Educational Systems Mortgage Rates, Fees & Info

Greenbelt, MD

LEI: 549300F2GDWKJH3GMB47

Tax ID: 52-0695019

5 stars - out of 5 stars, based on 26 reviews

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

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Mortgage Data

  • SimulatedRates™
  • 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 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.

    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% 3/27/23
    30 Year Conventional Purchase 6.85% 3/27/23
    30 Year Conventional Refi 6.65% 3/27/23
    30 Year Cash-out Refi 6.84% 3/27/23
    15 Year Conventional Purchase 6.36% 3/27/23
    15 Year Conventional Refi 5.96% 3/27/23
    15 Year Cash-out Refi 5.96% 3/27/23
    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.


    Originations

    666

    Origination Dollar Volume (All Markets)

    $78,970,000

    Awards

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

    Relative Rate

    Educational Systems's average 30 year fixed mortgage rate was 4.52%.

    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.

    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) 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%
    Educational Systems's top markets include Washington, Baltimore, California, Hagerstown, and Salisbury among others.

    Their top states include:
  • Maryland (FHA|USDA|VA)
  • Virginia (FHA|USDA|VA)
  • District of Columbia (FHA|USDA|VA)
  • West Virginia (FHA|USDA|VA)
  • North Carolina (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.

    POINT BREEZE
    Similarity Rank: 477
    Cedar Point Federal Credit Union
    Similarity Rank: 546
    U S WIDE FINANCIAL LLC
    Similarity Rank: 960
    OCEANSIDE MORTGAGE COMPANY
    Similarity Rank: 980
    FIRST FINANCIAL OF MARYLAND
    Similarity Rank: 1344
    LOANFLIGHT LENDING, LLC
    Similarity Rank: 1560
    Allied First Bank,sb
    Similarity Rank: 2394
    Mid-Atlantic Federal Credit Union
    Similarity Rank: 2583
    Poli Mortgage Group, Inc.
    Similarity Rank: 2929
    First Midwest Bank
    Similarity Rank: 2989

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 470 $38,690,000 $82,319 n/a 3.14%
    Conventional 196 $40,280,000 $205,510 $3,288 4.74%

    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.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 309 $24,755,000 $80,113 $1,021 3.39%
    Other 178 $13,770,000 $77,360 $1,077 3.57%
    Home Purchase 68 $18,720,000 $275,294 $5,735 4.55%
    Cash Out Refi 60 $12,310,000 $205,167 $3,293 4.03%
    Refi 51 $9,415,000 $184,608 $3,300 3.36%

    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.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 473 $39,315,000 $83,118 $3,447 3.15%
    30 Year 87 $27,125,000 $311,782 $4,900 4.52%
    10 Year 44 $3,340,000 $75,909 $1,094 5.48%
    15 Year 41 $6,515,000 $158,902 $2,778 4.74%
    5 Year 12 $470,000 $39,167 $850 4.54%
    20 Year 9 $2,205,000 $245,000 $3,945 3.69%

    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
    $1k-2k 104 $27,140,000 $260,962
    $<1k 67 $4,255,000 $63,507
    $2k-3k 10 $3,160,000 $316,000
    $5k+ 8 $3,050,000 $381,250
    $4k-5k 4 $1,170,000 $292,500
    $3k-4k 3 $1,505,000 $501,667

    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.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 451 $40,245,000 $89,235
    4-5% 69 $10,305,000 $149,348
    5-6% 68 $13,160,000 $193,529
    3-4% 37 $9,005,000 $243,378
    6-7% 20 $2,770,000 $138,500
    <2.5% 13 $2,735,000 $210,385
    7-8% 4 $290,000 $72,500
    Over 8% 4 $460,000 $115,000

    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.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 380 $19,600,000 $51,579 $971 3.59%
    $100k-200k 169 $21,995,000 $130,148 $2,935 3.31%
    $200k-400k 92 $25,560,000 $277,826 $4,590 3.97%
    $400k-600k 25 $11,815,000 $472,600 $6,125 4.62%

    2022 saw Educational Systems place emphasis on $100,000 or less loans with 380 originations, totaling $19,600,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 220 $25,740,000 $117,000 $3,570 3.56%
    $150k-250k 196 $24,620,000 $125,612 $3,173 3.62%
    $75k-100k 111 $10,495,000 $94,550 $2,942 3.77%
    $50k-75k 69 $6,775,000 $98,188 $3,045 3.55%
    $250k+ 52 $10,180,000 $195,769 $3,652 3.54%
    $50k or less 14 $930,000 $66,429 $3,307 3.64%

    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

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 151 $17,205,000 $113,940 $4,020 3.48%
    30-36% 123 $16,225,000 $131,911 $3,519 3.55%
    44% 102 $9,310,000 $91,275 $1,978 3.48%
    43% 42 $4,570,000 $108,810 $4,165 3.47%
    <20% 40 $4,730,000 $118,250 $3,133 3.53%
    42% 38 $5,150,000 $135,526 $2,769 3.78%
    38% 32 $3,420,000 $106,875 $2,690 4.01%
    39% 30 $3,930,000 $131,000 $3,162 3.56%
    40% 29 $3,545,000 $122,241 $3,649 3.69%
    41% 25 $2,735,000 $109,400 $2,642 3.88%
    36% 23 $3,095,000 $134,565 $2,561 3.91%
    37% 23 $2,965,000 $128,913 $2,601 3.86%
    46% 2 $350,000 $175,000 $6,509 4.75%
    45% 2 $610,000 $305,000 $3,484 5.44%
    50-60% 2 $620,000 $310,000 $2,406 4.13%
    >60% 1 $125,000 $125,000 $0 4.99%
    47% 1 $385,000 $385,000 $4,960 5.63%

    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.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 308 $34,150,000 $110,877 $3,205 3.64%
    Black 180 $23,780,000 $132,111 $3,445 3.77%
    Not provided 133 $14,725,000 $110,714 $3,450 3.40%
    Asian 34 $4,300,000 $126,471 $2,500 3.39%
    American Indian 4 $1,020,000 $255,000 $3,835 3.43%
    Asian Indian 2 $610,000 $305,000 $0 2.99%
    Other Asian 3 $215,000 $71,667 $0 3.66%
    Vietnamese 1 $135,000 $135,000 $3,223 3.38%
    Filipino 1 $35,000 $35,000 $0 2.99%

    Approval Rates

    Total approvals of all applications
    77.92%

    Educational Systems has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    55.56%

    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
    NA 666 $78,970,000 $118,574

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    666 $78,970,000 $118,574

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 128 $17,590,000 $137,422 $2,561 3.50%
    40-60% 40 $9,570,000 $239,250 $3,609 3.33%
    60-80% 47 $13,855,000 $294,787 $4,754 4.22%
    80-100% 33 $12,095,000 $366,515 $5,569 5.08%
    Under 20% 418 $25,860,000 $61,866 $999 3.49%