121 Financial Mortgage Rates, Fees & Info
Jacksonville, FLLEI: 549300XCP8KCUTKGF379
Tax ID: 59-0248325
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Mortgage Data
Review & Overview
121 Financial is a smaller mortgage company specializing in Home Purchase, Refi, and Cash Out Refi loans. 121 Financial has a high proportion of conventional loans. Their top markets by origination volume include: Jacksonville, Orlando, Miami, Knoxville, and Panama City among others. We have data for 8 markets. (Some data included below & more in-depth data is available with an active subscription.)121 Financial has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. 121 Financial 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 |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 7.13% | 4/28/24 |
| 30 Year Conventional Purchase | 6.27% | 4/28/24 |
| 30 Year Conventional Refi | 6.27% | 4/28/24 |
| 30 Year Cash-out Refi | 5.58% | 4/28/24 |
| 30 Year VA Purchase | 6.27% | 4/28/24 |
| 15 Year Conventional Refi | 5.68% | 4/28/24 |
| 15 Year Cash-out Refi | 5.68% | 4/28/24 |
| 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. | ||
121 Financial Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
145Origination Dollar Volume (All Markets)
$22,775,000Top 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 |
|---|---|---|---|---|---|
| JACKSONVILLE, FL (FHA|USDA|VA) | 136 | $21,230,000 | $156,103 | $4,265 | 4.53% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 3 | $665,000 | $221,667 | $5,521 | 5.58% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 1 | $405,000 | $405,000 | $8,866 | 4.88% |
| KNOXVILLE, TN (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $4,499 | 4.50% |
| PANAMA CITY, FL (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $3,117 | 3.13% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $3,068 | 4.38% |
| Outside of Metro Areas | 1 | $45,000 | $45,000 | $1,074 | 5.00% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $1,716 | 6.75% |
Similar Lenders
We use machine learning to identify the top lenders compared against 121 FINANCIAL 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
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 144 | $22,520,000 | $156,389 | $4,225 | 4.55% |
| VA | 1 | $255,000 | $255,000 | $10,609 | 5.13% |
For 2018, 121 Financial's most frequently originated type of loan was Conventional, with 144 originations. Their 2nd most popular type was VA, with 1 originations.
Loan Reason
For 2018, 121 Financial's most frequently cited loan purpose was Home Purchase, with 48 originations. The 2nd most popular reason was Refi, with 48 originations.
Loan Duration/Length
For 2018, 121 Financial's most frequently cited loan duration was 30 Year, with 67 originations. The 2nd most popular length was 15 Year, with 31 originations.
Origination Fees/Closing Costs
121 Financial's average total fees were $5,290, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 43 originations.
Interest Rates
During 2018, 121 Financial's average interest rate for loans was 4.86%, while their most frequently originated rate bucket for loans was 4-5%, with 73 originations.
Loan Sizing
2018 saw 121 Financial place emphasis on $100k-200k loans with 62 originations, totaling $9,410,000 in origination value.
Applicant Income
121 Financial lent most frequently to those with incomes in the $50k-75k range, with 43 originations. The second most popular income band? $100k-150k, with 36 originations.
Applicant Debt to Income Ratio
121 Financial lent most frequently to those with DTI ratios of 20-30%, with 16 originations. The next most common DTI ratio? 30-36%, with 16 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications87.85%
121 Financial has an average approval rate.
Pick Rate
Approvals leading to origination40.69%
121 Financial 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 | 145 | $22,775,000 | $157,069 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 1 | $115,000 | $115,000 |
| Single Family (1-4 Units):Site-Built | 144 | $22,660,000 | $157,361 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2018 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Financial Freedom Mortgage, LLC | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 2 | 66.7% |
| Financial Freedom Mortgage, LLC | FHA mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 33.3% |