Extra Mortgage Rates, Fees & Info

Warren, MI

LEI: 2549006AC9Y4MDVXIL37

Tax ID: 38-1536749

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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • 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. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top two markets are Detroit and Virginia Beach .

    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.

    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 6.97% 12/16/24
    30 Year Conventional Refi 6.43% 12/16/24
    30 Year Cash-out Refi 6.94% 12/16/24
    30 Year FHA Purchase 7.22% 12/16/24
    15 Year Conventional Purchase 6.61% 12/16/24
    15 Year Conventional Refi 6.24% 12/16/24
    15 Year Cash-out Refi 6.24% 12/16/24
    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.

    Extra Mortgage Calculator






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    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

    85

    Origination Dollar Volume (All Markets)

    $11,095,000

    Awards

    Extra 30 Year Conventional Loans silver Extra 30 Year Conventional Loans silver
    Show all (2) awards

    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) 76 $10,060,000 $132,368 $2,842 5.69%
    Outside of Metro Areas 8 $830,000 $103,750 $2,489 5.47%
    VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 1 $205,000 $205,000 $2,510 8.00%
    Extra's top markets include Detroit and Virginia Beach among others.

    Their top states include:
  • Michigan (FHA|USDA|VA)
  • Virginia (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.

    Polish-American Federal Credit Union
    Similarity Rank: 57
    St James Mortgage Corporation
    Similarity Rank: 93
    Zeal Credit Union
    Similarity Rank: 108
    Total Community Credit Union
    Similarity Rank: 340
    NEW ENGLAND FEDERAL CREDIT UNION
    Similarity Rank: 340
    Dearborn Federal Savings Bank
    Similarity Rank: 413
    Extra
    Similarity Rank: 528
    Michigan Legacy Credit Union
    Similarity Rank: 630
    SECURITY CREDIT UNION
    Similarity Rank: 696
    ADVANTAGE ONE Credit Union
    Similarity Rank: 912

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 82 $10,560,000 $128,780 $2,593 5.66%
    FHA 3 $535,000 $178,333 $8,548 6.63%

    For 2022, Extra's most frequently originated type of loan was Conventional, with 82 originations. Their 2nd most popular type was FHA, with 3 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 52 $6,090,000 $117,115 $2,312 5.90%
    Home Purchase 28 $4,490,000 $160,357 $3,930 5.68%
    Refi 4 $470,000 $117,500 $2,353 3.25%
    Other 1 $45,000 $45,000 $1,303 5.25%

    For 2022, Extra's most frequently cited loan purpose was Cash Out Refi, with 52 originations. The 2nd most popular reason was Home Purchase, with 28 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 56 $8,110,000 $144,821 $3,288 5.40%
    10 Year 14 $1,430,000 $102,143 $1,218 8.02%
    15 Year 14 $1,510,000 $107,857 $2,535 4.54%
    Other 1 $45,000 $45,000 $952 5.50%

    For 2022, Extra's most frequently cited loan duration was 30 Year, with 56 originations. The 2nd most popular length was 10 Year, with 14 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 43 $7,115,000 $165,465
    $<1k 36 $2,660,000 $73,889
    $2k-3k 2 $680,000 $340,000
    $3k-4k 1 $135,000 $135,000
    $4k-5k 1 $255,000 $255,000

    Extra's average total fees were $3,288, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 43 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 25 $2,715,000 $108,600
    3-4% 18 $2,430,000 $135,000
    6-7% 13 $2,305,000 $177,308
    4-5% 12 $1,810,000 $150,833
    7-8% 9 $995,000 $110,556
    Over 8% 7 $695,000 $99,286
    2.5-3% 1 $145,000 $145,000

    During 2022, Extra's average interest rate for loans was 5.40%, while their most frequently originated rate bucket for loans was 5-6%, with 25 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 36 $2,130,000 $59,167 $2,065 6.22%
    $100k-200k 33 $4,735,000 $143,485 $3,061 5.07%
    $200k-400k 15 $3,695,000 $246,333 $3,881 5.73%
    $400k-600k 1 $535,000 $535,000 $5,472 6.75%

    2022 saw Extra place emphasis on $100,000 or less loans with 36 originations, totaling $2,130,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 34 $3,460,000 $101,765 $2,570 5.83%
    $50k or less 18 $1,700,000 $94,444 $2,885 5.75%
    $75k-100k 14 $2,330,000 $166,429 $3,360 5.29%
    $100k-150k 12 $2,210,000 $184,167 $3,024 5.00%
    $150k-250k 6 $1,020,000 $170,000 $2,491 6.54%
    $250k+ 1 $375,000 $375,000 $1,777 8.75%

    Extra lent most frequently to those with incomes in the $50k-75k range, with 34 originations. The second most popular income band? $50k or less, with 18 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 14 $1,770,000 $126,429 $2,607 4.61%
    20-30% 12 $1,530,000 $127,500 $2,875 4.81%
    50-60% 11 $1,485,000 $135,000 $3,225 6.86%
    46% 7 $1,005,000 $143,571 $3,647 5.96%
    40% 5 $465,000 $93,000 $2,121 7.50%
    41% 4 $580,000 $145,000 $2,569 6.28%
    >60% 3 $115,000 $38,333 $1,454 7.92%
    48% 3 $275,000 $91,667 $2,668 4.83%
    49% 3 $245,000 $81,667 $2,714 5.54%
    39% 3 $375,000 $125,000 $3,455 5.71%
    43% 3 $845,000 $281,667 $3,668 5.58%
    37% 3 $305,000 $101,667 $2,231 4.50%
    42% 2 $270,000 $135,000 $2,802 4.75%
    36% 2 $210,000 $105,000 $2,999 6.19%
    38% 2 $350,000 $175,000 $2,987 6.00%
    <20% 2 $320,000 $160,000 $2,459 5.50%
    45% 2 $280,000 $140,000 $1,945 6.38%
    47% 2 $310,000 $155,000 $2,812 4.50%
    44% 1 $125,000 $125,000 $2,755 6.00%

    Extra lent most frequently to those with DTI ratios of 30-36%, with 14 originations. The next most common DTI ratio? 20-30%, with 12 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 54 $7,000,000 $129,630 $2,695 5.76%
    Not provided 22 $3,040,000 $138,182 $2,993 5.57%
    Black 7 $675,000 $96,429 $2,949 5.34%
    Asian 1 $205,000 $205,000 $3,310 7.00%
    American Indian 1 $175,000 $175,000 $3,180 5.88%

    Approval Rates

    Total approvals of all applications
    89.86%

    Extra has an average approval rate.

    Pick Rate

    Approvals leading to origination
    78.82%

    Extra has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 85 $11,095,000 $130,529

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    85 $11,095,000 $130,529

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 14 $1,050,000 $75,000 $1,881 6.67%
    40-60% 15 $1,935,000 $129,000 $2,495 5.29%
    60-80% 31 $4,655,000 $150,161 $2,984 5.22%
    80-100% 17 $3,135,000 $184,412 $4,274 5.45%
    Under 20% 8 $320,000 $40,000 $1,271 7.11%