Beverly - Hanks Mortgage Services Rates, Fees & Info
Asheville, NCLEI: 5493000JHK8ZOZKD8J96
Tax ID: 56-2172712
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Mortgage Data
Review & Overview
Beverly - Hanks Mortgage Services is a smaller mortgage company specializing in Home Purchase loans. Beverly - Hanks Mortgage Services has a high proportion of conventional loans. Their top two markets are Asheville and Forest City .Beverly - Hanks Mortgage Services 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. Beverly - Hanks Mortgage Services 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 |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 7.46% | 3/24/24 |
| 30 Year Conventional Purchase | 6.35% | 3/24/24 |
| 30 Year Conventional Refi | 6.55% | 3/24/24 |
| 30 Year Cash-out Refi | 6.45% | 3/24/24 |
| 30 Year FHA Purchase | 6.27% | 3/24/24 |
| 30 Year VA Purchase | 6.43% | 3/24/24 |
| 15 Year Conventional Purchase | 5.68% | 3/24/24 |
| 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. | ||
Beverly - Hanks Mortgage Services Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
6Origination Dollar Volume (All Markets)
$2,350,000Relative Rate
Beverly - Hanks Mortgage Services's average 30 year fixed mortgage rate was
3.85%.
The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.
This yields a difference of -0.91%.
Relative Fees (Closing Costs)
Beverly - Hanks Mortgage Services's average total fees/closing costs for a 30 year fixed rate
mortgage were $4,539.
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 $4,750.
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 |
|---|---|---|---|---|---|
| ASHEVILLE, NC (FHA|USDA|VA) | 5 | $2,255,000 | $451,000 | $4,539 | 3.85% |
| Forest City, NC (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $0 | 6.50% |
Their top states include:
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 3 | $1,835,000 | $611,667 | $5,611 | 3.50% |
| HELOC | 2 | $190,000 | $95,000 | n/a | 5.75% |
| VA | 1 | $325,000 | $325,000 | $1,325 | 3.75% |
For 2022, Beverly - Hanks Mortgage Services's most frequently originated type of loan was Conventional, with 3 originations. Their 2nd most popular type was HELOC, with 2 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 4 | $1,980,000 | $495,000 | $4,997 | 3.94% |
| Refi | 1 | $275,000 | $275,000 | $3,165 | 3.50% |
| Cash Out Refi | 1 | $95,000 | $95,000 | $0 | 6.50% |
For 2022, Beverly - Hanks Mortgage Services's most frequently cited loan purpose was Home Purchase, with 4 originations. The 2nd most popular reason was Refi, with 1 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 5 | $2,255,000 | $451,000 | $4,539 | 3.85% |
| 15 Year | 1 | $95,000 | $95,000 | $0 | 6.50% |
For 2022, Beverly - Hanks Mortgage Services's most frequently cited loan duration was 30 Year, with 5 originations. The 2nd most popular length was 15 Year, with 1 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $1k-2k | 2 | $650,000 | $325,000 |
| $<1k | 1 | $325,000 | $325,000 |
| $5k+ | 1 | $1,185,000 | $1,185,000 |
Beverly - Hanks Mortgage Services's average total fees were $4,539, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 2 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 3 | $975,000 | $325,000 |
| 2.5-3% | 1 | $1,185,000 | $1,185,000 |
| 4-5% | 1 | $95,000 | $95,000 |
| 6-7% | 1 | $95,000 | $95,000 |
During 2022, Beverly - Hanks Mortgage Services's average interest rate for loans was 3.85%, while their most frequently originated rate bucket for loans was 3-4%, with 3 originations.
Loan Sizing
2022 saw Beverly - Hanks Mortgage Services place emphasis on $200k-400k loans with 3 originations, totaling $975,000 in origination value.
Applicant Income
Beverly - Hanks Mortgage Services lent most frequently to those with incomes in the $75k-100k range, with 3 originations. The second most popular income band? $100k-150k, with 1 originations.
Applicant Debt to Income Ratio
Beverly - Hanks Mortgage Services lent most frequently to those with DTI ratios of 40%, with 2 originations. The next most common DTI ratio? 42%, with 2 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 5 | $2,025,000 | $405,000 | $5,611 | 4.40% |
| Not provided | 1 | $325,000 | $325,000 | $1,325 | 3.75% |
Approval Rates
Total approvals of all applications93.10%
Beverly - Hanks Mortgage Services has an average approval rate.
Pick Rate
Approvals leading to origination-1,566.67%
Beverly - Hanks Mortgage Services 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 | 6 | $2,350,000 | $391,667 |