Net Mortgage Rates, Fees & Info
Scranton, PALEI: 549300FV32ULL0DL8X39
Tax ID: 23-1906213
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Mortgage Data
Review & Overview
Net is a smaller mortgage company specializing in Home Improvement and Other loans. Net has an average proportion of conventional loans. Their top markets by origination volume include: Scranton, Tampa, New York, York, and Charlotte among others. We have data for 8 markets. (Some data included below & more in-depth data is available with an active subscription.)Net has an average approval rate when compared to the average across all lenders. They have an average pick rate when compared to similar lenders. Net 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.
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Originations
268Origination Dollar Volume (All Markets)
$23,700,000Relative Rate
Net's average 30 year fixed mortgage rate was
6.56%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of 0.08%.
Relative Fees (Closing Costs)
Net's average total fees/closing costs for a 30 year fixed rate
mortgage were $6,312.
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 |
|---|---|---|---|---|---|
| SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) | 245 | $21,195,000 | $86,510 | $6,178 | 7.72% |
| Outside of Metro Areas | 15 | $1,375,000 | $91,667 | $0 | 7.59% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $6,966 | 7.00% |
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 3 | $245,000 | $81,667 | $0 | 7.79% |
| YORK-HANOVER, PA (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $6,280 | 5.75% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $5,508 | 5.88% |
| READING, PA (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 7.89% |
| ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 7.79% |
Similar Lenders
We use machine learning to identify the top lenders compared against NET based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 114
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| HELOC | 239 | $18,475,000 | $77,301 | n/a | 7.84% |
| Conventional | 29 | $5,225,000 | $180,172 | $6,186 | 6.54% |
For 2023, Net's most frequently originated type of loan was HELOC, with 239 originations. Their 2nd most popular type was Conventional, with 29 originations.
Loan Reason
For 2023, Net's most frequently cited loan purpose was Home Improvement, with 126 originations. The 2nd most popular reason was Other, with 94 originations.
Loan Duration/Length
For 2023, Net's most frequently cited loan duration was 20 Year, with 86 originations. The 2nd most popular length was 10 Year, with 76 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $2k-3k | 15 | $2,235,000 | $149,000 |
| $3k-4k | 7 | $1,595,000 | $227,857 |
| $4k-5k | 3 | $1,025,000 | $341,667 |
| $1k-2k | 2 | $160,000 | $80,000 |
Net's average total fees were $6,312, while their most frequently occuring range of origination fees (closing costs) were in the $2k-3k bucket, with 15 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 7-8% | 87 | $8,135,000 | $93,506 |
| Over 8% | 84 | $6,600,000 | $78,571 |
| 6-7% | 78 | $6,720,000 | $86,154 |
| 5-6% | 19 | $2,245,000 | $118,158 |
During 2023, Net's average interest rate for loans was 6.56%, while their most frequently originated rate bucket for loans was 7-8%, with 87 originations.
Loan Sizing
2023 saw Net place emphasis on $100,000 or less loans with 190 originations, totaling $10,380,000 in origination value.
Applicant Income
Net lent most frequently to those with incomes in the $50k-75k range, with 75 originations. The second most popular income band? $75k-100k, with 59 originations.
Applicant Debt to Income Ratio
Net lent most frequently to those with DTI ratios of 20-30%, with 72 originations. The next most common DTI ratio? 30-36%, with 48 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications79.34%
Net has a below average approval rate.
Pick Rate
Approvals leading to origination94.03%
Net has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 268 | $23,700,000 | $88,433 |