Equity Now Mortgage Rates, Fees & Info
NEW YORK, NYLEI: 549300HNL0XN9S0MZM92
Tax ID: 13-3394770
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Mortgage Data
Review & Overview
Equity Now is a smaller mortgage company specializing in Home Purchase loans. Equity Now has a high proportion of conventional loans. Their top markets by origination volume include: New York, Miami, and East Stroudsburg among others. We have data for 3 markets. (Some data included below & more in-depth data is available with an active subscription.)Equity Now has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Equity Now 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 7.39% | 4/5/25 |
| 30 Year VA Purchase | 6.72% | 4/5/25 |
| 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. | ||
Equity Now Mortgage Calculator
Your Estimates
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
4Origination Dollar Volume (All Markets)
$1,700,000Relative Rate
Equity Now's average 30 year fixed mortgage rate was
6.84%.
The 2024 average 30 year fixed rate mortgage across all markets and lenders was 6.55%.
This yields a difference of 0.29%.
Relative Fees (Closing Costs)
Equity Now's average total fees/closing costs for a 30 year fixed rate
mortgage were $10,677.
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 $8,356.
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 |
|---|---|---|---|---|---|
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 2 | $1,140,000 | $570,000 | $11,371 | 6.81% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $11,281 | 6.75% |
| EAST STROUDSBURG, PA (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $8,684 | 7.00% |
Similar Lenders
We use machine learning to identify the top lenders compared against EQUITY NOW based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 4 | $1,700,000 | $425,000 | $10,677 | 6.84% |
For 2024, Equity Now's most frequently originated type of loan was Conventional, with 4 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 4 | $1,700,000 | $425,000 | $10,677 | 6.84% |
For 2024, Equity Now's most frequently cited loan purpose was Home Purchase, with 4 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 4 | $1,700,000 | $425,000 | $10,677 | 6.84% |
For 2024, Equity Now's most frequently cited loan duration was 30 Year, with 4 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $5k+ | 4 | $1,700,000 | $425,000 |
Equity Now's average total fees were $10,677, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 4 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 4 | $1,700,000 | $425,000 |
During 2024, Equity Now's average interest rate for loans was 6.84%, while their most frequently originated rate bucket for loans was 6-7%, with 4 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $200k-400k | 2 | $560,000 | $280,000 | $9,983 | 6.88% |
| $400k-600k | 2 | $1,140,000 | $570,000 | $11,371 | 6.81% |
2024 saw Equity Now place emphasis on $200k-400k loans with 2 originations, totaling $560,000 in origination value.
Applicant Income
| Applicant Income | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $150k-250k | 2 | $1,140,000 | $570,000 | $11,371 | 6.81% |
| $75k-100k | 2 | $560,000 | $280,000 | $9,983 | 6.88% |
Equity Now lent most frequently to those with incomes in the $150k-250k range, with 2 originations. The second most popular income band? $75k-100k, with 2 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 49% | 3 | $1,135,000 | $378,333 | $9,965 | 6.92% |
| 30-36% | 1 | $565,000 | $565,000 | $12,814 | 6.63% |
Equity Now lent most frequently to those with DTI ratios of 49%, with 3 originations. The next most common DTI ratio? 30-36%, with 1 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 3 | $1,135,000 | $378,333 | $9,965 | 6.92% |
| Not provided | 1 | $565,000 | $565,000 | $12,814 | 6.63% |
Approval Rates
Total approvals of all applications100.00%
Equity Now has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination50.00%
Equity Now 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 | 4 | $1,700,000 | $425,000 |