Metro Island Mortgage Rates, Fees & Info
SAN JUAN,LEI: 549300WLIZIEVZY2IG91
Tax ID: 66-0563608
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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 an average proportion of conventional loans. Their top markets by origination volume include: San Juan, Arecibo, Ponce, Aguadilla, and San GermÁn among others. We have data for 11 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 7.67% | 11/17/24 |
| 30 Year Conventional Refi | 7.08% | 11/17/24 |
| 30 Year Cash-out Refi | 7.44% | 11/17/24 |
| 30 Year FHA Purchase | 7.50% | 11/17/24 |
| 30 Year FHA Refi | 7.41% | 11/17/24 |
| 30 Year VA Purchase | 6.75% | 11/17/24 |
| 30 Year USDA Purchase | 6.97% | 11/17/24 |
| 30 Year USDA Refi | 6.27% | 11/17/24 |
| 15 Year Conventional Purchase | 7.17% | 11/17/24 |
| 15 Year Conventional Refi | 6.11% | 11/17/24 |
| 15 Year Cash-out Refi | 6.11% | 11/17/24 |
| 15 Year FHA Refi | 5.68% | 11/17/24 |
| 15 Year VA Purchase | 5.68% | 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. | ||
Metro Island Mortgage Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
287Origination Dollar Volume (All Markets)
$33,305,000Top 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) | 212 | $25,310,000 | $119,387 | $7,402 | 4.95% |
| Arecibo, PR (FHA|USDA|VA) | 30 | $3,790,000 | $126,333 | $8,425 | 4.87% |
| PONCE, PR (FHA|USDA|VA) | 9 | $815,000 | $90,556 | $6,082 | 4.86% |
| AGUADILLA-ISABELA, PR (FHA|USDA|VA) | 6 | $740,000 | $123,333 | $7,574 | 4.42% |
| SAN GERMÁN, PR (FHA|USDA|VA) | 5 | $555,000 | $111,000 | $5,850 | 5.35% |
| YAUCO, PR (FHA|USDA|VA) | 6 | $540,000 | $90,000 | $6,146 | 5.46% |
| Coamo, PR (FHA|USDA|VA) | 4 | $420,000 | $105,000 | $7,207 | 4.63% |
| MAYAGÜEZ, PR (FHA|USDA|VA) | 4 | $350,000 | $87,500 | $6,032 | 5.13% |
| Coco, PR (FHA|USDA|VA) | 5 | $335,000 | $67,000 | $4,758 | 5.00% |
| GUAYAMA, PR (FHA|USDA|VA) | 4 | $290,000 | $72,500 | $4,982 | 5.06% |
| Santa Isabel, PR (FHA|USDA|VA) | 2 | $160,000 | $80,000 | $5,989 | 4.88% |
Their top states include:
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.
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Product Mix
For 2018, Metro Island Mortgage's most frequently originated type of loan was FHA, with 187 originations. Their 2nd most popular type was USDA, with 67 originations.
Loan Reason
For 2018, Metro Island Mortgage's most frequently cited loan purpose was Home Purchase, with 265 originations. The 2nd most popular reason was Cash Out Refi, with 16 originations.
Loan Duration/Length
For 2018, Metro Island Mortgage's most frequently cited loan duration was 30 Year, with 281 originations. The 2nd most popular length was 15 Year, with 3 originations.
Origination Fees/Closing Costs
Metro Island Mortgage's average total fees were $7,346, while their most frequently occuring range of origination fees (closing costs) were in the $2k-3k bucket, with 63 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 189 | $22,165,000 | $117,275 |
| 5-6% | 77 | $8,445,000 | $109,675 |
| 3-4% | 19 | $2,565,000 | $135,000 |
| 6-7% | 2 | $130,000 | $65,000 |
During 2018, Metro Island Mortgage's average interest rate for loans was 4.95%, while their most frequently originated rate bucket for loans was 4-5%, with 189 originations.
Loan Sizing
2018 saw Metro Island Mortgage place emphasis on $100k-200k loans with 147 originations, totaling $19,365,000 in origination value.
Applicant Income
Metro Island Mortgage lent most frequently to those with incomes in the $50k or less range, with 193 originations. The second most popular income band? $50k-75k, with 52 originations.
Applicant Debt to Income Ratio
Metro Island Mortgage lent most frequently to those with DTI ratios of 20-30%, with 54 originations. The next most common DTI ratio? 30-36%, with 47 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications97.99%
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 origination98.26%
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 |
|---|---|---|---|
| 0.0 | 1 | $205,000 | $205,000 |
| 1016.75 | 1 | $95,000 | $95,000 |
| 1060.59 | 1 | $105,000 | $105,000 |
| 1159.75 | 1 | $115,000 | $115,000 |
| 1401.29 | 1 | $65,000 | $65,000 |
| 1599.1 | 1 | $75,000 | $75,000 |
| 1657.34 | 1 | $85,000 | $85,000 |
| 1708.08 | 1 | $85,000 | $85,000 |
| 1.9 | 1 | $125,000 | $125,000 |
| 2046.88 | 1 | $95,000 | $95,000 |
| 2111.48 | 1 | $85,000 | $85,000 |
| 2241.57 | 1 | $105,000 | $105,000 |
| 2288.92 | 1 | $115,000 | $115,000 |
| 2533.6 | 1 | $125,000 | $125,000 |
| 2567.58 | 1 | $205,000 | $205,000 |
| 2650.06 | 1 | $135,000 | $135,000 |
| 2699.9 | 1 | $95,000 | $95,000 |
| 2910.0 | 1 | $135,000 | $135,000 |
| 3.0 | 1 | $55,000 | $55,000 |
| 3020.32 | 1 | $75,000 | $75,000 |
| 3142.86 | 1 | $75,000 | $75,000 |
| 3.15 | 1 | $95,000 | $95,000 |
| 3205.61 | 1 | $125,000 | $125,000 |
| 3219.18 | 1 | $125,000 | $125,000 |
| 3560.47 | 1 | $145,000 | $145,000 |
| 3589.33 | 1 | $75,000 | $75,000 |
| 3843.11 | 1 | $215,000 | $215,000 |
| 5.0 | 1 | $45,000 | $45,000 |
| NA | 259 | $30,225,000 | $116,699 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 287 | $33,305,000 | $116,045 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2018 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| METRO ISLAND MORTGAGE INC. | FHA mortgage | Closing on a mortgage | 1 | 100.0% |