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 and Cash Out Refi loans. Equity Now has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets by origination volume include: New York, Philadelphia, Allentown, Bridgeport, and Miami among others. We have data for 12 markets. (Some data included below & more in-depth data is available with an active subscription.)Equity Now has a below 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 a high 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.
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 | 7.02% | 4/18/24 |
| 30 Year Conventional Refi | 6.46% | 4/18/24 |
| 30 Year Cash-out Refi | 6.74% | 4/18/24 |
| 30 Year FHA Purchase | 7.23% | 4/18/24 |
| 30 Year FHA Refi | 6.27% | 4/18/24 |
| 30 Year VA Purchase | 6.27% | 4/18/24 |
| 15 Year Conventional Purchase | 6.86% | 4/18/24 |
| 15 Year Conventional Refi | 6.09% | 4/18/24 |
| 15 Year Cash-out Refi | 6.09% | 4/18/24 |
| 15 Year FHA Refi | 5.68% | 4/18/24 |
| 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. | ||
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
30Origination Dollar Volume (All Markets)
$9,480,000Relative Rate
Equity Now's average 30 year fixed mortgage rate was
6.65%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of 0.17%.
Relative Fees (Closing Costs)
Equity Now's average total fees/closing costs for a 30 year fixed rate
mortgage were $10,281.
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 |
|---|---|---|---|---|---|
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 12 | $4,450,000 | $370,833 | $11,979 | 6.55% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 5 | $1,425,000 | $285,000 | $9,897 | 6.65% |
| ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) | 3 | $695,000 | $231,667 | $8,596 | 6.79% |
| BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) | 2 | $640,000 | $320,000 | $11,058 | 6.88% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 1 | $565,000 | $565,000 | $16,205 | 7.25% |
| Torrington, CT (FHA|USDA|VA) | 1 | $385,000 | $385,000 | $12,464 | 6.63% |
| HARRISBURG-CARLISLE, PA (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $12,192 | 5.88% |
| EAST STROUDSBURG, PA (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $9,732 | 6.63% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $3,109 | 5.25% |
| NEW HAVEN-MILFORD, CT (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $4,107 | 6.50% |
| DuBois, PA (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $3,610 | 7.50% |
| Pottsville, PA (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $5,873 | 7.88% |
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.
Similarity Rank: 21
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 23 | $6,985,000 | $303,696 | $9,031 | 6.65% |
| FHA | 6 | $1,980,000 | $330,000 | $13,332 | 6.63% |
| VA | 1 | $515,000 | $515,000 | $20,716 | 6.75% |
For 2023, Equity Now's most frequently originated type of loan was Conventional, with 23 originations. Their 2nd most popular type was FHA, with 6 originations.
Loan Reason
For 2023, Equity Now's most frequently cited loan purpose was Home Purchase, with 16 originations. The 2nd most popular reason was Cash Out Refi, with 13 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 30 | $9,480,000 | $316,000 | $10,281 | 6.65% |
For 2023, Equity Now's most frequently cited loan duration was 30 Year, with 30 originations.
Origination Fees/Closing Costs
Equity Now's average total fees were $10,281, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 15 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 22 | $7,180,000 | $326,364 |
| 7-8% | 5 | $1,395,000 | $279,000 |
| 5-6% | 3 | $905,000 | $301,667 |
During 2023, Equity Now's average interest rate for loans was 6.65%, while their most frequently originated rate bucket for loans was 6-7%, with 22 originations.
Loan Sizing
2023 saw Equity Now place emphasis on $200k-400k loans with 17 originations, totaling $5,055,000 in origination value.
Applicant Income
Equity Now lent most frequently to those with incomes in the $100k-150k range, with 9 originations. The second most popular income band? $150k-250k, with 7 originations.
Applicant Debt to Income Ratio
Equity Now lent most frequently to those with DTI ratios of 50-60%, with 6 originations. The next most common DTI ratio? 20-30%, with 4 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications60.80%
Equity Now has a low approval rate. They may have poor market targeting or stringent lending standards.
Pick Rate
Approvals leading to origination-96.67%
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 | 30 | $9,480,000 | $316,000 |