Alkan Mortgage Corporation Rates, Fees & Info
LAKE MARY, FLLEI: 5493005PT09Z02WXW551
Tax ID: 59-3591757
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Mortgage Data
Review & Overview
Alkan Mortgage Corporation is a smaller mortgage company specializing in Home Purchase loans. Alkan Mortgage Corporation has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets by origination volume include: Orlando, Deltona, and Palm Bay among others. We have data for 3 markets. (Some data included below & more in-depth data is available with an active subscription.)Alkan Mortgage Corporation 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. Alkan Mortgage Corporation 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 | 7.04% | 3/25/24 |
| 30 Year Cash-out Refi | 7.20% | 3/25/24 |
| 30 Year FHA Purchase | 7.63% | 3/25/24 |
| 30 Year VA Purchase | 6.38% | 3/25/24 |
| 30 Year VA Refi | 6.27% | 3/25/24 |
| 15 Year Conventional Purchase | 16.95% | 3/25/24 |
| 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. | ||
Alkan Mortgage Corporation Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
12Origination Dollar Volume (All Markets)
$2,210,000Top 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 |
|---|---|---|---|---|---|
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 4 | $1,220,000 | $305,000 | $13,979 | 9.15% |
| DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) | 6 | $710,000 | $118,333 | $7,315 | 11.62% |
| PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) | 2 | $280,000 | $140,000 | $3,725 | 4.31% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 10 | $1,840,000 | $184,000 | $9,718 | 10.57% |
| FHA | 2 | $370,000 | $185,000 | $5,041 | 4.63% |
For 2018, Alkan Mortgage Corporation's most frequently originated type of loan was Conventional, with 10 originations. Their 2nd most popular type was FHA, with 2 originations.
Loan Reason
For 2018, Alkan Mortgage Corporation's most frequently cited loan purpose was Home Purchase, with 8 originations. The 2nd most popular reason was Cash Out Refi, with 2 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 15 Year | 7 | $1,105,000 | $157,857 | $9,808 | 12.99% |
| 30 Year | 5 | $1,105,000 | $221,000 | $7,720 | 4.80% |
For 2018, Alkan Mortgage Corporation's most frequently cited loan duration was 15 Year, with 7 originations. The 2nd most popular length was 30 Year, with 5 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $5k+ | 5 | $1,255,000 | $251,000 |
| $3k-4k | 2 | $120,000 | $60,000 |
| $2k-3k | 1 | $35,000 | $35,000 |
Alkan Mortgage Corporation's average total fees were $7,720, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 5 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| Over 8% | 7 | $1,105,000 | $157,857 |
| 4-5% | 3 | $495,000 | $165,000 |
| 5-6% | 2 | $610,000 | $305,000 |
During 2018, Alkan Mortgage Corporation's average interest rate for loans was 4.80%, while their most frequently originated rate bucket for loans was Over 8%, with 7 originations.
Loan Sizing
2018 saw Alkan Mortgage Corporation place emphasis on $100k-200k loans with 4 originations, totaling $570,000 in origination value.
Applicant Income
Alkan Mortgage Corporation lent most frequently to those with incomes in the $150k-250k range, with 3 originations. The second most popular income band? $50k or less, with 3 originations.
Applicant Debt to Income Ratio
Alkan Mortgage Corporation lent most frequently to those with DTI ratios of >60%, with 5 originations. The next most common DTI ratio? 44%, with 2 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications91.89%
Alkan Mortgage Corporation has an average approval rate.
Pick Rate
Approvals leading to origination-925.00%
Alkan Mortgage Corporation 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 | 12 | $2,210,000 | $184,167 |