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 and Cash Out Refi loans. Alkan Mortgage Corporation has a high proportion of conventional loans. Their top markets by origination volume include: Orlando, Jacksonville, 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.
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
5Origination Dollar Volume (All Markets)
$435,000Top 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) | 3 | $315,000 | $105,000 | $6,838 | 12.99% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $6,617 | 12.99% |
| PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $5,259 | 12.99% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 5 | $435,000 | $87,000 | $6,388 | 12.99% |
For 2020, Alkan Mortgage Corporation's most frequently originated type of loan was Conventional, with 5 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 3 | $295,000 | $98,333 | $7,915 | 12.99% |
| Cash Out Refi | 2 | $140,000 | $70,000 | $4,861 | 12.99% |
For 2020, Alkan Mortgage Corporation's most frequently cited loan purpose was Home Purchase, with 3 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 | 5 | $435,000 | $87,000 | $6,388 | 12.99% |
For 2020, Alkan Mortgage Corporation's most frequently cited loan duration was 15 Year, with 5 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $3k-4k | 2 | $150,000 | $75,000 |
| $1k-2k | 1 | $65,000 | $65,000 |
| $4k-5k | 1 | $75,000 | $75,000 |
| $5k+ | 1 | $145,000 | $145,000 |
Alkan Mortgage Corporation's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $3k-4k bucket, with 2 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| Over 8% | 5 | $435,000 | $87,000 |
During 2020, Alkan Mortgage Corporation's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was Over 8%, with 5 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100,000 or less | 3 | $185,000 | $61,667 | $4,994 | 12.99% |
| $100k-200k | 2 | $250,000 | $125,000 | $10,570 | 12.99% |
2020 saw Alkan Mortgage Corporation place emphasis on $100,000 or less loans with 3 originations, totaling $185,000 in origination value.
Applicant Income
Alkan Mortgage Corporation lent most frequently to those with incomes in the $250k+ range, with 2 originations. The second most popular income band? $75k-100k, with 2 originations.
Applicant Debt to Income Ratio
Alkan Mortgage Corporation lent most frequently to those with DTI ratios of >60%, with 2 originations. The next most common DTI ratio? <20%, with 1 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 3 | $315,000 | $105,000 | $6,838 | 12.99% |
| Black | 2 | $120,000 | $60,000 | $5,938 | 12.99% |
Approval Rates
Total approvals of all applications94.24%
Alkan Mortgage Corporation has an average approval rate.
Pick Rate
Approvals leading to origination-2,380.00%
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 |
|---|---|---|---|
| 5195.0 | 1 | $105,000 | $105,000 |
| NA | 4 | $330,000 | $82,500 |