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, 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% | 4/16/24 |
| 30 Year Conventional Refi | 6.32% | 4/16/24 |
| 30 Year Cash-out Refi | 6.66% | 4/16/24 |
| 30 Year FHA Purchase | 7.44% | 4/16/24 |
| 30 Year FHA Refi | 6.27% | 4/16/24 |
| 30 Year VA Purchase | 6.30% | 4/16/24 |
| 15 Year Conventional Purchase | 6.08% | 4/16/24 |
| 15 Year Conventional Refi | 5.88% | 4/16/24 |
| 15 Year Cash-out Refi | 5.88% | 4/16/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
1,386Origination Dollar Volume (All Markets)
$547,510,000Relative 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% |
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
| 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
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
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
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
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
2023 saw Proper Rate place emphasis on $200k-400k loans with 638 originations, totaling $187,410,000 in origination value.
Applicant Income
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
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
Approval Rates
Total approvals of all applications97.57%
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 origination51.01%
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 |