Watson Mortgage Corp. Rates, Fees & Info

JACKSONVILLE, FL

LEI: 549300YLA2LNEYNOLN85

Tax ID: 59-3256287

5 stars - Updated: 11/17/24 - out of 5 stars, based on 17 reviews

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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Relative Rates
  • Relative Fees
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Watson Mortgage Corp. is a smaller mortgage company specializing in Home Purchase loans. Watson Mortgage Corp. has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets by origination volume include: Jacksonville, Orlando, Deltona, Gainesville, and Lakeland among others. We have data for 18 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Watson Mortgage Corp. has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Watson Mortgage Corp. 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 6.34% 11/17/24
    30 Year Conventional Refi 6.53% 11/17/24
    30 Year Cash-out Refi 6.83% 11/17/24
    30 Year FHA Purchase 7.52% 11/17/24
    30 Year VA Purchase 6.34% 11/17/24
    30 Year VA Refi 6.27% 11/17/24
    15 Year Conventional Purchase 6.28% 11/17/24
    15 Year Conventional Refi 6.18% 11/17/24
    15 Year Cash-out Refi 6.18% 11/17/24
    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.

    Watson Mortgage Corp. Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Watson Mortgage Corp.. 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

    291

    Origination Dollar Volume (All Markets)

    $79,795,000
    Show all (5) awards

    Relative Rate

    Watson Mortgage Corp.'s average 30 year fixed mortgage rate was 6.05%.

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

    This yields a difference of -0.43%.

    Relative Fees (Closing Costs)

    Watson Mortgage Corp.'s average total fees/closing costs for a 30 year fixed rate mortgage were $7,418.

    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
    JACKSONVILLE, FL (FHA|USDA|VA) 175 $48,765,000 $278,657 $7,314 5.94%
    ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 37 $11,265,000 $304,459 $8,188 6.10%
    DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 29 $7,905,000 $272,586 $8,459 6.42%
    GAINESVILLE, FL (FHA|USDA|VA) 16 $3,540,000 $221,250 $4,875 5.66%
    LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 8 $2,210,000 $276,250 $8,287 6.22%
    OCALA, FL (FHA|USDA|VA) 9 $1,775,000 $197,222 $7,214 6.57%
    PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 3 $1,285,000 $428,333 $7,640 6.38%
    Outside of Metro Areas 2 $670,000 $335,000 $8,614 6.88%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $455,000 $455,000 $6,102 6.88%
    THE VILLAGES, FL (FHA|USDA|VA) 1 $355,000 $355,000 $12,291 8.00%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $315,000 $315,000 $4,993 6.63%
    Palatka, FL (FHA|USDA|VA) 2 $270,000 $135,000 $8,206 6.81%
    Sebastian-Vero Beach, FL (FHA|USDA|VA) 2 $240,000 $120,000 $5,180 6.69%
    PANAMA CITY, FL (FHA|USDA|VA) 1 $235,000 $235,000 $10,054 6.75%
    PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 1 $225,000 $225,000 $7,522 7.00%
    SEBRING-AVON PARK, FL (FHA|USDA|VA) 1 $115,000 $115,000 $3,134 6.00%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $105,000 $105,000 $4,348 6.38%
    HOMOSASSA SPRINGS, FL (FHA|USDA|VA) 1 $65,000 $65,000 $3,265 6.13%
    Watson Mortgage Corp.'s top markets include Jacksonville, Orlando, Deltona, Gainesville, and Lakeland among others.

    Their top states include:
  • Florida (FHA|USDA|VA)

    • Similar Lenders

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

    FLORIDA
    Similarity Rank: 440
    ACHIEVA CREDIT UNION
    Similarity Rank: 441
    ORLANDO CREDIT UNION
    Similarity Rank: 459
    SunState Federal Credit Union
    Similarity Rank: 468
    LAUNCH FEDERAL CREDIT UNION
    Similarity Rank: 552
    Coastline Federal Credit Union
    Similarity Rank: 574
    CAMPUS USA
    Similarity Rank: 588
    Terrabank
    Similarity Rank: 660
    JAX
    Similarity Rank: 711
    121 FINANCIAL
    Similarity Rank: 760

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 194 $49,640,000 $255,876 $5,619 5.92%
    FHA 51 $13,725,000 $269,118 $11,537 6.49%
    VA 46 $16,430,000 $357,174 $10,382 6.21%

    For 2023, Watson Mortgage Corp.'s most frequently originated type of loan was Conventional, with 194 originations. Their 2nd most popular type was FHA, with 51 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 283 $77,885,000 $275,212 $7,420 6.05%
    Cash Out Refi 6 $1,430,000 $238,333 $7,157 6.60%
    Home Improvement 1 $335,000 $335,000 $7,906 6.63%
    Refi 1 $145,000 $145,000 $5,154 5.88%

    For 2023, Watson Mortgage Corp.'s most frequently cited loan purpose was Home Purchase, with 283 originations. The 2nd most popular reason was Cash Out Refi, with 6 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 288 $79,230,000 $275,104 $7,418 6.05%
    10 Year 1 $5,000 $5,000 $0 9.88%
    15 Year 1 $75,000 $75,000 $3,886 6.00%
    5 Year 1 $485,000 $485,000 $15,843 7.00%

    For 2023, Watson Mortgage Corp.'s most frequently cited loan duration was 30 Year, with 288 originations. The 2nd most popular length was 10 Year, with 1 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 141 $41,575,000 $294,858
    $5k+ 47 $18,495,000 $393,511
    $3k-4k 30 $6,700,000 $223,333
    $<1k 27 $795,000 $29,444
    $2k-3k 23 $4,925,000 $214,130
    $4k-5k 23 $7,305,000 $317,609

    Watson Mortgage Corp.'s average total fees were $7,418, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 141 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 154 $43,770,000 $284,221
    7-8% 56 $17,430,000 $311,250
    5-6% 54 $16,810,000 $311,296
    <2.5% 23 $335,000 $14,565
    4-5% 2 $980,000 $490,000
    Over 8% 2 $470,000 $235,000

    During 2023, Watson Mortgage Corp.'s average interest rate for loans was 6.05%, while their most frequently originated rate bucket for loans was 6-7%, with 154 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 147 $42,455,000 $288,810 $8,510 6.62%
    $100k-200k 60 $9,420,000 $157,000 $5,275 6.56%
    $400k-600k 43 $20,105,000 $467,558 $10,981 6.45%
    $100,000 or less 32 $890,000 $27,813 $1,028 1.94%
    $600k-1MM 8 $5,420,000 $677,500 $8,682 6.52%
    $1MM+ 1 $1,505,000 $1,505,000 $13,941 7.13%

    2023 saw Watson Mortgage Corp. place emphasis on $200k-400k loans with 147 originations, totaling $42,455,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 77 $14,145,000 $183,701 $5,661 5.60%
    $75k-100k 77 $18,545,000 $240,844 $7,715 5.95%
    $100k-150k 62 $19,280,000 $310,968 $8,737 6.17%
    $150k-250k 46 $19,460,000 $423,043 $8,853 6.61%
    $50k or less 17 $1,965,000 $115,588 $4,715 6.10%
    $250k+ 12 $6,400,000 $533,333 $8,077 7.09%

    Watson Mortgage Corp. lent most frequently to those with incomes in the $50k-75k range, with 77 originations. The second most popular income band? $75k-100k, with 77 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 34 $8,890,000 $261,471 $6,520 5.76%
    50-60% 22 $6,750,000 $306,818 $10,690 6.40%
    49% 20 $6,010,000 $300,500 $9,397 6.59%
    20-30% 19 $5,225,000 $275,000 $6,408 5.97%
    <20% 18 $1,460,000 $81,111 $1,884 2.18%
    47% 17 $6,435,000 $378,529 $7,800 6.80%
    43% 17 $5,135,000 $302,059 $9,475 6.57%
    45% 16 $4,660,000 $291,250 $7,771 6.03%
    41% 16 $3,640,000 $227,500 $6,827 6.19%
    42% 15 $4,325,000 $288,333 $6,703 6.78%
    48% 15 $4,855,000 $323,667 $8,304 6.61%
    46% 14 $3,940,000 $281,429 $7,953 6.46%
    36% 13 $3,875,000 $298,077 $8,152 6.17%
    44% 13 $3,715,000 $285,769 $7,083 6.48%
    38% 13 $4,115,000 $316,538 $6,766 6.84%
    40% 11 $2,905,000 $264,091 $8,655 6.20%
    39% 10 $1,830,000 $183,000 $5,641 6.01%
    37% 7 $2,015,000 $287,857 $7,740 6.89%
    >60% 1 $15,000 $15,000 $0 0.00%

    Watson Mortgage Corp. lent most frequently to those with DTI ratios of 30-36%, with 34 originations. The next most common DTI ratio? 50-60%, with 22 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 211 $56,805,000 $269,218 $7,351 6.06%
    Not provided 51 $14,315,000 $280,686 $6,591 6.21%
    Black 22 $5,280,000 $240,000 $9,007 5.59%
    Asian 5 $2,995,000 $599,000 $9,603 6.83%
    American Indian 2 $400,000 $200,000 $11,345 6.00%

    Approval Rates

    Total approvals of all applications
    79.54%

    Watson Mortgage Corp. has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    69.07%

    Watson Mortgage Corp. 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 291 $79,795,000 $274,210

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    291 $79,795,000 $274,210

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 16 $1,650,000 $103,125 $3,901 6.50%
    40-60% 25 $5,615,000 $224,600 $5,782 6.49%
    60-80% 56 $18,960,000 $338,571 $7,593 6.74%
    80-100% 165 $51,615,000 $312,818 $8,763 6.56%
    Over 100% 5 $1,615,000 $323,000 $15,592 5.73%
    Under 20% 24 $340,000 $14,167 $0 0.41%