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, Refi, and Cash Out 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, Miami, Kingston, and Philadelphia among others. We have data for 8 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% | 4/21/24 |
| 30 Year Conventional Refi | 7.02% | 4/21/24 |
| 30 Year Cash-out Refi | 7.02% | 4/21/24 |
| 30 Year FHA Purchase | 7.52% | 4/21/24 |
| 15 Year Conventional Purchase | 6.42% | 4/21/24 |
| 15 Year Conventional Refi | 6.18% | 4/21/24 |
| 15 Year Cash-out Refi | 6.18% | 4/21/24 |
| 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
2,012Origination Dollar Volume (All Markets)
$917,280,000Top 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) | 1,592 | $774,470,000 | $486,476 | $11,734 | 3.16% |
| POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) | 339 | $121,725,000 | $359,071 | $9,468 | 3.19% |
| Outside of Metro Areas | 47 | $10,925,000 | $232,447 | $7,306 | 3.32% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 11 | $5,165,000 | $469,545 | $9,001 | 3.44% |
| KINGSTON, NY (FHA|USDA|VA) | 9 | $2,505,000 | $278,333 | $7,756 | 3.21% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 10 | $1,700,000 | $170,000 | $6,511 | 3.50% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 2 | $610,000 | $305,000 | $6,009 | 4.00% |
| TRENTON-PRINCETON, NJ (FHA|USDA|VA) | 2 | $180,000 | $90,000 | $4,973 | 3.63% |
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 | 2,003 | $912,565,000 | $455,599 | $11,136 | 3.18% |
| FHA | 8 | $4,290,000 | $536,250 | $21,551 | 2.86% |
| HELOC | 1 | $425,000 | $425,000 | n/a | 2.88% |
For 2021, Ark Mortgage's most frequently originated type of loan was Conventional, with 2,003 originations. Their 2nd most popular type was FHA, with 8 originations.
Loan Reason
For 2021, Ark Mortgage's most frequently cited loan purpose was Home Purchase, with 768 originations. The 2nd most popular reason was Refi, with 628 originations.
Loan Duration/Length
For 2021, Ark Mortgage's most frequently cited loan duration was 30 Year, with 1,818 originations. The 2nd most popular length was 15 Year, with 107 originations.
Origination Fees/Closing Costs
Ark Mortgage's average total fees were $11,397, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 939 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 1,108 | $515,990,000 | $465,695 |
| 2.5-3% | 711 | $328,095,000 | $461,456 |
| <2.5% | 148 | $56,380,000 | $380,946 |
| 4-5% | 45 | $16,815,000 | $373,667 |
During 2021, Ark Mortgage's average interest rate for loans was 3.23%, while their most frequently originated rate bucket for loans was 3-4%, with 1,108 originations.
Loan Sizing
2021 saw Ark Mortgage place emphasis on $200k-400k loans with 776 originations, totaling $238,400,000 in origination value.
Applicant Income
Ark Mortgage lent most frequently to those with incomes in the $100k-150k range, with 527 originations. The second most popular income band? $150k-250k, with 388 originations.
Applicant Debt to Income Ratio
Ark Mortgage lent most frequently to those with DTI ratios of 30-36%, with 247 originations. The next most common DTI ratio? 20-30%, with 225 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications99.19%
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 origination68.54%
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 | 2,012 | $917,280,000 | $455,905 |