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 Refi, Cash Out Refi, and 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, Kingston, Philadelphia, and Trenton among others. We have data for 7 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
1,586Origination Dollar Volume (All Markets)
$636,220,000Top 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) | 1,256 | $526,680,000 | $419,331 | $10,106 | 3.15% |
| POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) | 296 | $102,520,000 | $346,351 | $9,699 | 3.14% |
| Outside of Metro Areas | 19 | $3,875,000 | $203,947 | $6,218 | 3.66% |
| KINGSTON, NY (FHA|USDA|VA) | 7 | $1,675,000 | $239,286 | $7,703 | 3.61% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 4 | $870,000 | $217,500 | $3,638 | 4.03% |
| TRENTON-PRINCETON, NJ (FHA|USDA|VA) | 3 | $335,000 | $111,667 | $5,804 | 4.71% |
| ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $3,513 | 2.75% |
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.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 1,580 | $633,860,000 | $401,177 | $9,931 | 3.16% |
| FHA | 6 | $2,360,000 | $393,333 | $13,391 | 3.08% |
For 2020, Ark Mortgage's most frequently originated type of loan was Conventional, with 1,580 originations. Their 2nd most popular type was FHA, with 6 originations.
Loan Reason
For 2020, Ark Mortgage's most frequently cited loan purpose was Refi, with 739 originations. The 2nd most popular reason was Cash Out Refi, with 450 originations.
Loan Duration/Length
For 2020, Ark Mortgage's most frequently cited loan duration was 30 Year, with 1,312 originations. The 2nd most popular length was 15 Year, with 112 originations.
Origination Fees/Closing Costs
Ark Mortgage's average total fees were $10,477, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 722 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 2.5-3% | 689 | $283,085,000 | $410,864 |
| 3-4% | 659 | $267,525,000 | $405,956 |
| <2.5% | 139 | $50,065,000 | $360,180 |
| 4-5% | 93 | $32,905,000 | $353,817 |
| 5-6% | 6 | $2,640,000 | $440,000 |
During 2020, Ark Mortgage's average interest rate for loans was 3.23%, while their most frequently originated rate bucket for loans was 2.5-3%, with 689 originations.
Loan Sizing
2020 saw Ark Mortgage place emphasis on $200k-400k loans with 729 originations, totaling $226,245,000 in origination value.
Applicant Income
Ark Mortgage lent most frequently to those with incomes in the $100k-150k range, with 400 originations. The second most popular income band? $75k-100k, with 308 originations.
Applicant Debt to Income Ratio
Ark Mortgage lent most frequently to those with DTI ratios of 30-36%, with 203 originations. The next most common DTI ratio? 20-30%, with 192 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications99.32%
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 origination80.39%
Ark Mortgage has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 1,586 | $636,220,000 | $401,148 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 1,586 | $636,220,000 | $401,148 |