Nextmark Mortgage Rates, Fees & Info
Fairfax, VALEI: 549300IJI189UIQW0294
Tax ID: 54-0647188
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Mortgage Data
Review & Overview
Nextmark is a smaller mortgage company specializing in Home Purchase and Home Improvement loans. Nextmark has an average 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 by origination volume include: Washington, Baltimore, Charlotte, Raleigh, and Richmond among others. We have data for 27 markets. (Some data included below & more in-depth data is available with an active subscription.)Nextmark 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. Nextmark is typically a low 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 6.83% | 4/21/24 |
| 15 Year Conventional Refi | 5.68% | 4/21/24 |
| 15 Year Cash-out Refi | 5.68% | 4/21/24 |
| 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. | ||
Nextmark Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
918Origination Dollar Volume (All Markets)
$122,270,000Top 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 |
|---|---|---|---|---|---|
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 560 | $76,670,000 | $136,911 | $766 | 4.47% |
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 225 | $28,495,000 | $126,644 | $552 | 4.39% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 29 | $4,135,000 | $142,586 | $0 | 4.13% |
| RALEIGH-CARY, NC (FHA|USDA|VA) | 19 | $2,225,000 | $117,105 | $811 | 4.23% |
| RICHMOND, VA (FHA|USDA|VA) | 19 | $2,075,000 | $109,211 | $802 | 4.66% |
| VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) | 12 | $1,470,000 | $122,500 | $665 | 4.68% |
| CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) | 6 | $1,290,000 | $215,000 | $0 | 4.04% |
| CHARLOTTESVILLE, VA (FHA|USDA|VA) | 6 | $860,000 | $143,333 | $749 | 3.50% |
| Easton, MD (FHA|USDA|VA) | 3 | $685,000 | $228,333 | $949 | 4.08% |
| SALISBURY, MD-DE (FHA|USDA|VA) | 4 | $620,000 | $155,000 | $0 | 3.63% |
| DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) | 4 | $470,000 | $117,500 | $678 | 4.25% |
| CALIFORNIA-LEXINGTON PARK, MD (FHA|USDA|VA) | 5 | $445,000 | $89,000 | $669 | 4.78% |
| WINSTON-SALEM, NC (FHA|USDA|VA) | 4 | $440,000 | $110,000 | $680 | 4.16% |
| WILMINGTON, NC (FHA|USDA|VA) | 2 | $400,000 | $200,000 | $493 | 5.01% |
| GREENVILLE-ANDERSON, SC (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $0 | 4.25% |
| CUMBERLAND, MD-WV (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $0 | 4.25% |
| HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $0 | 4.00% |
| WINCHESTER, VA-WV (FHA|USDA|VA) | 2 | $190,000 | $95,000 | $694 | 4.58% |
| ROANOKE, VA (FHA|USDA|VA) | 2 | $170,000 | $85,000 | $0 | 3.63% |
| Kill Devil Hills, NC (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $0 | 4.50% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 2 | $150,000 | $75,000 | $0 | 4.25% |
| Outside of Metro Areas | 4 | $140,000 | $35,000 | $703 | 5.68% |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 4.25% |
| Morehead City, NC (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 5.75% |
| HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $0 | 4.25% |
| GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) | 2 | $70,000 | $35,000 | $0 | 4.88% |
| LYNCHBURG, VA (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $744 | 6.91% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| HELOC | 725 | $100,565,000 | $138,710 | n/a | 4.13% |
| Conventional | 191 | $21,285,000 | $111,440 | $725 | 5.59% |
| FHA | 2 | $420,000 | $210,000 | $0 | 5.13% |
For 2020, Nextmark's most frequently originated type of loan was HELOC, with 725 originations. Their 2nd most popular type was Conventional, with 191 originations.
Loan Reason
For 2020, Nextmark's most frequently cited loan purpose was Home Purchase, with 339 originations. The 2nd most popular reason was Home Improvement, with 232 originations.
Loan Duration/Length
For 2020, Nextmark's most frequently cited loan duration was 30 Year, with 722 originations. The 2nd most popular length was 10 Year, with 116 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 191 | $21,285,000 | $111,440 |
Nextmark's average total fees were $514, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 191 originations.
Interest Rates
During 2020, Nextmark's average interest rate for loans was 4.13%, while their most frequently originated rate bucket for loans was 4-5%, with 391 originations.
Loan Sizing
2020 saw Nextmark place emphasis on $100,000 or less loans with 414 originations, totaling $26,340,000 in origination value.
Applicant Income
Nextmark lent most frequently to those with incomes in the $150k-250k range, with 404 originations. The second most popular income band? $250k+, with 303 originations.
Applicant Debt to Income Ratio
Nextmark lent most frequently to those with DTI ratios of 20-30%, with 239 originations. The next most common DTI ratio? 30-36%, with 219 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications69.24%
Nextmark has a low approval rate. They may have poor market targeting or stringent lending standards.
Pick Rate
Approvals leading to origination79.85%
Nextmark has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| 0.0 | 727 | $100,985,000 | $138,906 |
| NA | 191 | $21,285,000 | $111,440 |