Terrabank Mortgage Rates, Fees & Info
Miami, FLLEI: 254900T2AM7E5EQDN105
Tax ID: 59-2532510
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Mortgage Data
Review & Overview
Terrabank is a smaller bank specializing in Home Purchase loans. Terrabank has a high proportion of conventional loans. Their top markets by origination volume include: Miami, Orlando, and Lakeland among others. We have data for 3 markets. (Some data included below & more in-depth data is available with an active subscription.)Terrabank has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Terrabank 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 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.
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Originations
140Origination Dollar Volume (All Markets)
$82,710,000Awards
Terrabank - 2023
Terrabank is a 2023 , due to their low .
For 2023, less than of lenders were eligible for this award.
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Relative Rate
Terrabank's average 30 year fixed mortgage rate was
6.4%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of -0.08%.
Relative Fees (Closing Costs)
Terrabank's average total fees/closing costs for a 30 year fixed rate
mortgage were $16,867.
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 |
|---|---|---|---|---|---|
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 75 | $58,575,000 | $781,000 | $16,864 | 6.47% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 50 | $18,880,000 | $377,600 | $17,095 | 6.36% |
| LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) | 15 | $5,255,000 | $350,333 | $15,425 | 6.38% |
Similar Lenders
We use machine learning to identify the top lenders compared against Terrabank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 280
Similarity Rank: 459
Similarity Rank: 476
Similarity Rank: 588
Similarity Rank: 804
Similarity Rank: 845
Similarity Rank: 1122
Similarity Rank: 1128
Similarity Rank: 1176
Similarity Rank: 1280
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 140 | $82,710,000 | $590,786 | $16,867 | 6.42% |
For 2023, Terrabank's most frequently originated type of loan was Conventional, with 140 originations.
Loan Reason
For 2023, Terrabank's most frequently cited loan purpose was Home Purchase, with 124 originations. The 2nd most popular reason was Refi, with 15 originations.
Loan Duration/Length
For 2023, Terrabank's most frequently cited loan duration was 30 Year, with 124 originations. The 2nd most popular length was Other, with 11 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $5k+ | 59 | $26,295,000 | $445,678 |
| $3k-4k | 3 | $825,000 | $275,000 |
| $2k-3k | 2 | $660,000 | $330,000 |
| $<1k | 1 | $245,000 | $245,000 |
Terrabank's average total fees were $16,867, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 59 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 98 | $59,340,000 | $605,510 |
| 5-6% | 37 | $19,475,000 | $526,351 |
| 7-8% | 5 | $3,895,000 | $779,000 |
During 2023, Terrabank's average interest rate for loans was 6.40%, while their most frequently originated rate bucket for loans was 6-7%, with 98 originations.
Loan Sizing
2023 saw Terrabank place emphasis on $200k-400k loans with 75 originations, totaling $22,695,000 in origination value.
Applicant Income
Terrabank lent most frequently to those with incomes in the $250k+ range, with 18 originations. The second most popular income band? $150k-250k, with 16 originations.
Applicant Debt to Income Ratio
Terrabank lent most frequently to those with DTI ratios of <20%, with 11 originations. The next most common DTI ratio? 20-30%, with 11 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications94.21%
Terrabank has an average approval rate.
Pick Rate
Approvals leading to origination76.43%
Terrabank has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| 1.0 | 1 | $575,000 | $575,000 |
| NA | 139 | $82,135,000 | $590,899 |