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 and Home Purchase loans. Extra has a high proportion 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: Detroit, Houston, and Bay City among others. We have data for 4 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
106Origination Dollar Volume (All Markets)
$16,980,000Top 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) | 101 | $15,995,000 | $158,366 | $3,112 | 3.13% |
| Outside of Metro Areas | 3 | $385,000 | $128,333 | $3,350 | 2.83% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $5,180 | 2.88% |
| BAY CITY, MI (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $3,866 | 3.13% |
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 | 105 | $16,815,000 | $160,143 | $3,118 | 3.12% |
| FHA | 1 | $165,000 | $165,000 | $6,012 | 2.88% |
For 2021, Extra's most frequently originated type of loan was Conventional, with 105 originations. Their 2nd most popular type was FHA, with 1 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Refi | 74 | $11,380,000 | $153,784 | $2,942 | 3.09% |
| Home Purchase | 32 | $5,600,000 | $175,000 | $3,614 | 3.18% |
For 2021, Extra's most frequently cited loan purpose was Refi, with 74 originations. The 2nd most popular reason was Home Purchase, with 32 originations.
Loan Duration/Length
For 2021, Extra's most frequently cited loan duration was 30 Year, with 73 originations. The 2nd most popular length was 15 Year, with 25 originations.
Origination Fees/Closing Costs
Extra's average total fees were $3,337, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 64 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 55 | $8,565,000 | $155,727 |
| 2.5-3% | 40 | $6,790,000 | $169,750 |
| <2.5% | 9 | $1,195,000 | $132,778 |
| 4-5% | 2 | $430,000 | $215,000 |
During 2021, 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
2021 saw Extra place emphasis on $100k-200k loans with 51 originations, totaling $7,285,000 in origination value.
Applicant Income
Extra lent most frequently to those with incomes in the $50k-75k range, with 35 originations. The second most popular income band? $50k or less, with 25 originations.
Applicant Debt to Income Ratio
Extra lent most frequently to those with DTI ratios of 30-36%, with 29 originations. The next most common DTI ratio? 20-30%, with 23 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications88.95%
Extra has an average approval rate.
Pick Rate
Approvals leading to origination55.66%
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 | 106 | $16,980,000 | $160,189 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2021 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| EASTERN BANKSHARES INC | Conventional home mortgage | Incorrect information on your report | 1 | 33.3% |
| EASTERN BANKSHARES INC | Conventional home mortgage | Trouble during payment process | 1 | 33.3% |
| EASTERN BANKSHARES INC | Home equity loan or line of credit (HELOC) | Applying for a mortgage or refinancing an existing mortgage | 1 | 33.3% |