Tower Mortgage Rates, Fees & Info

Laurel, MD

LEI: 54930080168VA6Z8UX21

Tax ID: 53-0214895

3.7 stars - Updated: 4/14/24 - out of 5 stars, based on 59 reviews

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

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Mortgage Data

Review & Overview

Tower is a smaller mortgage company specializing in Home Improvement and Home Purchase loans. Tower has a high proportion of conventional loans. Their top markets by origination volume include: Washington, Baltimore, Philadelphia, New York, and Richmond among others. We have data for 170 markets. (Some data included below & more in-depth data is available with an active subscription.)

Tower has a below average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Tower 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 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.

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
Home Equity Line of Credit (HELOC) 6.40% 4/14/24
30 Year Conventional Purchase 5.80% 4/14/24
30 Year Conventional Refi 6.00% 4/14/24
30 Year Cash-out Refi 5.90% 4/14/24
30 Year VA Purchase 5.47% 4/14/24
15 Year Conventional Purchase 5.84% 4/14/24
15 Year Conventional Refi 5.63% 4/14/24
15 Year Cash-out Refi 5.63% 4/14/24
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.

Tower Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Tower. 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

3,434

Origination Dollar Volume (All Markets)

$506,390,000

Awards

TOWER 30 Year Conventional Loans bronze TOWER 30 Year Conventional Loans bronze TOWER 30 Year Conventional Loans gold TOWER 30 Year Conventional Loans silver
Show all (4) awards

Relative Rate

Tower's average 30 year fixed mortgage rate was 7.54%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of 1.06%.

Relative Fees (Closing Costs)

Tower's average total fees/closing costs for a 30 year fixed rate mortgage were $7,134.

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
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 913 $159,295,000 $174,474 $1,781 7.37%
BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 1,077 $133,085,000 $123,570 $688 7.23%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 178 $24,580,000 $138,090 $357 7.53%
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 140 $23,980,000 $171,286 $334 7.41%
RICHMOND, VA (FHA|USDA|VA) 90 $15,090,000 $167,667 $2,768 7.56%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 85 $14,885,000 $175,118 $229 7.46%
SALISBURY, MD-DE (FHA|USDA|VA) 108 $12,480,000 $115,556 $1,264 7.37%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 54 $7,420,000 $137,407 $62 7.66%
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 54 $7,170,000 $132,778 $349 7.73%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 38 $5,420,000 $142,632 $0 7.56%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 37 $4,985,000 $134,730 $0 7.31%
Outside of Metro Areas 40 $4,920,000 $123,000 $1,953 7.26%
CHARLOTTESVILLE, VA (FHA|USDA|VA) 21 $3,975,000 $189,286 $2,211 7.49%
CALIFORNIA-LEXINGTON PARK, MD (FHA|USDA|VA) 34 $3,770,000 $110,882 $0 7.63%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 25 $3,245,000 $129,800 $1,632 7.12%
CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 17 $2,835,000 $166,765 $0 7.72%
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 16 $2,620,000 $163,750 $0 8.00%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 12 $2,510,000 $209,167 $1,638 7.27%
HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) 15 $2,225,000 $148,333 $2,291 7.42%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 11 $2,215,000 $201,364 $880 8.02%
BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 6 $2,180,000 $363,333 $4,357 6.65%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 12 $2,140,000 $178,333 $2,506 7.38%
RALEIGH-CARY, NC (FHA|USDA|VA) 17 $2,045,000 $120,294 $66 7.06%
NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 14 $2,000,000 $142,857 $0 7.25%
OCEAN CITY, NJ (FHA|USDA|VA) 11 $1,895,000 $172,273 $0 7.52%
Kill Devil Hills, NC (FHA|USDA|VA) 14 $1,840,000 $131,429 $0 7.43%
YORK-HANOVER, PA (FHA|USDA|VA) 19 $1,765,000 $92,895 $0 7.46%
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 9 $1,575,000 $175,000 $0 7.00%
GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 13 $1,545,000 $118,846 $0 7.54%
Easton, MD (FHA|USDA|VA) 9 $1,525,000 $169,444 $764 6.90%
PORT ST. LUCIE, FL (FHA|USDA|VA) 7 $1,505,000 $215,000 $4,315 6.96%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 13 $1,295,000 $99,615 $0 7.02%
ROANOKE, VA (FHA|USDA|VA) 8 $1,280,000 $160,000 $0 7.12%
SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 8 $1,210,000 $151,250 $0 7.22%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 6 $1,170,000 $195,000 $2,327 7.50%
DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 8 $1,160,000 $145,000 $0 7.43%
GETTYSBURG, PA (FHA|USDA|VA) 6 $1,140,000 $190,000 $2,705 7.02%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 6 $1,090,000 $181,667 $0 7.83%
TRENTON-PRINCETON, NJ (FHA|USDA|VA) 7 $975,000 $139,286 $0 7.18%
WINSTON-SALEM, NC (FHA|USDA|VA) 2 $970,000 $485,000 $14,552 6.56%
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 8 $960,000 $120,000 $0 8.03%
San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 6 $950,000 $158,333 $0 7.83%
DAYTON-KETTERING, OH (FHA|USDA|VA) 5 $935,000 $187,000 $2,646 7.18%
WILMINGTON, NC (FHA|USDA|VA) 6 $900,000 $150,000 $4,172 7.60%
JACKSONVILLE, NC (FHA|USDA|VA) 6 $890,000 $148,333 $1,361 7.25%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 5 $875,000 $175,000 $1,481 7.18%
COLUMBIA, SC (FHA|USDA|VA) 8 $870,000 $108,750 $0 8.31%
PITTSBURGH, PA (FHA|USDA|VA) 6 $830,000 $138,333 $0 7.83%
ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) 8 $820,000 $102,500 $0 7.72%
ASHEVILLE, NC (FHA|USDA|VA) 4 $820,000 $205,000 $0 7.25%
PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 6 $790,000 $131,667 $0 8.29%
SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) 3 $745,000 $248,333 $0 6.83%
COLUMBUS, OH (FHA|USDA|VA) 7 $735,000 $105,000 $0 7.93%
KNOXVILLE, TN (FHA|USDA|VA) 3 $725,000 $241,667 $3,808 6.92%
BLACKSBURG-CHRISTIANSBURG, VA (FHA|USDA|VA) 1 $705,000 $705,000 $8,253 4.88%
ATHENS-CLARKE COUNTY, GA (FHA|USDA|VA) 2 $670,000 $335,000 $0 7.00%
HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) 2 $660,000 $330,000 $6,151 7.75%
NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 3 $655,000 $218,333 $0 8.58%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 4 $650,000 $162,500 $2,333 6.59%
SALT LAKE CITY, UT (FHA|USDA|VA) 3 $605,000 $201,667 $0 7.50%
AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) 5 $605,000 $121,000 $3,469 6.70%
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 6 $600,000 $100,000 $0 7.96%
COLORADO SPRINGS, CO (FHA|USDA|VA) 2 $600,000 $300,000 $5,600 7.75%
CHAMBERSBURG-WAYNESBORO, PA (FHA|USDA|VA) 4 $600,000 $150,000 $6,318 7.28%
Kalispell, MT (FHA|USDA|VA) 1 $585,000 $585,000 $9,136 6.25%
JACKSONVILLE, FL (FHA|USDA|VA) 4 $580,000 $145,000 $0 8.00%
HARRISONBURG, VA (FHA|USDA|VA) 1 $565,000 $565,000 $12,549 4.88%
GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) 4 $550,000 $137,500 $0 7.38%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 1 $545,000 $545,000 $7,065 7.25%
Cambridge, MD (FHA|USDA|VA) 5 $505,000 $101,000 $0 7.90%
STATE COLLEGE, PA (FHA|USDA|VA) 4 $490,000 $122,500 $0 8.50%
OCALA, FL (FHA|USDA|VA) 2 $460,000 $230,000 $2,358 8.06%
WINCHESTER, VA-WV (FHA|USDA|VA) 5 $455,000 $91,000 $0 7.25%
Menomonie, WI (FHA|USDA|VA) 1 $455,000 $455,000 $3,695 6.75%
BOULDER, CO (FHA|USDA|VA) 2 $450,000 $225,000 $0 7.88%
TUCSON, AZ (FHA|USDA|VA) 3 $415,000 $138,333 $0 7.08%
Concord, NH (FHA|USDA|VA) 1 $405,000 $405,000 $3,993 6.75%
MANCHESTER-NASHUA, NH (FHA|USDA|VA) 2 $400,000 $200,000 $0 6.38%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 4 $400,000 $100,000 $0 7.00%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 3 $395,000 $131,667 $0 7.25%
STOCKTON, CA (FHA|USDA|VA) 1 $355,000 $355,000 $0 7.00%
YUBA CITY, CA (FHA|USDA|VA) 1 $355,000 $355,000 $0 7.00%
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 3 $335,000 $111,667 $0 8.08%
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 3 $325,000 $108,333 $0 7.92%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 2 $320,000 $160,000 $0 7.00%
HARRISBURG-CARLISLE, PA (FHA|USDA|VA) 1 $305,000 $305,000 $5,081 7.50%
Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 1 $305,000 $305,000 $0 7.00%
AKRON, OH (FHA|USDA|VA) 1 $295,000 $295,000 $3,887 6.50%
Forest City, NC (FHA|USDA|VA) 1 $295,000 $295,000 $0 7.00%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 2 $280,000 $140,000 $6,017 7.31%
MORRISTOWN, TN (FHA|USDA|VA) 2 $280,000 $140,000 $0 8.00%
DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) 2 $260,000 $130,000 $0 7.75%
OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) 2 $260,000 $130,000 $0 6.25%
Key West, FL (FHA|USDA|VA) 1 $255,000 $255,000 $0 7.00%
OGDEN-CLEARFIELD, UT (FHA|USDA|VA) 1 $255,000 $255,000 $0 6.50%
LEXINGTON-FAYETTE, KY (FHA|USDA|VA) 3 $255,000 $85,000 $0 7.83%
READING, PA (FHA|USDA|VA) 3 $255,000 $85,000 $0 7.17%
NEW ORLEANS-METAIRIE, LA (FHA|USDA|VA) 3 $245,000 $81,667 $0 7.00%
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 3 $245,000 $81,667 $0 8.58%
STAUNTON, VA (FHA|USDA|VA) 3 $235,000 $78,333 $0 6.92%
TALLAHASSEE, FL (FHA|USDA|VA) 1 $225,000 $225,000 $0 7.00%
Jefferson, GA (FHA|USDA|VA) 2 $210,000 $105,000 $0 7.38%
FLINT, MI (FHA|USDA|VA) 1 $205,000 $205,000 $3,279 6.38%
Seneca, SC (FHA|USDA|VA) 1 $205,000 $205,000 $0 7.00%
MEMPHIS, TN-MS-AR (FHA|USDA|VA) 1 $205,000 $205,000 $0 7.00%
GREELEY, CO (FHA|USDA|VA) 1 $205,000 $205,000 $0 8.50%
LANCASTER, PA (FHA|USDA|VA) 3 $195,000 $65,000 $0 7.33%
Danville, VA (FHA|USDA|VA) 1 $185,000 $185,000 $0 8.50%
PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 2 $180,000 $90,000 $0 7.75%
VALLEJO, CA (FHA|USDA|VA) 2 $180,000 $90,000 $0 7.75%
ROCKY MOUNT, NC (FHA|USDA|VA) 1 $175,000 $175,000 $731 8.49%
Taos, NM (FHA|USDA|VA) 1 $175,000 $175,000 $0 7.00%
Houghton, MI (FHA|USDA|VA) 1 $165,000 $165,000 $0 8.50%
LOUISVILLE, KY (FHA|USDA|VA) 1 $165,000 $165,000 $0 8.50%
PUNTA GORDA, FL (FHA|USDA|VA) 2 $160,000 $80,000 $0 6.75%
ST. LOUIS, MO-IL (FHA|USDA|VA) 2 $160,000 $80,000 $0 8.50%
SANTA MARIA-SANTA BARBARA, CA (FHA|USDA|VA) 1 $155,000 $155,000 $0 7.00%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 1 $155,000 $155,000 $0 7.00%
Hilo, HI (FHA|USDA|VA) 1 $145,000 $145,000 $0 6.49%
APPLETON, WI (FHA|USDA|VA) 1 $145,000 $145,000 $0 8.50%
BOISE CITY, ID (FHA|USDA|VA) 1 $145,000 $145,000 $0 8.50%
CHATTANOOGA, TN-GA (FHA|USDA|VA) 2 $140,000 $70,000 $0 8.50%
BRUNSWICK, GA (FHA|USDA|VA) 1 $135,000 $135,000 $0 8.50%
WORCESTER, MA-CT (FHA|USDA|VA) 1 $135,000 $135,000 $0 7.49%
PANAMA CITY, FL (FHA|USDA|VA) 1 $135,000 $135,000 $0 7.00%
LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 1 $125,000 $125,000 $0 8.50%
Owatonna, MN (FHA|USDA|VA) 1 $125,000 $125,000 $0 8.50%
MODESTO, CA (FHA|USDA|VA) 1 $125,000 $125,000 $0 8.50%
THE VILLAGES, FL (FHA|USDA|VA) 1 $125,000 $125,000 $0 6.75%
Crossville, TN (FHA|USDA|VA) 2 $120,000 $60,000 $0 6.99%
ALBANY, GA (FHA|USDA|VA) 1 $105,000 $105,000 $0 7.49%
Lawrenceburg, TN (FHA|USDA|VA) 1 $105,000 $105,000 $0 7.00%
HOMOSASSA SPRINGS, FL (FHA|USDA|VA) 1 $105,000 $105,000 $0 8.50%
Greenwood, SC (FHA|USDA|VA) 1 $105,000 $105,000 $0 7.00%
Georgetown, SC (FHA|USDA|VA) 1 $105,000 $105,000 $0 7.00%
Gaffney, SC (FHA|USDA|VA) 1 $105,000 $105,000 $0 8.50%
REDDING, CA (FHA|USDA|VA) 1 $105,000 $105,000 $0 8.50%
CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 1 $105,000 $105,000 $0 7.49%
SUMTER, SC (FHA|USDA|VA) 1 $105,000 $105,000 $0 8.00%
AUBURN-OPELIKA, AL (FHA|USDA|VA) 1 $105,000 $105,000 $0 5.75%
SPOKANE-SPOKANE VALLEY, WA (FHA|USDA|VA) 1 $95,000 $95,000 $0 6.75%
SAVANNAH, GA (FHA|USDA|VA) 1 $95,000 $95,000 $0 7.49%
OWENSBORO, KY (FHA|USDA|VA) 1 $85,000 $85,000 $0 8.75%
DOVER, DE (FHA|USDA|VA) 1 $75,000 $75,000 $0 7.00%
Elizabeth City, NC (FHA|USDA|VA) 1 $75,000 $75,000 $0 8.50%
EVANSVILLE, IN-KY (FHA|USDA|VA) 1 $75,000 $75,000 $0 7.00%
MADISON, WI (FHA|USDA|VA) 1 $75,000 $75,000 $0 8.50%
RACINE, WI (FHA|USDA|VA) 1 $75,000 $75,000 $0 7.00%
Calhoun, GA (FHA|USDA|VA) 1 $75,000 $75,000 $0 7.00%
Brookings, OR (FHA|USDA|VA) 1 $75,000 $75,000 $0 7.00%
BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) 1 $75,000 $75,000 $0 7.00%
Laconia, NH (FHA|USDA|VA) 1 $75,000 $75,000 $0 7.00%
Fort Leonard Wood, MO (FHA|USDA|VA) 1 $65,000 $65,000 $0 8.75%
Glenwood Springs, CO (FHA|USDA|VA) 1 $65,000 $65,000 $0 8.50%
LYNCHBURG, VA (FHA|USDA|VA) 1 $65,000 $65,000 $0 7.00%
Torrington, CT (FHA|USDA|VA) 1 $65,000 $65,000 $0 8.50%
YOUNGSTOWN-WARREN-BOARDMAN, OH-PA (FHA|USDA|VA) 1 $65,000 $65,000 $0 6.49%
Cullowhee, NC (FHA|USDA|VA) 1 $65,000 $65,000 $0 8.50%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 1 $65,000 $65,000 $0 8.50%
KANSAS CITY, MO-KS (FHA|USDA|VA) 1 $65,000 $65,000 $0 7.00%
Washington, NC (FHA|USDA|VA) 1 $55,000 $55,000 $0 7.49%
BAKERSFIELD, CA (FHA|USDA|VA) 1 $55,000 $55,000 $0 7.00%
Sebastian-Vero Beach, FL (FHA|USDA|VA) 1 $45,000 $45,000 $0 6.49%
HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) 1 $45,000 $45,000 $0 7.25%
GADSDEN, AL (FHA|USDA|VA) 1 $35,000 $35,000 $0 7.00%
Cedar City, UT (FHA|USDA|VA) 1 $35,000 $35,000 $0 8.50%
Augusta-Waterville, ME (FHA|USDA|VA) 1 $35,000 $35,000 $0 6.49%
MANSFIELD, OH (FHA|USDA|VA) 1 $35,000 $35,000 $0 8.50%
COLUMBIA, MO (FHA|USDA|VA) 1 $35,000 $35,000 $0 7.00%
SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) 1 $15,000 $15,000 $0 6.25%
Tower's top markets include Washington, Baltimore, Philadelphia, New York, and Richmond among others.

Their top states include:
  • Maryland (FHA|USDA|VA)
  • Virginia (FHA|USDA|VA)
  • New Jersey (FHA|USDA|VA)
  • Pennsylvania (FHA|USDA|VA)
  • North Carolina (FHA|USDA|VA)
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 2,350 $342,130,000 $145,587 n/a 7.64%
    Conventional 1,084 $164,260,000 $151,531 $1,097 6.79%

    For 2023, Tower's most frequently originated type of loan was HELOC, with 2,350 originations. Their 2nd most popular type was Conventional, with 1,084 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 1,741 $209,595,000 $120,388 $10 7.36%
    Cash Out Refi 562 $100,840,000 $179,431 $328 7.29%
    Other 557 $59,865,000 $107,478 $36 7.38%
    Home Purchase 550 $132,310,000 $240,564 $6,282 7.51%
    Refi 24 $3,780,000 $157,500 $887 6.48%

    For 2023, Tower's most frequently cited loan purpose was Home Improvement, with 1,741 originations. The 2nd most popular reason was Cash Out Refi, with 562 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 2,500 $412,870,000 $165,148 $7,134 7.54%
    15 Year 535 $61,075,000 $114,159 $119 7.39%
    10 Year 238 $22,220,000 $93,361 $69 6.49%
    5 Year 78 $3,940,000 $50,513 $0 5.68%
    Other 78 $4,360,000 $55,897 $0 5.99%
    20 Year 5 $1,925,000 $385,000 $7,723 6.33%

    For 2023, Tower's most frequently cited loan duration was 30 Year, with 2,500 originations. The 2nd most popular length was 15 Year, with 535 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 916 $88,580,000 $96,703
    $1k-2k 69 $23,485,000 $340,362
    $5k+ 49 $30,745,000 $627,449
    $2k-3k 22 $7,700,000 $350,000
    $4k-5k 19 $10,885,000 $572,895
    $3k-4k 9 $2,865,000 $318,333

    Tower's average total fees were $7,134, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 916 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 1,739 $261,045,000 $150,112
    Over 8% 1,083 $145,095,000 $133,975
    7-8% 344 $42,930,000 $124,797
    5-6% 221 $48,645,000 $220,113
    4-5% 47 $8,675,000 $184,574

    During 2023, Tower's average interest rate for loans was 7.54%, while their most frequently originated rate bucket for loans was 6-7%, with 1,739 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 1,392 $85,200,000 $61,207 $28 7.27%
    $100k-200k 1,184 $161,190,000 $136,140 $350 7.57%
    $200k-400k 767 $203,275,000 $265,026 $2,043 7.43%
    $600k-1MM 45 $32,385,000 $719,667 $9,436 5.41%
    $400k-600k 43 $21,275,000 $494,767 $7,899 6.30%
    $1MM+ 3 $3,065,000 $1,021,667 $11,748 5.29%

    2023 saw Tower place emphasis on $100,000 or less loans with 1,392 originations, totaling $85,200,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 1,256 $199,230,000 $158,623 $1,363 7.34%
    $250k+ 821 $167,545,000 $204,074 $1,621 7.44%
    $100k-150k 782 $91,260,000 $116,701 $763 7.40%
    $75k-100k 340 $29,880,000 $87,882 $433 7.28%
    $50k-75k 181 $14,315,000 $79,088 $654 7.32%
    $50k or less 34 $1,950,000 $57,353 $907 7.22%

    Tower lent most frequently to those with incomes in the $150k-250k range, with 1,256 originations. The second most popular income band? $250k+, with 821 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 670 $100,630,000 $150,194 $1,595 7.14%
    30-36% 566 $84,950,000 $150,088 $1,240 7.30%
    49% 225 $31,145,000 $138,422 $200 7.61%
    44% 172 $23,840,000 $138,605 $962 7.45%
    <20% 166 $24,320,000 $146,506 $857 6.97%
    47% 161 $23,535,000 $146,180 $733 7.61%
    46% 159 $22,925,000 $144,182 $354 7.52%
    48% 155 $22,325,000 $144,032 $658 7.54%
    45% 148 $19,680,000 $132,973 $96 7.82%
    43% 148 $22,580,000 $152,568 $794 7.61%
    42% 146 $25,290,000 $173,219 $1,873 7.31%
    38% 128 $19,400,000 $151,563 $1,252 7.37%
    41% 123 $19,105,000 $155,325 $1,295 7.50%
    40% 121 $17,515,000 $144,752 $964 7.16%
    39% 118 $18,400,000 $155,932 $1,458 7.44%
    36% 104 $14,440,000 $138,846 $1,435 7.44%
    37% 102 $13,800,000 $135,294 $704 7.38%
    50-60% 2 $300,000 $150,000 $0 7.88%

    Tower lent most frequently to those with DTI ratios of 20-30%, with 670 originations. The next most common DTI ratio? 30-36%, with 566 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 2,443 $349,195,000 $142,937 $894 7.33%
    Not provided 543 $85,115,000 $156,750 $1,856 7.50%
    Black 246 $34,490,000 $140,203 $1,043 7.42%
    Asian 143 $25,375,000 $177,448 $1,314 7.46%
    Asian Indian 25 $7,615,000 $304,600 $4,526 6.83%
    American Indian 22 $2,320,000 $105,455 $298 7.58%
    Other Asian 6 $1,590,000 $265,000 $11,286 6.98%
    Native Hawaiian or Islander 4 $450,000 $112,500 $0 8.13%
    Filipino 1 $165,000 $165,000 $0 8.50%
    Korean 1 $75,000 $75,000 $0 7.00%

    Approval Rates

    Total approvals of all applications
    67.06%

    Tower has a low approval rate. They may have poor market targeting or stringent lending standards.

    Pick Rate

    Approvals leading to origination
    85.64%

    Tower has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 3,434 $506,390,000 $147,464

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    3,434 $506,390,000 $147,464

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 1,214 $217,500,000 $179,160 $217 7.64%
    40-60% 166 $39,180,000 $236,024 $2,360 7.51%
    60-80% 82 $28,990,000 $353,537 $6,841 6.58%
    80-100% 82 $44,660,000 $544,634 $7,925 6.02%
    Under 20% 1,890 $176,060,000 $93,153 $40 7.27%