Centric Mortgage Rates, Fees & Info
West Monroe, LALEI: 549300TCR1BZRVOO2A49
Tax ID: 72-0488612
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Mortgage Data
Review & Overview
Centric is a smaller mortgage company specializing in Home Purchase loans. Centric has a high proportion of conventional loans. Their top two markets are Monroe and Ruston .Centric has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Centric 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 7.17% | 4/21/24 |
| 30 Year Conventional Refi | 7.51% | 4/21/24 |
| 30 Year Cash-out Refi | 7.56% | 4/21/24 |
| 30 Year FHA Purchase | 6.27% | 4/21/24 |
| 30 Year VA Purchase | 6.27% | 4/21/24 |
| 30 Year USDA Purchase | 6.27% | 4/21/24 |
| 15 Year Conventional Purchase | 9.33% | 4/21/24 |
| 15 Year Conventional Refi | 6.82% | 4/21/24 |
| 15 Year Cash-out Refi | 6.82% | 4/21/24 |
| 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. | ||
Centric Mortgage Calculator
Your Estimates
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This is not an official calculator from Centric. 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
119Origination Dollar Volume (All Markets)
$14,225,000Awards
CENTRIC - 2023
CENTRIC is a 2023 , due to their low .
For 2023, less than of lenders were eligible for this award.
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Relative Rate
Centric's average 30 year fixed mortgage rate was
7.99%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of 1.51%.
Relative Fees (Closing Costs)
Centric's average total fees/closing costs for a 30 year fixed rate
mortgage were $4,027.
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 |
|---|---|---|---|---|---|
| MONROE, LA (FHA|USDA|VA) | 95 | $11,125,000 | $117,105 | $2,898 | 7.98% |
| Ruston, LA (FHA|USDA|VA) | 14 | $1,680,000 | $120,000 | $2,586 | 7.70% |
| Outside of Metro Areas | 10 | $1,420,000 | $142,000 | $3,313 | 7.79% |
Similar Lenders
We use machine learning to identify the top lenders compared against CENTRIC based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 36
Similarity Rank: 48
Similarity Rank: 126
Similarity Rank: 1653
Similarity Rank: 2145
Similarity Rank: 2827
Similarity Rank: 3520
Similarity Rank: 3672
Similarity Rank: 3680
Similarity Rank: 4914
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 119 | $14,225,000 | $119,538 | $2,903 | 7.93% |
For 2023, Centric's most frequently originated type of loan was Conventional, with 119 originations.
Loan Reason
For 2023, Centric's most frequently cited loan purpose was Home Purchase, with 65 originations. The 2nd most popular reason was Cash Out Refi, with 46 originations.
Loan Duration/Length
For 2023, Centric's most frequently cited loan duration was 30 Year, with 50 originations. The 2nd most popular length was 15 Year, with 33 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 54 | $3,730,000 | $69,074 |
| $1k-2k | 26 | $3,350,000 | $128,846 |
| $2k-3k | 16 | $3,650,000 | $228,125 |
Centric's average total fees were $4,027, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 54 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 7-8% | 48 | $6,170,000 | $128,542 |
| Over 8% | 46 | $4,110,000 | $89,348 |
| 6-7% | 19 | $2,905,000 | $152,895 |
| 5-6% | 5 | $915,000 | $183,000 |
| 4-5% | 1 | $125,000 | $125,000 |
During 2023, Centric's average interest rate for loans was 7.99%, while their most frequently originated rate bucket for loans was 7-8%, with 48 originations.
Loan Sizing
2023 saw Centric place emphasis on $100,000 or less loans with 62 originations, totaling $3,410,000 in origination value.
Applicant Income
Centric lent most frequently to those with incomes in the $50k-75k range, with 31 originations. The second most popular income band? $100k-150k, with 21 originations.
Applicant Debt to Income Ratio
Centric lent most frequently to those with DTI ratios of 20-30%, with 25 originations. The next most common DTI ratio? 30-36%, with 20 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications73.21%
Centric has a below average approval rate.
Pick Rate
Approvals leading to origination38.66%
Centric 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 |
|---|---|---|---|
| 0.0 | 1 | $65,000 | $65,000 |
| NA | 118 | $14,160,000 | $120,000 |