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 Cash Out Refi loans. Tower has a high proportion of conventional loans. Their top markets by origination volume include: Baltimore, Washington, Philadelphia, Charlotte, and New York among others. We have data for 151 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
4,571Origination Dollar Volume (All Markets)
$604,595,000Awards
TOWER - 2019
TOWER is a 2019 , due to their low .
For 2019, 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) | 1,528 | $232,340,000 | $152,055 | $3,255 | 5.23% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 1,354 | $184,130,000 | $135,990 | $2,266 | 5.80% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 335 | $34,305,000 | $102,403 | $539 | 6.15% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 192 | $20,510,000 | $106,823 | $720 | 6.11% |
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 129 | $14,095,000 | $109,264 | $725 | 6.18% |
| RICHMOND, VA (FHA|USDA|VA) | 121 | $12,355,000 | $102,107 | $286 | 6.04% |
| SALISBURY, MD-DE (FHA|USDA|VA) | 70 | $9,640,000 | $137,714 | $4,263 | 5.30% |
| Outside of Metro Areas | 51 | $7,035,000 | $137,941 | $2,952 | 5.20% |
| RALEIGH-CARY, NC (FHA|USDA|VA) | 57 | $6,645,000 | $116,579 | $2,162 | 6.07% |
| VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) | 60 | $5,710,000 | $95,167 | $1,010 | 6.36% |
| CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) | 46 | $5,290,000 | $115,000 | $4,863 | 6.10% |
| CHARLOTTESVILLE, VA (FHA|USDA|VA) | 40 | $3,600,000 | $90,000 | $0 | 6.19% |
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 7 | $2,435,000 | $347,857 | $3,693 | 5.23% |
| CALIFORNIA-LEXINGTON PARK, MD (FHA|USDA|VA) | 27 | $2,425,000 | $89,815 | $1,548 | 5.92% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 18 | $2,350,000 | $130,556 | $2,075 | 5.60% |
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 15 | $2,325,000 | $155,000 | $2,940 | 4.94% |
| YORK-HANOVER, PA (FHA|USDA|VA) | 23 | $2,215,000 | $96,304 | $3,558 | 5.82% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 17 | $2,065,000 | $121,471 | $3,201 | 5.43% |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) | 17 | $1,875,000 | $110,294 | $3,857 | 5.42% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 18 | $1,760,000 | $97,778 | $0 | 5.76% |
| ASHEVILLE, NC (FHA|USDA|VA) | 19 | $1,755,000 | $92,368 | $897 | 5.91% |
| ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) | 25 | $1,745,000 | $69,800 | $113 | 6.34% |
| WINCHESTER, VA-WV (FHA|USDA|VA) | 17 | $1,645,000 | $96,765 | $4,463 | 5.87% |
| DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) | 11 | $1,535,000 | $139,545 | $4,376 | 5.84% |
| HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) | 15 | $1,445,000 | $96,333 | $2,495 | 5.51% |
| Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) | 4 | $1,280,000 | $320,000 | $3,487 | 4.75% |
| OCEAN CITY, NJ (FHA|USDA|VA) | 11 | $1,275,000 | $115,909 | $0 | 5.66% |
| PITTSBURGH, PA (FHA|USDA|VA) | 12 | $1,170,000 | $97,500 | $2,378 | 5.85% |
| SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) | 4 | $1,160,000 | $290,000 | $4,142 | 3.94% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 6 | $1,080,000 | $180,000 | $3,910 | 4.54% |
| GETTYSBURG, PA (FHA|USDA|VA) | 8 | $1,080,000 | $135,000 | $5,366 | 4.28% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 7 | $1,075,000 | $153,571 | $6,112 | 5.50% |
| COLUMBIA, SC (FHA|USDA|VA) | 10 | $1,060,000 | $106,000 | $2,243 | 5.84% |
| HARRISBURG-CARLISLE, PA (FHA|USDA|VA) | 9 | $1,025,000 | $113,889 | $4,275 | 6.19% |
| SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) | 2 | $960,000 | $480,000 | $3,459 | 5.00% |
| Cambridge, MD (FHA|USDA|VA) | 5 | $945,000 | $189,000 | $5,455 | 4.28% |
| GREENVILLE-ANDERSON, SC (FHA|USDA|VA) | 6 | $900,000 | $150,000 | $4,015 | 5.67% |
| San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) | 2 | $890,000 | $445,000 | $3,619 | 4.38% |
| WILMINGTON, NC (FHA|USDA|VA) | 9 | $865,000 | $96,111 | $704 | 6.04% |
| Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) | 6 | $860,000 | $143,333 | $0 | 5.75% |
| HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) | 7 | $855,000 | $122,143 | $2,089 | 5.96% |
| Easton, MD (FHA|USDA|VA) | 8 | $820,000 | $102,500 | $4,133 | 5.80% |
| HARRISONBURG, VA (FHA|USDA|VA) | 7 | $765,000 | $109,286 | $3,432 | 6.30% |
| STATE COLLEGE, PA (FHA|USDA|VA) | 10 | $750,000 | $75,000 | $0 | 5.90% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 1 | $735,000 | $735,000 | $10,531 | 4.63% |
| SPOKANE-SPOKANE VALLEY, WA (FHA|USDA|VA) | 1 | $725,000 | $725,000 | $3,894 | 4.38% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 5 | $685,000 | $137,000 | $3,485 | 5.95% |
| GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) | 6 | $680,000 | $113,333 | $0 | 6.21% |
| ROANOKE, VA (FHA|USDA|VA) | 6 | $660,000 | $110,000 | $0 | 6.00% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 8 | $600,000 | $75,000 | $2,188 | 5.48% |
| PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) | 3 | $565,000 | $188,333 | $5,279 | 3.96% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 7 | $545,000 | $77,857 | $3,308 | 4.82% |
| BOULDER, CO (FHA|USDA|VA) | 1 | $535,000 | $535,000 | $7,279 | 4.63% |
| ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) | 4 | $500,000 | $125,000 | $0 | 5.56% |
| SALEM, OR (FHA|USDA|VA) | 6 | $500,000 | $83,333 | $0 | 5.63% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 1 | $485,000 | $485,000 | $9,869 | 4.25% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 2 | $480,000 | $240,000 | $7,981 | 5.06% |
| STAUNTON, VA (FHA|USDA|VA) | 8 | $470,000 | $58,750 | $0 | 6.25% |
| Pinehurst-Southern Pines, NC (FHA|USDA|VA) | 5 | $465,000 | $93,000 | $0 | 6.45% |
| NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) | 4 | $430,000 | $107,500 | $0 | 6.13% |
| READING, PA (FHA|USDA|VA) | 9 | $425,000 | $47,222 | $0 | 6.33% |
| SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) | 2 | $420,000 | $210,000 | $0 | 5.38% |
| AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) | 3 | $415,000 | $138,333 | $5,736 | 5.00% |
| HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) | 5 | $405,000 | $81,000 | $0 | 6.70% |
| FORT COLLINS, CO (FHA|USDA|VA) | 1 | $405,000 | $405,000 | $3,549 | 3.25% |
| LANCASTER, PA (FHA|USDA|VA) | 5 | $405,000 | $81,000 | $0 | 6.20% |
| MORRISTOWN, TN (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $3,959 | 3.25% |
| DOVER, DE (FHA|USDA|VA) | 6 | $320,000 | $53,333 | $0 | 6.25% |
| Kill Devil Hills, NC (FHA|USDA|VA) | 5 | $315,000 | $63,000 | $0 | 6.08% |
| DULUTH, MN-WI (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $0 | 5.00% |
| Grand Rapids, MN (FHA|USDA|VA) | 2 | $300,000 | $150,000 | $5,874 | 3.81% |
| PANAMA CITY, FL (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $5,295 | 3.88% |
| Forest City, NC (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $0 | 6.75% |
| FAYETTEVILLE, NC (FHA|USDA|VA) | 3 | $285,000 | $95,000 | $5,990 | 5.58% |
| LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $5,478 | 4.63% |
| INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) | 2 | $270,000 | $135,000 | $0 | 6.00% |
| ANCHORAGE, AK (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $2,849 | 3.75% |
| Georgetown, SC (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $0 | 6.50% |
| YUBA CITY, CA (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $0 | 5.00% |
| GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) | 2 | $260,000 | $130,000 | $0 | 6.38% |
| SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) | 3 | $255,000 | $85,000 | $0 | 6.33% |
| SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) | 2 | $240,000 | $120,000 | $0 | 5.00% |
| LOUISVILLE, KY (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $5,973 | 4.13% |
| WORCESTER, MA-CT (FHA|USDA|VA) | 2 | $230,000 | $115,000 | $0 | 5.63% |
| Granbury, TX (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $3,263 | 3.50% |
| SIERRA VISTA-DOUGLAS, AZ (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $4,859 | 4.13% |
| JACKSONVILLE, NC (FHA|USDA|VA) | 3 | $225,000 | $75,000 | $0 | 6.33% |
| PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $0 | 6.50% |
| PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) | 2 | $210,000 | $105,000 | $3,405 | 5.00% |
| BUFFALO-CHEEKTOWAGA, NY (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $4,963 | 4.13% |
| LYNCHBURG, VA (FHA|USDA|VA) | 3 | $205,000 | $68,333 | $3,653 | 5.46% |
| ALBUQUERQUE, NM (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $3,139 | 3.13% |
| BURLINGTON, NC (FHA|USDA|VA) | 2 | $200,000 | $100,000 | $3,539 | 5.13% |
| MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) | 2 | $200,000 | $100,000 | $0 | 6.25% |
| ALTOONA, PA (FHA|USDA|VA) | 2 | $200,000 | $100,000 | $3,809 | 5.06% |
| PROVO-OREM, UT (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $0 | 6.50% |
| Chillicothe, OH (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $5,171 | 3.88% |
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $0 | 6.00% |
| TRENTON-PRINCETON, NJ (FHA|USDA|VA) | 3 | $185,000 | $61,667 | $0 | 6.25% |
| TULSA, OK (FHA|USDA|VA) | 3 | $185,000 | $61,667 | $0 | 5.58% |
| SAVANNAH, GA (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $4,054 | 4.13% |
| NEW HAVEN-MILFORD, CT (FHA|USDA|VA) | 3 | $175,000 | $58,333 | $0 | 5.92% |
| COLUMBUS, OH (FHA|USDA|VA) | 3 | $175,000 | $58,333 | $0 | 5.83% |
| LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) | 2 | $170,000 | $85,000 | $0 | 5.00% |
| KNOXVILLE, TN (FHA|USDA|VA) | 2 | $170,000 | $85,000 | $0 | 6.75% |
| BAKERSFIELD, CA (FHA|USDA|VA) | 2 | $160,000 | $80,000 | $0 | 6.38% |
| ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $0 | 4.50% |
| EAST STROUDSBURG, PA (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $0 | 6.00% |
| CHAMBERSBURG-WAYNESBORO, PA (FHA|USDA|VA) | 4 | $150,000 | $37,500 | $0 | 6.25% |
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 2 | $140,000 | $70,000 | $0 | 6.00% |
| Albemarle, NC (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $0 | 6.75% |
| WINSTON-SALEM, NC (FHA|USDA|VA) | 3 | $135,000 | $45,000 | $0 | 6.58% |
| NEW BERN, NC (FHA|USDA|VA) | 2 | $130,000 | $65,000 | $3,589 | 5.00% |
| MORGANTOWN, WV (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $3,430 | 4.75% |
| Cullowhee, NC (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $4,830 | 4.63% |
| PUNTA GORDA, FL (FHA|USDA|VA) | 2 | $120,000 | $60,000 | $0 | 5.63% |
| HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $0 | 6.50% |
| HOMOSASSA SPRINGS, FL (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $3,500 | 3.88% |
| Laconia, NH (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $0 | 5.00% |
| BREMERTON-SILVERDALE-PORT ORCHARD, WA (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 6.50% |
| Port Angeles, WA (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $2,762 | 3.50% |
| LAFAYETTE, LA (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $0 | 6.25% |
| OCALA, FL (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $3,143 | 3.13% |
| SPARTANBURG, SC (FHA|USDA|VA) | 2 | $90,000 | $45,000 | $0 | 6.38% |
| DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 4.25% |
| Huntingdon, PA (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 5.75% |
| Sanford, NC (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 4.25% |
| EUGENE-SPRINGFIELD, OR (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 5.75% |
| Clarksburg, WV (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 5.75% |
| MOUNT VERNON-ANACORTES, WA (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $2,588 | 3.63% |
| ALEXANDRIA, LA (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 5.00% |
| ERIE, PA (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 6.00% |
| LEBANON, PA (FHA|USDA|VA) | 2 | $70,000 | $35,000 | $0 | 6.50% |
| THE VILLAGES, FL (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 5.99% |
| CANTON-MASSILLON, OH (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 5.00% |
| Newberry, SC (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 4.75% |
| VINELAND-BRIDGETON, NJ (FHA|USDA|VA) | 2 | $60,000 | $30,000 | $0 | 6.75% |
| MISSOULA, MT (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 6.00% |
| Boone, NC (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 6.50% |
| Helena, MT (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 6.00% |
| LITTLE ROCK-NORTH LITTLE ROCK-CONWAY, AR (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 6.99% |
| ST. LOUIS, MO-IL (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 5.99% |
| DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $0 | 6.50% |
| JOHNSTOWN, PA (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $2,965 | 3.50% |
| DuBois, PA (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 6.00% |
| BLOOMSBURG-BERWICK, PA (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 4.75% |
| GOLDSBORO, NC (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 6.25% |
| Ashland, OH (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $0 | 5.00% |
| Marion, NC (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $0 | 5.00% |
| CLEVELAND-ELYRIA, OH (FHA|USDA|VA) | 1 | $15,000 | $15,000 | $0 | 6.25% |
| BECKLEY, WV (FHA|USDA|VA) | 1 | $15,000 | $15,000 | $0 | 4.75% |
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
For 2019, Tower's most frequently originated type of loan was HELOC, with 3,372 originations. Their 2nd most popular type was Conventional, with 1,192 originations.
Loan Reason
For 2019, Tower's most frequently cited loan purpose was Home Purchase, with 1,388 originations. The 2nd most popular reason was Home Improvement, with 1,315 originations.
Loan Duration/Length
For 2019, Tower's most frequently cited loan duration was 30 Year, with 3,932 originations. The 2nd most popular length was 15 Year, with 281 originations.
Origination Fees/Closing Costs
Tower's average total fees were $4,958, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 496 originations.
Interest Rates
During 2019, Tower's average interest rate for loans was 5.69%, while their most frequently originated rate bucket for loans was 6-7%, with 2,170 originations.
Loan Sizing
2019 saw Tower place emphasis on $100,000 or less loans with 2,334 originations, totaling $134,080,000 in origination value.
Applicant Income
Tower lent most frequently to those with incomes in the $150k-250k range, with 1,708 originations. The second most popular income band? $100k-150k, with 1,151 originations.
Applicant Debt to Income Ratio
Tower lent most frequently to those with DTI ratios of 20-30%, with 1,087 originations. The next most common DTI ratio? 30-36%, with 894 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications75.55%
Tower has a below average approval rate.
Pick Rate
Approvals leading to origination84.66%
Tower has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 4,571 | $604,595,000 | $132,268 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 4,571 | $604,595,000 | $132,268 |