Educational Systems Mortgage Rates, Fees & InfoGreenbelt, MD
Tax ID: 52-0695019
Latest/2022 | 2021 Data | 2020 Data | 2019 Data | 2018 Data
Review & OverviewEducational Systems is a smaller mortgage company specializing in Home Improvement and Home Purchase loans. Educational Systems has a high proportion of conventional loans. Their top markets by origination volume include: Washington, Baltimore, California, Hagerstown, and Salisbury among others. We have data for 27 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 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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|Simulated Rate||Simulation Date|
|Home Equity Line of Credit (HELOC)||3.80%||12/10/23|
|30 Year Conventional Purchase||6.85%||12/10/23|
|30 Year Conventional Refi||6.65%||12/10/23|
|30 Year Cash-out Refi||6.84%||12/10/23|
|15 Year Conventional Purchase||6.36%||12/10/23|
|15 Year Conventional Refi||5.96%||12/10/23|
|15 Year Cash-out Refi||5.96%||12/10/23|
|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
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This is not an official calculator from Educational Systems. It uses our SimulatedRate™
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Origination Dollar Volume (All Markets)$78,970,000
EDUCATIONAL SYSTEMS - 2022
EDUCATIONAL SYSTEMS is a 2022 , due to their low .
For 2022, less than of lenders were eligible for this award.
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Educational Systems's average 30 year fixed mortgage rate was
The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.
This yields a difference of -0.24%.
Relative Fees (Closing Costs)
Educational Systems's average total fees/closing costs for a 30 year fixed rate
mortgage were $4,900.
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 $4,750.
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)||502||$57,180,000||$113,904||$3,116||3.55%|
|BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA)||82||$12,250,000||$149,390||$3,380||3.79%|
|CALIFORNIA-LEXINGTON PARK, MD (FHA|USDA|VA)||26||$1,900,000||$73,077||$1,823||3.62%|
|HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA)||10||$1,130,000||$113,000||$3,391||4.15%|
|Outside of Metro Areas||14||$990,000||$70,714||$2,950||3.67%|
|SALISBURY, MD-DE (FHA|USDA|VA)||6||$800,000||$133,333||$2,553||3.85%|
|New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA)||1||$555,000||$555,000||$5,766||5.63%|
|WINCHESTER, VA-WV (FHA|USDA|VA)||2||$460,000||$230,000||$11,876||4.18%|
|VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA)||1||$375,000||$375,000||$4,287||5.88%|
|ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA)||1||$355,000||$355,000||$8,769||4.50%|
|Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA)||2||$340,000||$170,000||$0||2.99%|
|CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA)||1||$335,000||$335,000||$7,960||6.25%|
|MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA)||1||$325,000||$325,000||$5,209||5.38%|
|DURHAM-CHAPEL HILL, NC (FHA|USDA|VA)||1||$315,000||$315,000||$6,509||6.50%|
|STAUNTON, VA (FHA|USDA|VA)||1||$255,000||$255,000||$6,789||2.88%|
|LYNCHBURG, VA (FHA|USDA|VA)||1||$205,000||$205,000||$0||2.99%|
|LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA)||1||$195,000||$195,000||$3,173||2.63%|
|CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA)||1||$135,000||$135,000||$3,366||2.38%|
|ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA)||1||$125,000||$125,000||$3,734||5.38%|
|RICHMOND, VA (FHA|USDA|VA)||1||$125,000||$125,000||$2,679||2.50%|
|Somerset, PA (FHA|USDA|VA)||1||$125,000||$125,000||$0||2.99%|
|BOULDER, CO (FHA|USDA|VA)||1||$105,000||$105,000||$3,878||5.00%|
|GETTYSBURG, PA (FHA|USDA|VA)||1||$105,000||$105,000||$0||2.99%|
|CHAMBERSBURG-WAYNESBORO, PA (FHA|USDA|VA)||2||$90,000||$45,000||$3,547||3.37%|
|Easton, MD (FHA|USDA|VA)||3||$85,000||$28,333||$0||2.99%|
|Bennettsville, SC (FHA|USDA|VA)||1||$65,000||$65,000||$3,292||3.63%|
|CHARLOTTESVILLE, VA (FHA|USDA|VA)||1||$45,000||$45,000||$0||2.99%|
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.
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|Loan Type||Originations||Total Value||Avg. Loan||Avg. Fees||Avg. Rate|
For 2022, Educational Systems's most frequently originated type of loan was HELOC, with 470 originations. Their 2nd most popular type was Conventional, with 196 originations.
For 2022, Educational Systems's most frequently cited loan purpose was Home Improvement, with 309 originations. The 2nd most popular reason was Other, with 178 originations.
For 2022, Educational Systems's most frequently cited loan duration was Other, with 473 originations. The 2nd most popular length was 30 Year, with 87 originations.
Origination Fees/Closing Costs
|Origination Fee/Closing Cost||Originations||Total Value||Average Loan|
Educational Systems's average total fees were $4,900, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 104 originations.
During 2022, Educational Systems's average interest rate for loans was 4.52%, while their most frequently originated rate bucket for loans was 2.5-3%, with 451 originations.
2022 saw Educational Systems place emphasis on $100,000 or less loans with 380 originations, totaling $19,600,000 in origination value.
Educational Systems lent most frequently to those with incomes in the $100k-150k range, with 220 originations. The second most popular income band? $150k-250k, with 196 originations.
Applicant Debt to Income Ratio
Educational Systems lent most frequently to those with DTI ratios of 20-30%, with 151 originations. The next most common DTI ratio? 30-36%, with 123 originations.
Approval RatesTotal approvals of all applications
Educational Systems has a below average approval rate.
Pick RateApprovals leading to origination
Educational Systems 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|