Continental Mortgage Bankers Rates, Fees & Info
New York, NYLEI: 254900ZPR9P3OI95VG04
Tax ID: 13-3442065
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Mortgage Data
Review & Overview
Continental Mortgage Bankers is a smaller bank specializing in Refi and Home Purchase loans. Continental Mortgage Bankers has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets by origination volume include: New York, Bridgeport, New Haven, Poughkeepsie, and Hartford among others. We have data for 10 markets. (Some data included below & more in-depth data is available with an active subscription.)Continental Mortgage Bankers 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. Continental Mortgage Bankers is typically an average 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 | 6.55% | 4/28/24 |
| 30 Year Conventional Refi | 6.62% | 4/28/24 |
| 30 Year FHA Purchase | 7.10% | 4/28/24 |
| 30 Year FHA Refi | 6.91% | 4/28/24 |
| 30 Year VA Purchase | 6.07% | 4/28/24 |
| 30 Year VA Refi | 5.93% | 4/28/24 |
| 15 Year Conventional Purchase | 6.05% | 4/28/24 |
| 15 Year Conventional Refi | 6.17% | 4/28/24 |
| 15 Year Cash-out Refi | 6.17% | 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. | ||
Continental Mortgage Bankers Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
603Origination Dollar Volume (All Markets)
$230,705,000Top 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 |
|---|---|---|---|---|---|
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 566 | $221,230,000 | $390,866 | $7,727 | 3.12% |
| BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) | 20 | $5,300,000 | $265,000 | $7,578 | 3.34% |
| NEW HAVEN-MILFORD, CT (FHA|USDA|VA) | 8 | $2,100,000 | $262,500 | $7,610 | 2.86% |
| POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) | 2 | $800,000 | $400,000 | $8,658 | 3.63% |
| HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) | 2 | $510,000 | $255,000 | $9,374 | 3.00% |
| Torrington, CT (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $3,620 | 2.38% |
| Outside of Metro Areas | 1 | $215,000 | $215,000 | $6,629 | 3.88% |
| Oneonta, NY (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $6,265 | 3.00% |
| ROCHESTER, NY (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $4,359 | 2.75% |
| Gloversville, NY (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $4,693 | 3.25% |
Similar Lenders
We use machine learning to identify the top lenders compared against CONTINENTAL MORTGAGE BANKERS 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
For 2020, Continental Mortgage Bankers's most frequently originated type of loan was Conventional, with 492 originations. Their 2nd most popular type was FHA, with 98 originations.
Loan Reason
For 2020, Continental Mortgage Bankers's most frequently cited loan purpose was Refi, with 305 originations. The 2nd most popular reason was Home Purchase, with 289 originations.
Loan Duration/Length
For 2020, Continental Mortgage Bankers's most frequently cited loan duration was 30 Year, with 507 originations. The 2nd most popular length was 15 Year, with 35 originations.
Origination Fees/Closing Costs
Continental Mortgage Bankers's average total fees were $8,012, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 181 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 271 | $104,135,000 | $384,262 |
| 2.5-3% | 269 | $104,865,000 | $389,833 |
| <2.5% | 44 | $14,860,000 | $337,727 |
| 4-5% | 18 | $6,510,000 | $361,667 |
| 7-8% | 1 | $335,000 | $335,000 |
During 2020, Continental Mortgage Bankers's average interest rate for loans was 3.16%, while their most frequently originated rate bucket for loans was 3-4%, with 271 originations.
Loan Sizing
2020 saw Continental Mortgage Bankers place emphasis on $200k-400k loans with 287 originations, totaling $91,455,000 in origination value.
Applicant Income
Continental Mortgage Bankers lent most frequently to those with incomes in the $100k-150k range, with 195 originations. The second most popular income band? $150k-250k, with 153 originations.
Applicant Debt to Income Ratio
Continental Mortgage Bankers lent most frequently to those with DTI ratios of 30-36%, with 98 originations. The next most common DTI ratio? 20-30%, with 87 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications94.78%
Continental Mortgage Bankers has an average approval rate.
Pick Rate
Approvals leading to origination76.62%
Continental Mortgage Bankers has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 603 | $230,705,000 | $382,595 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 603 | $230,705,000 | $382,595 |