Parlay Mortgage & Property Rates, Fees & Info
ADDISON, ILLEI: 549300TRKZF3ZJPXJT92
Tax ID: 42-1730597
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Mortgage Data
Review & Overview
Parlay Mortgage & Property is a smaller mortgage company specializing in Home Purchase loans. Parlay Mortgage & Property has a high proportion of conventional loans. Their top markets by origination volume include: Chicago, Ottawa, and Indianapolis among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)Parlay Mortgage & Property 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. Parlay Mortgage & Property 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 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 | 6.85% | 12/17/24 |
| 30 Year Conventional Refi | 6.54% | 12/17/24 |
| 30 Year Cash-out Refi | 7.14% | 12/17/24 |
| 30 Year FHA Refi | 6.27% | 12/17/24 |
| 30 Year VA Purchase | 6.38% | 12/17/24 |
| 15 Year Conventional Purchase | 6.26% | 12/17/24 |
| 15 Year Conventional Refi | 5.75% | 12/17/24 |
| 15 Year Cash-out Refi | 5.75% | 12/17/24 |
| 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. | ||
Parlay Mortgage & Property Mortgage Calculator
Your Estimates
Estimated Loan Payment: Update the calculator values and click calculate payment!
This is not an official calculator from Parlay Mortgage & Property. It uses our SimulatedRate™
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
48Origination Dollar Volume (All Markets)
$11,710,000Relative Rate
Parlay Mortgage & Property's average 30 year fixed mortgage rate was
6.89%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of 0.41%.
Relative Fees (Closing Costs)
Parlay Mortgage & Property's average total fees/closing costs for a 30 year fixed rate
mortgage were $6,795.
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 |
|---|---|---|---|---|---|
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 43 | $10,335,000 | $240,349 | $6,820 | 6.89% |
| Outside of Metro Areas | 2 | $530,000 | $265,000 | $5,637 | 7.00% |
| Ottawa, IL (FHA|USDA|VA) | 2 | $480,000 | $240,000 | $7,479 | 6.75% |
| INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) | 1 | $365,000 | $365,000 | $6,713 | 6.99% |
Similar Lenders
We use machine learning to identify the top lenders compared against PARLAY MORTGAGE & PROPERTY based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 46
Similarity Rank: 279
Similarity Rank: 417
Similarity Rank: 423
Similarity Rank: 523
Similarity Rank: 934
Similarity Rank: 1000
Similarity Rank: 1216
Similarity Rank: 1243
Similarity Rank: 1273
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 45 | $10,875,000 | $241,667 | $6,824 | 6.91% |
| VA | 3 | $835,000 | $278,333 | $6,145 | 6.63% |
For 2023, Parlay Mortgage & Property's most frequently originated type of loan was Conventional, with 45 originations. Their 2nd most popular type was VA, with 3 originations.
Loan Reason
For 2023, Parlay Mortgage & Property's most frequently cited loan purpose was Home Purchase, with 41 originations. The 2nd most popular reason was Cash Out Refi, with 4 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 48 | $11,710,000 | $243,958 | $6,795 | 6.89% |
For 2023, Parlay Mortgage & Property's most frequently cited loan duration was 30 Year, with 48 originations.
Origination Fees/Closing Costs
Parlay Mortgage & Property's average total fees were $6,795, while their most frequently occuring range of origination fees (closing costs) were in the $2k-3k bucket, with 16 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 33 | $8,265,000 | $250,455 |
| 7-8% | 10 | $2,570,000 | $257,000 |
| 5-6% | 3 | $415,000 | $138,333 |
| Over 8% | 2 | $460,000 | $230,000 |
During 2023, Parlay Mortgage & Property's average interest rate for loans was 6.89%, while their most frequently originated rate bucket for loans was 6-7%, with 33 originations.
Loan Sizing
2023 saw Parlay Mortgage & Property place emphasis on $200k-400k loans with 26 originations, totaling $7,190,000 in origination value.
Applicant Income
Parlay Mortgage & Property lent most frequently to those with incomes in the $75k-100k range, with 15 originations. The second most popular income band? $50k-75k, with 13 originations.
Applicant Debt to Income Ratio
Parlay Mortgage & Property lent most frequently to those with DTI ratios of 20-30%, with 9 originations. The next most common DTI ratio? 41%, with 6 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 46 | $11,360,000 | $246,957 | $6,778 | 6.90% |
| Not provided | 2 | $350,000 | $175,000 | $7,192 | 6.75% |
Approval Rates
Total approvals of all applications100.00%
Parlay Mortgage & Property has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination68.75%
Parlay Mortgage & Property 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 | 48 | $11,710,000 | $243,958 |