Metro Island Mortgage Rates, Fees & Info

SAN JUAN,

LEI: 549300WLIZIEVZY2IG91

Tax ID: 66-0563608

3.1 stars - Updated: 4/5/25 - out of 5 stars, based on 23 reviews

Latest/2024 | 2023 Data | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

Review & Overview

Metro Island Mortgage is a smaller mortgage company specializing in Home Purchase loans. They have a a high proportion of FHA loans. Metro Island Mortgage has a low ratio of conventional loans. Their top markets by origination volume include: San Juan, Arecibo, Ponce, Aguadilla, and MayagÜez among others. We have data for 12 markets. (Some data included below & more in-depth data is available with an active subscription.)

Metro Island Mortgage has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. Metro Island Mortgage 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 about average 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 6.72% 4/5/25
30 Year Cash-out Refi 6.72% 4/5/25
30 Year FHA Purchase 7.44% 4/5/25
30 Year FHA Refi 6.87% 4/5/25
30 Year VA Purchase 6.55% 4/5/25
30 Year VA Refi 6.13% 4/5/25
30 Year USDA Purchase 7.18% 4/5/25
30 Year USDA Refi 6.72% 4/5/25
15 Year FHA Purchase 6.06% 4/5/25
15 Year FHA Refi 6.40% 4/5/25
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.

Metro Island Mortgage Mortgage Calculator






Your Estimates

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

This is not an official calculator from Metro Island Mortgage. 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

510

Origination Dollar Volume (All Markets)

$80,320,000

Relative Rate

Metro Island Mortgage's average 30 year fixed mortgage rate was 6.45%.

The 2024 average 30 year fixed rate mortgage across all markets and lenders was 6.55%.

This yields a difference of -0.1%.

Relative Fees (Closing Costs)

Metro Island Mortgage's average total fees/closing costs for a 30 year fixed rate mortgage were $10,500.

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 $8,356.

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
SAN JUAN-BAYAMÓN-CAGUAS, PR (FHA|USDA|VA) 432 $68,460,000 $158,472 $10,220 6.45%
Arecibo, PR (FHA|USDA|VA) 30 $5,480,000 $182,667 $12,547 6.36%
PONCE, PR (FHA|USDA|VA) 16 $2,450,000 $153,125 $10,541 6.56%
AGUADILLA-ISABELA, PR (FHA|USDA|VA) 11 $1,725,000 $156,818 $11,890 6.36%
MAYAGÜEZ, PR (FHA|USDA|VA) 4 $640,000 $160,000 $8,611 6.19%
SAN GERMÁN, PR (FHA|USDA|VA) 4 $550,000 $137,500 $10,309 6.38%
GUAYAMA, PR (FHA|USDA|VA) 6 $470,000 $78,333 $6,836 6.67%
YAUCO, PR (FHA|USDA|VA) 3 $195,000 $65,000 $7,181 6.58%
Coamo, PR (FHA|USDA|VA) 1 $125,000 $125,000 $0 6.25%
Coco, PR (FHA|USDA|VA) 1 $115,000 $115,000 $0 6.75%
Santa Isabel, PR (FHA|USDA|VA) 1 $75,000 $75,000 $6,664 6.25%
Outside of Metro Areas 1 $35,000 $35,000 $4,067 6.50%
Metro Island Mortgage's top markets include San Juan, Arecibo, Ponce, Aguadilla, and MayagÜez among others.

Their top states include:
  • Puerto Rico (FHA|USDA|VA)
  • (FHA|USDA|VA)
  • Similar Lenders

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

    CARIBE FEDERAL CREDIT UNION
    Similarity Rank: 161
    E.M.I. EQUITY MORTGAGE, INC.
    Similarity Rank: 243

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    FHA 402 $62,980,000 $156,667 $10,694 6.46%
    USDA 69 $8,965,000 $129,928 $8,048 6.38%
    VA 33 $7,545,000 $228,636 $10,620 6.31%
    Conventional 6 $830,000 $138,333 $0 7.67%

    For 2024, Metro Island Mortgage's most frequently originated type of loan was FHA, with 402 originations. Their 2nd most popular type was USDA, with 69 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 463 $71,135,000 $153,639 $10,442 6.46%
    Refi 29 $5,145,000 $177,414 $4,974 6.26%
    Cash Out Refi 18 $4,040,000 $224,444 $14,208 6.42%

    For 2024, Metro Island Mortgage's most frequently cited loan purpose was Home Purchase, with 463 originations. The 2nd most popular reason was Refi, with 29 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 490 $76,850,000 $156,837 $10,500 6.45%
    Other 16 $3,050,000 $190,625 $6,099 6.45%
    15 Year 3 $365,000 $121,667 $7,603 5.92%
    20 Year 1 $55,000 $55,000 $5,492 6.75%

    For 2024, Metro Island Mortgage's most frequently cited loan duration was 30 Year, with 490 originations. The 2nd most popular length was Other, with 16 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $5k+ 140 $29,160,000 $208,286
    $4k-5k 74 $9,880,000 $133,514
    $3k-4k 65 $7,345,000 $113,000
    $<1k 54 $9,870,000 $182,778
    $2k-3k 49 $6,095,000 $124,388
    $1k-2k 31 $4,255,000 $137,258

    Metro Island Mortgage's average total fees were $10,500, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 140 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 374 $57,700,000 $154,278
    5-6% 97 $16,325,000 $168,299
    7-8% 36 $5,930,000 $164,722
    Over 8% 2 $200,000 $100,000
    4-5% 1 $165,000 $165,000

    During 2024, Metro Island Mortgage's average interest rate for loans was 6.45%, while their most frequently originated rate bucket for loans was 6-7%, with 374 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 268 $38,860,000 $145,000 $9,408 6.41%
    $100,000 or less 137 $10,605,000 $77,409 $7,469 6.56%
    $200k-400k 93 $25,165,000 $270,591 $14,868 6.39%
    $400k-600k 12 $5,690,000 $474,167 $24,636 6.42%

    2024 saw Metro Island Mortgage place emphasis on $100k-200k loans with 268 originations, totaling $38,860,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 264 $28,640,000 $108,485 $8,718 6.45%
    $50k-75k 124 $19,910,000 $160,565 $9,961 6.44%
    $75k-100k 48 $9,910,000 $206,458 $12,129 6.45%
    $100k-150k 46 $11,440,000 $248,696 $12,233 6.51%
    $150k-250k 22 $8,270,000 $375,909 $20,207 6.47%
    $250k+ 5 $1,965,000 $393,000 $18,082 6.30%

    Metro Island Mortgage lent most frequently to those with incomes in the $50k or less range, with 264 originations. The second most popular income band? $50k-75k, with 124 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 76 $9,740,000 $128,158 $9,161 6.61%
    30-36% 70 $11,570,000 $165,286 $10,599 6.42%
    50-60% 63 $10,355,000 $164,365 $11,125 6.32%
    45% 27 $4,315,000 $159,815 $10,759 6.36%
    47% 25 $3,945,000 $157,800 $10,732 6.57%
    <20% 25 $4,075,000 $163,000 $5,755 6.46%
    43% 24 $3,680,000 $153,333 $10,804 6.47%
    41% 23 $4,175,000 $181,522 $11,093 6.30%
    37% 22 $3,950,000 $179,545 $12,067 6.34%
    44% 21 $3,275,000 $155,952 $9,335 6.44%
    40% 20 $3,120,000 $156,000 $11,015 6.58%
    42% 18 $2,950,000 $163,889 $9,097 6.49%
    38% 18 $2,680,000 $148,889 $9,321 6.49%
    46% 16 $2,640,000 $165,000 $10,227 6.47%
    48% 16 $2,580,000 $161,250 $11,767 6.48%
    36% 15 $1,855,000 $123,667 $9,327 6.52%
    39% 14 $2,540,000 $181,429 $11,969 6.38%
    49% 11 $1,935,000 $175,909 $14,737 6.30%
    >60% 5 $755,000 $151,000 $0 6.65%

    Metro Island Mortgage lent most frequently to those with DTI ratios of 20-30%, with 76 originations. The next most common DTI ratio? 30-36%, with 70 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 479 $75,615,000 $157,860 $10,305 6.44%
    Black 28 $4,410,000 $157,500 $10,578 6.58%
    Not provided 2 $180,000 $90,000 $8,660 6.38%
    American Indian 1 $115,000 $115,000 $11,731 6.25%

    Approval Rates

    Total approvals of all applications
    99.81%

    Metro Island Mortgage 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
    97.84%

    Metro Island Mortgage has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.

    Points and Fees

    Points Originations Total Value Average Loan
    1919.16 1 $225,000 $225,000
    NA 509 $80,095,000 $157,358

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    510 $80,320,000 $157,490

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 1 $55,000 $55,000 $5,483 6.25%
    40-60% 35 $3,025,000 $86,429 $7,663 6.51%
    60-80% 163 $18,165,000 $111,442 $9,707 6.50%
    80-100% 286 $53,960,000 $188,671 $10,935 6.41%
    Over 100% 25 $5,115,000 $204,600 $10,362 6.55%