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 Purchase and Home Improvement loans. Tower has an average proportion of conventional loans. Their top markets by origination volume include: Baltimore, Washington, Philadelphia, Charlotte, and Richmond among others. We have data for 149 markets. (Some data included below & more in-depth data is available with an active subscription.)Tower has an 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 6.40% | 11/22/24 |
| 30 Year Conventional Purchase | 5.80% | 11/22/24 |
| 30 Year Conventional Refi | 6.00% | 11/22/24 |
| 30 Year Cash-out Refi | 5.90% | 11/22/24 |
| 30 Year VA Purchase | 5.47% | 11/22/24 |
| 15 Year Conventional Purchase | 5.84% | 11/22/24 |
| 15 Year Conventional Refi | 5.63% | 11/22/24 |
| 15 Year Cash-out Refi | 5.63% | 11/22/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
4,575Origination Dollar Volume (All Markets)
$544,615,000Awards
TOWER - 2018
TOWER is a 2018 , due to their low .
For 2018, less than of lenders were eligible for this award.
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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) | 1,581 | $202,105,000 | $127,834 | $2,883 | 5.24% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 1,454 | $176,060,000 | $121,087 | $2,456 | 5.52% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 348 | $34,030,000 | $97,787 | $689 | 5.86% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 158 | $17,610,000 | $111,456 | $3,109 | 5.73% |
| RICHMOND, VA (FHA|USDA|VA) | 120 | $11,640,000 | $97,000 | $729 | 5.83% |
| SALISBURY, MD-DE (FHA|USDA|VA) | 63 | $9,525,000 | $151,190 | $3,973 | 5.16% |
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 76 | $7,640,000 | $100,526 | $0 | 5.71% |
| CHARLOTTESVILLE, VA (FHA|USDA|VA) | 49 | $6,515,000 | $132,959 | $4,579 | 5.48% |
| CALIFORNIA-LEXINGTON PARK, MD (FHA|USDA|VA) | 48 | $5,000,000 | $104,167 | $1,772 | 5.84% |
| Outside of Metro Areas | 53 | $4,995,000 | $94,245 | $2,629 | 5.47% |
| RALEIGH-CARY, NC (FHA|USDA|VA) | 52 | $4,990,000 | $95,962 | $4,231 | 5.74% |
| VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) | 60 | $4,590,000 | $76,500 | $1,449 | 5.81% |
| CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) | 37 | $4,285,000 | $115,811 | $0 | 5.66% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 20 | $2,750,000 | $137,500 | $0 | 5.48% |
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 9 | $2,425,000 | $269,444 | $3,104 | 4.61% |
| PITTSBURGH, PA (FHA|USDA|VA) | 22 | $2,330,000 | $105,909 | $6,048 | 5.70% |
| OCEAN CITY, NJ (FHA|USDA|VA) | 19 | $2,225,000 | $117,105 | $0 | 5.38% |
| ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) | 20 | $2,070,000 | $103,500 | $0 | 5.85% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 9 | $1,935,000 | $215,000 | $4,516 | 5.28% |
| YORK-HANOVER, PA (FHA|USDA|VA) | 22 | $1,790,000 | $81,364 | $2,950 | 5.48% |
| ASHEVILLE, NC (FHA|USDA|VA) | 16 | $1,680,000 | $105,000 | $0 | 5.64% |
| AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) | 7 | $1,295,000 | $185,000 | $3,702 | 4.91% |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) | 7 | $1,215,000 | $173,571 | $4,093 | 4.75% |
| Easton, MD (FHA|USDA|VA) | 7 | $1,205,000 | $172,143 | $4,055 | 5.23% |
| TRENTON-PRINCETON, NJ (FHA|USDA|VA) | 8 | $1,130,000 | $141,250 | $0 | 5.66% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 14 | $1,070,000 | $76,429 | $3,985 | 5.23% |
| WINCHESTER, VA-WV (FHA|USDA|VA) | 14 | $970,000 | $69,286 | $3,438 | 5.63% |
| PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) | 8 | $910,000 | $113,750 | $4,876 | 5.77% |
| HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) | 8 | $860,000 | $107,500 | $4,107 | 5.52% |
| GETTYSBURG, PA (FHA|USDA|VA) | 8 | $860,000 | $107,500 | $1,837 | 4.78% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 8 | $850,000 | $106,250 | $5,977 | 4.92% |
| NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) | 7 | $785,000 | $112,143 | $0 | 6.20% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 7 | $765,000 | $109,286 | $2,704 | 5.34% |
| STATE COLLEGE, PA (FHA|USDA|VA) | 5 | $745,000 | $149,000 | $5,674 | 5.38% |
| ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) | 7 | $745,000 | $106,429 | $0 | 6.00% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 9 | $735,000 | $81,667 | $3,572 | 5.06% |
| PROVO-OREM, UT (FHA|USDA|VA) | 3 | $735,000 | $245,000 | $4,934 | 4.29% |
| LANCASTER, PA (FHA|USDA|VA) | 9 | $735,000 | $81,667 | $0 | 5.75% |
| DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) | 6 | $730,000 | $121,667 | $7,653 | 5.48% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 6 | $730,000 | $121,667 | $7,545 | 5.08% |
| COLUMBIA, SC (FHA|USDA|VA) | 9 | $725,000 | $80,556 | $3,681 | 5.54% |
| HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) | 10 | $630,000 | $63,000 | $1,660 | 5.19% |
| WILMINGTON, NC (FHA|USDA|VA) | 6 | $620,000 | $103,333 | $0 | 5.38% |
| SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) | 4 | $610,000 | $152,500 | $0 | 5.38% |
| THE VILLAGES, FL (FHA|USDA|VA) | 2 | $540,000 | $270,000 | $4,397 | 3.75% |
| TUCSON, AZ (FHA|USDA|VA) | 3 | $525,000 | $175,000 | $4,442 | 4.54% |
| DOVER, DE (FHA|USDA|VA) | 3 | $505,000 | $168,333 | $0 | 5.42% |
| HARRISBURG-CARLISLE, PA (FHA|USDA|VA) | 4 | $500,000 | $125,000 | $0 | 5.13% |
| COLUMBUS, OH (FHA|USDA|VA) | 3 | $485,000 | $161,667 | $3,153 | 5.33% |
| COLORADO SPRINGS, CO (FHA|USDA|VA) | 2 | $470,000 | $235,000 | $3,528 | 4.31% |
| DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) | 2 | $430,000 | $215,000 | $3,563 | 4.44% |
| LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) | 1 | $405,000 | $405,000 | $4,882 | 4.50% |
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 3 | $405,000 | $135,000 | $0 | 6.38% |
| FORT WAYNE, IN (FHA|USDA|VA) | 2 | $380,000 | $190,000 | $0 | 4.00% |
| PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) | 2 | $380,000 | $190,000 | $3,356 | 4.25% |
| SPOKANE-SPOKANE VALLEY, WA (FHA|USDA|VA) | 2 | $380,000 | $190,000 | $3,282 | 4.25% |
| OCALA, FL (FHA|USDA|VA) | 1 | $375,000 | $375,000 | $5,941 | 4.63% |
| GREENVILLE-ANDERSON, SC (FHA|USDA|VA) | 3 | $375,000 | $125,000 | $0 | 6.08% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 2 | $360,000 | $180,000 | $0 | 6.00% |
| READING, PA (FHA|USDA|VA) | 7 | $355,000 | $50,714 | $0 | 6.21% |
| HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) | 4 | $340,000 | $85,000 | $0 | 6.19% |
| OKLAHOMA CITY, OK (FHA|USDA|VA) | 1 | $335,000 | $335,000 | $4,194 | 4.63% |
| LOUISVILLE, KY (FHA|USDA|VA) | 1 | $335,000 | $335,000 | $3,888 | 3.13% |
| ST. LOUIS, MO-IL (FHA|USDA|VA) | 3 | $325,000 | $108,333 | $0 | 5.08% |
| Newberry, SC (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $4,079 | 4.63% |
| TALLAHASSEE, FL (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $4,354 | 4.50% |
| San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) | 3 | $305,000 | $101,667 | $0 | 5.33% |
| Morehead City, NC (FHA|USDA|VA) | 2 | $300,000 | $150,000 | $0 | 5.13% |
| STAUNTON, VA (FHA|USDA|VA) | 5 | $295,000 | $59,000 | $0 | 5.45% |
| BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) | 3 | $295,000 | $98,333 | $0 | 6.08% |
| GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) | 3 | $295,000 | $98,333 | $0 | 6.17% |
| CARSON CITY, NV (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $0 | 4.75% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 2 | $280,000 | $140,000 | $0 | 4.75% |
| EL PASO, TX (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $4,082 | 3.00% |
| GLENS FALLS, NY (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $6,690 | 4.38% |
| Granbury, TX (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $3,879 | 4.63% |
| BUFFALO-CHEEKTOWAGA, NY (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $3,515 | 2.63% |
| KNOXVILLE, TN (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $4,190 | 4.50% |
| SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $4,238 | 3.75% |
| ALBUQUERQUE, NM (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $3,159 | 3.25% |
| HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) | 3 | $205,000 | $68,333 | $0 | 6.25% |
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 2 | $200,000 | $100,000 | $0 | 5.75% |
| HARRISONBURG, VA (FHA|USDA|VA) | 2 | $200,000 | $100,000 | $0 | 6.00% |
| Cambridge, MD (FHA|USDA|VA) | 2 | $200,000 | $100,000 | $0 | 5.00% |
| LAS CRUCES, NM (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $4,886 | 4.63% |
| BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $3,962 | 4.13% |
| GRAND JUNCTION, CO (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $0 | 4.25% |
| Georgetown, SC (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $3,964 | 3.13% |
| SEBRING-AVON PARK, FL (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $3,799 | 4.50% |
| LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $5,313 | 4.63% |
| WINSTON-SALEM, NC (FHA|USDA|VA) | 2 | $180,000 | $90,000 | $0 | 5.25% |
| LOGAN, UT-ID (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $0 | 6.25% |
| LYNCHBURG, VA (FHA|USDA|VA) | 4 | $160,000 | $40,000 | $0 | 5.06% |
| Angola, IN (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $0 | 4.00% |
| ANN ARBOR, MI (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $0 | 4.25% |
| ROANOKE, VA (FHA|USDA|VA) | 3 | $155,000 | $51,667 | $2,179 | 5.25% |
| Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) | 2 | $150,000 | $75,000 | $0 | 4.38% |
| TULSA, OK (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $0 | 4.75% |
| Crawfordsville, IN (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $3,266 | 4.50% |
| VALLEJO, CA (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $0 | 4.50% |
| BOULDER, CO (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $0 | 4.25% |
| Sebastian-Vero Beach, FL (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $3,384 | 4.63% |
| BURLINGTON, NC (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 5.75% |
| KINGSPORT-BRISTOL, TN-VA (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 6.25% |
| URBAN HONOLULU, HI (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 4.25% |
| MORGANTOWN, WV (FHA|USDA|VA) | 2 | $100,000 | $50,000 | $0 | 5.13% |
| NEW BERN, NC (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $0 | 6.50% |
| OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $0 | 4.25% |
| JACKSON, MS (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $3,857 | 5.13% |
| SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 6.25% |
| CINCINNATI, OH-KY-IN (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $2,700 | 3.38% |
| FLORENCE, SC (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 5.50% |
| YOUNGSTOWN-WARREN-BOARDMAN, OH-PA (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 6.25% |
| POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 4.49% |
| Eureka-Arcata, CA (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 4.25% |
| SALEM, OR (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 6.25% |
| BLACKSBURG-CHRISTIANSBURG, VA (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 5.75% |
| Somerset, PA (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 5.25% |
| Wilson, NC (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 4.25% |
| Taos, NM (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 5.75% |
| LEBANON, PA (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 6.50% |
| MODESTO, CA (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 6.00% |
| EAST STROUDSBURG, PA (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 5.75% |
| DAYTON-KETTERING, OH (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $3,457 | 4.38% |
| CUMBERLAND, MD-WV (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 6.25% |
| Clearlake, CA (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 6.25% |
| OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 7.25% |
| Kill Devil Hills, NC (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 6.25% |
| JACKSONVILLE, NC (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 4.25% |
| Huntingdon, PA (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 6.25% |
| Greeneville, TN (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $3,637 | 4.88% |
| VINELAND-BRIDGETON, NJ (FHA|USDA|VA) | 2 | $50,000 | $25,000 | $0 | 4.13% |
| LITTLE ROCK-NORTH LITTLE ROCK-CONWAY, AR (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $2,750 | 3.88% |
| INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $0 | 6.25% |
| Lock Haven, PA (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 6.25% |
| Richmond-Berea, KY (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 4.25% |
| PORT ST. LUCIE, FL (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 4.75% |
| Roanoke Rapids, NC (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $0 | 5.75% |
| LAWRENCE, KS (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $0 | 6.00% |
| ATHENS-CLARKE COUNTY, GA (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $0 | 6.25% |
| ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $0 | 5.50% |
| Sanford, NC (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $0 | 6.00% |
| SIERRA VISTA-DOUGLAS, AZ (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $0 | 6.50% |
| DECATUR, IL (FHA|USDA|VA) | 1 | $15,000 | $15,000 | $0 | 6.00% |
| IDAHO FALLS, ID (FHA|USDA|VA) | 1 | $15,000 | $15,000 | $0 | 4.00% |
| FORT COLLINS, CO (FHA|USDA|VA) | 1 | $15,000 | $15,000 | $0 | 3.99% |
| CLEVELAND-ELYRIA, OH (FHA|USDA|VA) | 1 | $15,000 | $15,000 | $0 | 8.13% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 1 | $5,000 | $5,000 | $0 | 3.99% |
| JOHNSTOWN, PA (FHA|USDA|VA) | 1 | $5,000 | $5,000 | $0 | 5.75% |
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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 | 3,779 | $394,155,000 | $104,301 | n/a | 5.57% |
| Conventional | 789 | $148,175,000 | $187,801 | $2,823 | 4.88% |
| VA | 7 | $2,285,000 | $326,429 | $5,880 | 4.89% |
For 2018, Tower's most frequently originated type of loan was HELOC, with 3,779 originations. Their 2nd most popular type was Conventional, with 789 originations.
Loan Reason
For 2018, Tower's most frequently cited loan purpose was Home Purchase, with 1,838 originations. The 2nd most popular reason was Home Improvement, with 1,516 originations.
Loan Duration/Length
For 2018, Tower's most frequently cited loan duration was 30 Year, with 4,149 originations. The 2nd most popular length was 10 Year, with 134 originations.
Origination Fees/Closing Costs
Tower's average total fees were $4,919, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 331 originations.
Interest Rates
During 2018, Tower's average interest rate for loans was 5.46%, while their most frequently originated rate bucket for loans was 5-6%, with 2,107 originations.
Loan Sizing
2018 saw Tower place emphasis on $100,000 or less loans with 2,443 originations, totaling $138,085,000 in origination value.
Applicant Income
Tower lent most frequently to those with incomes in the $150k-250k range, with 1,638 originations. The second most popular income band? $100k-150k, with 1,201 originations.
Applicant Debt to Income Ratio
Tower lent most frequently to those with DTI ratios of 20-30%, with 1,098 originations. The next most common DTI ratio? 30-36%, with 846 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications78.99%
Tower has a below average approval rate.
Pick Rate
Approvals leading to origination84.31%
Tower has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 4,575 | $544,615,000 | $119,042 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 4,575 | $544,615,000 | $119,042 |