Foundation Mortgage Corporation Rates, Fees & Info
MIAMI BEACH, FLLEI: 549300ZCR1XCLNEEI724
Tax ID: 65-0882429
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Mortgage Data
Review & Overview
Foundation Mortgage Corporation is a smaller mortgage company specializing in Home Purchase and Refi loans. Foundation Mortgage Corporation 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: Los Angeles, New York, Miami, Riverside, and Orlando among others. We have data for 95 markets. (Some data included below & more in-depth data is available with an active subscription.)Foundation Mortgage Corporation 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. Foundation Mortgage Corporation is typically a high 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 7.05% | 4/14/24 |
| 30 Year Conventional Refi | 6.78% | 4/14/24 |
| 30 Year FHA Purchase | 7.43% | 4/14/24 |
| 30 Year FHA Refi | 6.82% | 4/14/24 |
| 30 Year VA Purchase | 6.27% | 4/14/24 |
| 30 Year VA Refi | 6.21% | 4/14/24 |
| 15 Year Conventional Purchase | 6.14% | 4/14/24 |
| 15 Year Conventional Refi | 6.13% | 4/14/24 |
| 15 Year Cash-out Refi | 6.13% | 4/14/24 |
| 15 Year VA Refi | 6.28% | 4/14/24 |
| 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. | ||
Foundation Mortgage Corporation Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
487Origination Dollar Volume (All Markets)
$262,695,000Relative Rate
Foundation Mortgage Corporation's average 30 year fixed mortgage rate was
8.68%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of 2.2%.
Relative Fees (Closing Costs)
Foundation Mortgage Corporation's average total fees/closing costs for a 30 year fixed rate
mortgage were $18,768.
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 |
|---|---|---|---|---|---|
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 70 | $72,600,000 | $1,037,143 | $24,384 | 8.52% |
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 44 | $24,000,000 | $545,455 | $35,770 | 8.49% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 39 | $20,105,000 | $515,513 | $19,637 | 8.51% |
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 25 | $17,225,000 | $689,000 | $19,882 | 8.72% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 36 | $14,230,000 | $395,278 | $17,099 | 8.68% |
| SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) | 14 | $10,020,000 | $715,714 | $18,365 | 8.77% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 34 | $8,180,000 | $240,588 | $9,474 | 8.95% |
| OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) | 6 | $6,770,000 | $1,128,333 | $23,714 | 8.52% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 11 | $5,935,000 | $539,545 | $12,590 | 8.38% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 12 | $5,920,000 | $493,333 | $17,109 | 8.88% |
| San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) | 7 | $5,455,000 | $779,286 | $18,470 | 8.48% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 8 | $4,720,000 | $590,000 | $17,371 | 9.09% |
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 10 | $4,240,000 | $424,000 | $20,853 | 9.86% |
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 7 | $4,015,000 | $573,571 | $16,506 | 8.39% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 8 | $3,580,000 | $447,500 | $8,245 | 8.61% |
| COLUMBUS, OH (FHA|USDA|VA) | 14 | $3,370,000 | $240,714 | $13,275 | 8.38% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 6 | $2,740,000 | $456,667 | $12,470 | 8.19% |
| OCEAN CITY, NJ (FHA|USDA|VA) | 3 | $1,965,000 | $655,000 | $21,350 | 8.63% |
| NAPA, CA (FHA|USDA|VA) | 1 | $1,965,000 | $1,965,000 | $63,008 | 7.38% |
| MCALLEN-EDINBURG-MISSION, TX (FHA|USDA|VA) | 7 | $1,815,000 | $259,286 | $11,885 | 9.25% |
| ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) | 4 | $1,710,000 | $427,500 | $23,329 | 9.34% |
| Glenwood Springs, CO (FHA|USDA|VA) | 1 | $1,655,000 | $1,655,000 | $0 | 8.25% |
| PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) | 2 | $1,550,000 | $775,000 | $20,731 | 8.06% |
| Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) | 2 | $1,510,000 | $755,000 | $13,641 | 8.38% |
| SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) | 1 | $1,505,000 | $1,505,000 | $30,254 | 7.50% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 4 | $1,500,000 | $375,000 | $0 | 9.25% |
| Fredericksburg, TX (FHA|USDA|VA) | 1 | $1,495,000 | $1,495,000 | $0 | 8.25% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 2 | $1,390,000 | $695,000 | $0 | 8.69% |
| LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) | 5 | $1,385,000 | $277,000 | $0 | 8.60% |
| EAST STROUDSBURG, PA (FHA|USDA|VA) | 3 | $1,075,000 | $358,333 | $0 | 8.96% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 4 | $1,070,000 | $267,500 | $6,355 | 9.28% |
| Kill Devil Hills, NC (FHA|USDA|VA) | 1 | $985,000 | $985,000 | $0 | 8.25% |
| ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) | 3 | $985,000 | $328,333 | $0 | 9.46% |
| SANTA MARIA-SANTA BARBARA, CA (FHA|USDA|VA) | 3 | $905,000 | $301,667 | $11,803 | 7.50% |
| NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) | 3 | $885,000 | $295,000 | $18,721 | 8.83% |
| Show Low, AZ (FHA|USDA|VA) | 1 | $875,000 | $875,000 | $0 | 8.88% |
| Outside of Metro Areas | 2 | $870,000 | $435,000 | $11,665 | 8.38% |
| ASHEVILLE, NC (FHA|USDA|VA) | 1 | $835,000 | $835,000 | $17,326 | 8.88% |
| AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) | 1 | $785,000 | $785,000 | $0 | 9.00% |
| Whitewater, WI (FHA|USDA|VA) | 1 | $785,000 | $785,000 | $0 | 7.88% |
| FRESNO, CA (FHA|USDA|VA) | 3 | $785,000 | $261,667 | $0 | 8.46% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 4 | $700,000 | $175,000 | $0 | 8.75% |
| Hilo, HI (FHA|USDA|VA) | 3 | $685,000 | $228,333 | $0 | 8.00% |
| BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) | 2 | $660,000 | $330,000 | $0 | 8.56% |
| INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) | 3 | $655,000 | $218,333 | $12,505 | 9.38% |
| VALLEJO, CA (FHA|USDA|VA) | 2 | $650,000 | $325,000 | $0 | 7.81% |
| OLYMPIA-LACEY-TUMWATER, WA (FHA|USDA|VA) | 1 | $645,000 | $645,000 | $0 | 8.63% |
| PANAMA CITY, FL (FHA|USDA|VA) | 2 | $640,000 | $320,000 | $18,314 | 7.69% |
| URBAN HONOLULU, HI (FHA|USDA|VA) | 1 | $585,000 | $585,000 | $0 | 7.50% |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) | 2 | $580,000 | $290,000 | $0 | 7.94% |
| SALEM, OR (FHA|USDA|VA) | 2 | $570,000 | $285,000 | $14,111 | 12.00% |
| BUFFALO-CHEEKTOWAGA, NY (FHA|USDA|VA) | 3 | $535,000 | $178,333 | $0 | 8.54% |
| LANSING-EAST LANSING, MI (FHA|USDA|VA) | 3 | $515,000 | $171,667 | $7,853 | 8.71% |
| Eureka-Arcata, CA (FHA|USDA|VA) | 1 | $505,000 | $505,000 | $12,950 | 8.38% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 3 | $495,000 | $165,000 | $0 | 8.79% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 2 | $480,000 | $240,000 | $7,950 | 8.88% |
| VISALIA, CA (FHA|USDA|VA) | 1 | $475,000 | $475,000 | $17,520 | 8.75% |
| BOISE CITY, ID (FHA|USDA|VA) | 1 | $455,000 | $455,000 | $0 | 7.50% |
| POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) | 1 | $445,000 | $445,000 | $0 | 9.63% |
| Port Angeles, WA (FHA|USDA|VA) | 1 | $435,000 | $435,000 | $15,671 | 9.88% |
| SAN LUIS OBISPO-PASO ROBLES, CA (FHA|USDA|VA) | 1 | $405,000 | $405,000 | $0 | 8.88% |
| COLORADO SPRINGS, CO (FHA|USDA|VA) | 1 | $405,000 | $405,000 | $13,364 | 7.25% |
| Sonora, CA (FHA|USDA|VA) | 1 | $395,000 | $395,000 | $11,627 | 8.25% |
| HAMMOND, LA (FHA|USDA|VA) | 1 | $385,000 | $385,000 | $0 | 10.00% |
| Newport, OR (FHA|USDA|VA) | 1 | $365,000 | $365,000 | $12,154 | 8.38% |
| Red Bluff, CA (FHA|USDA|VA) | 1 | $355,000 | $355,000 | $15,768 | 10.13% |
| PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $0 | 9.38% |
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 2 | $330,000 | $165,000 | $7,900 | 8.63% |
| MADERA, CA (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $0 | 8.50% |
| NEW HAVEN-MILFORD, CT (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $0 | 8.00% |
| TOLEDO, OH (FHA|USDA|VA) | 2 | $270,000 | $135,000 | $0 | 9.75% |
| CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $0 | 8.25% |
| EL PASO, TX (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $11,233 | 9.63% |
| HARRISBURG-CARLISLE, PA (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $0 | 9.75% |
| ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $0 | 9.50% |
| GAINESVILLE, FL (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $15,066 | 8.50% |
| BINGHAMTON, NY (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $0 | 9.13% |
| BAKERSFIELD, CA (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $8,727 | 10.63% |
| RICHMOND, VA (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $0 | 7.50% |
| SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $0 | 8.75% |
| Oneonta, NY (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $0 | 9.63% |
| Rochelle, IL (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $10,133 | 8.00% |
| MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $0 | 9.25% |
| LONGVIEW, TX (FHA|USDA|VA) | 2 | $210,000 | $105,000 | $0 | 10.50% |
| Houghton, MI (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $0 | 10.25% |
| Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) | 2 | $190,000 | $95,000 | $0 | 9.63% |
| CHARLOTTESVILLE, VA (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $0 | 9.75% |
| VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $0 | 8.75% |
| ALBUQUERQUE, NM (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $0 | 10.13% |
| BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $0 | 7.63% |
| ELKHART-GOSHEN, IN (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $0 | 10.13% |
| GREENVILLE-ANDERSON, SC (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $0 | 8.63% |
| SALISBURY, MD-DE (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $8,791 | 8.25% |
| SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 9.00% |
| MEMPHIS, TN-MS-AR (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $0 | 8.13% |
Similar Lenders
We use machine learning to identify the top lenders compared against FOUNDATION MORTGAGE CORPORATION 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 | 486 | $262,400,000 | $539,918 | $18,855 | 8.70% |
| FHA | 1 | $295,000 | $295,000 | $18,407 | 6.50% |
For 2023, Foundation Mortgage Corporation's most frequently originated type of loan was Conventional, with 486 originations. Their 2nd most popular type was FHA, with 1 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 271 | $143,165,000 | $528,284 | $18,377 | 8.67% |
| Refi | 216 | $119,530,000 | $553,380 | $19,668 | 8.74% |
For 2023, Foundation Mortgage Corporation's most frequently cited loan purpose was Home Purchase, with 271 originations. The 2nd most popular reason was Refi, with 216 originations.
Loan Duration/Length
For 2023, Foundation Mortgage Corporation's most frequently cited loan duration was 30 Year, with 476 originations. The 2nd most popular length was 30+ year, with 10 originations.
Origination Fees/Closing Costs
Foundation Mortgage Corporation's average total fees were $18,768, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 169 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| Over 8% | 347 | $183,655,000 | $529,265 |
| 7-8% | 129 | $74,385,000 | $576,628 |
| 6-7% | 8 | $3,690,000 | $461,250 |
| 5-6% | 3 | $965,000 | $321,667 |
During 2023, Foundation Mortgage Corporation's average interest rate for loans was 8.68%, while their most frequently originated rate bucket for loans was Over 8%, with 347 originations.
Loan Sizing
2023 saw Foundation Mortgage Corporation place emphasis on $200k-400k loans with 177 originations, totaling $51,545,000 in origination value.
Applicant Income
Foundation Mortgage Corporation lent most frequently to those with incomes in the $250k+ range, with 155 originations. The second most popular income band? $50k or less, with 144 originations.
Applicant Debt to Income Ratio
Foundation Mortgage Corporation lent most frequently to those with DTI ratios of <20%, with 58 originations. The next most common DTI ratio? 30-36%, with 46 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications94.05%
Foundation Mortgage Corporation has an average approval rate.
Pick Rate
Approvals leading to origination20.53%
Foundation Mortgage Corporation 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 |
|---|---|---|---|
| 35761.13 | 1 | $435,000 | $435,000 |
| 4845.0 | 1 | $155,000 | $155,000 |
| NA | 485 | $262,105,000 | $540,423 |