Equitable Bank Mortgage Rates, Fees & Info
Grand Island, NELEI: 549300K5SWOZ1F2OHY48
Tax ID: 47-0151910
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Mortgage Data
Review & Overview
Equitable Bank is a smaller bank specializing in Home Purchase and Refi loans. Equitable Bank 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 by origination volume include: Grand Island, Omaha, North Platte, Des Moines, and Hastings among others. We have data for 17 markets. (Some data included below & more in-depth data is available with an active subscription.)Equitable Bank 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. Equitable Bank 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 |
|---|---|---|
| 30 Year Conventional Purchase | 6.64% | 3/30/23 |
| 30 Year Conventional Refi | 6.50% | 3/30/23 |
| 30 Year Cash-out Refi | 6.65% | 3/30/23 |
| 30 Year FHA Purchase | 7.57% | 3/30/23 |
| 15 Year Conventional Purchase | 6.09% | 3/30/23 |
| 15 Year Conventional Refi | 6.28% | 3/30/23 |
| 15 Year Cash-out Refi | 6.28% | 3/30/23 |
| 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. | ||
Originations
297Origination Dollar Volume (All Markets)
$81,065,000Awards
Equitable Bank - 2022
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For 2022, less than of lenders were eligible for this award.
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Relative Rate
Equitable Bank's average 30 year fixed mortgage rate was
4.81%.
The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.
This yields a difference of 0.05%.
Relative Fees (Closing Costs)
Equitable Bank's average total fees/closing costs for a 30 year fixed rate
mortgage were $2,240.
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 $4,750.
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 |
|---|---|---|---|---|---|
| GRAND ISLAND, NE (FHA|USDA|VA) | 103 | $32,145,000 | $312,087 | $1,759 | 4.93% |
| OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) | 93 | $28,565,000 | $307,151 | $1,979 | 4.91% |
| North Platte, NE (FHA|USDA|VA) | 52 | $7,180,000 | $138,077 | $1,698 | 4.98% |
| Outside of Metro Areas | 18 | $3,080,000 | $171,111 | $1,447 | 4.51% |
| DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) | 1 | $2,805,000 | $2,805,000 | $0 | 3.95% |
| Hastings, NE (FHA|USDA|VA) | 10 | $1,550,000 | $155,000 | $1,499 | 4.74% |
| Kearney, NE (FHA|USDA|VA) | 7 | $1,385,000 | $197,857 | $2,104 | 4.67% |
| FORT COLLINS, CO (FHA|USDA|VA) | 1 | $1,165,000 | $1,165,000 | $4,920 | 4.95% |
| Fremont, NE (FHA|USDA|VA) | 2 | $630,000 | $315,000 | $1,865 | 4.60% |
| Norfolk, NE (FHA|USDA|VA) | 1 | $565,000 | $565,000 | $2,732 | 3.95% |
| LINCOLN, NE (FHA|USDA|VA) | 2 | $500,000 | $250,000 | $2,655 | 4.38% |
| Lexington, NE (FHA|USDA|VA) | 2 | $330,000 | $165,000 | $1,945 | 4.38% |
| Breckenridge, CO (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $0 | 4.00% |
| LAKE HAVASU CITY-KINGMAN, AZ (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $1,911 | 3.38% |
| Palestine, TX (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $6,251 | 5.25% |
| MANHATTAN, KS (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $0 | 4.25% |
| SIOUX CITY, IA-NE-SD (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $987 | 4.95% |
Similar Lenders
We use machine learning to identify the top lenders compared against Equitable Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 143
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 296 | $80,860,000 | $273,176 | $1,840 | 4.87% |
| FHA | 1 | $205,000 | $205,000 | $5,564 | 3.88% |
For 2022, Equitable Bank's most frequently originated type of loan was Conventional, with 296 originations. Their 2nd most popular type was FHA, with 1 originations.
Loan Reason
For 2022, Equitable Bank's most frequently cited loan purpose was Home Purchase, with 195 originations. The 2nd most popular reason was Refi, with 75 originations.
Loan Duration/Length
For 2022, Equitable Bank's most frequently cited loan duration was 30 Year, with 111 originations. The 2nd most popular length was 5 Year, with 52 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 168 | $38,110,000 | $226,845 |
| $1k-2k | 14 | $2,180,000 | $155,714 |
| $2k-3k | 3 | $1,765,000 | $588,333 |
| $3k-4k | 1 | $575,000 | $575,000 |
Equitable Bank's average total fees were $2,240, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 168 originations.
Interest Rates
During 2022, Equitable Bank's average interest rate for loans was 4.81%, while their most frequently originated rate bucket for loans was 4-5%, with 107 originations.
Loan Sizing
2022 saw Equitable Bank place emphasis on $200k-400k loans with 102 originations, totaling $28,010,000 in origination value.
Applicant Income
Equitable Bank lent most frequently to those with incomes in the $100k-150k range, with 50 originations. The second most popular income band? $50k or less, with 46 originations.
Applicant Debt to Income Ratio
Equitable Bank lent most frequently to those with DTI ratios of 20-30%, with 48 originations. The next most common DTI ratio? 30-36%, with 39 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications92.72%
Equitable Bank has an average approval rate.
Pick Rate
Approvals leading to origination89.23%
Equitable Bank has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 297 | $81,065,000 | $272,946 |