Extra Mortgage Rates, Fees & Info
Warren, MILEI: 2549006AC9Y4MDVXIL37
Tax ID: 38-1536749
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Mortgage Data
Review & Overview
Extra is a smaller mortgage company specializing in Refi, Cash Out Refi, and Home Purchase loans. Extra has a high proportion of conventional loans. Their top markets by origination volume include: Detroit, Orlando, Grand Rapids, Jackson, and Ann Arbor among others. We have data for 6 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 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.97% | 4/28/24 |
| 30 Year Conventional Refi | 6.43% | 4/28/24 |
| 30 Year Cash-out Refi | 6.94% | 4/28/24 |
| 30 Year FHA Purchase | 7.22% | 4/28/24 |
| 15 Year Conventional Purchase | 6.61% | 4/28/24 |
| 15 Year Conventional Refi | 6.24% | 4/28/24 |
| 15 Year Cash-out Refi | 6.24% | 4/28/24 |
| 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. | ||
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
124Origination Dollar Volume (All Markets)
$19,580,000Top 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 |
|---|---|---|---|---|---|
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 116 | $16,850,000 | $145,259 | $3,000 | 3.11% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 1 | $755,000 | $755,000 | $7,597 | 2.63% |
| GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) | 1 | $725,000 | $725,000 | $5,802 | 3.00% |
| Outside of Metro Areas | 4 | $550,000 | $137,500 | $3,563 | 3.25% |
| JACKSON, MI (FHA|USDA|VA) | 1 | $425,000 | $425,000 | $4,189 | 3.13% |
| ANN ARBOR, MI (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $4,123 | 2.88% |
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.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 124 | $19,580,000 | $157,903 | $3,097 | 3.11% |
For 2020, Extra's most frequently originated type of loan was Conventional, with 124 originations.
Loan Reason
For 2020, Extra's most frequently cited loan purpose was Refi, with 48 originations. The 2nd most popular reason was Cash Out Refi, with 40 originations.
Loan Duration/Length
For 2020, Extra's most frequently cited loan duration was 30 Year, with 70 originations. The 2nd most popular length was 15 Year, with 38 originations.
Origination Fees/Closing Costs
Extra's average total fees were $3,365, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 71 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 55 | $8,465,000 | $153,909 |
| 2.5-3% | 53 | $9,425,000 | $177,830 |
| <2.5% | 13 | $1,375,000 | $105,769 |
| 4-5% | 2 | $270,000 | $135,000 |
| Over 8% | 1 | $45,000 | $45,000 |
During 2020, Extra's average interest rate for loans was 3.25%, while their most frequently originated rate bucket for loans was 3-4%, with 55 originations.
Loan Sizing
2020 saw Extra place emphasis on $100k-200k loans with 58 originations, totaling $8,220,000 in origination value.
Applicant Income
Extra lent most frequently to those with incomes in the $50k or less range, with 34 originations. The second most popular income band? $75k-100k, with 34 originations.
Applicant Debt to Income Ratio
Extra lent most frequently to those with DTI ratios of 30-36%, with 27 originations. The next most common DTI ratio? 20-30%, with 24 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications84.45%
Extra has a below average approval rate.
Pick Rate
Approvals leading to origination69.35%
Extra 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 |
|---|---|---|---|
| NA | 124 | $19,580,000 | $157,903 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 124 | $19,580,000 | $157,903 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2020 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| EASTERN BANKSHARES INC | FHA mortgage | Struggling to pay mortgage | 1 | 50.0% |
| EASTERN BANKSHARES INC | Home equity loan or line of credit (HELOC) | Trouble during payment process | 1 | 50.0% |