Luther Burbank Savings Mortgage Rates, Fees & Info

Santa Rosa, CA

LEI: 5493000ZB0IHPJ66BJ32

Tax ID: 94-2906968

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

Jump to:

  • 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

    Luther Burbank Savings is a small 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 Jose, and San Diego among others. We have data for 26 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 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.

    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 6.57% 12/16/24
    30 Year Conventional Refi 6.52% 12/16/24
    30 Year Cash-out Refi 6.73% 12/16/24
    15 Year Conventional Purchase 5.68% 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.

    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

    1,409

    Origination Dollar Volume (All Markets)

    $2,041,905,000

    Awards

    Luther Burbank Savings 30 Year Conventional Loans bronze Luther Burbank Savings 30 Year Conventional Loans bronze
    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
    Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 603 $1,003,405,000 $1,664,022 $10,169 3.80%
    San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 206 $303,980,000 $1,475,631 $8,692 4.23%
    Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 262 $237,950,000 $908,206 $6,584 3.32%
    SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) 100 $160,340,000 $1,603,400 $7,060 4.13%
    SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 79 $110,585,000 $1,399,810 $12,440 4.66%
    RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 13 $34,945,000 $2,688,077 $0 3.73%
    SANTA ROSA-PETALUMA, CA (FHA|USDA|VA) 35 $23,715,000 $677,571 $7,210 3.96%
    OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) 20 $23,310,000 $1,165,500 $6,873 4.59%
    PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 14 $23,050,000 $1,646,429 $4,003 4.47%
    PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 13 $23,025,000 $1,771,154 $0 3.97%
    SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 16 $21,410,000 $1,338,125 $0 4.06%
    DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 9 $18,435,000 $2,048,333 $0 3.84%
    SANTA CRUZ-WATSONVILLE, CA (FHA|USDA|VA) 9 $10,915,000 $1,212,778 $9,243 4.89%
    FRESNO, CA (FHA|USDA|VA) 7 $8,205,000 $1,172,143 $0 4.36%
    SALEM, OR (FHA|USDA|VA) 2 $7,040,000 $3,520,000 $0 4.18%
    SPOKANE-SPOKANE VALLEY, WA (FHA|USDA|VA) 2 $6,700,000 $3,350,000 $0 4.25%
    SANTA MARIA-SANTA BARBARA, CA (FHA|USDA|VA) 3 $5,655,000 $1,885,000 $4,269 3.48%
    SALINAS, CA (FHA|USDA|VA) 4 $5,480,000 $1,370,000 $4,222 4.18%
    BREMERTON-SILVERDALE-PORT ORCHARD, WA (FHA|USDA|VA) 4 $4,650,000 $1,162,500 $7,467 4.91%
    STOCKTON, CA (FHA|USDA|VA) 2 $2,100,000 $1,050,000 $0 4.05%
    MERCED, CA (FHA|USDA|VA) 1 $1,905,000 $1,905,000 $0 3.55%
    Oak Harbor, WA (FHA|USDA|VA) 1 $1,305,000 $1,305,000 $0 2.88%
    YAKIMA, WA (FHA|USDA|VA) 1 $1,145,000 $1,145,000 $0 3.65%
    NAPA, CA (FHA|USDA|VA) 1 $1,005,000 $1,005,000 $0 5.50%
    OGDEN-CLEARFIELD, UT (FHA|USDA|VA) 1 $945,000 $945,000 $0 5.15%
    YUBA CITY, CA (FHA|USDA|VA) 1 $705,000 $705,000 $0 4.05%
    Luther Burbank Savings's top markets include Los Angeles, San Francisco, Seattle, San Jose, and San Diego among others.

    Their top states include:
  • California (FHA|USDA|VA)
  • Washington (FHA|USDA|VA)
  • Oregon (FHA|USDA|VA)
  • Arizona (FHA|USDA|VA)
  • Colorado (FHA|USDA|VA)

    • 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.

    MISSION
    Similarity Rank: 30
    SAFEAMERICA CREDIT UNION
    Similarity Rank: 54
    Los Angeles Federal Credit Union
    Similarity Rank: 112
    LONG BEACH CITY EMPLOYEES Federal Credit Union
    Similarity Rank: 236
    COASTHILLS
    Similarity Rank: 240
    FOOTHILL FEDERAL CREDIT UNION
    Similarity Rank: 324
    SESLOC
    Similarity Rank: 392
    1ST NORTHERN CALIFORNIA
    Similarity Rank: 429
    SOUND
    Similarity Rank: 625
    MYPOINT Credit Union
    Similarity Rank: 705

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,409 $2,041,905,000 $1,449,187 $8,582 3.89%

    For 2022, Luther Burbank Savings's most frequently originated type of loan was Conventional, with 1,409 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 1,165 $1,706,855,000 $1,465,112 $9,364 3.88%
    Refi 134 $180,470,000 $1,346,791 $6,179 3.75%
    Cash Out Refi 91 $129,485,000 $1,422,912 $6,000 4.04%
    Other 12 $18,950,000 $1,579,167 $6,220 4.21%
    Home Improvement 7 $6,145,000 $877,857 $3,776 5.54%

    For 2022, Luther Burbank Savings's most frequently cited loan purpose was Home Purchase, with 1,165 originations. The 2nd most popular reason was Refi, with 134 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 1,264 $1,966,950,000 $1,556,131 $8,243 4.15%
    3 Year 95 $965,000 $10,158 $0 0.00%
    30+ year 46 $66,460,000 $1,444,783 $12,634 4.56%
    15 Year 1 $805,000 $805,000 $0 4.30%
    20 Year 1 $2,215,000 $2,215,000 $0 3.40%
    10 Year 1 $905,000 $905,000 $0 3.45%
    Other 1 $3,605,000 $3,605,000 $0 3.25%

    For 2022, Luther Burbank Savings's most frequently cited loan duration was 30 Year, with 1,264 originations. The 2nd most popular length was 3 Year, with 95 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 345 $455,165,000 $1,319,319
    $5k+ 163 $232,585,000 $1,426,902
    $3k-4k 22 $16,920,000 $769,091
    $2k-3k 20 $14,910,000 $745,500
    $4k-5k 10 $9,030,000 $903,000
    $1k-2k 9 $3,705,000 $411,667

    Luther Burbank Savings's average total fees were $8,243, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 345 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 528 $801,560,000 $1,518,106
    4-5% 309 $530,995,000 $1,718,430
    5-6% 215 $251,075,000 $1,167,791
    <2.5% 130 $62,230,000 $478,692
    2.5-3% 124 $287,200,000 $2,316,129
    6-7% 98 $105,260,000 $1,074,082
    7-8% 4 $3,570,000 $892,500

    During 2022, Luther Burbank Savings's average interest rate for loans was 4.15%, while their most frequently originated rate bucket for loans was 3-4%, with 528 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $1MM+ 839 $1,731,875,000 $2,064,213 $10,525 4.01%
    $600k-1MM 278 $219,130,000 $788,237 $6,644 4.35%
    $400k-600k 142 $72,110,000 $507,817 $6,405 4.53%
    $100,000 or less 96 $1,040,000 $10,833 $3,450 0.06%
    $200k-400k 53 $17,615,000 $332,358 $5,173 4.66%
    $100k-200k 1 $135,000 $135,000 $4,453 4.38%

    2022 saw Luther Burbank Savings place emphasis on $1MM+ loans with 839 originations, totaling $1,731,875,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $250k+ 403 $667,955,000 $1,657,457 $10,084 4.45%
    $150k-250k 149 $115,355,000 $774,195 $7,362 4.50%
    $100k-150k 121 $44,985,000 $371,777 $6,513 2.91%
    $75k-100k 88 $22,250,000 $252,841 $5,590 2.20%
    $50k-75k 22 $3,860,000 $175,455 $5,335 2.26%
    $50k or less 1 $75,000 $75,000 $3,450 5.75%

    Luther Burbank Savings lent most frequently to those with incomes in the $250k+ range, with 403 originations. The second most popular income band? $150k-250k, with 149 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 107 $115,145,000 $1,076,121 $8,357 4.19%
    44% 105 $76,995,000 $733,286 $7,293 3.53%
    20-30% 86 $103,350,000 $1,201,744 $8,300 3.94%
    46% 77 $118,645,000 $1,540,844 $9,839 4.43%
    45% 66 $99,290,000 $1,504,394 $9,895 4.31%
    43% 66 $67,210,000 $1,018,333 $8,844 3.23%
    42% 52 $51,740,000 $995,000 $9,346 3.90%
    41% 42 $41,050,000 $977,381 $8,408 3.67%
    40% 40 $39,650,000 $991,250 $7,214 4.00%
    37% 36 $28,320,000 $786,667 $6,853 3.64%
    36% 32 $31,130,000 $972,813 $7,264 4.02%
    39% 29 $25,285,000 $871,897 $8,386 3.84%
    38% 28 $26,180,000 $935,000 $6,440 3.88%
    <20% 17 $28,125,000 $1,654,412 $13,440 4.08%
    47% 1 $2,365,000 $2,365,000 $11,016 5.00%

    Luther Burbank Savings lent most frequently to those with DTI ratios of 30-36%, with 107 originations. The next most common DTI ratio? 44%, with 105 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 555 $1,071,485,000 $1,930,604 $0 3.84%
    White 453 $495,365,000 $1,093,521 $8,641 3.97%
    Asian 193 $251,885,000 $1,305,104 $7,650 3.91%
    Not provided 150 $184,190,000 $1,227,933 $9,999 4.00%
    Black 43 $21,025,000 $488,953 $6,365 3.04%
    Asian Indian 11 $12,185,000 $1,107,727 $7,134 4.14%
    American Indian 1 $2,055,000 $2,055,000 $43,150 3.13%
    Other Asian 1 $1,785,000 $1,785,000 $0 3.90%
    Native Hawaiian 1 $1,085,000 $1,085,000 $17,200 4.63%
    Native Hawaiian or Islander 1 $845,000 $845,000 $6,783 4.63%

    Approval Rates

    Total approvals of all applications
    89.17%

    Luther Burbank Savings has an average approval rate.

    Pick Rate

    Approvals leading to origination
    79.06%

    Luther Burbank Savings has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,409 $2,041,905,000 $1,449,187

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,409 $2,041,905,000 $1,449,187

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 88 $102,220,000 $1,161,591 $5,634 3.94%
    40-60% 311 $525,165,000 $1,688,633 $7,252 3.97%
    60-80% 672 $1,164,070,000 $1,732,247 $9,613 4.18%
    80-100% 224 $225,280,000 $1,005,714 $7,600 4.45%
    Over 100% 3 $8,455,000 $2,818,333 $53,514 5.08%
    Under 20% 111 $16,715,000 $150,586 $5,166 0.66%