Proper Rate Mortgage Rates, Fees & Info
WILMINGTON, DELEI: 549300YAYQAARPBTRA72
Tax ID: 84-2904615
Latest/2021 | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Review & Overview
Proper Rate is a small mortgage company specializing in Home Purchase and Refi 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, Denver, Niles, Atlanta, and San Francisco among others. We have data for 99 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 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.80% | 11/26/22 |
| 30 Year Conventional Refi | 6.76% | 11/26/22 |
| 30 Year Cash-out Refi | 6.93% | 11/26/22 |
| 30 Year FHA Purchase | 7.66% | 11/26/22 |
| 30 Year FHA Refi | 7.36% | 11/26/22 |
| 30 Year VA Purchase | 6.56% | 11/26/22 |
| 30 Year VA Refi | 6.26% | 11/26/22 |
| 15 Year Conventional Purchase | 6.15% | 11/26/22 |
| 15 Year Conventional Refi | 6.07% | 11/26/22 |
| 15 Year Cash-out Refi | 6.07% | 11/26/22 |
| 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. | ||
Originations
3,937Origination Dollar Volume (All Markets)
$1,577,755,000Awards
PROPER RATE - 2021
PROPER RATE is a 2021 , due to their low .
For 2021, less than of lenders were eligible for this award.
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Relative Rate
Proper Rate's average 30 year fixed mortgage rate was
3.03%.
The 2021 average 30 year fixed rate mortgage across all markets and lenders was 3.15%.
This yields a difference of -0.12%.
Relative Fees (Closing Costs)
Proper Rate's average total fees/closing costs for a 30 year fixed rate
mortgage were $4,411.
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 $4,750.
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) | 3,478 | $1,377,960,000 | $396,193 | $4,154 | 2.93% |
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 50 | $28,550,000 | $571,000 | $3,320 | 3.02% |
| NILES, MI (FHA|USDA|VA) | 39 | $12,085,000 | $309,872 | $3,195 | 3.08% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 19 | $10,375,000 | $546,053 | $3,821 | 2.94% |
| San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) | 10 | $9,940,000 | $994,000 | $3,670 | 3.05% |
| MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) | 16 | $8,390,000 | $524,375 | $3,004 | 2.98% |
| MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) | 19 | $8,355,000 | $439,737 | $3,325 | 3.01% |
| AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) | 9 | $6,635,000 | $737,222 | $7,293 | 2.86% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 11 | $6,145,000 | $558,636 | $6,074 | 3.01% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 14 | $5,730,000 | $409,286 | $5,473 | 3.04% |
| NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN (FHA|USDA|VA) | 10 | $4,850,000 | $485,000 | $5,479 | 3.02% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 11 | $4,615,000 | $419,545 | $4,149 | 3.04% |
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 7 | $4,385,000 | $626,429 | $4,187 | 2.96% |
| Whitewater, WI (FHA|USDA|VA) | 13 | $3,995,000 | $307,308 | $3,344 | 2.93% |
| BOULDER, CO (FHA|USDA|VA) | 3 | $3,735,000 | $1,245,000 | $3,359 | 3.33% |
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 11 | $3,315,000 | $301,364 | $3,349 | 2.98% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 6 | $3,220,000 | $536,667 | $6,023 | 2.81% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 7 | $3,045,000 | $435,000 | $2,643 | 2.89% |
| INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) | 11 | $3,025,000 | $275,000 | $3,107 | 2.59% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 8 | $3,020,000 | $377,500 | $4,871 | 3.13% |
| Outside of Metro Areas | 11 | $2,795,000 | $254,091 | $3,176 | 3.18% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 6 | $2,280,000 | $380,000 | $4,360 | 3.06% |
| Holland, MI (FHA|USDA|VA) | 6 | $2,270,000 | $378,333 | $3,082 | 3.00% |
| DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) | 10 | $2,220,000 | $222,000 | $2,500 | 2.80% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 6 | $2,200,000 | $366,667 | $4,811 | 3.00% |
| GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) | 6 | $2,190,000 | $365,000 | $2,919 | 2.71% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 5 | $1,995,000 | $399,000 | $5,133 | 3.02% |
| HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) | 3 | $1,985,000 | $661,667 | $4,043 | 3.21% |
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 6 | $1,970,000 | $328,333 | $3,910 | 2.94% |
| MADISON, WI (FHA|USDA|VA) | 5 | $1,805,000 | $361,000 | $2,655 | 3.00% |
| ST. LOUIS, MO-IL (FHA|USDA|VA) | 6 | $1,800,000 | $300,000 | $2,803 | 3.08% |
| SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) | 3 | $1,775,000 | $591,667 | $4,284 | 3.00% |
| PUNTA GORDA, FL (FHA|USDA|VA) | 2 | $1,730,000 | $865,000 | $7,750 | 3.06% |
| CLEVELAND-ELYRIA, OH (FHA|USDA|VA) | 7 | $1,685,000 | $240,714 | $3,083 | 2.96% |
| CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) | 2 | $1,640,000 | $820,000 | $7,499 | 2.94% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 4 | $1,560,000 | $390,000 | $5,319 | 3.13% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 4 | $1,520,000 | $380,000 | $3,665 | 2.63% |
| FORT COLLINS, CO (FHA|USDA|VA) | 3 | $1,515,000 | $505,000 | $2,902 | 3.12% |
| FLAGSTAFF, AZ (FHA|USDA|VA) | 1 | $1,515,000 | $1,515,000 | $4,563 | 2.88% |
| ROCKFORD, IL (FHA|USDA|VA) | 4 | $1,350,000 | $337,500 | $2,992 | 2.84% |
| PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) | 4 | $1,160,000 | $290,000 | $3,471 | 3.16% |
| SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) | 1 | $1,065,000 | $1,065,000 | $5,180 | 2.88% |
| SANTA MARIA-SANTA BARBARA, CA (FHA|USDA|VA) | 1 | $1,015,000 | $1,015,000 | $4,089 | 2.75% |
| KANSAS CITY, MO-KS (FHA|USDA|VA) | 3 | $945,000 | $315,000 | $2,425 | 2.50% |
| SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) | 3 | $935,000 | $311,667 | $3,322 | 3.00% |
| PEORIA, IL (FHA|USDA|VA) | 4 | $910,000 | $227,500 | $2,746 | 2.69% |
| BLOOMINGTON, IN (FHA|USDA|VA) | 1 | $885,000 | $885,000 | $3,807 | 3.00% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 3 | $795,000 | $265,000 | $3,941 | 3.13% |
| WILMINGTON, NC (FHA|USDA|VA) | 2 | $770,000 | $385,000 | $0 | 3.50% |
| COLORADO SPRINGS, CO (FHA|USDA|VA) | 2 | $740,000 | $370,000 | $3,530 | 2.88% |
| CHATTANOOGA, TN-GA (FHA|USDA|VA) | 1 | $735,000 | $735,000 | $5,236 | 3.25% |
| Pinehurst-Southern Pines, NC (FHA|USDA|VA) | 1 | $735,000 | $735,000 | $4,875 | 3.13% |
| OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) | 1 | $725,000 | $725,000 | $5,977 | 2.99% |
| COLUMBIA, MO (FHA|USDA|VA) | 3 | $715,000 | $238,333 | $1,965 | 3.00% |
| TUCSON, AZ (FHA|USDA|VA) | 2 | $710,000 | $355,000 | $5,247 | 3.19% |
| CINCINNATI, OH-KY-IN (FHA|USDA|VA) | 3 | $665,000 | $221,667 | $2,424 | 3.46% |
| OSHKOSH-NEENAH, WI (FHA|USDA|VA) | 2 | $650,000 | $325,000 | $3,092 | 2.56% |
| WINSTON-SALEM, NC (FHA|USDA|VA) | 1 | $625,000 | $625,000 | $4,056 | 3.25% |
| KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) | 2 | $590,000 | $295,000 | $2,813 | 2.81% |
| DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) | 1 | $585,000 | $585,000 | $3,078 | 3.00% |
| SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) | 1 | $555,000 | $555,000 | $2,508 | 2.88% |
| GREENVILLE-ANDERSON, SC (FHA|USDA|VA) | 2 | $550,000 | $275,000 | $3,097 | 2.94% |
| SALINAS, CA (FHA|USDA|VA) | 1 | $545,000 | $545,000 | $2,508 | 3.25% |
| Ludington, MI (FHA|USDA|VA) | 1 | $545,000 | $545,000 | $3,293 | 3.25% |
| Lake City, FL (FHA|USDA|VA) | 1 | $505,000 | $505,000 | $6,171 | 3.13% |
| IOWA CITY, IA (FHA|USDA|VA) | 1 | $475,000 | $475,000 | $9,086 | 2.63% |
| GREELEY, CO (FHA|USDA|VA) | 1 | $465,000 | $465,000 | $928 | 2.25% |
| Traverse City, MI (FHA|USDA|VA) | 1 | $455,000 | $455,000 | $2,993 | 2.50% |
| JANESVILLE-BELOIT, WI (FHA|USDA|VA) | 2 | $450,000 | $225,000 | $2,832 | 2.93% |
| CEDAR RAPIDS, IA (FHA|USDA|VA) | 1 | $435,000 | $435,000 | $3,264 | 2.88% |
| CHAMPAIGN-URBANA, IL (FHA|USDA|VA) | 2 | $410,000 | $205,000 | $2,111 | 2.93% |
| RACINE, WI (FHA|USDA|VA) | 2 | $400,000 | $200,000 | $2,821 | 2.81% |
| SHEBOYGAN, WI (FHA|USDA|VA) | 1 | $385,000 | $385,000 | $2,659 | 2.25% |
| PORT ST. LUCIE, FL (FHA|USDA|VA) | 1 | $385,000 | $385,000 | $8,819 | 2.38% |
| GAINESVILLE, GA (FHA|USDA|VA) | 1 | $365,000 | $365,000 | $4,073 | 3.00% |
| Madison, IN (FHA|USDA|VA) | 1 | $355,000 | $355,000 | $2,884 | 2.38% |
| GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) | 1 | $355,000 | $355,000 | $3,843 | 3.00% |
| BLOOMINGTON, IL (FHA|USDA|VA) | 2 | $350,000 | $175,000 | $2,659 | 2.75% |
| COLUMBUS, OH (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $2,374 | 2.88% |
| Tullahoma-Manchester, TN (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $2,368 | 2.25% |
| Key West, FL (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $4,161 | 2.50% |
| KNOXVILLE, TN (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $2,268 | 2.99% |
| Dayton, TN (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $3,909 | 3.25% |
| CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $2,328 | 2.88% |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $4,333 | 3.00% |
| Shawano, WI (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $2,903 | 3.25% |
| Ottawa, IL (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $5,316 | 3.13% |
| Marquette, MI (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $2,098 | 2.25% |
| ASHEVILLE, NC (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $3,111 | 2.75% |
| Rochelle, IL (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $2,023 | 2.99% |
| Cedartown, GA (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $3,349 | 3.25% |
| DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $3,332 | 2.99% |
| RALEIGH-CARY, NC (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $0 | 3.50% |
| TYLER, TX (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $3,614 | 3.13% |
| Baraboo, WI (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $3,132 | 3.63% |
| FORT WAYNE, IN (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $3,348 | 2.00% |
| Sebastian-Vero Beach, FL (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $0 | 2.88% |
| DECATUR, IL (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $2,541 | 2.99% |
| TOLEDO, OH (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $0 | 4.38% |
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.
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Product Mix
For 2021, Proper Rate's most frequently originated type of loan was Conventional, with 3,849 originations. Their 2nd most popular type was FHA, with 65 originations.
Loan Reason
For 2021, Proper Rate's most frequently cited loan purpose was Home Purchase, with 2,089 originations. The 2nd most popular reason was Refi, with 1,464 originations.
Loan Duration/Length
For 2021, Proper Rate's most frequently cited loan duration was 30 Year, with 3,208 originations. The 2nd most popular length was 15 Year, with 522 originations.
Origination Fees/Closing Costs
Proper Rate's average total fees were $4,411, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 3,451 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 2.5-3% | 2,139 | $902,205,000 | $421,788 |
| 3-4% | 1,269 | $499,665,000 | $393,747 |
| <2.5% | 506 | $167,120,000 | $330,277 |
| 4-5% | 23 | $8,765,000 | $381,087 |
During 2021, Proper Rate's average interest rate for loans was 3.03%, while their most frequently originated rate bucket for loans was 2.5-3%, with 2,139 originations.
Loan Sizing
2021 saw Proper Rate place emphasis on $200k-400k loans with 1,718 originations, totaling $508,750,000 in origination value.
Applicant Income
Proper Rate lent most frequently to those with incomes in the $150k-250k range, with 1,164 originations. The second most popular income band? $100k-150k, with 939 originations.
Applicant Debt to Income Ratio
Proper Rate lent most frequently to those with DTI ratios of 20-30%, with 1,181 originations. The next most common DTI ratio? 30-36%, with 778 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications98.04%
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 origination63.37%
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 | 3,937 | $1,577,755,000 | $400,751 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3,937 | $1,577,755,000 | $400,751 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2021 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| PREFERRED MORTGAGE CORPORATION | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 100.0% |
