Ready Mortgage Lenders Rates, Fees & Info

MIAMI, FL

LEI: 549300ZWBZI4IUOSSQ18

Tax ID: 46-3010647

1 stars - Updated: 6/17/24 - out of 5 stars, based on 15 reviews

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

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Mortgage Data

Review & Overview

Ready Mortgage Lenders is a smaller mortgage company specializing in Home Purchase loans. They have a a high proportion of FHA loans. Ready Mortgage Lenders has a high proportion of conventional loans. Ready Mortgage Lenders has a low ratio of conventional loans. Their top markets by origination volume include: Miami, Cape Coral, Orlando, Tampa, and Lakeland among others. We have data for 13 markets. (Some data included below & more in-depth data is available with an active subscription.)

Ready Mortgage Lenders 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. Ready Mortgage Lenders 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.

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 6.27% 6/17/24
30 Year Conventional Refi 7.89% 6/17/24
30 Year FHA Purchase 6.27% 6/17/24
30 Year FHA Refi 7.13% 6/17/24
30 Year VA Purchase 6.27% 6/17/24
30 Year VA Refi 6.27% 6/17/24
30 Year USDA Purchase 6.27% 6/17/24
15 Year Conventional Purchase 6.96% 6/17/24
15 Year Conventional Refi 6.59% 6/17/24
15 Year Cash-out Refi 6.59% 6/17/24
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.

Ready Mortgage Lenders Mortgage Calculator






Your Estimates

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

This is not an official calculator from Ready Mortgage Lenders. 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

225

Origination Dollar Volume (All Markets)

$91,395,000

Relative Rate

Ready Mortgage Lenders's average 30 year fixed mortgage rate was 7.28%.

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

This yields a difference of 0.8%.

Relative Fees (Closing Costs)

Ready Mortgage Lenders's average total fees/closing costs for a 30 year fixed rate mortgage were $18,161.

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
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 152 $66,370,000 $436,645 $19,212 7.37%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 35 $11,055,000 $315,857 $15,010 7.17%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 11 $4,195,000 $381,364 $17,995 7.39%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 11 $3,655,000 $332,273 $16,441 7.43%
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 5 $1,885,000 $377,000 $18,289 7.05%
Key West, FL (FHA|USDA|VA) 1 $1,405,000 $1,405,000 $24,087 8.13%
PUNTA GORDA, FL (FHA|USDA|VA) 2 $750,000 $375,000 $16,322 7.13%
OCALA, FL (FHA|USDA|VA) 2 $510,000 $255,000 $8,673 7.13%
SEBRING-AVON PARK, FL (FHA|USDA|VA) 2 $430,000 $215,000 $5,781 6.94%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $385,000 $385,000 $20,349 6.25%
PORT ST. LUCIE, FL (FHA|USDA|VA) 1 $275,000 $275,000 $17,029 6.88%
Sebastian-Vero Beach, FL (FHA|USDA|VA) 1 $265,000 $265,000 $14,529 6.50%
Clewiston, FL (FHA|USDA|VA) 1 $215,000 $215,000 $12,052 6.88%
Ready Mortgage Lenders's top markets include Miami, Cape Coral, Orlando, Tampa, 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 READY MORTGAGE LENDERS based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    ACHIEVA CREDIT UNION
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    FHA 128 $50,490,000 $394,453 $19,754 6.84%
    Conventional 95 $39,845,000 $419,421 $15,899 7.95%
    Conventional 1 $725,000 $725,000 $30,962 7.63%
    VA 1 $335,000 $335,000 $6,195 7.25%

    For 2023, Ready Mortgage Lenders's most frequently originated type of loan was FHA, with 128 originations. Their 2nd most popular type was Conventional, with 95 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 219 $88,575,000 $404,452 $18,127 7.28%
    Refi 6 $2,820,000 $470,000 $17,799 8.42%

    For 2023, Ready Mortgage Lenders's most frequently cited loan purpose was Home Purchase, with 219 originations. The 2nd most popular reason was Refi, with 6 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 223 $91,135,000 $408,677 $18,161 7.28%
    10 Year 1 $125,000 $125,000 $10,121 10.63%
    Other 1 $135,000 $135,000 $16,671 12.50%

    For 2023, Ready Mortgage Lenders's most frequently cited loan duration was 30 Year, with 223 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
    $5k+ 196 $82,010,000 $418,418
    $1k-2k 12 $4,620,000 $385,000
    $3k-4k 9 $2,205,000 $245,000
    $4k-5k 6 $1,850,000 $308,333
    $2k-3k 1 $475,000 $475,000

    Ready Mortgage Lenders's average total fees were $18,161, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 196 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    7-8% 97 $38,385,000 $395,722
    6-7% 89 $36,105,000 $405,674
    Over 8% 31 $14,135,000 $455,968
    5-6% 8 $2,770,000 $346,250

    During 2023, Ready Mortgage Lenders's average interest rate for loans was 7.28%, while their most frequently originated rate bucket for loans was 7-8%, with 97 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 106 $33,670,000 $317,642 $15,622 7.23%
    $400k-600k 91 $43,115,000 $473,791 $20,679 7.17%
    $100k-200k 13 $1,845,000 $141,923 $8,996 8.49%
    $600k-1MM 12 $8,350,000 $695,833 $24,515 7.58%
    $1MM+ 3 $4,415,000 $1,471,667 $43,887 8.63%

    2023 saw Ready Mortgage Lenders place emphasis on $200k-400k loans with 106 originations, totaling $33,670,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 81 $34,895,000 $430,802 $19,614 7.08%
    $75k-100k 52 $18,020,000 $346,538 $16,720 7.05%
    $150k-250k 32 $13,960,000 $436,250 $18,659 7.81%
    $50k-75k 28 $7,140,000 $255,000 $12,486 7.12%
    $250k+ 19 $14,075,000 $740,789 $25,962 8.08%
    $50k or less 13 $3,305,000 $254,231 $14,014 7.91%

    Ready Mortgage Lenders lent most frequently to those with incomes in the $100k-150k range, with 81 originations. The second most popular income band? $75k-100k, with 52 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    50-60% 66 $26,430,000 $400,455 $20,547 6.84%
    48% 20 $6,990,000 $349,500 $14,548 7.12%
    45% 17 $6,395,000 $376,176 $16,199 7.11%
    47% 16 $6,240,000 $390,000 $16,676 7.08%
    <20% 15 $7,955,000 $530,333 $23,682 8.19%
    49% 15 $5,695,000 $379,667 $15,618 7.28%
    30-36% 14 $5,960,000 $425,714 $16,822 7.87%
    44% 11 $4,815,000 $437,727 $17,544 7.18%
    46% 10 $3,600,000 $360,000 $13,592 7.84%
    42% 8 $3,160,000 $395,000 $15,735 7.58%
    20-30% 6 $2,410,000 $401,667 $19,593 8.88%
    36% 5 $2,655,000 $531,000 $17,881 8.68%
    43% 5 $2,285,000 $457,000 $19,346 6.97%
    37% 4 $2,100,000 $525,000 $21,311 7.16%
    40% 4 $1,530,000 $382,500 $17,795 7.38%
    38% 3 $945,000 $315,000 $12,545 8.29%
    39% 2 $820,000 $410,000 $16,990 6.88%
    41% 2 $880,000 $440,000 $23,403 6.88%
    >60% 1 $405,000 $405,000 $22,071 6.63%

    Ready Mortgage Lenders lent most frequently to those with DTI ratios of 50-60%, with 66 originations. The next most common DTI ratio? 48%, with 20 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 214 $87,430,000 $408,551 $18,225 7.30%
    Black 7 $2,665,000 $380,714 $16,564 7.29%
    Asian 2 $540,000 $270,000 $14,794 7.69%
    American Indian 1 $465,000 $465,000 $14,936 7.25%
    Native Hawaiian or Islander 1 $295,000 $295,000 $16,270 10.38%

    Approval Rates

    Total approvals of all applications
    82.84%

    Ready Mortgage Lenders has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    75.11%

    Ready Mortgage Lenders has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 225 $91,395,000 $406,200

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    225 $91,395,000 $406,200

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 2 $300,000 $150,000 $6,774 7.63%
    40-60% 11 $3,115,000 $283,182 $13,738 8.38%
    60-80% 33 $13,875,000 $420,455 $17,231 7.86%
    80-100% 178 $73,980,000 $415,618 $18,733 7.13%
    Under 20% 1 $125,000 $125,000 $10,121 10.63%