Extra Mortgage Rates, Fees & Info

Warren, MI

LEI: 2549006AC9Y4MDVXIL37

Tax ID: 38-1536749

5 stars - Updated: 12/7/24 - out of 5 stars, based on 8 reviews

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

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Mortgage Data

Review & Overview

Extra is a smaller mortgage company specializing in Cash Out Refi and Home Purchase loans. Extra has a high proportion of conventional loans. Their top markets by origination volume include: Detroit, Mount Pleasant, Ann Arbor, and Sebastian among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)

Extra 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. Extra is typically a low 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 6.97% 12/7/24
30 Year Conventional Refi 6.43% 12/7/24
30 Year Cash-out Refi 6.94% 12/7/24
30 Year FHA Purchase 7.22% 12/7/24
15 Year Conventional Purchase 6.61% 12/7/24
15 Year Conventional Refi 6.24% 12/7/24
15 Year Cash-out Refi 6.24% 12/7/24
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.

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Your Estimates

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This is not an official calculator from Extra. 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

68

Origination Dollar Volume (All Markets)

$8,620,000

Awards

Extra 30 Year Conventional Loans silver
Show all (1) awards

Relative Rate

Extra's average 30 year fixed mortgage rate was 7.27%.

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

This yields a difference of 0.79%.

Relative Fees (Closing Costs)

Extra's average total fees/closing costs for a 30 year fixed rate mortgage were $3,629.

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
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 60 $7,770,000 $129,500 $2,703 7.96%
Outside of Metro Areas 5 $595,000 $119,000 $3,219 8.40%
Mount Pleasant, MI (FHA|USDA|VA) 1 $115,000 $115,000 $3,061 6.63%
ANN ARBOR, MI (FHA|USDA|VA) 1 $75,000 $75,000 $1,691 11.50%
Sebastian-Vero Beach, FL (FHA|USDA|VA) 1 $65,000 $65,000 $2,080 9.00%
Extra's top markets include Detroit, Mount Pleasant, Ann Arbor, and Sebastian among others.

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

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

    Michigan Legacy Credit Union
    Similarity Rank: 15
    Total Community Credit Union
    Similarity Rank: 94
    St James Mortgage Corporation
    Similarity Rank: 104
    MEMBERFOCUS COMMUNITY
    Similarity Rank: 162
    Dearborn Federal Savings Bank
    Similarity Rank: 184
    MICHIGAN SCHOOLS AND GOVERNMENT
    Similarity Rank: 414
    SECURITY CREDIT UNION
    Similarity Rank: 450
    ALLIANCE CATHOLIC CREDIT UNION
    Similarity Rank: 537
    Bank of Ann Arbor
    Similarity Rank: 738

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 68 $8,620,000 $126,765 $2,723 8.04%

    For 2023, Extra's most frequently originated type of loan was Conventional, with 68 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 43 $4,905,000 $114,070 $2,480 8.04%
    Home Purchase 16 $2,890,000 $180,625 $3,877 7.09%
    Refi 6 $600,000 $100,000 $2,009 9.29%
    Home Improvement 3 $225,000 $75,000 $1,464 10.67%

    For 2023, Extra's most frequently cited loan purpose was Cash Out Refi, with 43 originations. The 2nd most popular reason was Home Purchase, with 16 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 31 $5,735,000 $185,000 $3,629 7.27%
    10 Year 18 $1,140,000 $63,333 $1,447 10.15%
    20 Year 10 $930,000 $93,000 $2,415 7.70%
    15 Year 9 $815,000 $90,556 $2,494 6.89%

    For 2023, Extra's most frequently cited loan duration was 30 Year, with 31 originations. The 2nd most popular length was 10 Year, with 18 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 35 $6,125,000 $175,000
    $<1k 30 $1,920,000 $64,000
    $2k-3k 2 $340,000 $170,000
    $3k-4k 1 $235,000 $235,000

    Extra's average total fees were $3,629, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 35 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 25 $3,865,000 $154,600
    Over 8% 23 $1,965,000 $85,435
    7-8% 19 $2,685,000 $141,316
    5-6% 1 $105,000 $105,000

    During 2023, Extra's average interest rate for loans was 7.27%, while their most frequently originated rate bucket for loans was 6-7%, with 25 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 33 $2,075,000 $62,879 $1,967 8.83%
    $100k-200k 22 $3,250,000 $147,727 $3,221 7.07%
    $200k-400k 13 $3,295,000 $253,462 $3,799 7.69%

    2023 saw Extra place emphasis on $100,000 or less loans with 33 originations, totaling $2,075,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 20 $2,760,000 $138,000 $2,855 8.18%
    $100k-150k 18 $2,530,000 $140,556 $2,691 8.35%
    $75k-100k 14 $1,600,000 $114,286 $2,556 7.61%
    $50k or less 10 $850,000 $85,000 $2,490 7.68%
    $150k-250k 6 $880,000 $146,667 $3,153 8.29%

    Extra lent most frequently to those with incomes in the $50k-75k range, with 20 originations. The second most popular income band? $100k-150k, with 18 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 11 $1,405,000 $127,727 $2,922 7.32%
    50-60% 9 $1,395,000 $155,000 $2,687 8.56%
    42% 6 $1,020,000 $170,000 $3,227 7.60%
    20-30% 6 $810,000 $135,000 $3,465 7.27%
    <20% 5 $415,000 $83,000 $2,627 6.75%
    45% 4 $830,000 $207,500 $3,216 8.38%
    38% 4 $320,000 $80,000 $1,635 9.41%
    44% 3 $385,000 $128,333 $3,108 7.13%
    39% 3 $325,000 $108,333 $3,046 8.54%
    46% 3 $145,000 $48,333 $1,690 8.75%
    49% 3 $205,000 $68,333 $1,622 9.50%
    40% 2 $60,000 $30,000 $1,746 9.75%
    37% 2 $460,000 $230,000 $3,376 6.81%
    43% 2 $230,000 $115,000 $2,927 8.56%
    41% 2 $300,000 $150,000 $2,496 9.88%
    47% 1 $155,000 $155,000 $2,490 7.50%
    36% 1 $45,000 $45,000 $1,075 9.50%
    >60% 1 $115,000 $115,000 $3,061 6.63%

    Extra lent most frequently to those with DTI ratios of 30-36%, with 11 originations. The next most common DTI ratio? 50-60%, with 9 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 29 $4,315,000 $148,793 $3,046 7.75%
    Not provided 33 $3,875,000 $117,424 $2,542 8.14%
    Black 6 $430,000 $71,667 $2,155 8.94%

    Approval Rates

    Total approvals of all applications
    86.21%

    Extra has an average approval rate.

    Pick Rate

    Approvals leading to origination
    83.82%

    Extra has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 68 $8,620,000 $126,765

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    68 $8,620,000 $126,765

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 17 $1,285,000 $75,588 $1,741 9.33%
    40-60% 14 $1,550,000 $110,714 $2,622 7.29%
    60-80% 15 $2,735,000 $182,333 $3,641 7.19%
    80-100% 15 $2,755,000 $183,667 $3,604 7.15%
    Under 20% 7 $295,000 $42,143 $1,452 10.18%