The Anderson Financial Group Mortgage Rates, Fees & Info

CHICAGO, IL

LEI: 549300W09D8JV1ANXX59

Tax ID: 36-4226027

5 stars - Updated: 12/9/24 - out of 5 stars, based on 18 reviews

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Jump to:

Mortgage Data

Review & Overview

The Anderson Financial Group is a smaller mortgage company specializing in Home Purchase loans. The Anderson Financial Group has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets by origination volume include: Chicago, Detroit, Phoenix, Cape Coral, and Naples among others. We have data for 25 markets. (Some data included below & more in-depth data is available with an active subscription.)

The Anderson Financial Group 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. The Anderson Financial Group 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 6.71% 12/9/24
30 Year Conventional Refi 6.52% 12/9/24
30 Year Cash-out Refi 6.54% 12/9/24
30 Year FHA Purchase 7.33% 12/9/24
30 Year FHA Refi 7.10% 12/9/24
30 Year VA Purchase 6.37% 12/9/24
30 Year VA Refi 6.27% 12/9/24
15 Year Conventional Purchase 6.07% 12/9/24
15 Year Conventional Refi 6.04% 12/9/24
15 Year Cash-out Refi 6.04% 12/9/24
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.

The Anderson Financial Group Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from The Anderson Financial Group. 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

322

Origination Dollar Volume (All Markets)

$89,530,000

Awards

THE ANDERSON FINANCIAL GROUP FHA Loans silver
Show all (1) awards

Relative Rate

The Anderson Financial Group's average 30 year fixed mortgage rate was 6.87%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of 0.39%.

Relative Fees (Closing Costs)

The Anderson Financial Group's average total fees/closing costs for a 30 year fixed rate mortgage were $5,521.

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) 236 $67,030,000 $284,025 $5,741 6.79%
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 42 $10,100,000 $240,476 $4,248 6.83%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 6 $1,730,000 $288,333 $5,996 6.17%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 4 $1,550,000 $387,500 $8,616 6.84%
Outside of Metro Areas 4 $1,240,000 $310,000 $2,982 6.94%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 2 $910,000 $455,000 $7,637 7.44%
Ottawa, IL (FHA|USDA|VA) 3 $675,000 $225,000 $5,534 6.46%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 1 $665,000 $665,000 $4,938 7.49%
GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 4 $630,000 $157,500 $3,625 6.50%
FLINT, MI (FHA|USDA|VA) 2 $580,000 $290,000 $4,765 6.75%
KANKAKEE, IL (FHA|USDA|VA) 3 $555,000 $185,000 $3,849 6.66%
OCALA, FL (FHA|USDA|VA) 1 $515,000 $515,000 $5,195 6.13%
Cookeville, TN (FHA|USDA|VA) 1 $485,000 $485,000 $8,716 7.63%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 1 $355,000 $355,000 $2,673 7.63%
Holland, MI (FHA|USDA|VA) 1 $335,000 $335,000 $4,026 7.62%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $335,000 $335,000 $3,475 6.49%
MADISON, WI (FHA|USDA|VA) 1 $285,000 $285,000 $3,726 7.50%
LANSING-EAST LANSING, MI (FHA|USDA|VA) 2 $270,000 $135,000 $4,211 7.56%
ANN ARBOR, MI (FHA|USDA|VA) 1 $235,000 $235,000 $4,441 6.99%
BLOOMINGTON, IL (FHA|USDA|VA) 1 $225,000 $225,000 $0 7.63%
Rochelle, IL (FHA|USDA|VA) 1 $195,000 $195,000 $7,328 6.63%
Pontiac, IL (FHA|USDA|VA) 1 $185,000 $185,000 $3,549 6.88%
NILES, MI (FHA|USDA|VA) 1 $155,000 $155,000 $3,109 6.75%
SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 1 $145,000 $145,000 $2,697 5.88%
MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) 1 $145,000 $145,000 $5,831 7.25%
The Anderson Financial Group's top markets include Chicago, Detroit, Phoenix, Cape Coral, and Naples among others.

Their top states include:
  • Illinois (FHA|USDA|VA)
  • Michigan (FHA|USDA|VA)
  • Indiana (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Arizona (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against THE ANDERSON FINANCIAL GROUP based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Michigan Legacy Credit Union
    Similarity Rank: 15
    First Savings Bank of Hegewisch
    Similarity Rank: 46
    Total Community Credit Union
    Similarity Rank: 94
    St James Mortgage Corporation
    Similarity Rank: 104
    SOUTHERN LENDING SERVICES, LTD.
    Similarity Rank: 136
    MEMBERFOCUS COMMUNITY
    Similarity Rank: 162
    Dearborn Federal Savings Bank
    Similarity Rank: 184
    Liberty Bank for Savings
    Similarity Rank: 279
    FC LENDING, LTD.
    Similarity Rank: 385

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 281 $78,995,000 $281,121 $4,911 6.81%
    FHA 39 $10,015,000 $256,795 $9,244 6.70%
    VA 2 $520,000 $260,000 $7,882 6.19%

    For 2023, The Anderson Financial Group's most frequently originated type of loan was Conventional, with 281 originations. Their 2nd most popular type was FHA, with 39 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 302 $83,950,000 $277,980 $5,553 6.79%
    Refi 16 $4,850,000 $303,125 $4,031 7.01%
    Cash Out Refi 4 $730,000 $182,500 $4,151 6.62%

    For 2023, The Anderson Financial Group's most frequently cited loan purpose was Home Purchase, with 302 originations. The 2nd most popular reason was Refi, with 16 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 314 $88,310,000 $281,242 $5,521 6.87%
    15 Year 2 $570,000 $285,000 $5,497 6.18%
    20 Year 2 $520,000 $260,000 $5,323 6.44%
    5 Year 2 $10,000 $5,000 $0 0.00%
    Other 2 $120,000 $60,000 $1,446 3.00%

    For 2023, The Anderson Financial Group's most frequently cited loan duration was 30 Year, with 314 originations. The 2nd most popular length was 15 Year, with 2 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 254 $70,940,000 $279,291
    $2k-3k 24 $7,040,000 $293,333
    $3k-4k 19 $5,295,000 $278,684
    $<1k 12 $1,580,000 $131,667
    $5k+ 7 $2,505,000 $357,857
    $4k-5k 6 $2,170,000 $361,667

    The Anderson Financial Group's average total fees were $5,521, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 254 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 155 $42,305,000 $272,935
    7-8% 131 $39,945,000 $304,924
    5-6% 25 $5,255,000 $210,200
    <2.5% 6 $50,000 $8,333
    Over 8% 4 $1,600,000 $400,000
    4-5% 1 $375,000 $375,000

    During 2023, The Anderson Financial Group's average interest rate for loans was 6.87%, while their most frequently originated rate bucket for loans was 6-7%, with 155 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 156 $45,130,000 $289,295 $6,072 7.02%
    $100k-200k 92 $14,430,000 $156,848 $4,752 6.72%
    $400k-600k 45 $21,135,000 $469,667 $6,011 7.05%
    $100,000 or less 17 $955,000 $56,176 $2,167 4.22%
    $600k-1MM 12 $7,880,000 $656,667 $5,556 7.11%

    2023 saw The Anderson Financial Group place emphasis on $200k-400k loans with 156 originations, totaling $45,130,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 87 $24,095,000 $276,954 $5,795 6.75%
    $150k-250k 70 $25,860,000 $369,429 $5,343 7.11%
    $75k-100k 63 $14,745,000 $234,048 $5,615 6.63%
    $50k-75k 56 $10,090,000 $180,179 $5,027 6.62%
    $250k+ 27 $12,285,000 $455,000 $6,036 7.03%
    $50k or less 19 $2,455,000 $129,211 $4,287 6.57%

    The Anderson Financial Group lent most frequently to those with incomes in the $100k-150k range, with 87 originations. The second most popular income band? $150k-250k, with 70 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 62 $14,640,000 $236,129 $4,864 6.30%
    20-30% 51 $15,765,000 $309,118 $5,042 6.88%
    37% 18 $6,160,000 $342,222 $5,137 7.25%
    41% 18 $5,120,000 $284,444 $6,024 7.01%
    42% 16 $4,020,000 $251,250 $5,381 6.97%
    44% 16 $4,760,000 $297,500 $4,614 6.84%
    48% 16 $5,480,000 $342,500 $5,263 6.96%
    39% 16 $3,440,000 $215,000 $5,818 6.70%
    49% 16 $4,230,000 $264,375 $4,817 7.12%
    47% 14 $3,390,000 $242,143 $7,596 6.83%
    50-60% 12 $3,520,000 $293,333 $7,764 6.83%
    38% 12 $2,780,000 $231,667 $5,418 6.78%
    40% 12 $3,720,000 $310,000 $5,461 7.11%
    43% 12 $3,350,000 $279,167 $5,813 6.84%
    <20% 12 $3,020,000 $251,667 $5,986 6.56%
    36% 8 $2,370,000 $296,250 $5,233 6.87%
    45% 7 $2,555,000 $365,000 $6,723 6.93%
    46% 4 $1,210,000 $302,500 $5,864 7.03%

    The Anderson Financial Group lent most frequently to those with DTI ratios of 30-36%, with 62 originations. The next most common DTI ratio? 20-30%, with 51 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 256 $69,110,000 $269,961 $5,343 6.82%
    Not provided 40 $13,210,000 $330,250 $5,241 6.66%
    Black 15 $3,615,000 $241,000 $7,555 6.68%
    Asian 10 $3,150,000 $315,000 $6,079 6.80%
    Native Hawaiian or Islander 1 $445,000 $445,000 $5,878 6.63%

    Approval Rates

    Total approvals of all applications
    99.56%

    The Anderson Financial Group 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
    61.49%

    The Anderson Financial Group 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 322 $89,530,000 $278,043

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    322 $89,530,000 $278,043

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 7 $1,545,000 $220,714 $3,905 6.64%
    40-60% 27 $7,425,000 $275,000 $4,339 6.82%
    60-80% 103 $28,455,000 $276,262 $5,132 7.02%
    80-100% 176 $51,680,000 $293,636 $6,093 6.91%
    Over 100% 1 $255,000 $255,000 $7,480 6.63%
    Under 20% 8 $170,000 $21,250 $630 1.44%