Ready Mortgage Lenders Rates, Fees & Info
MIAMI, FLLEI: 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 and Refi loans. Ready Mortgage Lenders has a high proportion of conventional loans. They have a a high proportion of FHA loans. Ready Mortgage Lenders has a low ratio 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: Miami, Cape Coral, Tampa, Orlando, and Jacksonville among others. We have data for 15 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 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 | 6.27% | 11/17/24 |
| 30 Year Conventional Refi | 7.89% | 11/17/24 |
| 30 Year FHA Purchase | 6.27% | 11/17/24 |
| 30 Year FHA Refi | 7.13% | 11/17/24 |
| 30 Year VA Purchase | 6.27% | 11/17/24 |
| 30 Year VA Refi | 6.27% | 11/17/24 |
| 30 Year USDA Purchase | 6.27% | 11/17/24 |
| 15 Year Conventional Purchase | 6.96% | 11/17/24 |
| 15 Year Conventional Refi | 6.59% | 11/17/24 |
| 15 Year Cash-out Refi | 6.59% | 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. | ||
Ready Mortgage Lenders Mortgage Calculator
Your Estimates
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This is not an official calculator from Ready Mortgage Lenders. It uses our SimulatedRate™
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
373Origination Dollar Volume (All Markets)
$117,815,000Top 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) | 313 | $100,685,000 | $321,677 | $11,245 | 3.31% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 21 | $6,055,000 | $288,333 | $10,467 | 3.39% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 11 | $3,145,000 | $285,909 | $11,231 | 3.31% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 10 | $3,090,000 | $309,000 | $11,077 | 3.10% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 4 | $1,200,000 | $300,000 | $10,738 | 3.28% |
| PORT ST. LUCIE, FL (FHA|USDA|VA) | 4 | $890,000 | $222,500 | $7,473 | 3.31% |
| PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) | 2 | $500,000 | $250,000 | $10,402 | 3.13% |
| PANAMA CITY, FL (FHA|USDA|VA) | 1 | $365,000 | $365,000 | $22,012 | 2.88% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $8,397 | 3.75% |
| Key West, FL (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $10,328 | 2.75% |
| TALLAHASSEE, FL (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $13,362 | 3.00% |
| Wauchula, FL (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $12,594 | 3.50% |
| LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $12,100 | 3.13% |
| OCALA, FL (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $11,913 | 3.38% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $7,515 | 3.00% |
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.
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Product Mix
For 2021, Ready Mortgage Lenders's most frequently originated type of loan was Conventional, with 231 originations. Their 2nd most popular type was FHA, with 139 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 280 | $91,390,000 | $326,393 | $11,897 | 3.30% |
| Refi | 93 | $26,425,000 | $284,140 | $8,947 | 3.32% |
For 2021, Ready Mortgage Lenders's most frequently cited loan purpose was Home Purchase, with 280 originations. The 2nd most popular reason was Refi, with 93 originations.
Loan Duration/Length
For 2021, Ready Mortgage Lenders's most frequently cited loan duration was 30 Year, with 360 originations. The 2nd most popular length was 15 Year, with 10 originations.
Origination Fees/Closing Costs
Ready Mortgage Lenders's average total fees were $11,275, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 173 originations.
Interest Rates
During 2021, Ready Mortgage Lenders's average interest rate for loans was 3.33%, while their most frequently originated rate bucket for loans was 3-4%, with 239 originations.
Loan Sizing
2021 saw Ready Mortgage Lenders place emphasis on $200k-400k loans with 244 originations, totaling $74,420,000 in origination value.
Applicant Income
Ready Mortgage Lenders lent most frequently to those with incomes in the $50k-75k range, with 125 originations. The second most popular income band? $75k-100k, with 89 originations.
Applicant Debt to Income Ratio
Ready Mortgage Lenders lent most frequently to those with DTI ratios of 50-60%, with 56 originations. The next most common DTI ratio? 30-36%, with 33 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications84.14%
Ready Mortgage Lenders has a below average approval rate.
Pick Rate
Approvals leading to origination82.57%
Ready Mortgage Lenders has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 373 | $117,815,000 | $315,858 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2021 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Red Mortgage, Inc. | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 3 | 75.0% |
| Red Mortgage, Inc. | Home equity loan or line of credit (HELOC) | Closing on a mortgage | 1 | 25.0% |