Ark Mortgage Rates, Fees & Info

NORTH BRUNSWICK, NJ

LEI: 5493008VCYW25D52ZC98

Tax ID: 22-2498599

1 stars - Updated: 2/25/24 - out of 5 stars, based on 34 reviews

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

Jump to:

Mortgage Data

Review & Overview

Ark Mortgage is a smaller mortgage company specializing in Home Purchase loans. Ark Mortgage has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: New York, Poughkeepsie, Miami, Philadelphia, and Kingston among others. We have data for 16 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% 2/25/24
30 Year Conventional Refi 7.02% 2/25/24
30 Year Cash-out Refi 7.02% 2/25/24
30 Year FHA Purchase 7.52% 2/25/24
15 Year Conventional Purchase 6.42% 2/25/24
15 Year Conventional Refi 6.18% 2/25/24
15 Year Cash-out Refi 6.18% 2/25/24
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

1,164

Origination Dollar Volume (All Markets)

$572,600,000

Relative Rate

Ark Mortgage's average 30 year fixed mortgage rate was 5.23%.

The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.

This yields a difference of 0.47%.

Relative Fees (Closing Costs)

Ark Mortgage's average total fees/closing costs for a 30 year fixed rate mortgage were $15,337.

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 $4,750.

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) 751 $409,805,000 $545,679 $16,230 5.01%
POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) 265 $117,255,000 $442,472 $14,200 5.36%
Outside of Metro Areas 63 $16,675,000 $264,683 $11,365 5.81%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 29 $13,595,000 $468,793 $13,893 5.22%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 12 $4,090,000 $340,833 $6,986 6.58%
KINGSTON, NY (FHA|USDA|VA) 13 $3,695,000 $284,231 $10,170 5.12%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 7 $2,435,000 $347,857 $12,800 6.86%
TRENTON-PRINCETON, NJ (FHA|USDA|VA) 9 $1,775,000 $197,222 $13,373 6.69%
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 6 $1,150,000 $191,667 $10,869 7.25%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 2 $860,000 $430,000 $17,384 5.38%
VINELAND-BRIDGETON, NJ (FHA|USDA|VA) 2 $340,000 $170,000 $0 6.56%
OCALA, FL (FHA|USDA|VA) 1 $285,000 $285,000 $11,868 5.25%
ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) 1 $195,000 $195,000 $5,304 4.50%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 1 $155,000 $155,000 $6,101 6.63%
ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) 1 $155,000 $155,000 $9,875 4.50%
Plattsburgh, NY (FHA|USDA|VA) 1 $135,000 $135,000 $7,105 4.88%
Ark Mortgage's top markets include New York, Poughkeepsie, Miami, Philadelphia, and Kingston among others.

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

    N C P D Federal Credit Union
    Similarity Rank: 306
    ATLANTIS MORTGAGE CO., INC.
    Similarity Rank: 326
    Schuyler Savings Bank
    Similarity Rank: 352
    The Atlantic Federal Credit Union
    Similarity Rank: 588
    U S WIDE FINANCIAL LLC
    Similarity Rank: 624
    CCFCU FUNDING, LLC
    Similarity Rank: 672
    MID-HUDSON VALLEY
    Similarity Rank: 728
    Walden Savings Bank
    Similarity Rank: 836
    Ridgewood Savings Bank
    Similarity Rank: 1062

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,160 $570,050,000 $491,422 $15,274 5.20%
    FHA 4 $2,550,000 $637,500 $20,387 3.25%

    For 2022, Ark Mortgage's most frequently originated type of loan was Conventional, with 1,160 originations. Their 2nd most popular type was FHA, with 4 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 707 $352,395,000 $498,437 $14,433 5.28%
    Cash Out Refi 237 $112,955,000 $476,603 $17,961 4.97%
    Refi 220 $107,250,000 $487,500 $15,365 5.17%

    For 2022, Ark Mortgage's most frequently cited loan purpose was Home Purchase, with 707 originations. The 2nd most popular reason was Cash Out Refi, with 237 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 1,140 $564,320,000 $495,018 $15,337 5.23%
    15 Year 19 $6,875,000 $361,842 $14,428 3.59%
    20 Year 5 $1,405,000 $281,000 $7,970 4.23%

    For 2022, Ark Mortgage's most frequently cited loan duration was 30 Year, with 1,140 originations. The 2nd most popular length was 15 Year, with 19 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $5k+ 769 $421,175,000 $547,692
    $1k-2k 91 $38,605,000 $424,231
    $3k-4k 63 $22,125,000 $351,190
    $2k-3k 58 $21,730,000 $374,655
    $4k-5k 56 $18,810,000 $335,893
    $<1k 31 $11,845,000 $382,097

    Ark Mortgage's average total fees were $15,337, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 769 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 280 $148,790,000 $531,393
    5-6% 268 $137,640,000 $513,582
    4-5% 259 $124,295,000 $479,903
    6-7% 243 $114,585,000 $471,543
    7-8% 71 $26,345,000 $371,056
    2.5-3% 20 $9,660,000 $483,000
    Over 8% 16 $6,670,000 $416,875
    <2.5% 7 $4,615,000 $659,286

    During 2022, Ark Mortgage's average interest rate for loans was 5.23%, while their most frequently originated rate bucket for loans was 3-4%, with 280 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 411 $125,805,000 $306,095 $10,290 5.20%
    $400k-600k 332 $161,890,000 $487,620 $14,275 5.31%
    $600k-1MM 302 $217,730,000 $720,960 $20,747 4.99%
    $100k-200k 74 $11,600,000 $156,757 $7,175 5.65%
    $1MM+ 40 $55,150,000 $1,378,750 $45,083 4.83%
    $100,000 or less 5 $425,000 $85,000 $6,139 6.45%

    2022 saw Ark Mortgage place emphasis on $200k-400k loans with 411 originations, totaling $125,805,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 271 $133,985,000 $494,410 $14,617 4.93%
    $250k+ 260 $161,950,000 $622,885 $18,663 5.23%
    $150k-250k 227 $129,525,000 $570,595 $16,672 5.13%
    $50k-75k 140 $46,680,000 $333,429 $10,915 5.00%
    $75k-100k 134 $55,490,000 $414,104 $14,631 4.98%
    $50k or less 132 $44,970,000 $340,682 $12,129 6.21%

    Ark Mortgage lent most frequently to those with incomes in the $100k-150k range, with 271 originations. The second most popular income band? $250k+, with 260 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 132 $60,790,000 $460,530 $14,087 4.97%
    49% 123 $60,225,000 $489,634 $17,087 5.01%
    20-30% 111 $50,565,000 $455,541 $14,173 5.08%
    <20% 104 $45,930,000 $441,635 $13,097 5.60%
    48% 89 $45,885,000 $515,562 $15,473 5.02%
    44% 75 $38,755,000 $516,733 $15,372 5.14%
    47% 64 $30,190,000 $471,719 $14,533 5.54%
    46% 59 $33,525,000 $568,220 $16,986 5.32%
    43% 57 $30,045,000 $527,105 $14,239 4.75%
    42% 56 $31,160,000 $556,429 $17,192 4.94%
    45% 53 $27,995,000 $528,208 $16,747 5.24%
    40% 46 $24,240,000 $526,957 $15,626 5.23%
    41% 45 $23,865,000 $530,333 $18,466 4.86%
    39% 39 $20,065,000 $514,487 $13,532 5.40%
    38% 31 $15,785,000 $509,194 $13,951 5.44%
    >60% 30 $9,060,000 $302,000 $16,402 7.51%
    36% 28 $14,010,000 $500,357 $14,931 4.73%
    37% 18 $8,210,000 $456,111 $15,484 5.19%
    50-60% 4 $2,300,000 $575,000 $23,651 3.72%

    Ark Mortgage lent most frequently to those with DTI ratios of 30-36%, with 132 originations. The next most common DTI ratio? 49%, with 123 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,156 $568,290,000 $491,600 $15,284 5.19%
    Black 3 $1,785,000 $595,000 $18,886 6.33%
    Not provided 2 $1,050,000 $525,000 $12,776 6.19%
    Other Pacific Islander 1 $575,000 $575,000 $16,413 6.00%
    Asian 1 $495,000 $495,000 $13,447 5.88%
    Native Hawaiian or Islander 1 $405,000 $405,000 $17,471 7.00%

    Approval Rates

    Total approvals of all applications
    98.96%

    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
    49.91%

    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
    0.0 1 $185,000 $185,000
    NA 1,163 $572,415,000 $492,188

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,164 $572,600,000 $491,924

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 34 $11,930,000 $350,882 $13,502 4.83%
    40-60% 79 $40,505,000 $512,722 $15,652 4.68%
    60-80% 791 $378,725,000 $478,793 $15,490 5.34%
    80-100% 257 $140,925,000 $548,346 $14,942 4.97%
    Under 20% 3 $515,000 $171,667 $8,000 5.29%