Ready Mortgage Lenders Rates, Fees & Info

MIAMI, FL

LEI: 549300ZWBZI4IUOSSQ18

Tax ID: 46-3010647

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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. Their top markets by origination volume include: Miami, Tampa, Orlando, Cape Coral, and Naples 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 an 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% 3/28/24
30 Year Conventional Refi 7.89% 3/28/24
30 Year FHA Purchase 6.27% 3/28/24
30 Year FHA Refi 7.13% 3/28/24
30 Year VA Purchase 6.27% 3/28/24
30 Year VA Refi 6.27% 3/28/24
30 Year USDA Purchase 6.27% 3/28/24
15 Year Conventional Purchase 6.96% 3/28/24
15 Year Conventional Refi 6.59% 3/28/24
15 Year Cash-out Refi 6.59% 3/28/24
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

329

Origination Dollar Volume (All Markets)

$79,185,000

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) 257 $65,285,000 $254,027 $10,704 5.24%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 25 $4,615,000 $184,600 $8,310 5.31%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 15 $3,145,000 $209,667 $8,590 5.18%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 16 $2,990,000 $186,875 $7,873 5.48%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 2 $740,000 $370,000 $12,178 5.56%
JACKSONVILLE, FL (FHA|USDA|VA) 2 $440,000 $220,000 $7,377 5.25%
PUNTA GORDA, FL (FHA|USDA|VA) 2 $380,000 $190,000 $8,188 5.44%
OCALA, FL (FHA|USDA|VA) 2 $350,000 $175,000 $8,973 5.12%
PORT ST. LUCIE, FL (FHA|USDA|VA) 2 $300,000 $150,000 $8,357 4.88%
Clewiston, FL (FHA|USDA|VA) 2 $290,000 $145,000 $6,864 5.56%
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 2 $260,000 $130,000 $5,353 5.13%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $245,000 $245,000 $5,419 5.38%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 1 $145,000 $145,000 $8,778 5.38%
Ready Mortgage Lenders's top markets include Miami, Tampa, Orlando, Cape Coral, and Naples 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.

    McCoy Federal Credit Union
    Similarity Rank: 60
    We Florida Financial
    Similarity Rank: 312
    Natbank
    Similarity Rank: 392
    POWER FINANCIAL
    Similarity Rank: 432
    Preferred Community Bank
    Similarity Rank: 484
    SAN ANTONIO CITIZENS
    Similarity Rank: 531
    SOUTH FLORIDA EDUCATIONAL
    Similarity Rank: 836
    Suncoast Credit Union
    Similarity Rank: 899
    MIAMI FIREFIGHTERS FCU
    Similarity Rank: 912
    Guardians Credit Union
    Similarity Rank: 948

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    FHA 180 $44,920,000 $249,556 $12,085 5.14%
    Conventional 139 $31,855,000 $229,173 $7,785 5.42%
    VA 9 $2,245,000 $249,444 $7,906 5.11%
    HELOC 1 $165,000 $165,000 n/a 5.74%

    For 2018, Ready Mortgage Lenders's most frequently originated type of loan was FHA, with 180 originations. Their 2nd most popular type was Conventional, with 139 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 294 $72,010,000 $244,932 $10,240 5.27%
    Refi 23 $5,155,000 $224,130 $11,071 5.11%
    Cash Out Refi 12 $2,020,000 $168,333 $6,406 5.34%

    For 2018, Ready Mortgage Lenders's most frequently cited loan purpose was Home Purchase, with 294 originations. The 2nd most popular reason was Refi, with 23 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 321 $77,645,000 $241,885 $10,158 5.25%
    15 Year 4 $670,000 $167,500 $7,283 4.72%
    20 Year 2 $350,000 $175,000 $9,144 5.12%
    Other 2 $520,000 $260,000 $21,710 7.85%

    For 2018, Ready Mortgage Lenders's most frequently cited loan duration was 30 Year, with 321 originations. The 2nd most popular length was 15 Year, with 4 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $3k-4k 118 $23,930,000 $202,797
    $4k-5k 109 $33,145,000 $304,083
    $2k-3k 48 $6,340,000 $132,083
    $5k+ 44 $13,410,000 $304,773
    $<1k 4 $1,000,000 $250,000
    $1k-2k 4 $830,000 $207,500

    Ready Mortgage Lenders's average total fees were $10,158, while their most frequently occuring range of origination fees (closing costs) were in the $3k-4k bucket, with 118 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 224 $52,360,000 $233,750
    4-5% 99 $25,285,000 $255,404
    6-7% 4 $1,240,000 $310,000
    7-8% 1 $145,000 $145,000
    Over 8% 1 $155,000 $155,000

    During 2018, Ready Mortgage Lenders's average interest rate for loans was 5.25%, while their most frequently originated rate bucket for loans was 5-6%, with 224 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 213 $59,845,000 $280,962 $11,624 5.20%
    $100k-200k 97 $15,205,000 $156,753 $7,459 5.38%
    $100,000 or less 12 $1,060,000 $88,333 $4,957 5.35%
    $400k-600k 7 $3,075,000 $439,286 $11,565 5.07%

    2018 saw Ready Mortgage Lenders place emphasis on $200k-400k loans with 213 originations, totaling $59,845,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 107 $20,565,000 $192,196 $9,092 5.28%
    $50k-75k 105 $25,175,000 $239,762 $10,089 5.15%
    $75k-100k 58 $15,440,000 $266,207 $10,372 5.32%
    $100k-150k 42 $12,530,000 $298,333 $12,100 5.29%
    $150k-250k 14 $4,370,000 $312,143 $11,994 5.57%
    $250k+ 3 $1,105,000 $368,333 $11,096 5.08%

    Ready Mortgage Lenders lent most frequently to those with incomes in the $50k or less range, with 107 originations. The second most popular income band? $50k-75k, with 105 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    50-60% 68 $17,270,000 $253,971 $12,585 5.13%
    >60% 43 $11,415,000 $265,465 $11,807 5.22%
    30-36% 31 $6,905,000 $222,742 $7,817 5.35%
    49% 26 $6,110,000 $235,000 $9,239 5.28%
    20-30% 19 $4,085,000 $215,000 $8,216 5.31%
    46% 17 $4,415,000 $259,706 $9,748 5.10%
    42% 14 $3,490,000 $249,286 $8,922 5.37%
    47% 13 $3,575,000 $275,000 $10,724 5.06%
    43% 13 $2,705,000 $208,077 $8,420 5.25%
    45% 13 $2,915,000 $224,231 $8,440 5.42%
    40% 12 $2,940,000 $245,000 $7,995 5.40%
    48% 12 $2,500,000 $208,333 $9,055 5.18%
    44% 12 $3,070,000 $255,833 $9,744 5.36%
    39% 9 $2,025,000 $225,000 $10,203 5.68%
    37% 7 $1,435,000 $205,000 $10,423 5.36%
    38% 6 $1,230,000 $205,000 $7,218 5.33%
    41% 5 $1,015,000 $203,000 $9,347 5.40%
    <20% 4 $1,180,000 $295,000 $16,627 5.28%
    36% 4 $790,000 $197,500 $8,977 5.13%

    Ready Mortgage Lenders lent most frequently to those with DTI ratios of 50-60%, with 68 originations. The next most common DTI ratio? >60%, with 43 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 308 $73,900,000 $239,935 $10,123 5.26%
    Black 16 $3,920,000 $245,000 $10,530 5.18%
    Asian 3 $665,000 $221,667 $10,185 5.17%
    Not provided 1 $355,000 $355,000 $15,143 5.00%
    Not applicable 1 $345,000 $345,000 $8,975 5.75%

    Approval Rates

    Total approvals of all applications
    72.89%

    Ready Mortgage Lenders has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    90.27%

    Ready Mortgage Lenders has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 329 $79,185,000 $240,684

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 329 $79,185,000 $240,684

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 5 $845,000 $169,000 $5,112 5.47%
    40-60% 20 $4,330,000 $216,500 $12,997 5.64%
    60-80% 79 $15,875,000 $200,949 $7,632 5.39%
    80-100% 224 $57,860,000 $258,304 $10,885 5.17%
    Over 100% 1 $275,000 $275,000 $10,240 4.88%