Educational Systems Mortgage Rates, Fees & Info

Greenbelt, MD

LEI: 549300F2GDWKJH3GMB47

Tax ID: 52-0695019

5 stars - Updated: 12/16/24 - out of 5 stars, based on 23 reviews

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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Relative Rates
  • Relative Fees
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Educational Systems is a smaller mortgage company specializing in Home Improvement, Other, and Home Purchase loans. Educational Systems has a high proportion of conventional loans. Their top markets by origination volume include: Washington, Baltimore, California, Salisbury, and Easton among others. We have data for 18 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Educational Systems has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Educational Systems 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
    Home Equity Line of Credit (HELOC) 3.80% 12/16/24
    30 Year Conventional Purchase 6.85% 12/16/24
    30 Year Conventional Refi 6.65% 12/16/24
    30 Year Cash-out Refi 6.84% 12/16/24
    15 Year Conventional Purchase 6.36% 12/16/24
    15 Year Conventional Refi 5.96% 12/16/24
    15 Year Cash-out Refi 5.96% 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.

    Educational Systems Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Educational Systems. 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

    533

    Origination Dollar Volume (All Markets)

    $53,025,000

    Awards

    EDUCATIONAL SYSTEMS 30 Year Conventional Loans silver
    Show all (1) awards

    Relative Rate

    Educational Systems's average 30 year fixed mortgage rate was 6.57%.

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

    This yields a difference of 0.09%.

    Relative Fees (Closing Costs)

    Educational Systems's average total fees/closing costs for a 30 year fixed rate mortgage were $5,834.

    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
    Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 399 $38,145,000 $95,602 $2,030 5.66%
    BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 63 $7,815,000 $124,048 $4,352 5.58%
    CALIFORNIA-LEXINGTON PARK, MD (FHA|USDA|VA) 27 $1,725,000 $63,889 $889 5.19%
    Outside of Metro Areas 13 $1,175,000 $90,385 $1,942 5.62%
    SALISBURY, MD-DE (FHA|USDA|VA) 6 $1,120,000 $186,667 $6,565 6.29%
    Easton, MD (FHA|USDA|VA) 6 $630,000 $105,000 $5,026 5.62%
    HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) 8 $510,000 $63,750 $779 5.99%
    COLUMBUS, OH (FHA|USDA|VA) 1 $385,000 $385,000 $3,094 6.25%
    JACKSONVILLE, FL (FHA|USDA|VA) 1 $365,000 $365,000 $7,502 6.63%
    OCALA, FL (FHA|USDA|VA) 1 $295,000 $295,000 $4,950 6.38%
    WILMINGTON, NC (FHA|USDA|VA) 1 $225,000 $225,000 $4,159 6.38%
    COLUMBIA, SC (FHA|USDA|VA) 1 $195,000 $195,000 $4,746 7.50%
    ROANOKE, VA (FHA|USDA|VA) 1 $105,000 $105,000 $0 4.99%
    VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 1 $105,000 $105,000 $0 4.99%
    YORK-HANOVER, PA (FHA|USDA|VA) 1 $85,000 $85,000 $0 4.99%
    RICHMOND, VA (FHA|USDA|VA) 1 $65,000 $65,000 $0 4.99%
    Cambridge, MD (FHA|USDA|VA) 1 $45,000 $45,000 $487 7.99%
    Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 1 $35,000 $35,000 $0 4.99%
    Educational Systems's top markets include Washington, Baltimore, California, Salisbury, and Easton among others.

    Their top states include:
  • Maryland (FHA|USDA|VA)
  • Virginia (FHA|USDA|VA)
  • District of Columbia (FHA|USDA|VA)
  • Delaware (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)

    • Similar Lenders

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

    The Glen Burnie Mutual Savings Bank
    Similarity Rank: 17
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    ABERDEEN PROVING GROUND FEDERAL CREDIT UNION
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    EagleBank
    Similarity Rank: 1131
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 400 $31,040,000 $77,600 n/a 4.99%
    Conventional 133 $21,985,000 $165,301 $2,557 7.60%

    For 2023, Educational Systems's most frequently originated type of loan was HELOC, with 400 originations. Their 2nd most popular type was Conventional, with 133 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 252 $19,620,000 $77,857 $913 5.30%
    Other 169 $11,645,000 $68,905 $721 5.53%
    Home Purchase 46 $13,750,000 $298,913 $6,257 6.17%
    Cash Out Refi 40 $5,100,000 $127,500 $1,800 7.64%
    Refi 26 $2,910,000 $111,923 $1,484 5.66%

    For 2023, Educational Systems's most frequently cited loan purpose was Home Improvement, with 252 originations. The 2nd most popular reason was Other, with 169 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 402 $31,550,000 $78,483 $3,602 5.00%
    30 Year 45 $15,085,000 $335,222 $5,834 6.57%
    15 Year 44 $3,830,000 $87,045 $846 8.46%
    10 Year 34 $1,970,000 $57,941 $736 7.84%
    5 Year 7 $395,000 $56,429 $587 7.88%
    20 Year 1 $195,000 $195,000 $3,915 6.88%

    For 2023, Educational Systems's most frequently cited loan duration was Other, with 402 originations. The 2nd most popular length was 30 Year, with 45 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 83 $6,075,000 $73,193
    $1k-2k 35 $10,605,000 $303,000
    $5k+ 8 $2,980,000 $372,500
    $3k-4k 3 $955,000 $318,333
    $2k-3k 2 $520,000 $260,000
    $4k-5k 2 $850,000 $425,000

    Educational Systems's average total fees were $5,834, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 83 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 401 $31,495,000 $78,541
    Over 8% 49 $4,625,000 $94,388
    6-7% 44 $12,180,000 $276,818
    7-8% 32 $2,780,000 $86,875
    5-6% 7 $1,945,000 $277,857

    During 2023, Educational Systems's average interest rate for loans was 6.57%, while their most frequently originated rate bucket for loans was 4-5%, with 401 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 363 $19,515,000 $53,760 $737 5.61%
    $100k-200k 114 $14,590,000 $127,982 $2,228 5.49%
    $200k-400k 43 $12,805,000 $297,791 $5,431 6.13%
    $400k-600k 13 $6,115,000 $470,385 $6,835 6.32%

    2023 saw Educational Systems place emphasis on $100,000 or less loans with 363 originations, totaling $19,515,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 184 $18,610,000 $101,141 $2,786 5.62%
    $150k-250k 152 $17,340,000 $114,079 $2,442 5.64%
    $75k-100k 87 $7,345,000 $84,425 $2,558 5.80%
    $50k-75k 57 $3,315,000 $58,158 $1,573 5.50%
    $250k+ 40 $5,890,000 $147,250 $3,368 5.71%
    $50k or less 13 $525,000 $40,385 $282 5.36%

    Educational Systems lent most frequently to those with incomes in the $100k-150k range, with 184 originations. The second most popular income band? $150k-250k, with 152 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    44% 98 $8,300,000 $84,694 $2,009 5.48%
    30-36% 85 $10,005,000 $117,706 $2,847 5.69%
    20-30% 83 $8,325,000 $100,301 $3,003 5.67%
    42% 40 $3,890,000 $97,250 $1,671 5.51%
    43% 39 $3,065,000 $78,590 $1,387 5.42%
    41% 34 $3,700,000 $108,824 $2,086 5.70%
    40% 27 $2,595,000 $96,111 $1,335 5.84%
    <20% 26 $1,920,000 $73,846 $3,379 5.56%
    37% 24 $1,770,000 $73,750 $685 5.82%
    39% 24 $3,220,000 $134,167 $2,011 5.84%
    38% 22 $1,290,000 $58,636 $638 5.51%
    36% 16 $1,650,000 $103,125 $3,972 5.77%
    45% 4 $700,000 $175,000 $4,194 5.84%
    48% 3 $715,000 $238,333 $6,848 6.12%
    50-60% 2 $530,000 $265,000 $2,757 6.38%
    46% 2 $370,000 $185,000 $4,959 5.93%
    47% 2 $590,000 $295,000 $5,529 6.50%
    49% 2 $390,000 $195,000 $5,234 7.44%

    Educational Systems lent most frequently to those with DTI ratios of 44%, with 98 originations. The next most common DTI ratio? 30-36%, with 85 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 229 $22,435,000 $97,969 $2,267 5.50%
    Black 179 $18,125,000 $101,257 $2,739 5.72%
    Not provided 101 $10,625,000 $105,198 $3,111 5.75%
    Asian 16 $1,280,000 $80,000 $894 6.07%
    American Indian 4 $250,000 $62,500 $559 5.93%
    Asian Indian 2 $220,000 $110,000 $0 4.99%
    Other Asian 1 $65,000 $65,000 $0 4.99%
    Native Hawaiian or Islander 1 $25,000 $25,000 $0 4.99%

    Approval Rates

    Total approvals of all applications
    70.65%

    Educational Systems has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    78.24%

    Educational Systems has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 533 $53,025,000 $99,484

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    533 $53,025,000 $99,484

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 115 $14,735,000 $128,130 $1,276 5.45%
    40-60% 17 $4,795,000 $282,059 $4,841 6.07%
    60-80% 18 $6,080,000 $337,778 $6,335 6.75%
    80-100% 15 $5,755,000 $383,667 $6,077 6.51%
    Under 20% 368 $21,660,000 $58,859 $775 5.59%