Proper Rate Mortgage Rates, Fees & Info

WILMINGTON, DE

LEI: 549300YAYQAARPBTRA72

Tax ID: 84-2904615

5 stars - Updated: 6/9/24 - out of 5 stars, based on 37 reviews

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

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Mortgage Data

Review & Overview

Proper Rate is a smaller mortgage company specializing in Home Purchase loans. Proper Rate has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Chicago, Niles, Whitewater, Denver, and Michigan City among others. We have data for 59 markets. (Some data included below & more in-depth data is available with an active subscription.)

Proper Rate 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. Proper Rate 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 6.63% 6/9/24
30 Year Conventional Refi 6.32% 6/9/24
30 Year Cash-out Refi 6.66% 6/9/24
30 Year FHA Purchase 7.44% 6/9/24
30 Year FHA Refi 6.27% 6/9/24
30 Year VA Purchase 6.30% 6/9/24
15 Year Conventional Purchase 6.08% 6/9/24
15 Year Conventional Refi 5.88% 6/9/24
15 Year Cash-out Refi 5.88% 6/9/24
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.

Proper Rate Mortgage Calculator






Your Estimates

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

This is not an official calculator from Proper Rate. 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

1,386

Origination Dollar Volume (All Markets)

$547,510,000

Relative Rate

Proper Rate's average 30 year fixed mortgage rate was 6.84%.

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

This yields a difference of 0.36%.

Relative Fees (Closing Costs)

Proper Rate's average total fees/closing costs for a 30 year fixed rate mortgage were $6,710.

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) 1,216 $484,580,000 $398,503 $6,827 6.75%
Outside of Metro Areas 17 $8,545,000 $502,647 $5,697 7.48%
NILES, MI (FHA|USDA|VA) 25 $8,285,000 $331,400 $5,189 7.09%
Whitewater, WI (FHA|USDA|VA) 18 $5,530,000 $307,222 $4,169 6.89%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 9 $4,935,000 $548,333 $6,338 7.14%
MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) 8 $2,960,000 $370,000 $4,743 7.25%
MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 9 $2,765,000 $307,222 $2,970 6.78%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 4 $2,010,000 $502,500 $9,097 6.88%
SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 4 $1,640,000 $410,000 $4,195 6.78%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 4 $1,390,000 $347,500 $8,640 7.41%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 4 $1,290,000 $322,500 $9,106 6.89%
RACINE, WI (FHA|USDA|VA) 4 $1,170,000 $292,500 $3,795 6.85%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $1,115,000 $1,115,000 $9,417 7.00%
GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 3 $1,115,000 $371,667 $3,829 6.83%
Paris, TX (FHA|USDA|VA) 5 $1,075,000 $215,000 $10,252 6.98%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 1 $1,005,000 $1,005,000 $4,291 8.25%
CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 1 $955,000 $955,000 $10,424 6.75%
CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 2 $890,000 $445,000 $4,344 6.85%
SANTA ROSA-PETALUMA, CA (FHA|USDA|VA) 1 $865,000 $865,000 $17,341 6.60%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 2 $830,000 $415,000 $5,105 6.81%
AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 1 $725,000 $725,000 $6,769 6.98%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 3 $655,000 $218,333 $2,600 6.71%
SAVANNAH, GA (FHA|USDA|VA) 1 $645,000 $645,000 $0 7.00%
DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 1 $615,000 $615,000 $4,718 6.50%
JANESVILLE-BELOIT, WI (FHA|USDA|VA) 2 $580,000 $290,000 $3,637 6.63%
SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) 1 $575,000 $575,000 $4,875 6.05%
ROCKFORD, IL (FHA|USDA|VA) 4 $570,000 $142,500 $7,091 4.88%
DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) 1 $535,000 $535,000 $5,715 7.75%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 2 $490,000 $245,000 $3,901 6.96%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 2 $470,000 $235,000 $7,000 7.00%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 1 $465,000 $465,000 $2,845 6.35%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 1 $455,000 $455,000 $5,974 6.63%
KANSAS CITY, MO-KS (FHA|USDA|VA) 2 $410,000 $205,000 $3,310 6.78%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 1 $405,000 $405,000 $4,411 5.99%
HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) 1 $395,000 $395,000 $11,047 6.99%
Bonham, TX (FHA|USDA|VA) 1 $385,000 $385,000 $10,692 7.50%
BLOOMINGTON, IL (FHA|USDA|VA) 1 $385,000 $385,000 $6,864 7.05%
BATTLE CREEK, MI (FHA|USDA|VA) 1 $375,000 $375,000 $13,168 7.38%
GREEN BAY, WI (FHA|USDA|VA) 1 $335,000 $335,000 $6,252 6.75%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 1 $335,000 $335,000 $4,253 6.50%
AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) 1 $325,000 $325,000 $3,146 6.99%
COLORADO SPRINGS, CO (FHA|USDA|VA) 1 $315,000 $315,000 $3,324 7.13%
TUCSON, AZ (FHA|USDA|VA) 1 $315,000 $315,000 $4,780 6.50%
NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 1 $295,000 $295,000 $5,872 6.63%
DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) 1 $295,000 $295,000 $4,357 7.40%
Traverse City, MI (FHA|USDA|VA) 1 $295,000 $295,000 $5,902 7.88%
ST. LOUIS, MO-IL (FHA|USDA|VA) 1 $285,000 $285,000 $7,368 6.25%
CANTON-MASSILLON, OH (FHA|USDA|VA) 1 $275,000 $275,000 $3,433 6.40%
Ottawa, IL (FHA|USDA|VA) 1 $275,000 $275,000 $3,696 7.88%
Cadillac, MI (FHA|USDA|VA) 1 $265,000 $265,000 $6,280 6.99%
MADISON, WI (FHA|USDA|VA) 1 $255,000 $255,000 $3,643 7.13%
Brainerd, MN (FHA|USDA|VA) 1 $255,000 $255,000 $3,443 6.99%
Holland, MI (FHA|USDA|VA) 1 $235,000 $235,000 $8,414 7.50%
Houghton, MI (FHA|USDA|VA) 1 $205,000 $205,000 $3,701 7.88%
RALEIGH-CARY, NC (FHA|USDA|VA) 1 $205,000 $205,000 $3,592 6.63%
LANSING-EAST LANSING, MI (FHA|USDA|VA) 1 $195,000 $195,000 $3,882 7.13%
Angola, IN (FHA|USDA|VA) 1 $175,000 $175,000 $5,324 6.63%
Iron Mountain, MI-WI (FHA|USDA|VA) 1 $165,000 $165,000 $3,013 7.63%
SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) 1 $125,000 $125,000 $0 8.63%
Proper Rate's top markets include Chicago, Niles, Whitewater, Denver, and Michigan City among others.

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

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

    NORTHWESTERN MUTUAL
    Similarity Rank: 44
    First Savings Bank of Hegewisch
    Similarity Rank: 46
    Glacier Hills Credit Union
    Similarity Rank: 54
    National Exchange Bank and Trust
    Similarity Rank: 112
    Circle Federal Credit Union
    Similarity Rank: 176
    Empower Credit Union
    Similarity Rank: 203
    OAK MORTGAGE, LLC
    Similarity Rank: 220
    PyraMax Bank, FSB
    Similarity Rank: 270
    Liberty Bank for Savings
    Similarity Rank: 279

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,315 $521,825,000 $396,825 $6,357 6.79%
    FHA 49 $16,465,000 $336,020 $13,692 6.75%
    VA 22 $9,220,000 $419,091 $9,366 6.50%

    For 2023, Proper Rate's most frequently originated type of loan was Conventional, with 1,315 originations. Their 2nd most popular type was FHA, with 49 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 1,347 $530,065,000 $393,515 $6,724 6.77%
    Cash Out Refi 25 $11,515,000 $460,600 $5,732 7.08%
    Refi 14 $5,930,000 $423,571 $3,033 6.77%

    For 2023, Proper Rate's most frequently cited loan purpose was Home Purchase, with 1,347 originations. The 2nd most popular reason was Cash Out Refi, with 25 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 1,330 $531,090,000 $399,316 $6,710 6.84%
    15 Year 45 $15,005,000 $333,444 $5,820 6.04%
    10 Year 7 $405,000 $57,857 $8,048 1.00%
    20 Year 3 $1,005,000 $335,000 $3,756 6.21%
    5 Year 1 $5,000 $5,000 $0 0.00%

    For 2023, Proper Rate's most frequently cited loan duration was 30 Year, with 1,330 originations. The 2nd most popular length was 15 Year, with 45 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 896 $364,590,000 $406,908
    $5k+ 129 $59,105,000 $458,178
    $2k-3k 120 $41,260,000 $343,833
    $3k-4k 90 $29,320,000 $325,778
    $4k-5k 71 $26,175,000 $368,662
    $<1k 26 $7,450,000 $286,538

    Proper Rate's average total fees were $6,710, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 896 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 827 $322,515,000 $389,982
    7-8% 426 $166,940,000 $391,878
    5-6% 107 $48,765,000 $455,748
    Over 8% 18 $8,810,000 $489,444
    <2.5% 7 $55,000 $7,857
    4-5% 1 $425,000 $425,000

    During 2023, Proper Rate's average interest rate for loans was 6.84%, while their most frequently originated rate bucket for loans was 6-7%, with 827 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 638 $187,410,000 $293,746 $6,519 6.87%
    $400k-600k 342 $165,210,000 $483,070 $7,042 6.81%
    $100k-200k 187 $29,685,000 $158,743 $5,648 6.74%
    $600k-1MM 167 $120,265,000 $720,150 $7,228 6.68%
    $1MM+ 33 $43,845,000 $1,328,636 $8,890 6.86%
    $100,000 or less 19 $1,095,000 $57,632 $5,491 4.30%

    2023 saw Proper Rate place emphasis on $200k-400k loans with 638 originations, totaling $187,410,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 399 $170,595,000 $427,556 $7,001 6.87%
    $100k-150k 317 $103,095,000 $325,221 $6,812 6.89%
    $250k+ 283 $181,235,000 $640,406 $7,012 6.78%
    $75k-100k 211 $54,675,000 $259,123 $6,279 6.65%
    $50k-75k 141 $28,485,000 $202,021 $5,602 6.50%
    $50k or less 29 $3,955,000 $136,379 $5,255 6.39%

    Proper Rate lent most frequently to those with incomes in the $150k-250k range, with 399 originations. The second most popular income band? $100k-150k, with 317 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 283 $117,805,000 $416,272 $6,446 6.77%
    30-36% 266 $105,850,000 $397,932 $6,316 6.77%
    49% 83 $27,535,000 $331,747 $6,468 6.79%
    40% 57 $22,235,000 $390,088 $6,840 6.77%
    <20% 57 $23,255,000 $407,982 $6,410 6.75%
    43% 55 $20,295,000 $369,000 $6,211 6.82%
    42% 53 $22,575,000 $425,943 $6,614 6.95%
    44% 53 $18,215,000 $343,679 $5,931 6.58%
    48% 52 $18,020,000 $346,538 $6,542 6.79%
    46% 51 $17,425,000 $341,667 $6,811 6.90%
    39% 50 $21,660,000 $433,200 $6,735 6.87%
    38% 49 $21,025,000 $429,082 $6,748 6.66%
    50-60% 47 $15,935,000 $339,043 $10,925 6.64%
    37% 47 $20,535,000 $436,915 $6,818 6.90%
    36% 46 $23,610,000 $513,261 $6,955 6.61%
    41% 43 $15,585,000 $362,442 $7,023 6.73%
    45% 43 $15,425,000 $358,721 $6,674 6.87%
    47% 43 $13,955,000 $324,535 $6,296 6.78%
    >60% 2 $1,100,000 $550,000 $13,567 6.25%

    Proper Rate lent most frequently to those with DTI ratios of 20-30%, with 283 originations. The next most common DTI ratio? 30-36%, with 266 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 948 $374,440,000 $394,979 $6,630 6.84%
    Not provided 308 $123,940,000 $402,403 $6,488 6.63%
    Asian 59 $24,115,000 $408,729 $7,129 6.77%
    Black 36 $13,410,000 $372,500 $8,343 6.58%
    Asian Indian 16 $4,670,000 $291,875 $6,939 6.61%
    American Indian 6 $2,280,000 $380,000 $4,368 6.90%
    Japanese 3 $1,335,000 $445,000 $7,943 6.50%
    Other Asian 5 $1,215,000 $243,000 $7,223 6.71%
    Filipino 2 $900,000 $450,000 $9,103 6.81%
    Korean 2 $810,000 $405,000 $5,311 6.15%
    Native Hawaiian or Islander 1 $395,000 $395,000 $18,171 7.25%

    Approval Rates

    Total approvals of all applications
    97.57%

    Proper Rate 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
    51.01%

    Proper Rate 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 1,386 $547,510,000 $395,029

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,386 $547,510,000 $395,029

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 44 $10,280,000 $233,636 $5,307 6.72%
    40-60% 106 $40,490,000 $381,981 $5,955 6.74%
    60-80% 500 $207,770,000 $415,540 $6,467 6.85%
    80-100% 720 $285,850,000 $397,014 $6,924 6.81%
    Over 100% 5 $2,235,000 $447,000 $17,504 6.78%
    Under 20% 11 $885,000 $80,455 $5,587 2.48%