Luther Burbank Savings Mortgage Rates, Fees & Info
Santa Rosa, CALEI: 5493000ZB0IHPJ66BJ32
Tax ID: 94-2906968
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Mortgage Data
Review & Overview
Luther Burbank Savings is a smaller bank specializing in Home Purchase loans. Luther Burbank Savings has a high proportion of conventional loans. Their top markets by origination volume include: Los Angeles, San Francisco, Seattle, San Diego, and San Jose among others. We have data for 14 markets. (Some data included below & more in-depth data is available with an active subscription.)Luther Burbank Savings 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. Luther Burbank Savings 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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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.57% | 4/25/24 |
| 30 Year Conventional Refi | 6.52% | 4/25/24 |
| 30 Year Cash-out Refi | 6.73% | 4/25/24 |
| 15 Year Conventional Purchase | 5.68% | 4/25/24 |
| 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. | ||
Luther Burbank Savings Mortgage Calculator
Your Estimates
Estimated Loan Payment: Update the calculator values and click calculate payment!
This is not an official calculator from Luther Burbank Savings. 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
229Origination Dollar Volume (All Markets)
$291,335,000Relative Rate
Luther Burbank Savings's average 30 year fixed mortgage rate was
6.81%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of 0.33%.
Relative Fees (Closing Costs)
Luther Burbank Savings's average total fees/closing costs for a 30 year fixed rate
mortgage were $10,611.
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 |
|---|---|---|---|---|---|
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 92 | $113,640,000 | $1,235,217 | $13,112 | 6.22% |
| San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) | 56 | $69,290,000 | $1,237,321 | $11,132 | 6.93% |
| Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) | 26 | $30,860,000 | $1,186,923 | $7,518 | 5.86% |
| SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) | 17 | $24,745,000 | $1,455,588 | $10,545 | 6.80% |
| SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) | 15 | $21,295,000 | $1,419,667 | $7,309 | 7.07% |
| SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) | 3 | $8,795,000 | $2,931,667 | $0 | 4.18% |
| OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) | 6 | $7,770,000 | $1,295,000 | $21,293 | 6.78% |
| SALINAS, CA (FHA|USDA|VA) | 5 | $6,125,000 | $1,225,000 | $8,502 | 6.52% |
| SANTA MARIA-SANTA BARBARA, CA (FHA|USDA|VA) | 2 | $3,650,000 | $1,825,000 | $6,133 | 6.56% |
| SANTA ROSA-PETALUMA, CA (FHA|USDA|VA) | 3 | $2,265,000 | $755,000 | $10,143 | 7.50% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 1 | $1,135,000 | $1,135,000 | $0 | 6.00% |
| BREMERTON-SILVERDALE-PORT ORCHARD, WA (FHA|USDA|VA) | 1 | $815,000 | $815,000 | $17,152 | 6.25% |
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 1 | $555,000 | $555,000 | $0 | 7.00% |
| NAPA, CA (FHA|USDA|VA) | 1 | $395,000 | $395,000 | $0 | 7.50% |
Similar Lenders
We use machine learning to identify the top lenders compared against Luther Burbank Savings based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 45
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 229 | $291,335,000 | $1,272,205 | $10,968 | 6.47% |
For 2023, Luther Burbank Savings's most frequently originated type of loan was Conventional, with 229 originations.
Loan Reason
For 2023, Luther Burbank Savings's most frequently cited loan purpose was Home Purchase, with 202 originations. The 2nd most popular reason was Refi, with 20 originations.
Loan Duration/Length
For 2023, Luther Burbank Savings's most frequently cited loan duration was 30 Year, with 199 originations. The 2nd most popular length was 30+ year, with 14 originations.
Origination Fees/Closing Costs
Luther Burbank Savings's average total fees were $10,611, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 66 originations.
Interest Rates
During 2023, Luther Burbank Savings's average interest rate for loans was 6.81%, while their most frequently originated rate bucket for loans was 6-7%, with 110 originations.
Loan Sizing
2023 saw Luther Burbank Savings place emphasis on $1MM+ loans with 146 originations, totaling $242,370,000 in origination value.
Applicant Income
Luther Burbank Savings lent most frequently to those with incomes in the $250k+ range, with 126 originations. The second most popular income band? $100k-150k, with 13 originations.
Applicant Debt to Income Ratio
Luther Burbank Savings lent most frequently to those with DTI ratios of 46%, with 26 originations. The next most common DTI ratio? 30-36%, with 23 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications78.63%
Luther Burbank Savings has a below average approval rate.
Pick Rate
Approvals leading to origination68.12%
Luther Burbank Savings 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 | 229 | $291,335,000 | $1,272,205 |