Proper Rate Mortgage Rates, Fees & Info
WILMINGTON, DELEI: 549300YAYQAARPBTRA72
Tax ID: 84-2904615
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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, Denver, Niles, Phoenix, and Atlanta among others. We have data for 82 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.
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% | 6/4/23 |
| 30 Year Conventional Refi | 6.32% | 6/4/23 |
| 30 Year Cash-out Refi | 6.66% | 6/4/23 |
| 30 Year FHA Purchase | 7.44% | 6/4/23 |
| 30 Year FHA Refi | 6.27% | 6/4/23 |
| 30 Year VA Purchase | 6.30% | 6/4/23 |
| 15 Year Conventional Purchase | 6.08% | 6/4/23 |
| 15 Year Conventional Refi | 5.88% | 6/4/23 |
| 15 Year Cash-out Refi | 5.88% | 6/4/23 |
| 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
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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
1,957Origination Dollar Volume (All Markets)
$816,635,000Awards
PROPER RATE - 2022
PROPER RATE is a 2022 , due to their low .
For 2022, 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
4.88%.
The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.
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 $6,021.
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) | 1,688 | $693,850,000 | $411,049 | $5,996 | 4.78% |
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 22 | $13,400,000 | $609,091 | $4,288 | 4.60% |
| NILES, MI (FHA|USDA|VA) | 31 | $9,635,000 | $310,806 | $5,356 | 5.00% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 6 | $6,420,000 | $1,070,000 | $6,172 | 4.24% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 8 | $6,070,000 | $758,750 | $5,049 | 4.23% |
| INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) | 11 | $5,425,000 | $493,182 | $4,513 | 4.44% |
| MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) | 14 | $5,200,000 | $371,429 | $2,769 | 5.23% |
| Whitewater, WI (FHA|USDA|VA) | 14 | $4,320,000 | $308,571 | $3,423 | 5.19% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 6 | $3,920,000 | $653,333 | $8,029 | 4.42% |
| Outside of Metro Areas | 9 | $3,785,000 | $420,556 | $5,348 | 6.60% |
| MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) | 9 | $3,525,000 | $391,667 | $3,762 | 4.24% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 10 | $3,460,000 | $346,000 | $8,852 | 5.90% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 4 | $3,010,000 | $752,500 | $6,214 | 4.15% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 7 | $2,935,000 | $419,286 | $4,618 | 3.98% |
| SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) | 3 | $2,735,000 | $911,667 | $6,774 | 5.54% |
| BOULDER, CO (FHA|USDA|VA) | 3 | $2,675,000 | $891,667 | $5,725 | 5.13% |
| ST. LOUIS, MO-IL (FHA|USDA|VA) | 4 | $2,360,000 | $590,000 | $5,727 | 4.84% |
| SHEBOYGAN, WI (FHA|USDA|VA) | 2 | $2,170,000 | $1,085,000 | $6,886 | 4.06% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 2 | $2,070,000 | $1,035,000 | $6,096 | 5.31% |
| NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) | 4 | $2,050,000 | $512,500 | $8,205 | 4.71% |
| San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) | 1 | $1,745,000 | $1,745,000 | $17,163 | 3.50% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 4 | $1,720,000 | $430,000 | $7,957 | 3.72% |
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 2 | $1,660,000 | $830,000 | $5,346 | 3.50% |
| CINCINNATI, OH-KY-IN (FHA|USDA|VA) | 8 | $1,520,000 | $190,000 | $3,314 | 3.89% |
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 3 | $1,475,000 | $491,667 | $5,410 | 4.94% |
| AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) | 3 | $1,455,000 | $485,000 | $9,255 | 5.19% |
| SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) | 3 | $1,325,000 | $441,667 | $5,412 | 5.79% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 3 | $1,225,000 | $408,333 | $5,066 | 4.46% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 2 | $1,220,000 | $610,000 | $6,529 | 6.69% |
| CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) | 1 | $1,125,000 | $1,125,000 | $0 | 5.13% |
| Holland, MI (FHA|USDA|VA) | 2 | $1,040,000 | $520,000 | $8,282 | 5.75% |
| GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) | 2 | $990,000 | $495,000 | $6,401 | 5.69% |
| CLEVELAND-ELYRIA, OH (FHA|USDA|VA) | 2 | $920,000 | $460,000 | $4,050 | 5.49% |
| PUNTA GORDA, FL (FHA|USDA|VA) | 2 | $910,000 | $455,000 | $4,009 | 4.81% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 4 | $900,000 | $225,000 | $4,214 | 6.21% |
| DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) | 3 | $855,000 | $285,000 | $4,621 | 5.30% |
| KNOXVILLE, TN (FHA|USDA|VA) | 2 | $810,000 | $405,000 | $5,121 | 4.88% |
| PEORIA, IL (FHA|USDA|VA) | 3 | $755,000 | $251,667 | $3,004 | 5.87% |
| ASHEVILLE, NC (FHA|USDA|VA) | 2 | $740,000 | $370,000 | $5,636 | 6.20% |
| FORT COLLINS, CO (FHA|USDA|VA) | 2 | $690,000 | $345,000 | $2,759 | 4.00% |
| MADISON, WI (FHA|USDA|VA) | 2 | $680,000 | $340,000 | $3,896 | 4.87% |
| HOMOSASSA SPRINGS, FL (FHA|USDA|VA) | 2 | $680,000 | $340,000 | $7,119 | 3.44% |
| PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) | 1 | $645,000 | $645,000 | $5,611 | 5.75% |
| KANSAS CITY, MO-KS (FHA|USDA|VA) | 1 | $645,000 | $645,000 | $2,954 | 5.50% |
| SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) | 1 | $645,000 | $645,000 | $0 | 6.50% |
| ROCKFORD, IL (FHA|USDA|VA) | 2 | $610,000 | $305,000 | $3,744 | 5.31% |
| OCALA, FL (FHA|USDA|VA) | 2 | $570,000 | $285,000 | $7,016 | 3.88% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 1 | $535,000 | $535,000 | $3,088 | 2.75% |
| Sevierville, TN (FHA|USDA|VA) | 1 | $495,000 | $495,000 | $0 | 6.88% |
| PORT ST. LUCIE, FL (FHA|USDA|VA) | 1 | $495,000 | $495,000 | $5,784 | 4.00% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 1 | $455,000 | $455,000 | $10,385 | 4.38% |
| Sturgis, MI (FHA|USDA|VA) | 1 | $455,000 | $455,000 | $3,373 | 5.75% |
| MEMPHIS, TN-MS-AR (FHA|USDA|VA) | 1 | $445,000 | $445,000 | $3,101 | 4.25% |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) | 1 | $425,000 | $425,000 | $6,844 | 2.99% |
| THE VILLAGES, FL (FHA|USDA|VA) | 1 | $425,000 | $425,000 | $7,801 | 3.50% |
| CHATTANOOGA, TN-GA (FHA|USDA|VA) | 1 | $405,000 | $405,000 | $15,844 | 5.88% |
| COLORADO SPRINGS, CO (FHA|USDA|VA) | 1 | $365,000 | $365,000 | $3,263 | 4.13% |
| LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) | 1 | $335,000 | $335,000 | $5,493 | 6.75% |
| Crossville, TN (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $7,077 | 5.25% |
| Baraboo, WI (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $4,160 | 6.63% |
| Stephenville, TX (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $16,991 | 5.50% |
| SAVANNAH, GA (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $4,463 | 4.88% |
| BLOOMINGTON, IL (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $2,807 | 6.88% |
| ANN ARBOR, MI (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $3,125 | 3.25% |
| SHERMAN-DENISON, TX (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $4,827 | 6.38% |
| APPLETON, WI (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $3,444 | 3.75% |
| Jefferson, GA (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $3,862 | 3.99% |
| SPRINGFIELD, IL (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $2,652 | 3.38% |
| DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $0 | 4.75% |
| McMinnville, TN (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $9,378 | 6.25% |
| TUCSON, AZ (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $2,359 | 5.98% |
| KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $3,272 | 6.00% |
| Lincoln, IL (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $3,324 | 7.50% |
| ROCHESTER, MN (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $0 | 5.85% |
| RACINE, WI (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $2,790 | 7.50% |
| SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $0 | 6.38% |
| DECATUR, IL (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $5,454 | 7.63% |
| GREENVILLE-ANDERSON, SC (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $3,905 | 5.75% |
| CORPUS CHRISTI, TX (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $0 | 8.75% |
| TYLER, TX (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $5,809 | 5.50% |
| Bluffton, IN (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 7.38% |
| Manitowoc, WI (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 3.63% |
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Product Mix
For 2022, Proper Rate's most frequently originated type of loan was Conventional, with 1,843 originations. Their 2nd most popular type was FHA, with 72 originations.
Loan Reason
For 2022, Proper Rate's most frequently cited loan purpose was Home Purchase, with 1,702 originations. The 2nd most popular reason was Cash Out Refi, with 132 originations.
Loan Duration/Length
For 2022, Proper Rate's most frequently cited loan duration was 30 Year, with 1,819 originations. The 2nd most popular length was 15 Year, with 118 originations.
Origination Fees/Closing Costs
Proper Rate's average total fees were $6,021, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 1,455 originations.
Interest Rates
During 2022, Proper Rate's average interest rate for loans was 4.88%, while their most frequently originated rate bucket for loans was 5-6%, with 600 originations.
Loan Sizing
2022 saw Proper Rate place emphasis on $200k-400k loans with 839 originations, totaling $249,675,000 in origination value.
Applicant Income
Proper Rate lent most frequently to those with incomes in the $150k-250k range, with 558 originations. The second most popular income band? $100k-150k, with 440 originations.
Applicant Debt to Income Ratio
Proper Rate lent most frequently to those with DTI ratios of 20-30%, with 479 originations. The next most common DTI ratio? 30-36%, with 420 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications96.99%
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 origination55.80%
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 | 1,957 | $816,635,000 | $417,289 |