The Local Mortgage Rates, Fees & Info
Sterling Heights, MILEI: 549300F7LVIOO42D5630
Tax ID: 38-1406340
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Mortgage Data
Review & Overview
The Local is a smaller mortgage company specializing in Home Improvement and Cash Out Refi loans. The Local has a high proportion of conventional loans.The Local has an above average approval rate when compared to the average across all lenders.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
---|---|---|
30 Year Conventional Purchase | 6.27% | 5/4/24 |
30 Year Cash-out Refi | 6.27% | 5/4/24 |
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. |
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
43Origination Dollar Volume (All Markets)
$1,685,000Top 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 |
---|---|---|---|---|---|
Outside of Metro Areas | 43 | $1,685,000 | $39,186 | $325 | 6.15% |
Product Mix
Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
---|---|---|---|---|---|
Conventional | 41 | $1,575,000 | $38,415 | $325 | 6.18% |
HELOC | 2 | $110,000 | $55,000 | n/a | 5.50% |
For 2019, The Local's most frequently originated type of loan was Conventional, with 41 originations. Their 2nd most popular type was HELOC, with 2 originations.
Loan Reason
Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
---|---|---|---|---|---|
Home Improvement | 25 | $885,000 | $35,400 | $325 | 5.90% |
Cash Out Refi | 16 | $700,000 | $43,750 | $325 | 6.63% |
Refi | 2 | $100,000 | $50,000 | $325 | 5.50% |
For 2019, The Local's most frequently cited loan purpose was Home Improvement, with 25 originations. The 2nd most popular reason was Cash Out Refi, with 16 originations.
Loan Duration/Length
Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
---|---|---|---|---|---|
10 Year | 43 | $1,685,000 | $39,186 | $325 | 6.15% |
For 2019, The Local's most frequently cited loan duration was 10 Year, with 43 originations.
Interest Rates
Loan Rate | Originations | Total Value | Average Loan |
---|---|---|---|
5-6% | 27 | $1,015,000 | $37,593 |
7-8% | 12 | $470,000 | $39,167 |
6-7% | 4 | $200,000 | $50,000 |
During 2019, The Local's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 5-6%, with 27 originations.
Loan Sizing
Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
---|---|---|---|---|---|
$100,000 or less | 43 | $1,685,000 | $39,186 | $325 | 6.15% |
2019 saw The Local place emphasis on $100,000 or less loans with 43 originations, totaling $1,685,000 in origination value.
Applicant Income
The Local lent most frequently to those with incomes in the $100k-150k range, with 15 originations. The second most popular income band? $50k-75k, with 11 originations.
Applicant Debt to Income Ratio
The Local lent most frequently to those with DTI ratios of 20-30%, with 16 originations. The next most common DTI ratio? 30-36%, with 9 originations.
Ethnicity Mix
Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
---|---|---|---|---|---|
White | 39 | $1,535,000 | $39,359 | $325 | 6.12% |
Black | 4 | $150,000 | $37,500 | $325 | 6.50% |
Approval Rates
Total approvals of all applications92.16%
The Local has an average approval rate.
Pick Rate
Approvals leading to originationPoints and Fees
Points | Originations | Total Value | Average Loan |
---|---|---|---|
NA | 43 | $1,685,000 | $39,186 |