Ark Mortgage Rates, Fees & Info

NORTH BRUNSWICK, NJ

LEI: 5493008VCYW25D52ZC98

Tax ID: 22-2498599

1 stars - Updated: 10/13/24 - out of 5 stars, based on 26 reviews

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

Review & Overview

Ark Mortgage is a smaller mortgage company specializing in Home Purchase and Refi loans. Ark Mortgage has a high proportion of conventional loans. Their top markets by origination volume include: New York, Poughkeepsie, Philadelphia, Miami, and Trenton among others. We have data for 18 markets. (Some data included below & more in-depth data is available with an active subscription.)

Ark Mortgage has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Ark Mortgage is typically a high 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.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 6.93% 10/13/24
30 Year Conventional Refi 7.02% 10/13/24
30 Year Cash-out Refi 7.02% 10/13/24
30 Year FHA Purchase 7.52% 10/13/24
15 Year Conventional Purchase 6.42% 10/13/24
15 Year Conventional Refi 6.18% 10/13/24
15 Year Cash-out Refi 6.18% 10/13/24
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.

Ark Mortgage Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Ark Mortgage. 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

694

Origination Dollar Volume (All Markets)

$360,880,000

Relative Rate

Ark Mortgage's average 30 year fixed mortgage rate was 7.36%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of 0.88%.

Relative Fees (Closing Costs)

Ark Mortgage's average total fees/closing costs for a 30 year fixed rate mortgage were $17,610.

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
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 385 $240,785,000 $625,416 $19,152 7.24%
POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) 136 $62,090,000 $456,544 $15,293 7.36%
Outside of Metro Areas 69 $22,255,000 $322,536 $10,549 7.50%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 27 $11,775,000 $436,111 $0 7.89%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 21 $8,095,000 $385,476 $13,330 7.46%
TRENTON-PRINCETON, NJ (FHA|USDA|VA) 22 $3,910,000 $177,727 $0 7.06%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 10 $3,250,000 $325,000 $11,592 6.90%
ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) 3 $1,215,000 $405,000 $0 8.54%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 3 $1,125,000 $375,000 $0 10.88%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 1 $1,015,000 $1,015,000 $0 9.00%
SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) 7 $1,005,000 $143,571 $0 7.98%
KINGSTON, NY (FHA|USDA|VA) 3 $905,000 $301,667 $12,566 7.13%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 1 $805,000 $805,000 $0 9.13%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 1 $715,000 $715,000 $0 9.88%
NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 2 $560,000 $280,000 $0 8.25%
PORT ST. LUCIE, FL (FHA|USDA|VA) 1 $545,000 $545,000 $0 7.50%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $415,000 $415,000 $0 7.50%
BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 1 $415,000 $415,000 $0 7.50%
Ark Mortgage's top markets include New York, Poughkeepsie, Philadelphia, Miami, and Trenton among others.

Their top states include:
  • New York (FHA|USDA|VA)
  • New Jersey (FHA|USDA|VA)
  • Pennsylvania (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Illinois (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against ARK MORTGAGE based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Walden Savings Bank
    Similarity Rank: 40
    N C P D Federal Credit Union
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    Columbia Bank
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    GREATER ALLIANCE
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    Blue Foundry Bank
    Similarity Rank: 188
    PCSB Bank
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    MID-HUDSON VALLEY
    Similarity Rank: 224
    TEG Federal Credit Union
    Similarity Rank: 252

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 694 $360,880,000 $520,000 $17,572 7.35%

    For 2023, Ark Mortgage's most frequently originated type of loan was Conventional, with 694 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 442 $232,880,000 $526,878 $16,818 7.24%
    Refi 139 $73,345,000 $527,662 $18,752 7.16%
    Cash Out Refi 105 $51,755,000 $492,905 $23,518 8.09%
    NA 6 $1,980,000 $330,000 $0 7.42%
    Other 2 $920,000 $460,000 $0 6.31%

    For 2023, Ark Mortgage's most frequently cited loan purpose was Home Purchase, with 442 originations. The 2nd most popular reason was Refi, with 139 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 688 $358,420,000 $520,959 $17,610 7.36%
    15 Year 3 $1,345,000 $448,333 $19,776 6.04%
    10 Year 1 $105,000 $105,000 $8,092 7.00%
    20 Year 1 $485,000 $485,000 $30,139 5.63%
    Other 1 $525,000 $525,000 $0 5.13%

    For 2023, Ark Mortgage's most frequently cited loan duration was 30 Year, with 688 originations. The 2nd most popular length was 15 Year, with 3 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $5k+ 215 $142,845,000 $664,395
    $1k-2k 17 $7,815,000 $459,706
    $4k-5k 15 $5,535,000 $369,000
    $3k-4k 14 $4,730,000 $337,857
    $<1k 6 $3,550,000 $591,667
    $2k-3k 6 $3,260,000 $543,333

    Ark Mortgage's average total fees were $17,610, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 215 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    7-8% 295 $159,235,000 $539,780
    6-7% 240 $118,970,000 $495,708
    Over 8% 106 $52,510,000 $495,377
    5-6% 52 $29,200,000 $561,538
    4-5% 1 $965,000 $965,000

    During 2023, Ark Mortgage's average interest rate for loans was 7.36%, while their most frequently originated rate bucket for loans was 7-8%, with 295 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $400k-600k 217 $105,285,000 $485,184 $14,795 7.21%
    $200k-400k 212 $66,010,000 $311,368 $10,449 7.32%
    $600k-1MM 147 $107,155,000 $728,946 $19,106 7.16%
    $100k-200k 65 $9,965,000 $153,308 $6,570 8.12%
    $1MM+ 50 $72,220,000 $1,444,400 $45,597 7.54%
    $100,000 or less 3 $245,000 $81,667 $6,619 8.88%

    2023 saw Ark Mortgage place emphasis on $400k-600k loans with 217 originations, totaling $105,285,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 166 $73,510,000 $442,831 $21,056 7.72%
    $250k+ 141 $97,125,000 $688,830 $23,592 7.22%
    $75k-100k 126 $57,190,000 $453,889 $13,785 7.70%
    $100k-150k 98 $45,660,000 $465,918 $14,388 6.78%
    $150k-250k 83 $53,915,000 $649,578 $18,377 6.88%
    $50k-75k 75 $30,865,000 $411,533 $13,214 7.42%

    Ark Mortgage lent most frequently to those with incomes in the $50k or less range, with 166 originations. The second most popular income band? $250k+, with 141 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 72 $35,290,000 $490,139 $15,370 7.30%
    49% 72 $39,740,000 $551,944 $17,982 7.08%
    <20% 66 $31,090,000 $471,061 $19,012 7.52%
    30-36% 61 $30,555,000 $500,902 $18,852 7.48%
    48% 53 $32,045,000 $604,623 $19,445 7.04%
    44% 30 $14,620,000 $487,333 $16,483 7.58%
    47% 30 $14,370,000 $479,000 $11,758 6.99%
    45% 29 $17,825,000 $614,655 $21,659 7.09%
    37% 29 $13,185,000 $454,655 $13,905 6.95%
    42% 28 $19,600,000 $700,000 $23,065 7.08%
    43% 28 $12,690,000 $453,214 $16,276 7.79%
    >60% 24 $9,790,000 $407,917 $0 7.94%
    46% 24 $11,220,000 $467,500 $15,376 7.05%
    40% 21 $11,425,000 $544,048 $17,282 7.13%
    41% 20 $13,690,000 $684,500 $17,001 6.63%
    38% 17 $8,235,000 $484,412 $7,985 7.15%
    36% 17 $9,865,000 $580,294 $14,894 7.24%
    39% 17 $9,235,000 $543,235 $15,508 7.47%
    50-60% 9 $4,995,000 $555,000 $24,874 7.25%

    Ark Mortgage lent most frequently to those with DTI ratios of 20-30%, with 72 originations. The next most common DTI ratio? 49%, with 72 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 676 $352,880,000 $522,012 $17,720 7.36%
    Not provided 12 $5,700,000 $475,000 $15,042 7.17%
    Black 3 $1,405,000 $468,333 $17,315 7.50%
    Asian 2 $650,000 $325,000 $8,092 7.06%
    Not applicable 1 $245,000 $245,000 $0 6.63%

    Approval Rates

    Total approvals of all applications
    98.55%

    Ark Mortgage has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    48.41%

    Ark Mortgage has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 694 $360,880,000 $520,000

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    694 $360,880,000 $520,000

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 27 $9,465,000 $350,556 $15,554 9.01%
    40-60% 54 $24,970,000 $462,407 $14,776 7.04%
    60-80% 465 $245,435,000 $527,817 $19,494 7.37%
    80-100% 141 $79,685,000 $565,142 $16,635 6.98%
    Under 20% 7 $1,325,000 $189,286 $11,497 9.88%