Ark Mortgage Rates, Fees & Info
NORTH BRUNSWICK, NJLEI: 5493008VCYW25D52ZC98
Tax ID: 22-2498599
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Mortgage Data
Review & Overview
Ark Mortgage is a smaller mortgage company specializing in Home Purchase, Cash Out Refi, and Refi 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, Philadelphia, Trenton, and Kingston among others. We have data for 6 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 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 |
|---|---|---|
| 30 Year Conventional Purchase | 6.93% | 12/16/24 |
| 30 Year Conventional Refi | 7.02% | 12/16/24 |
| 30 Year Cash-out Refi | 7.02% | 12/16/24 |
| 30 Year FHA Purchase | 7.52% | 12/16/24 |
| 15 Year Conventional Purchase | 6.42% | 12/16/24 |
| 15 Year Conventional Refi | 6.18% | 12/16/24 |
| 15 Year Cash-out Refi | 6.18% | 12/16/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
835Origination Dollar Volume (All Markets)
$344,005,000Top 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 |
|---|---|---|---|---|---|
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 595 | $264,855,000 | $445,134 | $12,574 | 4.35% |
| POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) | 221 | $75,335,000 | $340,882 | $11,455 | 4.18% |
| Outside of Metro Areas | 12 | $2,670,000 | $222,500 | $7,369 | 4.53% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 2 | $590,000 | $295,000 | $6,656 | 4.56% |
| TRENTON-PRINCETON, NJ (FHA|USDA|VA) | 4 | $350,000 | $87,500 | $5,649 | 5.09% |
| KINGSTON, NY (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $6,093 | 4.00% |
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.
Similarity Rank: 56
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 824 | $338,420,000 | $410,704 | $12,015 | 4.31% |
| FHA | 11 | $5,585,000 | $507,727 | $22,131 | 4.16% |
For 2019, Ark Mortgage's most frequently originated type of loan was Conventional, with 824 originations. Their 2nd most popular type was FHA, with 11 originations.
Loan Reason
For 2019, Ark Mortgage's most frequently cited loan purpose was Home Purchase, with 321 originations. The 2nd most popular reason was Cash Out Refi, with 286 originations.
Loan Duration/Length
For 2019, Ark Mortgage's most frequently cited loan duration was 30 Year, with 782 originations. The 2nd most popular length was 15 Year, with 23 originations.
Origination Fees/Closing Costs
Ark Mortgage's average total fees were $12,227, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 485 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 357 | $149,755,000 | $419,482 |
| 4-5% | 349 | $144,335,000 | $413,567 |
| 5-6% | 120 | $47,310,000 | $394,250 |
| 2.5-3% | 5 | $1,665,000 | $333,000 |
| 6-7% | 4 | $940,000 | $235,000 |
During 2019, Ark Mortgage's average interest rate for loans was 4.34%, while their most frequently originated rate bucket for loans was 3-4%, with 357 originations.
Loan Sizing
2019 saw Ark Mortgage place emphasis on $200k-400k loans with 359 originations, totaling $107,855,000 in origination value.
Applicant Income
Ark Mortgage lent most frequently to those with incomes in the $100k-150k range, with 167 originations. The second most popular income band? $75k-100k, with 163 originations.
Applicant Debt to Income Ratio
Ark Mortgage lent most frequently to those with DTI ratios of 20-30%, with 111 originations. The next most common DTI ratio? 30-36%, with 87 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications98.54%
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 origination59.76%
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 | 835 | $344,005,000 | $411,982 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 835 | $344,005,000 | $411,982 |