Tower Mortgage Rates, Fees & Info

Laurel, MD

LEI: 54930080168VA6Z8UX21

Tax ID: 53-0214895

3 stars - Updated: 4/5/25 - out of 5 stars, based on 59 reviews

Latest/2024 | 2023 Data | 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, Cash Out Refi, and Home Purchase loans. Tower has an average proportion of conventional loans. Their top markets by origination volume include: Baltimore, Washington, New York, Philadelphia, and Richmond among others. We have data for 187 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 a low 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) 7.01% 4/5/25
30 Year Conventional Purchase 6.49% 4/5/25
30 Year Conventional Refi 6.01% 4/5/25
30 Year Cash-out Refi 6.23% 4/5/25
30 Year VA Purchase 6.72% 4/5/25
15 Year Conventional Purchase 8.63% 4/5/25
15 Year Conventional Refi 6.58% 4/5/25
15 Year Cash-out Refi 6.58% 4/5/25
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

3,449

Origination Dollar Volume (All Markets)

$549,415,000

Awards

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

Relative Rate

Tower's average 30 year fixed mortgage rate was 7.95%.

The 2024 average 30 year fixed rate mortgage across all markets and lenders was 6.55%.

This yields a difference of 1.4%.

Relative Fees (Closing Costs)

Tower's average total fees/closing costs for a 30 year fixed rate mortgage were $6,083.

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 $8,356.

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
BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 1,051 $160,905,000 $153,097 $2,077 7.84%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 823 $140,625,000 $170,869 $974 8.02%
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 181 $32,775,000 $181,077 $0 7.96%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 184 $27,420,000 $149,022 $1,776 8.07%
RICHMOND, VA (FHA|USDA|VA) 99 $15,255,000 $154,091 $568 8.14%
SALISBURY, MD-DE (FHA|USDA|VA) 105 $15,195,000 $144,714 $3,031 8.01%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 84 $14,530,000 $172,976 $1,485 8.03%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 73 $10,305,000 $141,164 $0 8.22%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 61 $10,285,000 $168,607 $663 8.11%
Outside of Metro Areas 51 $7,315,000 $143,431 $2,163 8.06%
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 38 $6,080,000 $160,000 $1,232 7.98%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 30 $5,390,000 $179,667 $1,850 7.92%
CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 27 $4,855,000 $179,815 $3,013 8.10%
RALEIGH-CARY, NC (FHA|USDA|VA) 20 $4,070,000 $203,500 $1,888 7.90%
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 19 $3,545,000 $186,579 $300 8.18%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 20 $3,520,000 $176,000 $6,019 8.19%
Easton, MD (FHA|USDA|VA) 13 $2,765,000 $212,692 $3,934 7.70%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 18 $2,740,000 $152,222 $250 8.30%
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 15 $2,715,000 $181,000 $1,614 8.06%
CHARLOTTESVILLE, VA (FHA|USDA|VA) 18 $2,550,000 $141,667 $0 8.14%
JACKSONVILLE, FL (FHA|USDA|VA) 9 $2,345,000 $260,556 $5,508 8.18%
CALIFORNIA-LEXINGTON PARK, MD (FHA|USDA|VA) 18 $2,020,000 $112,222 $206 8.54%
OCEAN CITY, NJ (FHA|USDA|VA) 11 $1,915,000 $174,091 $0 7.80%
Kill Devil Hills, NC (FHA|USDA|VA) 12 $1,840,000 $153,333 $2,710 7.20%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 13 $1,785,000 $137,308 $2,328 8.07%
HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) 11 $1,745,000 $158,636 $3,765 7.58%
NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 13 $1,655,000 $127,308 $0 8.11%
GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 9 $1,615,000 $179,444 $4,419 8.33%
WINCHESTER, VA-WV (FHA|USDA|VA) 10 $1,590,000 $159,000 $0 8.23%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 10 $1,590,000 $159,000 $0 8.37%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 15 $1,525,000 $101,667 $0 7.78%
GETTYSBURG, PA (FHA|USDA|VA) 7 $1,525,000 $217,857 $4,569 7.27%
AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) 5 $1,505,000 $301,000 $6,696 7.45%
YORK-HANOVER, PA (FHA|USDA|VA) 15 $1,495,000 $99,667 $0 7.65%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 7 $1,395,000 $199,286 $6,554 8.07%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 6 $1,390,000 $231,667 $0 8.13%
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 8 $1,360,000 $170,000 $4,276 8.20%
PITTSBURGH, PA (FHA|USDA|VA) 8 $1,250,000 $156,250 $0 8.12%
ST. LOUIS, MO-IL (FHA|USDA|VA) 6 $1,200,000 $200,000 $4,330 8.00%
BOISE CITY, ID (FHA|USDA|VA) 4 $1,140,000 $285,000 $1,385 8.69%
TUCSON, AZ (FHA|USDA|VA) 6 $1,090,000 $181,667 $4,718 7.50%
HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) 6 $1,070,000 $178,333 $0 7.88%
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 7 $965,000 $137,857 $0 8.75%
COLUMBIA, SC (FHA|USDA|VA) 8 $910,000 $113,750 $1,702 8.28%
SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 7 $905,000 $129,286 $0 8.00%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 5 $885,000 $177,000 $4,273 7.10%
ROANOKE, VA (FHA|USDA|VA) 5 $865,000 $173,000 $3,938 7.87%
TRENTON-PRINCETON, NJ (FHA|USDA|VA) 8 $850,000 $106,250 $0 8.19%
COLORADO SPRINGS, CO (FHA|USDA|VA) 6 $840,000 $140,000 $2,395 7.79%
San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 4 $840,000 $210,000 $0 8.31%
HARRISONBURG, VA (FHA|USDA|VA) 3 $835,000 $278,333 $6,050 8.00%
PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 6 $830,000 $138,333 $0 7.79%
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 3 $815,000 $271,667 $4,365 7.33%
OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) 4 $780,000 $195,000 $0 8.25%
Sebastian-Vero Beach, FL (FHA|USDA|VA) 1 $745,000 $745,000 $7,856 6.25%
LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 5 $735,000 $147,000 $0 8.60%
SPARTANBURG, SC (FHA|USDA|VA) 6 $710,000 $118,333 $0 7.96%
KANSAS CITY, MO-KS (FHA|USDA|VA) 5 $635,000 $127,000 $0 8.70%
STOCKTON, CA (FHA|USDA|VA) 5 $625,000 $125,000 $0 8.80%
HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) 5 $615,000 $123,000 $0 7.80%
ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) 6 $600,000 $100,000 $0 8.21%
GAINESVILLE, GA (FHA|USDA|VA) 5 $575,000 $115,000 $0 7.65%
STATE COLLEGE, PA (FHA|USDA|VA) 3 $575,000 $191,667 $6,240 7.50%
SANTA MARIA-SANTA BARBARA, CA (FHA|USDA|VA) 2 $550,000 $275,000 $0 7.63%
PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 3 $515,000 $171,667 $1,820 8.54%
HUNTSVILLE, AL (FHA|USDA|VA) 2 $510,000 $255,000 $14,057 6.81%
STAUNTON, VA (FHA|USDA|VA) 3 $495,000 $165,000 $0 8.00%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 5 $495,000 $99,000 $0 9.05%
ASHEVILLE, NC (FHA|USDA|VA) 3 $485,000 $161,667 $4,730 6.58%
SAVANNAH, GA (FHA|USDA|VA) 3 $485,000 $161,667 $0 7.67%
NEW ORLEANS-METAIRIE, LA (FHA|USDA|VA) 5 $485,000 $97,000 $0 8.95%
PORT ST. LUCIE, FL (FHA|USDA|VA) 4 $480,000 $120,000 $2,320 7.75%
OGDEN-CLEARFIELD, UT (FHA|USDA|VA) 2 $480,000 $240,000 $0 9.00%
AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 1 $475,000 $475,000 $5,769 6.00%
WILMINGTON, NC (FHA|USDA|VA) 4 $470,000 $117,500 $2,069 7.81%
WINSTON-SALEM, NC (FHA|USDA|VA) 2 $470,000 $235,000 $0 7.38%
OCALA, FL (FHA|USDA|VA) 3 $465,000 $155,000 $5,023 7.42%
Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 3 $455,000 $151,667 $0 8.42%
Olean, NY (FHA|USDA|VA) 1 $445,000 $445,000 $6,381 5.00%
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 3 $435,000 $145,000 $0 7.75%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 4 $430,000 $107,500 $0 8.50%
COLUMBUS, OH (FHA|USDA|VA) 3 $405,000 $135,000 $0 8.75%
DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 3 $405,000 $135,000 $0 8.50%
DOVER, DE (FHA|USDA|VA) 4 $400,000 $100,000 $0 8.93%
Wilson, NC (FHA|USDA|VA) 2 $400,000 $200,000 $0 8.00%
Key West, FL (FHA|USDA|VA) 2 $400,000 $200,000 $0 8.38%
MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 3 $385,000 $128,333 $0 8.58%
Cambridge, MD (FHA|USDA|VA) 5 $385,000 $77,000 $0 8.75%
Pahrump, NV (FHA|USDA|VA) 2 $380,000 $190,000 $0 8.38%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 3 $375,000 $125,000 $906 8.66%
THE VILLAGES, FL (FHA|USDA|VA) 1 $365,000 $365,000 $5,330 5.25%
HARRISBURG-CARLISLE, PA (FHA|USDA|VA) 3 $355,000 $118,333 $0 8.25%
Vineyard Haven, MA (FHA|USDA|VA) 1 $355,000 $355,000 $0 7.75%
GREENVILLE, NC (FHA|USDA|VA) 2 $320,000 $160,000 $1,984 7.81%
SALT LAKE CITY, UT (FHA|USDA|VA) 2 $310,000 $155,000 $0 7.50%
MODESTO, CA (FHA|USDA|VA) 2 $310,000 $155,000 $0 8.50%
POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) 1 $305,000 $305,000 $0 7.50%
Athens, OH (FHA|USDA|VA) 1 $305,000 $305,000 $0 8.00%
BLACKSBURG-CHRISTIANSBURG, VA (FHA|USDA|VA) 1 $285,000 $285,000 $5,026 6.25%
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 2 $280,000 $140,000 $0 8.25%
KNOXVILLE, TN (FHA|USDA|VA) 2 $280,000 $140,000 $3,607 6.81%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 1 $275,000 $275,000 $5,136 6.00%
GREELEY, CO (FHA|USDA|VA) 2 $260,000 $130,000 $0 8.25%
BAKERSFIELD, CA (FHA|USDA|VA) 1 $255,000 $255,000 $0 8.00%
BECKLEY, WV (FHA|USDA|VA) 1 $255,000 $255,000 $0 9.00%
BATON ROUGE, LA (FHA|USDA|VA) 1 $255,000 $255,000 $4,856 6.50%
TOPEKA, KS (FHA|USDA|VA) 1 $255,000 $255,000 $0 9.50%
BREMERTON-SILVERDALE-PORT ORCHARD, WA (FHA|USDA|VA) 1 $255,000 $255,000 $0 7.50%
SALEM, OR (FHA|USDA|VA) 1 $255,000 $255,000 $0 7.00%
LANCASTER, PA (FHA|USDA|VA) 1 $255,000 $255,000 $0 9.00%
Cedartown, GA (FHA|USDA|VA) 1 $255,000 $255,000 $0 7.25%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 3 $225,000 $75,000 $0 8.17%
LAS CRUCES, NM (FHA|USDA|VA) 1 $215,000 $215,000 $0 9.25%
Jefferson, GA (FHA|USDA|VA) 2 $210,000 $105,000 $0 8.87%
Hilo, HI (FHA|USDA|VA) 1 $205,000 $205,000 $0 9.00%
KINGSPORT-BRISTOL, TN-VA (FHA|USDA|VA) 1 $205,000 $205,000 $0 8.00%
ATHENS-CLARKE COUNTY, GA (FHA|USDA|VA) 1 $205,000 $205,000 $0 9.00%
GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 1 $205,000 $205,000 $0 9.50%
LEXINGTON-FAYETTE, KY (FHA|USDA|VA) 2 $200,000 $100,000 $0 8.38%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 2 $200,000 $100,000 $0 8.13%
ELIZABETHTOWN-FORT KNOX, KY (FHA|USDA|VA) 2 $200,000 $100,000 $1,760 8.62%
YUMA, AZ (FHA|USDA|VA) 2 $190,000 $95,000 $0 8.63%
PEORIA, IL (FHA|USDA|VA) 1 $185,000 $185,000 $0 7.50%
CHAMBERSBURG-WAYNESBORO, PA (FHA|USDA|VA) 3 $175,000 $58,333 $1,718 6.66%
LYNCHBURG, VA (FHA|USDA|VA) 2 $170,000 $85,000 $0 8.13%
YOUNGSTOWN-WARREN-BOARDMAN, OH-PA (FHA|USDA|VA) 2 $170,000 $85,000 $0 8.50%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 1 $165,000 $165,000 $563 8.99%
Sanford, NC (FHA|USDA|VA) 1 $155,000 $155,000 $0 8.50%
GRANTS PASS, OR (FHA|USDA|VA) 1 $155,000 $155,000 $3,524 5.75%
Truckee-Grass Valley, CA (FHA|USDA|VA) 1 $155,000 $155,000 $0 8.00%
Martinsville, VA (FHA|USDA|VA) 1 $155,000 $155,000 $0 7.50%
Ludington, MI (FHA|USDA|VA) 1 $155,000 $155,000 $0 7.50%
CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 2 $150,000 $75,000 $0 8.38%
ST. GEORGE, UT (FHA|USDA|VA) 1 $145,000 $145,000 $0 9.50%
MADISON, WI (FHA|USDA|VA) 1 $145,000 $145,000 $0 9.25%
DULUTH, MN-WI (FHA|USDA|VA) 1 $145,000 $145,000 $0 9.00%
PUNTA GORDA, FL (FHA|USDA|VA) 1 $135,000 $135,000 $0 7.25%
FAYETTEVILLE-SPRINGDALE-ROGERS, AR (FHA|USDA|VA) 2 $130,000 $65,000 $0 9.50%
SEBRING-AVON PARK, FL (FHA|USDA|VA) 1 $125,000 $125,000 $0 8.00%
HINESVILLE, GA (FHA|USDA|VA) 1 $125,000 $125,000 $0 9.00%
EAST STROUDSBURG, PA (FHA|USDA|VA) 1 $115,000 $115,000 $0 9.00%
Taos, NM (FHA|USDA|VA) 1 $115,000 $115,000 $1,134 8.49%
Dayton, TN (FHA|USDA|VA) 1 $115,000 $115,000 $0 7.75%
LEBANON, PA (FHA|USDA|VA) 1 $115,000 $115,000 $0 9.00%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 1 $105,000 $105,000 $0 9.25%
Shelbyville, TN (FHA|USDA|VA) 1 $105,000 $105,000 $0 9.25%
COLUMBUS, GA-AL (FHA|USDA|VA) 1 $105,000 $105,000 $0 9.50%
JACKSON, MI (FHA|USDA|VA) 2 $100,000 $50,000 $0 8.62%
OKLAHOMA CITY, OK (FHA|USDA|VA) 2 $100,000 $50,000 $0 9.38%
ALBUQUERQUE, NM (FHA|USDA|VA) 1 $95,000 $95,000 $0 9.25%
GADSDEN, AL (FHA|USDA|VA) 1 $95,000 $95,000 $0 9.99%
Brevard, NC (FHA|USDA|VA) 1 $95,000 $95,000 $0 7.00%
CUMBERLAND, MD-WV (FHA|USDA|VA) 2 $90,000 $45,000 $0 7.87%
PROVO-OREM, UT (FHA|USDA|VA) 2 $90,000 $45,000 $0 8.38%
LITTLE ROCK-NORTH LITTLE ROCK-CONWAY, AR (FHA|USDA|VA) 1 $85,000 $85,000 $0 7.75%
FORT SMITH, AR-OK (FHA|USDA|VA) 1 $75,000 $75,000 $3,473 5.88%
Lewisburg, TN (FHA|USDA|VA) 1 $75,000 $75,000 $0 7.50%
OSHKOSH-NEENAH, WI (FHA|USDA|VA) 1 $75,000 $75,000 $0 8.75%
Georgetown, SC (FHA|USDA|VA) 1 $75,000 $75,000 $0 8.50%
DECATUR, IL (FHA|USDA|VA) 1 $75,000 $75,000 $0 9.25%
BUFFALO-CHEEKTOWAGA, NY (FHA|USDA|VA) 1 $75,000 $75,000 $0 7.75%
APPLETON, WI (FHA|USDA|VA) 1 $75,000 $75,000 $0 9.50%
FLORENCE, SC (FHA|USDA|VA) 2 $70,000 $35,000 $0 8.13%
North Wilkesboro, NC (FHA|USDA|VA) 1 $65,000 $65,000 $0 9.00%
Jennings, LA (FHA|USDA|VA) 1 $65,000 $65,000 $0 9.49%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 1 $65,000 $65,000 $0 9.25%
READING, PA (FHA|USDA|VA) 1 $65,000 $65,000 $0 7.25%
FAYETTEVILLE, NC (FHA|USDA|VA) 1 $55,000 $55,000 $0 9.00%
AKRON, OH (FHA|USDA|VA) 1 $55,000 $55,000 $0 9.25%
Augusta-Waterville, ME (FHA|USDA|VA) 1 $55,000 $55,000 $0 8.25%
MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) 1 $45,000 $45,000 $0 9.25%
DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) 1 $45,000 $45,000 $0 8.99%
DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) 1 $45,000 $45,000 $0 9.25%
Traverse City, MI (FHA|USDA|VA) 1 $45,000 $45,000 $0 7.75%
Warren, PA (FHA|USDA|VA) 1 $45,000 $45,000 $0 7.75%
WICHITA, KS (FHA|USDA|VA) 1 $45,000 $45,000 $0 9.25%
Morgan City, LA (FHA|USDA|VA) 1 $45,000 $45,000 $0 9.25%
MACON-BIBB COUNTY, GA (FHA|USDA|VA) 1 $45,000 $45,000 $0 8.49%
KANKAKEE, IL (FHA|USDA|VA) 1 $45,000 $45,000 $0 9.00%
CHARLESTON, WV (FHA|USDA|VA) 1 $45,000 $45,000 $0 8.99%
ROCHESTER, NY (FHA|USDA|VA) 1 $35,000 $35,000 $0 9.00%
Bartlesville, OK (FHA|USDA|VA) 1 $35,000 $35,000 $0 9.25%
WEIRTON-STEUBENVILLE, WV-OH (FHA|USDA|VA) 1 $35,000 $35,000 $0 9.25%
Pottsville, PA (FHA|USDA|VA) 1 $25,000 $25,000 $0 7.50%
TOLEDO, OH (FHA|USDA|VA) 1 $25,000 $25,000 $0 9.49%
SPRINGFIELD, MA (FHA|USDA|VA) 1 $25,000 $25,000 $0 8.25%
DAYTON-KETTERING, OH (FHA|USDA|VA) 1 $15,000 $15,000 $0 7.99%
Tower's top markets include Baltimore, Washington, New York, Philadelphia, 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 2,762 $422,150,000 $152,842 n/a 8.08%
    Conventional 687 $127,265,000 $185,247 $1,849 7.60%

    For 2024, Tower's most frequently originated type of loan was HELOC, with 2,762 originations. Their 2nd most popular type was Conventional, with 687 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 1,660 $221,720,000 $133,566 $44 8.04%
    Cash Out Refi 654 $122,910,000 $187,936 $872 7.97%
    Other 594 $70,450,000 $118,603 $28 8.20%
    Home Purchase 513 $122,335,000 $238,470 $5,738 7.73%
    Refi 28 $12,000,000 $428,571 $4,293 5.40%

    For 2024, Tower's most frequently cited loan purpose was Home Improvement, with 1,660 originations. The 2nd most popular reason was Cash Out Refi, with 654 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 2,953 $499,565,000 $169,172 $6,083 7.95%
    15 Year 302 $33,320,000 $110,331 $223 8.65%
    10 Year 97 $8,885,000 $91,598 $9 7.90%
    5 Year 45 $2,615,000 $58,111 $0 7.29%
    Other 44 $2,680,000 $60,909 $5 7.52%
    20 Year 8 $2,350,000 $293,750 $5,059 5.73%

    For 2024, Tower's most frequently cited loan duration was 30 Year, with 2,953 originations. The 2nd most popular length was 15 Year, with 302 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 481 $45,705,000 $95,021
    $1k-2k 160 $62,080,000 $388,000
    $2k-3k 20 $8,510,000 $425,500
    $5k+ 13 $5,365,000 $412,692
    $4k-5k 7 $3,195,000 $456,429
    $3k-4k 6 $2,410,000 $401,667

    Tower's average total fees were $6,083, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 481 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    7-8% 1,891 $289,905,000 $153,308
    Over 8% 1,191 $157,825,000 $132,515
    6-7% 241 $51,225,000 $212,552
    5-6% 88 $33,070,000 $375,795
    4-5% 38 $17,390,000 $457,632

    During 2024, Tower's average interest rate for loans was 7.95%, while their most frequently originated rate bucket for loans was 7-8%, with 1,891 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 1,252 $172,950,000 $138,139 $555 8.16%
    $100,000 or less 1,183 $74,495,000 $62,971 $85 8.11%
    $200k-400k 930 $254,120,000 $273,247 $4,492 7.80%
    $400k-600k 57 $27,595,000 $484,123 $6,664 5.78%
    $600k-1MM 25 $18,205,000 $728,200 $7,124 5.71%
    $1MM+ 2 $2,050,000 $1,025,000 $5,418 5.88%

    2024 saw Tower place emphasis on $100k-200k loans with 1,252 originations, totaling $172,950,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 1,216 $204,200,000 $167,928 $2,069 7.97%
    $250k+ 883 $192,475,000 $217,978 $2,340 8.02%
    $100k-150k 807 $98,345,000 $121,865 $1,440 8.03%
    $75k-100k 337 $35,285,000 $104,703 $1,536 7.96%
    $50k-75k 159 $14,225,000 $89,465 $1,826 7.80%
    $50k or less 30 $2,010,000 $67,000 $1,135 7.79%

    Tower lent most frequently to those with incomes in the $150k-250k range, with 1,216 originations. The second most popular income band? $250k+, with 883 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 605 $102,135,000 $168,818 $2,790 7.79%
    30-36% 585 $97,725,000 $167,051 $2,244 7.90%
    49% 280 $38,150,000 $136,250 $597 8.19%
    48% 207 $31,865,000 $153,937 $829 8.23%
    47% 175 $26,615,000 $152,086 $1,083 8.20%
    46% 163 $22,605,000 $138,681 $1,042 8.07%
    44% 162 $24,240,000 $149,630 $467 8.24%
    43% 154 $24,800,000 $161,039 $1,765 8.09%
    <20% 142 $22,020,000 $155,070 $2,979 7.51%
    39% 135 $23,015,000 $170,481 $1,845 7.90%
    41% 130 $20,750,000 $159,615 $1,917 8.00%
    42% 129 $21,495,000 $166,628 $1,224 8.07%
    45% 127 $19,845,000 $156,260 $1,380 8.17%
    37% 123 $23,585,000 $191,748 $3,854 7.80%
    36% 114 $17,990,000 $157,807 $1,524 8.01%
    38% 112 $15,250,000 $136,161 $1,111 8.12%
    40% 106 $17,330,000 $163,491 $1,395 8.06%

    Tower lent most frequently to those with DTI ratios of 20-30%, with 605 originations. The next most common DTI ratio? 30-36%, with 585 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 2,454 $390,260,000 $159,030 $1,797 7.95%
    Not provided 515 $84,565,000 $164,204 $2,589 8.10%
    Black 297 $40,625,000 $136,785 $1,299 8.13%
    Asian 129 $23,305,000 $180,659 $1,993 7.91%
    American Indian 24 $3,800,000 $158,333 $1,104 7.88%
    Asian Indian 13 $3,225,000 $248,077 $4,414 7.58%
    Native Hawaiian or Islander 4 $1,120,000 $280,000 $7,198 8.34%
    Filipino 3 $865,000 $288,333 $0 7.58%
    Other Asian 4 $810,000 $202,500 $900 8.31%
    Samoan 1 $205,000 $205,000 $0 7.00%
    Vietnamese 1 $195,000 $195,000 $0 9.00%
    Korean 1 $155,000 $155,000 $0 7.75%
    Other Pacific Islander 1 $125,000 $125,000 $0 8.50%
    Guamanian 1 $105,000 $105,000 $0 7.50%
    Japanese 1 $55,000 $55,000 $0 7.50%

    Approval Rates

    Total approvals of all applications
    68.98%

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

    Pick Rate

    Approvals leading to origination
    86.00%

    Tower has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 3,449 $549,415,000 $159,297

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    3,449 $549,415,000 $159,297

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 1,353 $249,835,000 $184,653 $674 8.20%
    40-60% 200 $51,810,000 $259,050 $4,793 7.78%
    60-80% 108 $41,710,000 $386,204 $5,785 6.35%
    80-100% 81 $34,775,000 $429,321 $6,540 6.19%
    Under 20% 1,707 $171,285,000 $100,343 $56 8.03%