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, 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 172 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.
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% | 4/28/24 |
| 30 Year Conventional Purchase | 5.80% | 4/28/24 |
| 30 Year Conventional Refi | 6.00% | 4/28/24 |
| 30 Year Cash-out Refi | 5.90% | 4/28/24 |
| 30 Year VA Purchase | 5.47% | 4/28/24 |
| 15 Year Conventional Purchase | 5.84% | 4/28/24 |
| 15 Year Conventional Refi | 5.63% | 4/28/24 |
| 15 Year Cash-out Refi | 5.63% | 4/28/24 |
| 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. | ||
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
4,390Origination Dollar Volume (All Markets)
$802,430,000Awards
TOWER - 2022
TOWER is a 2022 , due to their low .
For 2022, 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) | 1,564 | $293,300,000 | $187,532 | $3,446 | 4.66% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 1,177 | $221,405,000 | $188,110 | $2,992 | 4.77% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 236 | $38,070,000 | $161,314 | $3,873 | 5.14% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 145 | $25,005,000 | $172,448 | $1,423 | 5.05% |
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 143 | $24,275,000 | $169,755 | $2,076 | 5.00% |
| SALISBURY, MD-DE (FHA|USDA|VA) | 93 | $15,495,000 | $166,613 | $3,666 | 4.96% |
| RICHMOND, VA (FHA|USDA|VA) | 106 | $13,900,000 | $131,132 | $905 | 5.34% |
| Outside of Metro Areas | 56 | $10,320,000 | $184,286 | $3,256 | 4.48% |
| VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) | 46 | $7,170,000 | $155,870 | $1,948 | 5.21% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 38 | $6,400,000 | $168,421 | $4,414 | 5.44% |
| RALEIGH-CARY, NC (FHA|USDA|VA) | 32 | $5,780,000 | $180,625 | $3,067 | 4.57% |
| CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) | 23 | $5,715,000 | $248,478 | $3,432 | 4.57% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 30 | $5,130,000 | $171,000 | $2,607 | 5.02% |
| CHARLOTTESVILLE, VA (FHA|USDA|VA) | 34 | $4,940,000 | $145,294 | $2,280 | 5.13% |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) | 22 | $4,490,000 | $204,091 | $3,551 | 4.94% |
| NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) | 13 | $4,125,000 | $317,308 | $4,880 | 4.68% |
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 13 | $4,115,000 | $316,538 | $5,292 | 4.81% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 21 | $3,965,000 | $188,810 | $1,637 | 5.52% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 12 | $3,730,000 | $310,833 | $5,801 | 4.69% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 11 | $3,555,000 | $323,182 | $5,991 | 4.03% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 19 | $3,305,000 | $173,947 | $2,585 | 4.61% |
| CALIFORNIA-LEXINGTON PARK, MD (FHA|USDA|VA) | 27 | $3,295,000 | $122,037 | $0 | 5.07% |
| ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) | 20 | $3,190,000 | $159,500 | $6,081 | 4.90% |
| SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) | 9 | $3,075,000 | $341,667 | $5,477 | 3.64% |
| YORK-HANOVER, PA (FHA|USDA|VA) | 20 | $3,060,000 | $153,000 | $4,228 | 4.63% |
| Kill Devil Hills, NC (FHA|USDA|VA) | 14 | $2,800,000 | $200,000 | $4,430 | 4.59% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 6 | $2,410,000 | $401,667 | $6,539 | 3.31% |
| HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) | 8 | $2,380,000 | $297,500 | $4,105 | 4.66% |
| OCEAN CITY, NJ (FHA|USDA|VA) | 10 | $2,110,000 | $211,000 | $2,758 | 4.67% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 4 | $2,000,000 | $500,000 | $9,887 | 4.50% |
| GETTYSBURG, PA (FHA|USDA|VA) | 10 | $1,990,000 | $199,000 | $4,271 | 4.51% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 8 | $1,980,000 | $247,500 | $3,390 | 5.20% |
| LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) | 8 | $1,960,000 | $245,000 | $5,462 | 4.28% |
| AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) | 9 | $1,915,000 | $212,778 | $2,717 | 4.69% |
| WINCHESTER, VA-WV (FHA|USDA|VA) | 15 | $1,905,000 | $127,000 | $3,121 | 4.82% |
| PITTSBURGH, PA (FHA|USDA|VA) | 13 | $1,835,000 | $141,154 | $0 | 4.98% |
| WILMINGTON, NC (FHA|USDA|VA) | 12 | $1,770,000 | $147,500 | $0 | 4.58% |
| Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) | 7 | $1,755,000 | $250,714 | $2,718 | 4.89% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 11 | $1,735,000 | $157,727 | $3,493 | 3.81% |
| DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) | 12 | $1,730,000 | $144,167 | $3,001 | 4.82% |
| COLUMBIA, SC (FHA|USDA|VA) | 14 | $1,710,000 | $122,143 | $2,532 | 5.18% |
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 6 | $1,700,000 | $283,333 | $2,726 | 3.98% |
| San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) | 3 | $1,625,000 | $541,667 | $3,487 | 3.67% |
| HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) | 15 | $1,575,000 | $105,000 | $3,413 | 5.07% |
| Cambridge, MD (FHA|USDA|VA) | 5 | $1,515,000 | $303,000 | $5,735 | 3.95% |
| FORT COLLINS, CO (FHA|USDA|VA) | 2 | $1,500,000 | $750,000 | $3,862 | 3.25% |
| HUNTSVILLE, AL (FHA|USDA|VA) | 4 | $1,230,000 | $307,500 | $4,890 | 3.66% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 2 | $1,210,000 | $605,000 | $6,490 | 3.31% |
| CINCINNATI, OH-KY-IN (FHA|USDA|VA) | 14 | $1,170,000 | $83,571 | $0 | 6.93% |
| COLUMBUS, OH (FHA|USDA|VA) | 12 | $1,120,000 | $93,333 | $0 | 5.98% |
| Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) | 4 | $1,120,000 | $280,000 | $4,711 | 3.63% |
| Easton, MD (FHA|USDA|VA) | 7 | $1,105,000 | $157,857 | $3,092 | 4.20% |
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 6 | $1,030,000 | $171,667 | $1,281 | 5.33% |
| ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) | 7 | $995,000 | $142,143 | $0 | 5.57% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 2 | $980,000 | $490,000 | $7,841 | 3.44% |
| GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) | 6 | $970,000 | $161,667 | $4,387 | 5.40% |
| BOISE CITY, ID (FHA|USDA|VA) | 3 | $945,000 | $315,000 | $6,042 | 6.83% |
| PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) | 5 | $935,000 | $187,000 | $1,654 | 4.38% |
| SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) | 4 | $930,000 | $232,500 | $0 | 3.38% |
| CHAMBERSBURG-WAYNESBORO, PA (FHA|USDA|VA) | 4 | $830,000 | $207,500 | $4,836 | 5.28% |
| THE VILLAGES, FL (FHA|USDA|VA) | 1 | $825,000 | $825,000 | $7,770 | 3.00% |
| ALBUQUERQUE, NM (FHA|USDA|VA) | 3 | $765,000 | $255,000 | $2,824 | 5.00% |
| EL PASO, TX (FHA|USDA|VA) | 1 | $765,000 | $765,000 | $7,022 | 3.13% |
| CUMBERLAND, MD-WV (FHA|USDA|VA) | 4 | $760,000 | $190,000 | $3,611 | 5.31% |
| ROANOKE, VA (FHA|USDA|VA) | 3 | $735,000 | $245,000 | $0 | 4.58% |
| FLAGSTAFF, AZ (FHA|USDA|VA) | 1 | $735,000 | $735,000 | $6,181 | 3.38% |
| ST. LOUIS, MO-IL (FHA|USDA|VA) | 5 | $715,000 | $143,000 | $3,024 | 5.48% |
| URBAN HONOLULU, HI (FHA|USDA|VA) | 1 | $685,000 | $685,000 | $6,895 | 5.00% |
| HOMOSASSA SPRINGS, FL (FHA|USDA|VA) | 3 | $675,000 | $225,000 | $4,248 | 4.25% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 4 | $640,000 | $160,000 | $5,110 | 3.91% |
| PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) | 3 | $565,000 | $188,333 | $3,421 | 4.96% |
| POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) | 3 | $565,000 | $188,333 | $0 | 5.50% |
| LOUISVILLE, KY (FHA|USDA|VA) | 4 | $560,000 | $140,000 | $2,017 | 4.87% |
| LYNCHBURG, VA (FHA|USDA|VA) | 3 | $555,000 | $185,000 | $3,998 | 4.50% |
| EVANSVILLE, IN-KY (FHA|USDA|VA) | 3 | $545,000 | $181,667 | $2,977 | 4.58% |
| SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) | 2 | $540,000 | $270,000 | $0 | 4.63% |
| LEXINGTON-FAYETTE, KY (FHA|USDA|VA) | 4 | $520,000 | $130,000 | $3,062 | 3.97% |
| TRENTON-PRINCETON, NJ (FHA|USDA|VA) | 5 | $515,000 | $103,000 | $0 | 4.70% |
| HARRISBURG-CARLISLE, PA (FHA|USDA|VA) | 2 | $470,000 | $235,000 | $6,204 | 3.81% |
| PROVO-OREM, UT (FHA|USDA|VA) | 2 | $460,000 | $230,000 | $0 | 3.88% |
| GREENVILLE-ANDERSON, SC (FHA|USDA|VA) | 4 | $460,000 | $115,000 | $0 | 4.56% |
| SPARTANBURG, SC (FHA|USDA|VA) | 4 | $450,000 | $112,500 | $4,658 | 4.91% |
| EAST STROUDSBURG, PA (FHA|USDA|VA) | 3 | $425,000 | $141,667 | $5,531 | 5.13% |
| BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) | 4 | $420,000 | $105,000 | $0 | 5.31% |
| DOVER, DE (FHA|USDA|VA) | 4 | $420,000 | $105,000 | $2,402 | 4.28% |
| PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) | 2 | $410,000 | $205,000 | $0 | 5.38% |
| WINSTON-SALEM, NC (FHA|USDA|VA) | 2 | $410,000 | $205,000 | $0 | 5.00% |
| DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) | 2 | $390,000 | $195,000 | $4,194 | 4.44% |
| KNOXVILLE, TN (FHA|USDA|VA) | 3 | $385,000 | $128,333 | $0 | 5.08% |
| JOHNSON CITY, TN (FHA|USDA|VA) | 1 | $375,000 | $375,000 | $4,907 | 5.13% |
| TALLAHASSEE, FL (FHA|USDA|VA) | 3 | $375,000 | $125,000 | $4,939 | 4.04% |
| GAINESVILLE, GA (FHA|USDA|VA) | 1 | $365,000 | $365,000 | $3,856 | 3.13% |
| CLEVELAND-ELYRIA, OH (FHA|USDA|VA) | 5 | $355,000 | $71,000 | $0 | 5.05% |
| HARRISONBURG, VA (FHA|USDA|VA) | 3 | $335,000 | $111,667 | $2,988 | 6.54% |
| Concord, NH (FHA|USDA|VA) | 1 | $335,000 | $335,000 | $8,487 | 2.63% |
| KANSAS CITY, MO-KS (FHA|USDA|VA) | 2 | $330,000 | $165,000 | $0 | 6.63% |
| READING, PA (FHA|USDA|VA) | 3 | $325,000 | $108,333 | $0 | 5.08% |
| PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) | 4 | $320,000 | $80,000 | $0 | 6.50% |
| LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) | 3 | $315,000 | $105,000 | $0 | 5.33% |
| BOULDER, CO (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $0 | 3.50% |
| SAN LUIS OBISPO-PASO ROBLES, CA (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $0 | 2.75% |
| BARNSTABLE TOWN, MA (FHA|USDA|VA) | 2 | $290,000 | $145,000 | $0 | 5.00% |
| Iron Mountain, MI-WI (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $2,578 | 6.63% |
| PUNTA GORDA, FL (FHA|USDA|VA) | 2 | $280,000 | $140,000 | $8,330 | 3.81% |
| MORGANTOWN, WV (FHA|USDA|VA) | 2 | $270,000 | $135,000 | $0 | 4.13% |
| LITTLE ROCK-NORTH LITTLE ROCK-CONWAY, AR (FHA|USDA|VA) | 2 | $270,000 | $135,000 | $3,780 | 4.06% |
| Georgetown, SC (FHA|USDA|VA) | 2 | $260,000 | $130,000 | $3,299 | 4.44% |
| Pinehurst-Southern Pines, NC (FHA|USDA|VA) | 2 | $260,000 | $130,000 | $0 | 3.50% |
| ELIZABETHTOWN-FORT KNOX, KY (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $3,689 | 6.13% |
| MEDFORD, OR (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $0 | 4.25% |
| Newberry, SC (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $3,088 | 2.50% |
| Newport, OR (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $0 | 5.00% |
| COLORADO SPRINGS, CO (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $0 | 4.50% |
| Torrington, CT (FHA|USDA|VA) | 2 | $250,000 | $125,000 | $0 | 5.13% |
| Key West, FL (FHA|USDA|VA) | 2 | $250,000 | $125,000 | $0 | 4.25% |
| ENID, OK (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $4,397 | 2.88% |
| HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) | 3 | $225,000 | $75,000 | $0 | 4.83% |
| Defiance, OH (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $3,479 | 5.13% |
| LEBANON, PA (FHA|USDA|VA) | 3 | $215,000 | $71,667 | $0 | 5.58% |
| Cullowhee, NC (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $0 | 4.50% |
| BEND, OR (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $0 | 4.25% |
| SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $0 | 4.50% |
| ROME, GA (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $0 | 3.50% |
| Morehead City, NC (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $0 | 4.25% |
| MACON-BIBB COUNTY, GA (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $3,631 | 3.38% |
| Lawrenceburg, TN (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $3,281 | 2.50% |
| Sevierville, TN (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $0 | 7.25% |
| GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) | 2 | $170,000 | $85,000 | $0 | 5.88% |
| OCALA, FL (FHA|USDA|VA) | 2 | $170,000 | $85,000 | $2,375 | 4.81% |
| CHATTANOOGA, TN-GA (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $0 | 4.50% |
| Watertown-Fort Atkinson, WI (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $2,688 | 2.88% |
| LANCASTER, PA (FHA|USDA|VA) | 2 | $160,000 | $80,000 | $0 | 7.25% |
| BAKERSFIELD, CA (FHA|USDA|VA) | 2 | $160,000 | $80,000 | $0 | 5.75% |
| CASPER, WY (FHA|USDA|VA) | 2 | $160,000 | $80,000 | $0 | 7.88% |
| SPRINGFIELD, MO (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $0 | 4.75% |
| INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $4,079 | 4.13% |
| Boone, NC (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $0 | 7.25% |
| ERIE, PA (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $0 | 2.75% |
| Jefferson, GA (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $4,019 | 3.13% |
| HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) | 2 | $140,000 | $70,000 | $0 | 4.88% |
| FAYETTEVILLE, NC (FHA|USDA|VA) | 3 | $135,000 | $45,000 | $0 | 4.42% |
| Fort Polk South, LA (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $0 | 5.00% |
| ALTOONA, PA (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $4,230 | 6.38% |
| HINESVILLE, GA (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $4,008 | 3.25% |
| ASHEVILLE, NC (FHA|USDA|VA) | 2 | $130,000 | $65,000 | $0 | 4.63% |
| Chillicothe, OH (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $0 | 8.25% |
| HUNTINGTON-ASHLAND, WV-KY-OH (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $3,156 | 3.00% |
| GREENVILLE, NC (FHA|USDA|VA) | 2 | $110,000 | $55,000 | $0 | 4.00% |
| Brainerd, MN (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 6.50% |
| IOWA CITY, IA (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $2,993 | 2.88% |
| Kalispell, MT (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $0 | 4.25% |
| TUCSON, AZ (FHA|USDA|VA) | 2 | $90,000 | $45,000 | $0 | 4.00% |
| SALEM, OR (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 7.25% |
| VISALIA, CA (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 5.99% |
| AKRON, OH (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 6.00% |
| KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) | 2 | $80,000 | $40,000 | $0 | 4.75% |
| Brevard, NC (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 5.75% |
| STAUNTON, VA (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 7.25% |
| MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 4.75% |
| PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 4.50% |
| STATE COLLEGE, PA (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 5.75% |
| ALBANY, GA (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 6.50% |
| Seneca, SC (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 4.25% |
| PORT ST. LUCIE, FL (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 5.25% |
| GAINESVILLE, FL (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 3.00% |
| SAVANNAH, GA (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 5.25% |
| ANNISTON-OXFORD, AL (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $0 | 7.50% |
| TERRE HAUTE, IN (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $0 | 8.25% |
| Pottsville, PA (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 4.25% |
| LAFAYETTE, LA (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 4.25% |
| CLARKSVILLE, TN-KY (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 5.75% |
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 5.75% |
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 2022, Tower's most frequently originated type of loan was HELOC, with 3,141 originations. Their 2nd most popular type was Conventional, with 1,239 originations.
Loan Reason
For 2022, Tower's most frequently cited loan purpose was Home Improvement, with 1,864 originations. The 2nd most popular reason was Home Purchase, with 1,009 originations.
Loan Duration/Length
For 2022, Tower's most frequently cited loan duration was 30 Year, with 3,802 originations. The 2nd most popular length was 15 Year, with 321 originations.
Origination Fees/Closing Costs
Tower's average total fees were $5,376, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 526 originations.
Interest Rates
During 2022, Tower's average interest rate for loans was 4.74%, while their most frequently originated rate bucket for loans was 4-5%, with 1,444 originations.
Loan Sizing
2022 saw Tower place emphasis on $100k-200k loans with 1,454 originations, totaling $200,220,000 in origination value.
Applicant Income
Tower lent most frequently to those with incomes in the $150k-250k range, with 1,633 originations. The second most popular income band? $100k-150k, with 1,024 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 870 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications74.73%
Tower has a below average approval rate.
Pick Rate
Approvals leading to origination81.59%
Tower has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 4,390 | $802,430,000 | $182,786 |