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 143 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 about average 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% | 4/18/24 |
| 30 Year Conventional Purchase | 5.80% | 4/18/24 |
| 30 Year Conventional Refi | 6.00% | 4/18/24 |
| 30 Year Cash-out Refi | 5.90% | 4/18/24 |
| 30 Year VA Purchase | 5.47% | 4/18/24 |
| 15 Year Conventional Purchase | 5.84% | 4/18/24 |
| 15 Year Conventional Refi | 5.63% | 4/18/24 |
| 15 Year Cash-out Refi | 5.63% | 4/18/24 |
| 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
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This is not an official calculator from Tower. It uses our SimulatedRate™
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
4,787Origination Dollar Volume (All Markets)
$823,985,000Top 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) | 1,830 | $345,920,000 | $189,027 | $4,348 | 3.49% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 1,247 | $220,515,000 | $176,836 | $3,693 | 3.66% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 315 | $42,355,000 | $134,460 | $3,349 | 3.92% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 204 | $28,670,000 | $140,539 | $3,716 | 3.97% |
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 150 | $23,270,000 | $155,133 | $3,216 | 3.61% |
| RICHMOND, VA (FHA|USDA|VA) | 135 | $17,985,000 | $133,222 | $3,074 | 4.09% |
| SALISBURY, MD-DE (FHA|USDA|VA) | 93 | $16,215,000 | $174,355 | $4,288 | 3.45% |
| VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) | 55 | $7,265,000 | $132,091 | $4,043 | 4.00% |
| RALEIGH-CARY, NC (FHA|USDA|VA) | 49 | $7,045,000 | $143,776 | $2,173 | 3.90% |
| DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) | 38 | $6,140,000 | $161,579 | $4,094 | 3.77% |
| Outside of Metro Areas | 40 | $5,810,000 | $145,250 | $3,376 | 3.69% |
| CALIFORNIA-LEXINGTON PARK, MD (FHA|USDA|VA) | 33 | $5,505,000 | $166,818 | $3,315 | 4.18% |
| CHARLOTTESVILLE, VA (FHA|USDA|VA) | 27 | $3,835,000 | $142,037 | $5,483 | 3.79% |
| CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) | 23 | $3,695,000 | $160,652 | $2,916 | 3.85% |
| YORK-HANOVER, PA (FHA|USDA|VA) | 25 | $3,325,000 | $133,000 | $4,965 | 3.44% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 18 | $3,290,000 | $182,778 | $6,363 | 3.68% |
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 15 | $3,255,000 | $217,000 | $3,301 | 3.08% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 26 | $3,220,000 | $123,846 | $0 | 3.63% |
| OCEAN CITY, NJ (FHA|USDA|VA) | 20 | $3,160,000 | $158,000 | $5,254 | 3.21% |
| Kill Devil Hills, NC (FHA|USDA|VA) | 17 | $2,715,000 | $159,706 | $3,835 | 3.50% |
| SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) | 9 | $2,455,000 | $272,778 | $5,439 | 3.54% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 13 | $2,325,000 | $178,846 | $6,722 | 3.34% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 15 | $2,295,000 | $153,000 | $3,787 | 3.47% |
| Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) | 10 | $2,170,000 | $217,000 | $3,026 | 3.67% |
| Easton, MD (FHA|USDA|VA) | 12 | $1,990,000 | $165,833 | $5,375 | 3.83% |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) | 11 | $1,885,000 | $171,364 | $4,053 | 3.40% |
| HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) | 15 | $1,875,000 | $125,000 | $3,278 | 3.97% |
| GETTYSBURG, PA (FHA|USDA|VA) | 11 | $1,685,000 | $153,182 | $3,583 | 3.56% |
| PITTSBURGH, PA (FHA|USDA|VA) | 11 | $1,645,000 | $149,545 | $4,251 | 3.97% |
| HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) | 6 | $1,640,000 | $273,333 | $4,726 | 3.46% |
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 7 | $1,555,000 | $222,143 | $0 | 3.18% |
| Cambridge, MD (FHA|USDA|VA) | 7 | $1,525,000 | $217,857 | $4,473 | 3.05% |
| ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) | 15 | $1,485,000 | $99,000 | $4,026 | 4.05% |
| WINCHESTER, VA-WV (FHA|USDA|VA) | 11 | $1,475,000 | $134,091 | $3,416 | 4.17% |
| THE VILLAGES, FL (FHA|USDA|VA) | 7 | $1,405,000 | $200,714 | $4,235 | 2.91% |
| TUCSON, AZ (FHA|USDA|VA) | 4 | $1,370,000 | $342,500 | $4,612 | 2.69% |
| WILMINGTON, NC (FHA|USDA|VA) | 9 | $1,335,000 | $148,333 | $2,884 | 3.68% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 6 | $1,320,000 | $220,000 | $5,397 | 3.58% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 7 | $1,215,000 | $173,571 | $3,301 | 3.09% |
| TRENTON-PRINCETON, NJ (FHA|USDA|VA) | 9 | $1,215,000 | $135,000 | $0 | 3.81% |
| HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) | 6 | $1,130,000 | $188,333 | $0 | 3.54% |
| PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) | 5 | $1,125,000 | $225,000 | $3,763 | 3.90% |
| GREENVILLE-ANDERSON, SC (FHA|USDA|VA) | 7 | $1,115,000 | $159,286 | $3,134 | 3.39% |
| KNOXVILLE, TN (FHA|USDA|VA) | 5 | $1,085,000 | $217,000 | $4,458 | 3.20% |
| Pinehurst-Southern Pines, NC (FHA|USDA|VA) | 6 | $1,060,000 | $176,667 | $0 | 4.04% |
| ASHEVILLE, NC (FHA|USDA|VA) | 9 | $1,035,000 | $115,000 | $0 | 3.83% |
| Morehead City, NC (FHA|USDA|VA) | 5 | $1,025,000 | $205,000 | $0 | 3.70% |
| BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) | 2 | $950,000 | $475,000 | $5,274 | 2.56% |
| San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) | 3 | $855,000 | $285,000 | $3,079 | 3.38% |
| WINSTON-SALEM, NC (FHA|USDA|VA) | 5 | $845,000 | $169,000 | $4,716 | 3.73% |
| COLUMBIA, SC (FHA|USDA|VA) | 8 | $780,000 | $97,500 | $0 | 3.75% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 4 | $700,000 | $175,000 | $5,786 | 3.69% |
| DOVER, DE (FHA|USDA|VA) | 5 | $695,000 | $139,000 | $5,018 | 4.18% |
| SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) | 1 | $695,000 | $695,000 | $3,718 | 3.13% |
| Kerrville, TX (FHA|USDA|VA) | 1 | $645,000 | $645,000 | $8,957 | 2.88% |
| PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) | 6 | $630,000 | $105,000 | $0 | 3.29% |
| COLUMBUS, OH (FHA|USDA|VA) | 6 | $630,000 | $105,000 | $0 | 4.29% |
| ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) | 5 | $625,000 | $125,000 | $0 | 3.95% |
| GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) | 6 | $620,000 | $103,333 | $1,604 | 4.06% |
| SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) | 3 | $605,000 | $201,667 | $3,561 | 2.75% |
| PORT ST. LUCIE, FL (FHA|USDA|VA) | 2 | $590,000 | $295,000 | $5,207 | 2.81% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 5 | $575,000 | $115,000 | $1,531 | 4.32% |
| BOISE CITY, ID (FHA|USDA|VA) | 1 | $545,000 | $545,000 | $5,426 | 2.88% |
| AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) | 1 | $545,000 | $545,000 | $7,478 | 2.88% |
| POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) | 2 | $530,000 | $265,000 | $6,607 | 3.56% |
| ROANOKE, VA (FHA|USDA|VA) | 4 | $520,000 | $130,000 | $0 | 3.94% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 2 | $460,000 | $230,000 | $7,169 | 3.56% |
| CINCINNATI, OH-KY-IN (FHA|USDA|VA) | 2 | $450,000 | $225,000 | $8,978 | 3.44% |
| PRESCOTT VALLEY-PRESCOTT, AZ (FHA|USDA|VA) | 1 | $445,000 | $445,000 | $5,038 | 2.88% |
| SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) | 1 | $435,000 | $435,000 | $3,317 | 3.13% |
| HARRISONBURG, VA (FHA|USDA|VA) | 3 | $435,000 | $145,000 | $3,936 | 3.83% |
| LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) | 2 | $420,000 | $210,000 | $5,972 | 4.06% |
| AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) | 2 | $420,000 | $210,000 | $8,314 | 3.44% |
| Crawfordsville, IN (FHA|USDA|VA) | 1 | $415,000 | $415,000 | $3,246 | 2.63% |
| ERIE, PA (FHA|USDA|VA) | 3 | $415,000 | $138,333 | $4,104 | 3.42% |
| FAYETTEVILLE, NC (FHA|USDA|VA) | 2 | $410,000 | $205,000 | $5,525 | 2.88% |
| Sebastian-Vero Beach, FL (FHA|USDA|VA) | 1 | $405,000 | $405,000 | $5,747 | 2.88% |
| KILLEEN-TEMPLE, TX (FHA|USDA|VA) | 2 | $400,000 | $200,000 | $3,649 | 3.06% |
| LEXINGTON-FAYETTE, KY (FHA|USDA|VA) | 1 | $395,000 | $395,000 | $10,813 | 2.88% |
| CHAMBERSBURG-WAYNESBORO, PA (FHA|USDA|VA) | 3 | $395,000 | $131,667 | $4,417 | 3.33% |
| CLEVELAND-ELYRIA, OH (FHA|USDA|VA) | 2 | $390,000 | $195,000 | $3,357 | 2.81% |
| HOMOSASSA SPRINGS, FL (FHA|USDA|VA) | 2 | $370,000 | $185,000 | $5,347 | 3.00% |
| NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) | 2 | $370,000 | $185,000 | $0 | 4.25% |
| INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) | 5 | $365,000 | $73,000 | $2,847 | 3.93% |
| BARNSTABLE TOWN, MA (FHA|USDA|VA) | 2 | $340,000 | $170,000 | $0 | 4.38% |
| Angola, IN (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $0 | 2.75% |
| WORCESTER, MA-CT (FHA|USDA|VA) | 2 | $310,000 | $155,000 | $0 | 4.25% |
| Brookings, OR (FHA|USDA|VA) | 2 | $310,000 | $155,000 | $3,143 | 2.81% |
| STATE COLLEGE, PA (FHA|USDA|VA) | 3 | $275,000 | $91,667 | $0 | 4.25% |
| LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) | 2 | $270,000 | $135,000 | $0 | 4.25% |
| LANCASTER, PA (FHA|USDA|VA) | 4 | $270,000 | $67,500 | $0 | 4.00% |
| SAVANNAH, GA (FHA|USDA|VA) | 2 | $270,000 | $135,000 | $3,838 | 3.56% |
| FORT WAYNE, IN (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $0 | 4.25% |
| Bennington, VT (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $0 | 2.75% |
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $0 | 4.25% |
| PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) | 2 | $250,000 | $125,000 | $0 | 3.50% |
| Brevard, NC (FHA|USDA|VA) | 2 | $250,000 | $125,000 | $0 | 4.50% |
| COLORADO SPRINGS, CO (FHA|USDA|VA) | 2 | $240,000 | $120,000 | $0 | 2.75% |
| DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) | 2 | $240,000 | $120,000 | $3,039 | 2.69% |
| BEND, OR (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $0 | 4.25% |
| HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $3,438 | 3.13% |
| LEBANON, PA (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $5,542 | 2.88% |
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $0 | 4.25% |
| EAST STROUDSBURG, PA (FHA|USDA|VA) | 2 | $200,000 | $100,000 | $0 | 3.50% |
| LAS CRUCES, NM (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $3,920 | 2.88% |
| GLENS FALLS, NY (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $3,482 | 2.63% |
| MORGANTOWN, WV (FHA|USDA|VA) | 2 | $190,000 | $95,000 | $3,162 | 2.69% |
| SEBRING-AVON PARK, FL (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $3,674 | 3.00% |
| Georgetown, SC (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $0 | 4.25% |
| READING, PA (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $0 | 4.25% |
| Fairmont, WV (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $6,514 | 2.88% |
| Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $0 | 4.25% |
| STAUNTON, VA (FHA|USDA|VA) | 3 | $155,000 | $51,667 | $0 | 2.75% |
| OCALA, FL (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $3,835 | 3.13% |
| VISALIA, CA (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $0 | 4.25% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $4,257 | 2.88% |
| BLACKSBURG-CHRISTIANSBURG, VA (FHA|USDA|VA) | 2 | $150,000 | $75,000 | $0 | 4.38% |
| JACKSONVILLE, NC (FHA|USDA|VA) | 2 | $140,000 | $70,000 | $0 | 4.25% |
| Sevierville, TN (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $3,219 | 2.88% |
| PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $0 | 2.75% |
| Newberry, SC (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $0 | 4.50% |
| LYNCHBURG, VA (FHA|USDA|VA) | 2 | $120,000 | $60,000 | $0 | 3.50% |
| Orangeburg, SC (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $3,508 | 2.88% |
| Sayre, PA (FHA|USDA|VA) | 2 | $110,000 | $55,000 | $0 | 4.25% |
| HUNTSVILLE, AL (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 2.75% |
| LONGVIEW, TX (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $2,453 | 3.13% |
| HARRISBURG-CARLISLE, PA (FHA|USDA|VA) | 2 | $100,000 | $50,000 | $4,040 | 3.94% |
| PROVO-OREM, UT (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 2.75% |
| AKRON, OH (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 4.25% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 2.75% |
| JOHNSTOWN, PA (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 4.25% |
| BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 4.25% |
| Washington, NC (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 4.25% |
| CUMBERLAND, MD-WV (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 2.75% |
| BOULDER, CO (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 2.75% |
| URBAN HONOLULU, HI (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 2.75% |
| BAKERSFIELD, CA (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $0 | 4.25% |
| MEMPHIS, TN-MS-AR (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 2.75% |
| GREELEY, CO (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 5.75% |
| Pottsville, PA (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 4.25% |
| FLORENCE, SC (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 2.75% |
| New Castle, PA (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 2.75% |
| SPRINGFIELD, MO (FHA|USDA|VA) | 1 | $15,000 | $15,000 | $0 | 2.75% |
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Product Mix
For 2021, Tower's most frequently originated type of loan was HELOC, with 3,568 originations. Their 2nd most popular type was Conventional, with 1,216 originations.
Loan Reason
For 2021, Tower's most frequently cited loan purpose was Home Purchase, with 1,508 originations. The 2nd most popular reason was Home Improvement, with 1,369 originations.
Loan Duration/Length
For 2021, Tower's most frequently cited loan duration was 30 Year, with 4,153 originations. The 2nd most popular length was 15 Year, with 271 originations.
Origination Fees/Closing Costs
Tower's average total fees were $5,331, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 580 originations.
Interest Rates
During 2021, Tower's average interest rate for loans was 3.66%, while their most frequently originated rate bucket for loans was 4-5%, with 2,331 originations.
Loan Sizing
2021 saw Tower place emphasis on $100k-200k loans with 1,680 originations, totaling $237,190,000 in origination value.
Applicant Income
Tower lent most frequently to those with incomes in the $150k-250k range, with 1,867 originations. The second most popular income band? $250k+, with 1,188 originations.
Applicant Debt to Income Ratio
Tower lent most frequently to those with DTI ratios of 20-30%, with 1,347 originations. The next most common DTI ratio? 30-36%, with 955 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications80.58%
Tower has a below average approval rate.
Pick Rate
Approvals leading to origination78.23%
Tower has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 4,787 | $823,985,000 | $172,130 |