 1 $195,000 $195,000 $3,956 4.88%
    Aurora Financial's top markets include Washington, Baltimore, Raleigh, New York, and Chicago among others.

    Their top states include:
  • Virginia (FHA|USDA|VA)
  • North Carolina (FHA|USDA|VA)
  • Maryland (FHA|USDA|VA)
  • South Carolina (FHA|USDA|VA)
  • Texas (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.

    DADE COUNTY FEDERAL CREDIT UNION
    Similarity Rank: 167
    BEACH MUNICIPAL FEDERAL CREDIT UNION
    Similarity Rank: 172
    N C P D Federal Credit Union
    Similarity Rank: 306
    ATLANTIS MORTGAGE CO., INC.
    Similarity Rank: 326
    Louviers Federal Credit Union
    Similarity Rank: 328
    Schuyler Savings Bank
    Similarity Rank: 352
    DRAGAS MORTGAGE COMPANY
    Similarity Rank: 361
    The First National Bank of Long Island
    Similarity Rank: 374
    HENRICO Federal Credit Union
    Similarity Rank: 420
    POINT BREEZE
    Similarity Rank: 477

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 163 $65,885,000 $404,202 $2,607 4.24%
    VA 10 $4,310,000 $431,000 $3,808 3.83%

    For 2022, Aurora Financial's most frequently originated type of loan was Conventional, with 163 originations. Their 2nd most popular type was VA, with 10 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 96 $40,100,000 $417,708 $3,210 4.70%
    Refi 39 $13,955,000 $357,821 $1,946 3.38%
    Cash Out Refi 38 $16,140,000 $424,737 $2,322 3.82%

    For 2022, Aurora Financial's most frequently cited loan purpose was Home Purchase, with 96 originations. The 2nd most popular reason was Refi, with 39 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 138 $57,940,000 $419,855 $2,777 4.39%
    15 Year 28 $9,750,000 $348,214 $2,287 3.69%
    20 Year 6 $2,250,000 $375,000 $2,302 2.90%
    10 Year 1 $255,000 $255,000 $1,709 2.13%

    For 2022, Aurora Financial's most frequently cited loan duration was 30 Year, with 138 originations. The 2nd most popular length was 15 Year, with 28 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 139 $57,565,000 $414,137
    $1k-2k 4 $1,600,000 $400,000

    Aurora Financial's average total fees were $2,777, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 139 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 59 $23,265,000 $394,322
    3-4% 40 $17,100,000 $427,500
    5-6% 28 $10,790,000 $385,357
    2.5-3% 25 $11,325,000 $453,000
    <2.5% 11 $3,825,000 $347,727
    6-7% 10 $3,890,000 $389,000

    During 2022, Aurora Financial's average interest rate for loans was 4.39%, while their most frequently originated rate bucket for loans was 4-5%, with 59 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 90 $28,710,000 $319,000 $2,337 4.31%
    $400k-600k 58 $27,560,000 $475,172 $2,866 4.03%
    $600k-1MM 17 $11,615,000 $683,235 $3,708 4.32%
    $100k-200k 7 $1,265,000 $180,714 $2,386 4.38%
    $1MM+ 1 $1,045,000 $1,045,000 $2,215 3.00%

    2022 saw Aurora Financial place emphasis on $200k-400k loans with 90 originations, totaling $28,710,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 64 $24,760,000 $386,875 $2,642 4.10%
    $150k-250k 56 $24,080,000 $430,000 $2,610 4.44%
    $250k+ 27 $12,785,000 $473,519 $2,719 4.21%
    $75k-100k 18 $6,100,000 $338,889 $3,434 4.21%
    $50k-75k 4 $1,110,000 $277,500 $1,601 3.94%
    $50k or less 2 $460,000 $230,000 $1,568 4.06%

    Aurora Financial lent most frequently to those with incomes in the $100k-150k range, with 64 originations. The second most popular income band? $150k-250k, with 56 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 39 $14,475,000 $371,154 $2,687 4.15%
    20-30% 37 $15,655,000 $423,108 $2,693 4.39%
    <20% 21 $7,185,000 $342,143 $1,970 3.53%
    37% 13 $4,705,000 $361,923 $2,582 4.83%
    38% 10 $4,540,000 $454,000 $2,710 3.66%
    41% 7 $3,345,000 $477,857 $3,257 4.59%
    39% 7 $3,535,000 $505,000 $2,565 4.03%
    45% 7 $2,715,000 $387,857 $2,278 3.68%
    43% 6 $3,500,000 $583,333 $5,472 4.40%
    44% 5 $2,255,000 $451,000 $3,459 4.67%
    36% 5 $1,665,000 $333,000 $2,519 5.05%
    40% 4 $1,710,000 $427,500 $2,655 3.50%
    42% 4 $1,830,000 $457,500 $2,574 4.25%
    46% 4 $1,730,000 $432,500 $1,952 5.31%
    49% 2 $670,000 $335,000 $2,474 4.69%
    47% 1 $435,000 $435,000 $2,820 5.13%
    48% 1 $245,000 $245,000 $1,390 3.13%

    Aurora Financial lent most frequently to those with DTI ratios of 30-36%, with 39 originations. The next most common DTI ratio? 20-30%, with 37 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 109 $43,285,000 $397,110 $2,708 4.40%
    Not provided 32 $13,160,000 $411,250 $2,566 4.09%
    Asian 26 $11,280,000 $433,846 $2,789 3.73%
    Black 5 $1,875,000 $375,000 $2,281 3.33%
    American Indian 1 $595,000 $595,000 $2,108 4.88%

    Approval Rates

    Total approvals of all applications
    96.58%

    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
    69.36%

    Aurora Financial 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 173 $70,195,000 $405,751

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    173 $70,195,000 $405,751

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 11 $3,985,000 $362,273 $2,485 4.10%
    40-60% 42 $14,980,000 $356,667 $2,291 4.07%
    60-80% 88 $36,950,000 $419,886 $2,592 4.26%
    80-100% 31 $13,845,000 $446,613 $3,091 4.31%
    Over 100% 1 $435,000 $435,000 $13,169 4.25%