Billings Mortgage Rates, Fees & Info
Billings, MTLEI: 549300V0B2PZ5XF4SB58
Tax ID: 81-0232138
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Mortgage Data
Review & Overview
Billings is a smaller mortgage company specializing in Home Purchase and Cash Out Refi loans. Billings has a high proportion of conventional loans. Their top (well, only) market is Billings.Billings 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. Billings 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.36% | 11/17/24 |
| 30 Year Conventional Refi | 5.16% | 11/17/24 |
| 30 Year Cash-out Refi | 6.15% | 11/17/24 |
| 30 Year FHA Purchase | 7.33% | 11/17/24 |
| 30 Year VA Purchase | 6.06% | 11/17/24 |
| 15 Year Conventional Refi | 5.77% | 11/17/24 |
| 15 Year Cash-out Refi | 5.77% | 11/17/24 |
| 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. | ||
Billings Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
24Origination Dollar Volume (All Markets)
$5,890,000Awards
BILLINGS - 2023
BILLINGS is a 2023 , due to their low .
For 2023, less than of lenders were eligible for this award.
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Relative Rate
Billings's average 30 year fixed mortgage rate was
6.58%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of 0.1%.
Relative Fees (Closing Costs)
Billings's average total fees/closing costs for a 30 year fixed rate
mortgage were $6,000.
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 |
|---|---|---|---|---|---|
| BILLINGS, MT (FHA|USDA|VA) | 24 | $5,890,000 | $245,417 | $5,197 | 6.31% |
Similar Lenders
We use machine learning to identify the top lenders compared against BILLINGS based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 21
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 24 | $5,890,000 | $245,417 | $5,197 | 6.31% |
For 2023, Billings's most frequently originated type of loan was Conventional, with 24 originations.
Loan Reason
For 2023, Billings's most frequently cited loan purpose was Home Purchase, with 11 originations. The 2nd most popular reason was Cash Out Refi, with 10 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 18 | $4,900,000 | $272,222 | $6,000 | 6.58% |
| 10 Year | 3 | $315,000 | $105,000 | $1,460 | 5.24% |
| Other | 3 | $675,000 | $225,000 | $4,380 | 5.74% |
For 2023, Billings's most frequently cited loan duration was 30 Year, with 18 originations. The 2nd most popular length was 10 Year, with 3 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $2k-3k | 7 | $1,505,000 | $215,000 |
| $3k-4k | 7 | $2,175,000 | $310,714 |
| $1k-2k | 3 | $225,000 | $75,000 |
| $5k+ | 2 | $920,000 | $460,000 |
| $<1k | 1 | $75,000 | $75,000 |
Billings's average total fees were $6,000, while their most frequently occuring range of origination fees (closing costs) were in the $2k-3k bucket, with 7 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 10 | $2,100,000 | $210,000 |
| 7-8% | 6 | $1,550,000 | $258,333 |
| 5-6% | 5 | $1,235,000 | $247,000 |
| 4-5% | 2 | $350,000 | $175,000 |
| 2.5-3% | 1 | $655,000 | $655,000 |
During 2023, Billings's average interest rate for loans was 6.58%, while their most frequently originated rate bucket for loans was 6-7%, with 10 originations.
Loan Sizing
2023 saw Billings place emphasis on $200k-400k loans with 11 originations, totaling $3,025,000 in origination value.
Applicant Income
Billings lent most frequently to those with incomes in the $100k-150k range, with 9 originations. The second most popular income band? $50k-75k, with 5 originations.
Applicant Debt to Income Ratio
Billings lent most frequently to those with DTI ratios of 30-36%, with 4 originations. The next most common DTI ratio? <20%, with 4 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 24 | $5,890,000 | $245,417 | $5,197 | 6.31% |
Approval Rates
Total approvals of all applications100.00%
Billings has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination83.33%
Billings has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 24 | $5,890,000 | $245,417 |