The Equitable Mortgage Corporation Rates, Fees & Info

CLEVELAND, OH

LEI: 549300D6BCLQFX6G1K95

Tax ID: 34-1797868

5 stars - Updated: 4/14/24 - out of 5 stars, based on 25 reviews

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

Review & Overview

The Equitable Mortgage Corporation is a smaller mortgage company specializing in Home Purchase loans. The Equitable Mortgage Corporation has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Columbus, Cape Coral, North Port, Cincinnati, and Ashland among others. We have data for 58 markets. (Some data included below & more in-depth data is available with an active subscription.)

The Equitable Mortgage Corporation 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. The Equitable Mortgage Corporation is typically an average 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 6.60% 4/14/24
30 Year Conventional Refi 6.55% 4/14/24
30 Year Cash-out Refi 6.73% 4/14/24
30 Year FHA Purchase 7.09% 4/14/24
30 Year FHA Refi 7.11% 4/14/24
30 Year VA Purchase 6.08% 4/14/24
30 Year USDA Purchase 6.53% 4/14/24
30 Year USDA Refi 6.27% 4/14/24
15 Year Conventional Purchase 6.07% 4/14/24
15 Year Conventional Refi 5.84% 4/14/24
15 Year Cash-out Refi 5.84% 4/14/24
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.

The Equitable Mortgage Corporation Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from The Equitable Mortgage Corporation. 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

620

Origination Dollar Volume (All Markets)

$184,190,000

Awards

THE EQUITABLE MORTGAGE CORPORATION 30 Year Conventional Loans silver THE EQUITABLE MORTGAGE CORPORATION 30 Year Conventional Loans silver THE EQUITABLE MORTGAGE CORPORATION 30 Year Conventional Loans silver
Show all (3) awards

Relative Rate

The Equitable Mortgage Corporation's average 30 year fixed mortgage rate was 6.74%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of 0.26%.

Relative Fees (Closing Costs)

The Equitable Mortgage Corporation's average total fees/closing costs for a 30 year fixed rate mortgage were $5,501.

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 $9,089.

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
COLUMBUS, OH (FHA|USDA|VA) 411 $126,375,000 $307,482 $5,468 6.72%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 29 $9,875,000 $340,517 $6,958 7.00%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 11 $4,715,000 $428,636 $7,489 6.77%
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 12 $4,230,000 $352,500 $4,503 6.80%
Ashland, OH (FHA|USDA|VA) 18 $4,180,000 $232,222 $4,406 6.58%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 10 $3,130,000 $313,000 $9,115 6.26%
DAYTON-KETTERING, OH (FHA|USDA|VA) 14 $2,830,000 $202,143 $3,810 6.64%
Mount Vernon, OH (FHA|USDA|VA) 7 $2,185,000 $312,143 $5,947 6.77%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 6 $1,780,000 $296,667 $8,043 5.94%
Marion, OH (FHA|USDA|VA) 8 $1,690,000 $211,250 $4,782 6.88%
CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 8 $1,540,000 $192,500 $3,819 6.89%
AKRON, OH (FHA|USDA|VA) 6 $1,470,000 $245,000 $3,695 7.13%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 3 $1,405,000 $468,333 $6,002 7.42%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 5 $1,315,000 $263,000 $3,872 7.15%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 3 $1,275,000 $425,000 $7,520 6.58%
MANSFIELD, OH (FHA|USDA|VA) 4 $960,000 $240,000 $4,756 6.56%
Urbana, OH (FHA|USDA|VA) 3 $875,000 $291,667 $7,427 6.46%
Zanesville, OH (FHA|USDA|VA) 3 $785,000 $261,667 $4,474 6.71%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 2 $760,000 $380,000 $15,746 6.88%
Wooster, OH (FHA|USDA|VA) 4 $700,000 $175,000 $4,556 6.81%
CANTON-MASSILLON, OH (FHA|USDA|VA) 2 $670,000 $335,000 $6,168 6.94%
Bellefontaine, OH (FHA|USDA|VA) 3 $665,000 $221,667 $3,317 6.38%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 2 $630,000 $315,000 $4,990 6.56%
SPRINGFIELD, OH (FHA|USDA|VA) 2 $590,000 $295,000 $4,062 6.44%
CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 1 $575,000 $575,000 $5,156 7.63%
Celina, OH (FHA|USDA|VA) 1 $535,000 $535,000 $5,369 6.50%
MEMPHIS, TN-MS-AR (FHA|USDA|VA) 2 $510,000 $255,000 $6,158 6.00%
DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 1 $475,000 $475,000 $3,552 6.50%
JACKSONVILLE, FL (FHA|USDA|VA) 3 $425,000 $141,667 $3,735 6.79%
FORT WAYNE, IN (FHA|USDA|VA) 2 $410,000 $205,000 $3,635 6.75%
Bucyrus-Galion, OH (FHA|USDA|VA) 3 $405,000 $135,000 $3,805 6.25%
ATHENS-CLARKE COUNTY, GA (FHA|USDA|VA) 1 $375,000 $375,000 $4,330 6.38%
Traverse City, MI (FHA|USDA|VA) 1 $375,000 $375,000 $3,348 6.88%
FORT COLLINS, CO (FHA|USDA|VA) 1 $365,000 $365,000 $3,219 7.25%
Coshocton, OH (FHA|USDA|VA) 1 $365,000 $365,000 $10,517 6.75%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 1 $335,000 $335,000 $8,758 7.63%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 1 $325,000 $325,000 $2,629 6.50%
ASHEVILLE, NC (FHA|USDA|VA) 1 $315,000 $315,000 $3,598 7.13%
SPARTANBURG, SC (FHA|USDA|VA) 1 $305,000 $305,000 $6,663 6.13%
TOLEDO, OH (FHA|USDA|VA) 2 $300,000 $150,000 $5,353 6.63%
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 1 $285,000 $285,000 $3,248 6.88%
Norwalk, OH (FHA|USDA|VA) 3 $265,000 $88,333 $2,574 6.79%
KNOXVILLE, TN (FHA|USDA|VA) 1 $255,000 $255,000 $3,365 6.63%
Clewiston, FL (FHA|USDA|VA) 1 $245,000 $245,000 $15,734 7.75%
PUNTA GORDA, FL (FHA|USDA|VA) 1 $225,000 $225,000 $3,710 6.63%
Fremont, OH (FHA|USDA|VA) 1 $215,000 $215,000 $3,680 6.63%
Somerset, KY (FHA|USDA|VA) 1 $205,000 $205,000 $2,920 6.25%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 1 $205,000 $205,000 $3,000 5.88%
GAINESVILLE, GA (FHA|USDA|VA) 1 $205,000 $205,000 $3,617 6.38%
Greeneville, TN (FHA|USDA|VA) 1 $175,000 $175,000 $5,573 5.63%
WEIRTON-STEUBENVILLE, WV-OH (FHA|USDA|VA) 2 $130,000 $65,000 $3,163 6.50%
Outside of Metro Areas 1 $125,000 $125,000 $2,980 7.00%
Bay City, TX (FHA|USDA|VA) 1 $125,000 $125,000 $3,552 6.63%
Defiance, OH (FHA|USDA|VA) 1 $125,000 $125,000 $5,532 7.63%
THE VILLAGES, FL (FHA|USDA|VA) 1 $105,000 $105,000 $3,063 6.63%
Athens, OH (FHA|USDA|VA) 1 $105,000 $105,000 $3,270 6.00%
COLUMBUS, GA-AL (FHA|USDA|VA) 1 $95,000 $95,000 $4,784 7.50%
Marietta, OH (FHA|USDA|VA) 1 $75,000 $75,000 $3,220 6.50%
The Equitable Mortgage Corporation's top markets include Columbus, Cape Coral, North Port, Cincinnati, and Ashland among others.

Their top states include:
  • Ohio (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Texas (FHA|USDA|VA)
  • North Carolina (FHA|USDA|VA)
  • Tennessee (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against THE EQUITABLE MORTGAGE CORPORATION based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    FIRESTONE
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 548 $162,220,000 $296,022 $4,910 6.75%
    FHA 55 $16,235,000 $295,182 $10,138 6.63%
    VA 16 $5,540,000 $346,250 $8,541 6.19%
    USDA 1 $195,000 $195,000 $5,816 6.50%

    For 2023, The Equitable Mortgage Corporation's most frequently originated type of loan was Conventional, with 548 originations. Their 2nd most popular type was FHA, with 55 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 578 $174,730,000 $302,301 $5,233 6.70%
    Cash Out Refi 33 $7,655,000 $231,970 $9,993 6.98%
    Refi 9 $1,805,000 $200,556 $4,080 6.82%

    For 2023, The Equitable Mortgage Corporation's most frequently cited loan purpose was Home Purchase, with 578 originations. The 2nd most popular reason was Cash Out Refi, with 33 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 605 $180,435,000 $298,240 $5,501 6.74%
    15 Year 14 $3,360,000 $240,000 $4,273 6.09%
    20 Year 1 $395,000 $395,000 $3,562 7.00%

    For 2023, The Equitable Mortgage Corporation's most frequently cited loan duration was 30 Year, with 605 originations. The 2nd most popular length was 15 Year, with 14 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 457 $135,665,000 $296,860
    $5k+ 43 $16,605,000 $386,163
    $2k-3k 42 $9,960,000 $237,143
    $<1k 34 $9,140,000 $268,824
    $4k-5k 26 $7,990,000 $307,308
    $3k-4k 18 $4,830,000 $268,333

    The Equitable Mortgage Corporation's average total fees were $5,501, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 457 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 347 $106,555,000 $307,075
    7-8% 176 $52,640,000 $299,091
    5-6% 92 $23,490,000 $255,326
    Over 8% 5 $1,505,000 $301,000

    During 2023, The Equitable Mortgage Corporation's average interest rate for loans was 6.74%, while their most frequently originated rate bucket for loans was 6-7%, with 347 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 338 $97,210,000 $287,604 $5,284 6.76%
    $100k-200k 138 $22,040,000 $159,710 $5,314 6.57%
    $400k-600k 104 $49,360,000 $474,615 $6,337 6.78%
    $600k-1MM 21 $14,105,000 $671,667 $7,082 6.80%
    $100,000 or less 19 $1,475,000 $77,632 $3,368 6.78%

    2023 saw The Equitable Mortgage Corporation place emphasis on $200k-400k loans with 338 originations, totaling $97,210,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 191 $58,315,000 $305,314 $5,469 6.78%
    $150k-250k 138 $50,850,000 $368,478 $5,378 6.85%
    $50k-75k 106 $21,570,000 $203,491 $4,398 6.47%
    $75k-100k 106 $26,900,000 $253,774 $5,382 6.66%
    $250k+ 54 $23,560,000 $436,296 $8,731 6.92%
    $50k or less 25 $2,995,000 $119,800 $3,848 6.51%

    The Equitable Mortgage Corporation lent most frequently to those with incomes in the $100k-150k range, with 191 originations. The second most popular income band? $150k-250k, with 138 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 122 $33,750,000 $276,639 $6,111 6.62%
    30-36% 111 $31,075,000 $279,955 $4,598 6.63%
    42% 36 $10,610,000 $294,722 $4,888 6.64%
    <20% 32 $9,230,000 $288,438 $4,481 6.52%
    49% 32 $11,640,000 $363,750 $6,136 6.91%
    36% 30 $8,140,000 $271,333 $5,008 6.85%
    45% 24 $7,210,000 $300,417 $4,565 6.87%
    48% 24 $8,180,000 $340,833 $6,911 6.69%
    41% 24 $6,820,000 $284,167 $5,602 6.79%
    39% 23 $5,735,000 $249,348 $5,363 6.97%
    43% 23 $7,235,000 $314,565 $5,072 6.82%
    38% 22 $7,090,000 $322,273 $5,028 6.94%
    44% 22 $6,540,000 $297,273 $5,505 6.86%
    47% 21 $6,955,000 $331,190 $5,339 6.81%
    37% 20 $6,520,000 $326,000 $4,083 6.96%
    46% 19 $6,435,000 $338,684 $5,995 6.68%
    50-60% 19 $5,895,000 $310,263 $10,051 6.63%
    40% 16 $5,130,000 $320,625 $5,534 6.59%

    The Equitable Mortgage Corporation lent most frequently to those with DTI ratios of 20-30%, with 122 originations. The next most common DTI ratio? 30-36%, with 111 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 522 $156,620,000 $300,038 $5,516 6.72%
    Not provided 50 $14,320,000 $286,400 $5,019 6.73%
    Asian 26 $6,650,000 $255,769 $4,464 6.78%
    Black 20 $5,940,000 $297,000 $6,562 6.66%
    American Indian 2 $660,000 $330,000 $7,372 7.44%

    Approval Rates

    Total approvals of all applications
    98.79%

    The Equitable 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 origination
    74.52%

    The Equitable Mortgage Corporation has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 620 $184,190,000 $297,081

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    620 $184,190,000 $297,081

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 22 $3,570,000 $162,273 $3,369 6.49%
    40-60% 54 $13,460,000 $249,259 $3,916 6.61%
    60-80% 205 $61,945,000 $302,171 $5,706 6.86%
    80-100% 334 $103,960,000 $311,257 $5,645 6.68%
    Over 100% 3 $995,000 $331,667 $14,842 6.42%
    Under 20% 2 $260,000 $130,000 $3,153 6.00%