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 Refi and Home Purchase loans. Proper Rate has a high proportion of conventional loans. Their top markets by origination volume include: Chicago, Denver, Niles, Phoenix, and Michigan City among others. We have data for 62 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 a low 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 | 6.63% | 4/21/24 |
| 30 Year Conventional Refi | 6.32% | 4/21/24 |
| 30 Year Cash-out Refi | 6.66% | 4/21/24 |
| 30 Year FHA Purchase | 7.44% | 4/21/24 |
| 30 Year FHA Refi | 6.27% | 4/21/24 |
| 30 Year VA Purchase | 6.30% | 4/21/24 |
| 15 Year Conventional Purchase | 6.08% | 4/21/24 |
| 15 Year Conventional Refi | 5.88% | 4/21/24 |
| 15 Year Cash-out Refi | 5.88% | 4/21/24 |
| 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
1,650Origination Dollar Volume (All Markets)
$588,820,000Awards
PROPER RATE - 2020
PROPER RATE is a 2020 , due to their low .
For 2020, less than of lenders were eligible for this award.
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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) | 1,455 | $512,845,000 | $352,471 | $3,432 | 2.91% |
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 25 | $12,865,000 | $514,600 | $2,976 | 2.94% |
| NILES, MI (FHA|USDA|VA) | 19 | $6,275,000 | $330,263 | $3,189 | 2.82% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 8 | $5,600,000 | $700,000 | $2,948 | 2.95% |
| MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) | 11 | $3,605,000 | $327,727 | $2,583 | 2.93% |
| MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) | 9 | $3,535,000 | $392,778 | $2,972 | 2.90% |
| Outside of Metro Areas | 8 | $2,370,000 | $296,250 | $2,729 | 2.80% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 4 | $2,290,000 | $572,500 | $4,365 | 3.13% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 5 | $2,175,000 | $435,000 | $4,778 | 3.00% |
| Whitewater, WI (FHA|USDA|VA) | 9 | $2,055,000 | $228,333 | $2,710 | 3.07% |
| INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) | 6 | $2,000,000 | $333,333 | $2,500 | 2.60% |
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 4 | $1,880,000 | $470,000 | $3,099 | 2.50% |
| NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) | 3 | $1,805,000 | $601,667 | $3,895 | 2.96% |
| CLEVELAND-ELYRIA, OH (FHA|USDA|VA) | 5 | $1,635,000 | $327,000 | $2,710 | 2.98% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 3 | $1,605,000 | $535,000 | $7,058 | 2.79% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 5 | $1,525,000 | $305,000 | $3,979 | 2.68% |
| HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) | 5 | $1,345,000 | $269,000 | $3,510 | 3.03% |
| Traverse City, MI (FHA|USDA|VA) | 4 | $1,250,000 | $312,500 | $3,269 | 2.84% |
| ROCKFORD, IL (FHA|USDA|VA) | 4 | $1,200,000 | $300,000 | $2,451 | 2.81% |
| AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) | 3 | $1,195,000 | $398,333 | $6,006 | 2.91% |
| BOULDER, CO (FHA|USDA|VA) | 2 | $1,140,000 | $570,000 | $4,322 | 3.06% |
| KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) | 3 | $1,065,000 | $355,000 | $3,712 | 2.71% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 1 | $985,000 | $985,000 | $8,093 | 4.13% |
| Breckenridge, CO (FHA|USDA|VA) | 2 | $970,000 | $485,000 | $3,554 | 3.06% |
| GREENVILLE-ANDERSON, SC (FHA|USDA|VA) | 1 | $925,000 | $925,000 | $5,003 | 3.13% |
| MADISON, WI (FHA|USDA|VA) | 3 | $915,000 | $305,000 | $3,173 | 2.83% |
| Steamboat Springs, CO (FHA|USDA|VA) | 2 | $900,000 | $450,000 | $3,161 | 2.87% |
| ST. LOUIS, MO-IL (FHA|USDA|VA) | 3 | $785,000 | $261,667 | $3,123 | 2.96% |
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 1 | $765,000 | $765,000 | $3,174 | 2.88% |
| SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) | 1 | $715,000 | $715,000 | $2,914 | 2.99% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 2 | $620,000 | $310,000 | $3,100 | 3.00% |
| San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) | 1 | $585,000 | $585,000 | $3,358 | 2.99% |
| APPLETON, WI (FHA|USDA|VA) | 1 | $585,000 | $585,000 | $3,309 | 3.63% |
| CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) | 1 | $515,000 | $515,000 | $5,465 | 2.75% |
| Holland, MI (FHA|USDA|VA) | 1 | $515,000 | $515,000 | $3,554 | 2.88% |
| WINSTON-SALEM, NC (FHA|USDA|VA) | 2 | $500,000 | $250,000 | $2,270 | 2.93% |
| Plymouth, IN (FHA|USDA|VA) | 1 | $495,000 | $495,000 | $3,578 | 2.88% |
| RACINE, WI (FHA|USDA|VA) | 1 | $475,000 | $475,000 | $2,663 | 2.99% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 1 | $455,000 | $455,000 | $3,492 | 2.88% |
| COLORADO SPRINGS, CO (FHA|USDA|VA) | 2 | $410,000 | $205,000 | $3,311 | 2.56% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 1 | $405,000 | $405,000 | $5,128 | 2.75% |
| SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) | 1 | $405,000 | $405,000 | $2,334 | 2.88% |
| DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) | 2 | $360,000 | $180,000 | $2,126 | 2.75% |
| SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $3,336 | 2.99% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 1 | $335,000 | $335,000 | $3,359 | 3.00% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $2,879 | 2.63% |
| FOND DU LAC, WI (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $4,155 | 2.88% |
| Galesburg, IL (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $2,322 | 2.63% |
| NEW BERN, NC (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $2,977 | 2.38% |
| Watertown-Fort Atkinson, WI (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $2,410 | 3.13% |
| PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $3,147 | 2.88% |
| SHEBOYGAN, WI (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $1,999 | 2.88% |
| Baraboo, WI (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $2,043 | 2.63% |
| Sturgis, MI (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $2,864 | 2.75% |
| SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $2,621 | 2.50% |
| DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $2,813 | 2.50% |
| Mason City, IA (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $2,848 | 2.99% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $2,880 | 3.13% |
| PUNTA GORDA, FL (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $2,737 | 2.50% |
| Freeport, IL (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $2,054 | 2.63% |
| BLOOMINGTON, IN (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $2,088 | 2.50% |
| DECATUR, IL (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $2,301 | 2.25% |
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 | 1,650 | $588,820,000 | $356,861 | $3,409 | 2.91% |
For 2020, Proper Rate's most frequently originated type of loan was Conventional, with 1,650 originations.
Loan Reason
For 2020, Proper Rate's most frequently cited loan purpose was Refi, with 875 originations. The 2nd most popular reason was Home Purchase, with 652 originations.
Loan Duration/Length
For 2020, Proper Rate's most frequently cited loan duration was 30 Year, with 1,266 originations. The 2nd most popular length was 15 Year, with 252 originations.
Origination Fees/Closing Costs
Proper Rate's average total fees were $3,709, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 1,495 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 2.5-3% | 1,110 | $395,310,000 | $356,135 |
| 3-4% | 313 | $130,705,000 | $417,588 |
| <2.5% | 221 | $60,695,000 | $274,638 |
| 4-5% | 6 | $2,110,000 | $351,667 |
During 2020, Proper Rate's average interest rate for loans was 2.98%, while their most frequently originated rate bucket for loans was 2.5-3%, with 1,110 originations.
Loan Sizing
2020 saw Proper Rate place emphasis on $200k-400k loans with 811 originations, totaling $239,575,000 in origination value.
Applicant Income
Proper Rate lent most frequently to those with incomes in the $150k-250k range, with 507 originations. The second most popular income band? $100k-150k, with 434 originations.
Applicant Debt to Income Ratio
Proper Rate lent most frequently to those with DTI ratios of 20-30%, with 489 originations. The next most common DTI ratio? 30-36%, with 300 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications98.75%
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 origination52.18%
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 | 1,650 | $588,820,000 | $356,861 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 1,650 | $588,820,000 | $356,861 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2020 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| PREFERRED MORTGAGE CORPORATION | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 50.0% |
| PREFERRED MORTGAGE CORPORATION | Conventional home mortgage | Closing on a mortgage | 1 | 50.0% |