Equity Now Mortgage Rates, Fees & Info

NEW YORK, NY

LEI: 549300HNL0XN9S0MZM92

Tax ID: 13-3394770

4.4 stars - out of 5 stars, based on 16 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Equity Now is a smaller mortgage company specializing in Refi and Cash Out Refi loans. Equity Now has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets include New York, Philadelphia, Miami, Orlando, and North Port among others. Equity Now has an average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Equity Now is typically an average fee lendor.


Originations

247

Origination Dollar Volume (All Markets)

$88,055,000

Awards

EQUITY NOW  30 Year Conventional Loans bronze EQUITY NOW  30 Year Conventional Loans silver
Show all (2) awards

Relative Rate

Equity Now 's average 30 year fixed rate mortgage of loans were 3.05%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of -0.1%.

Relative Fees

Equity Now 's average total fees for a 30 year fixed rate mortgage are $5,634.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 159 $59,965,000 $377,138 $6,060 2.99%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 24 $8,100,000 $337,500 $5,961 2.84%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 11 $3,365,000 $305,909 $4,883 3.13%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 6 $2,060,000 $343,333 $4,770 2.98%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 4 $1,750,000 $437,500 $3,184 3.13%
BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 2 $1,110,000 $555,000 $7,050 3.63%
PITTSBURGH, PA (FHA|USDA|VA) 3 $1,015,000 $338,333 $6,961 2.54%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 3 $845,000 $281,667 $4,730 3.04%
ROCHESTER, NY (FHA|USDA|VA) 3 $835,000 $278,333 $4,043 2.96%
POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) 3 $795,000 $265,000 $1,922 3.29%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 2 $760,000 $380,000 $4,931 3.06%
HARRISBURG-CARLISLE, PA (FHA|USDA|VA) 3 $715,000 $238,333 $2,302 2.71%
ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) 2 $520,000 $260,000 $5,820 2.81%
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 2 $510,000 $255,000 $2,995 3.43%
Lewistown, PA (FHA|USDA|VA) 1 $475,000 $475,000 $3,472 3.13%
Outside of Metro Areas 2 $470,000 $235,000 $4,054 2.75%
TRENTON-PRINCETON, NJ (FHA|USDA|VA) 2 $440,000 $220,000 $2,482 3.00%
JACKSONVILLE, FL (FHA|USDA|VA) 2 $420,000 $210,000 $3,862 3.25%
TALLAHASSEE, FL (FHA|USDA|VA) 1 $395,000 $395,000 $5,479 2.75%
READING, PA (FHA|USDA|VA) 1 $385,000 $385,000 $5,793 2.88%
GAINESVILLE, FL (FHA|USDA|VA) 1 $385,000 $385,000 $3,507 3.25%
ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) 1 $355,000 $355,000 $11,148 2.25%
BUFFALO-CHEEKTOWAGA, NY (FHA|USDA|VA) 1 $345,000 $345,000 $7,110 2.88%
PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 1 $305,000 $305,000 $1,861 2.88%
YORK-HANOVER, PA (FHA|USDA|VA) 1 $295,000 $295,000 $2,667 2.88%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $295,000 $295,000 $9,157 3.50%
LANCASTER, PA (FHA|USDA|VA) 1 $295,000 $295,000 $10,317 2.75%
PORT ST. LUCIE, FL (FHA|USDA|VA) 1 $265,000 $265,000 $4,249 2.63%
NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 1 $225,000 $225,000 $3,051 2.75%
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 1 $205,000 $205,000 $3,418 3.38%
EAST STROUDSBURG, PA (FHA|USDA|VA) 1 $155,000 $155,000 $2,586 3.25%

Equity Now 's top markets include New York, Philadelphia, Miami, Orlando, and North Port among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 234 $83,590,000 $357,222 $5,414 2.99%
VA 8 $2,810,000 $351,250 $6,185 2.77%
FHA 5 $1,655,000 $331,000 $15,996 3.10%

For the 2021 period, Equity Now 's most frequently originated loan type of loans were Conventional, with 234 originations. Their 2nd most popular type is VA, with 8 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 159 $56,845,000 $357,516 $5,069 2.86%
Cash Out Refi 61 $22,295,000 $365,492 $7,272 3.22%
Home Purchase 27 $8,915,000 $330,185 $5,575 3.16%

For the 2021, Equity Now 's most frequently cited loan purpose of loans were Refi, with 159 originations. The 2nd most popular reason of loans were Cash Out Refi, with 61 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 199 $71,565,000 $359,623 $5,634 3.05%
15 Year 31 $10,095,000 $325,645 $6,052 2.56%
20 Year 11 $3,435,000 $312,273 $4,455 2.97%
Other 6 $2,960,000 $493,333 $6,671 3.00%

For the 2021, Equity Now 's most frequently cited loan length of loans were 30 Year, with 199 originations. The 2nd most popular length of loans were 15 Year, with 31 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 96 $32,480,000 $338,333
$5k+ 63 $24,675,000 $391,667
$3k-4k 43 $14,425,000 $335,465
$2k-3k 24 $8,510,000 $354,583
$1k-2k 20 $7,210,000 $360,500

$5,634 of loans were Equity Now 's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 96 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 123 $44,345,000 $360,528
3-4% 89 $31,545,000 $354,438
<2.5% 33 $11,385,000 $345,000
4-5% 2 $780,000 $390,000

During 2021, Equity Now 's average interest rate of loans were 3.05%, while their most frequently originated rate bucket of loans were 2.5-3%, with 123 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 147 $45,645,000 $310,510 $5,203 2.93%
$400k-600k 76 $35,770,000 $470,658 $6,651 2.99%
$100k-200k 15 $2,385,000 $159,000 $4,635 3.14%
$600k-1MM 6 $4,020,000 $670,000 $7,799 3.46%
$100,000 or less 3 $235,000 $78,333 $3,793 3.71%

2021 saw Equity Now place emphasis on $200k-400k loans with 147 originations, totaling $45,645,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 93 $33,655,000 $361,882 $5,367 2.99%
$150k-250k 51 $19,665,000 $385,588 $5,767 2.88%
$75k-100k 46 $15,490,000 $336,739 $5,246 2.98%
$50k-75k 25 $7,305,000 $292,200 $7,176 3.14%
$250k+ 20 $8,560,000 $428,000 $5,951 3.13%
$50k or less 6 $1,470,000 $245,000 $5,160 3.04%

Equity Now lent most frequently to those with incomes in the $100k-150k range, with 93 originations. The second most popular income band? $150k-250k, with 51 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 38 $13,870,000 $365,000 $4,757 2.90%
30-36% 38 $13,340,000 $351,053 $5,293 2.97%
42% 22 $7,690,000 $349,545 $5,713 2.99%
49% 17 $5,435,000 $319,706 $5,087 3.07%
<20% 14 $5,150,000 $367,857 $5,304 2.78%
47% 13 $4,905,000 $377,308 $5,337 3.07%
50-60% 11 $4,495,000 $408,636 $10,190 3.18%
41% 11 $3,875,000 $352,273 $5,871 3.06%
44% 11 $4,305,000 $391,364 $6,791 3.02%
46% 11 $4,165,000 $378,636 $6,344 3.15%
48% 10 $3,640,000 $364,000 $6,138 3.15%
45% 10 $3,320,000 $332,000 $5,994 2.97%
40% 9 $3,445,000 $382,778 $6,368 2.81%
43% 6 $2,490,000 $415,000 $6,146 2.94%
36% 6 $2,020,000 $336,667 $3,161 3.13%
37% 6 $1,490,000 $248,333 $3,528 3.19%
38% 4 $980,000 $245,000 $6,027 2.91%
39% 4 $1,530,000 $382,500 $6,236 2.88%

Equity Now lent most frequently to those with DTI ratios of 20-30%, with 38 originations. The next most common DTI ratio? 30-36%, with 38 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 153 $53,395,000 $348,987 $5,586 2.98%
Not provided 41 $14,835,000 $361,829 $4,728 2.97%
Asian 27 $9,515,000 $352,407 $6,197 2.83%
Black 18 $6,400,000 $355,556 $6,046 3.10%
Asian Indian 5 $2,605,000 $521,000 $12,222 3.38%
American Indian 2 $840,000 $420,000 $4,045 3.38%
Other Asian 1 $465,000 $465,000 $2,090 2.99%

Approval Rates

Total approvals of all applications
73.21%

Equity Now has a below average approval rate.

Pick Rate

Approvals leading to origination
-21.47%

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 247 $88,055,000 $356,498

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
247 $88,055,000 $356,498

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 19 $6,395,000 $336,579 $5,369 2.89%
40-60% 89 $31,245,000 $351,067 $4,752 2.89%
60-80% 112 $41,770,000 $372,946 $6,371 3.07%
80-100% 24 $7,510,000 $312,917 $5,656 3.07%
Over 100% 2 $830,000 $415,000 $7,625 2.31%
Under 20% 1 $305,000 $305,000 $7,836 3.00%