Tower Mortgage Rates, Fees & Info
Laurel, MDLEI: 54930080168VA6Z8UX21
Tax ID: 53-0214895
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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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 6.40% | 4/23/24 |
| 30 Year Conventional Purchase | 5.80% | 4/23/24 |
| 30 Year Conventional Refi | 6.00% | 4/23/24 |
| 30 Year Cash-out Refi | 5.90% | 4/23/24 |
| 30 Year VA Purchase | 5.47% | 4/23/24 |
| 15 Year Conventional Purchase | 5.84% | 4/23/24 |
| 15 Year Conventional Refi | 5.63% | 4/23/24 |
| 15 Year Cash-out Refi | 5.63% | 4/23/24 |
| 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
3,434Origination Dollar Volume (All Markets)
$506,390,000Awards
TOWER - 2023
TOWER is a 2023 , due to their low .
For 2023, less than of lenders were eligible for this award.
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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% |
Similar Lenders
We use machine learning to identify the top lenders compared against TOWER based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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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
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
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
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
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
2023 saw Tower place emphasis on $100,000 or less loans with 1,392 originations, totaling $85,200,000 in origination value.
Applicant Income
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
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
Approval Rates
Total approvals of all applications67.06%
Tower has a low approval rate. They may have poor market targeting or stringent lending standards.
Pick Rate
Approvals leading to origination85.64%
Tower has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 3,434 | $506,390,000 | $147,464 |