Key Mortgage Services Rates, Fees & Info
Chicago, ILLEI: 549300VJ7C5JB4W87F48
Tax ID: 36-3608295
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Mortgage Data
Review & Overview
Key Mortgage Services is a smaller mortgage company specializing in Home Purchase loans. Key Mortgage Services has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets by origination volume include: Chicago, Rockford, Whitewater, Cape Coral, and Detroit among others. We have data for 29 markets. (Some data included below & more in-depth data is available with an active subscription.)Key Mortgage Services 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. Key Mortgage Services 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 | 6.81% | 10/29/24 |
| 30 Year Conventional Refi | 6.57% | 10/29/24 |
| 30 Year Cash-out Refi | 6.91% | 10/29/24 |
| 30 Year FHA Purchase | 7.55% | 10/29/24 |
| 30 Year FHA Refi | 7.11% | 10/29/24 |
| 30 Year VA Purchase | 6.48% | 10/29/24 |
| 30 Year VA Refi | 6.27% | 10/29/24 |
| 15 Year Conventional Purchase | 6.32% | 10/29/24 |
| 15 Year Conventional Refi | 6.00% | 10/29/24 |
| 15 Year Cash-out Refi | 6.00% | 10/29/24 |
| 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. | ||
Key Mortgage Services Mortgage Calculator
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This is not an official calculator from Key Mortgage Services. 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
1,470Origination Dollar Volume (All Markets)
$373,420,000Relative Rate
Key Mortgage Services's average 30 year fixed mortgage rate was
6.6%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of 0.12%.
Relative Fees (Closing Costs)
Key Mortgage Services's average total fees/closing costs for a 30 year fixed rate
mortgage were $7,108.
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) | 1,394 | $357,600,000 | $256,528 | $6,126 | 5.62% |
| ROCKFORD, IL (FHA|USDA|VA) | 19 | $2,565,000 | $135,000 | $4,442 | 4.04% |
| Whitewater, WI (FHA|USDA|VA) | 4 | $2,290,000 | $572,500 | $5,475 | 7.09% |
| Outside of Metro Areas | 5 | $1,185,000 | $237,000 | $5,833 | 7.30% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 3 | $1,115,000 | $371,667 | $5,815 | 7.54% |
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 3 | $1,035,000 | $345,000 | $6,693 | 7.38% |
| INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) | 3 | $855,000 | $285,000 | $4,001 | 6.79% |
| Rochelle, IL (FHA|USDA|VA) | 5 | $625,000 | $125,000 | $2,588 | 4.18% |
| Ottawa, IL (FHA|USDA|VA) | 4 | $610,000 | $152,500 | $5,278 | 6.50% |
| Sterling, IL (FHA|USDA|VA) | 2 | $550,000 | $275,000 | $4,715 | 6.56% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 2 | $440,000 | $220,000 | $4,507 | 7.06% |
| PEORIA, IL (FHA|USDA|VA) | 3 | $435,000 | $145,000 | $2,990 | 4.67% |
| KANKAKEE, IL (FHA|USDA|VA) | 3 | $355,000 | $118,333 | $4,101 | 4.54% |
| Beaver Dam, WI (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $3,622 | 7.13% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $5,447 | 7.63% |
| DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) | 2 | $300,000 | $150,000 | $3,037 | 6.88% |
| CHAMPAIGN-URBANA, IL (FHA|USDA|VA) | 3 | $295,000 | $98,333 | $3,287 | 4.33% |
| MADISON, WI (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $2,562 | 7.50% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $5,465 | 7.63% |
| Watertown-Fort Atkinson, WI (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $3,328 | 6.63% |
| SPRINGFIELD, IL (FHA|USDA|VA) | 2 | $250,000 | $125,000 | $2,782 | 3.19% |
| KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $7,752 | 7.63% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $7,466 | 7.00% |
| OCALA, FL (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $4,030 | 7.50% |
| MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $3,041 | 7.50% |
| Peru, IN (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $3,630 | 6.63% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $3,447 | 6.75% |
| Jacksonville, IL (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $3,152 | 6.25% |
| SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $5,393 | 8.63% |
Similar Lenders
We use machine learning to identify the top lenders compared against Key Mortgage Services based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
For 2023, Key Mortgage Services's most frequently originated type of loan was Conventional, with 1,315 originations. Their 2nd most popular type was FHA, with 112 originations.
Loan Reason
For 2023, Key Mortgage Services's most frequently cited loan purpose was Home Purchase, with 1,443 originations. The 2nd most popular reason was Cash Out Refi, with 18 originations.
Loan Duration/Length
For 2023, Key Mortgage Services's most frequently cited loan duration was 30 Year, with 1,220 originations. The 2nd most popular length was 5 Year, with 128 originations.
Origination Fees/Closing Costs
Key Mortgage Services's average total fees were $7,108, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 542 originations.
Interest Rates
During 2023, Key Mortgage Services's average interest rate for loans was 6.60%, while their most frequently originated rate bucket for loans was 6-7%, with 685 originations.
Loan Sizing
2023 saw Key Mortgage Services place emphasis on $200k-400k loans with 688 originations, totaling $198,280,000 in origination value.
Applicant Income
Key Mortgage Services lent most frequently to those with incomes in the $100k-150k range, with 396 originations. The second most popular income band? $75k-100k, with 342 originations.
Applicant Debt to Income Ratio
Key Mortgage Services lent most frequently to those with DTI ratios of 20-30%, with 336 originations. The next most common DTI ratio? 30-36%, with 314 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications96.06%
Key Mortgage Services has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination76.73%
Key Mortgage Services has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 1,470 | $373,420,000 | $254,027 |