Ameritrust Mortgage Corporation Rates, Fees & Info
CRYSTAL LAKE, ILLEI: 549300A5HHOL2ED18C72
Tax ID: 36-3390401
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Mortgage Data
Review & Overview
Ameritrust Mortgage Corporation is a smaller mortgage company specializing in Refi, Home Purchase, and Cash Out Refi loans. Ameritrust Mortgage Corporation has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets by origination volume include: Chicago, Kankakee, and Rockford among others. We have data for 3 markets. (Some data included below & more in-depth data is available with an active subscription.)Ameritrust Mortgage Corporation has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. Ameritrust Mortgage Corporation is typically a low 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 | 6.27% | 4/28/24 |
| 30 Year Conventional Refi | 6.27% | 4/28/24 |
| 30 Year Cash-out Refi | 6.27% | 4/28/24 |
| 30 Year FHA Purchase | 6.50% | 4/28/24 |
| 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. | ||
Ameritrust Mortgage Corporation Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
60Origination Dollar Volume (All Markets)
$12,410,000Top 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 |
|---|---|---|---|---|---|
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 57 | $11,525,000 | $202,193 | $3,677 | 3.02% |
| KANKAKEE, IL (FHA|USDA|VA) | 1 | $475,000 | $475,000 | $7,538 | 2.63% |
| ROCKFORD, IL (FHA|USDA|VA) | 2 | $410,000 | $205,000 | $1,671 | 2.69% |
Similar Lenders
We use machine learning to identify the top lenders compared against AMERITRUST MORTGAGE CORPORATION 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 | 50 | $10,530,000 | $210,600 | $3,070 | 3.01% |
| FHA | 9 | $1,565,000 | $173,889 | $7,028 | 2.99% |
| VA | 1 | $315,000 | $315,000 | $3,734 | 2.50% |
For 2021, Ameritrust Mortgage Corporation's most frequently originated type of loan was Conventional, with 50 originations. Their 2nd most popular type was FHA, with 9 originations.
Loan Reason
For 2021, Ameritrust Mortgage Corporation's most frequently cited loan purpose was Refi, with 28 originations. The 2nd most popular reason was Home Purchase, with 17 originations.
Loan Duration/Length
For 2021, Ameritrust Mortgage Corporation's most frequently cited loan duration was 30 Year, with 46 originations. The 2nd most popular length was 20 Year, with 8 originations.
Origination Fees/Closing Costs
Ameritrust Mortgage Corporation's average total fees were $4,074, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 26 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 2.5-3% | 29 | $6,215,000 | $214,310 |
| 3-4% | 21 | $3,855,000 | $183,571 |
| <2.5% | 9 | $2,215,000 | $246,111 |
| 4-5% | 1 | $125,000 | $125,000 |
During 2021, Ameritrust Mortgage Corporation's average interest rate for loans was 3.06%, while their most frequently originated rate bucket for loans was 2.5-3%, with 29 originations.
Loan Sizing
2021 saw Ameritrust Mortgage Corporation place emphasis on $200k-400k loans with 28 originations, totaling $7,150,000 in origination value.
Applicant Income
Ameritrust Mortgage Corporation lent most frequently to those with incomes in the $100k-150k range, with 15 originations. The second most popular income band? $50k-75k, with 15 originations.
Applicant Debt to Income Ratio
Ameritrust Mortgage Corporation lent most frequently to those with DTI ratios of 20-30%, with 18 originations. The next most common DTI ratio? 30-36%, with 10 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 60 | $12,410,000 | $206,833 | $3,675 | 3.00% |
Approval Rates
Total approvals of all applications98.48%
Ameritrust Mortgage Corporation has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination91.67%
Ameritrust Mortgage Corporation has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 60 | $12,410,000 | $206,833 |