The Equitable Bank S.s.b. Mortgage Rates, Fees & Info

Wauwatosa, WI

LEI: 549300N24HTC7KQ3LC70

Tax ID: 39-0265500

5 stars - Updated: 11/17/24 - out of 5 stars, based on 15 reviews

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Relative Rates
  • Relative Fees
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    The Equitable Bank S.s.b. is a smaller bank specializing in Home Purchase loans. The Equitable Bank S.s.b. 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: Milwaukee, Chicago, Racine, Whitewater, and Watertown among others. We have data for 13 markets. (Some data included below & more in-depth data is available with an active subscription.)

    The Equitable Bank S.s.b. 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. The Equitable Bank S.s.b. 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 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.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.64% 11/17/24
    30 Year Conventional Refi 6.43% 11/17/24
    30 Year Cash-out Refi 6.57% 11/17/24
    30 Year FHA Purchase 6.95% 11/17/24
    30 Year FHA Refi 6.84% 11/17/24
    30 Year VA Purchase 5.79% 11/17/24
    15 Year Conventional Purchase 5.72% 11/17/24
    15 Year Conventional Refi 5.75% 11/17/24
    15 Year Cash-out Refi 5.75% 11/17/24
    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.

    The Equitable Bank S.s.b. Mortgage Calculator






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from The Equitable Bank S.s.b.. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

    The default purchase price is the median sales price across the US for 2022Q4, per FRED.


    Originations

    224

    Origination Dollar Volume (All Markets)

    $69,270,000
    Show all (6) awards

    Relative Rate

    The Equitable Bank S.s.b.'s average 30 year fixed mortgage rate was 6.46%.

    The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

    This yields a difference of -0.02%.

    Relative Fees (Closing Costs)

    The Equitable Bank S.s.b.'s average total fees/closing costs for a 30 year fixed rate mortgage were $3,254.

    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
    MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 192 $62,140,000 $323,646 $3,057 6.53%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 6 $1,510,000 $251,667 $2,567 6.27%
    RACINE, WI (FHA|USDA|VA) 9 $1,365,000 $151,667 $2,066 6.89%
    Outside of Metro Areas 3 $1,345,000 $448,333 $3,351 6.50%
    Whitewater, WI (FHA|USDA|VA) 3 $805,000 $268,333 $2,773 6.96%
    Watertown-Fort Atkinson, WI (FHA|USDA|VA) 3 $585,000 $195,000 $4,231 6.25%
    JANESVILLE-BELOIT, WI (FHA|USDA|VA) 2 $480,000 $240,000 $5,625 6.13%
    APPLETON, WI (FHA|USDA|VA) 1 $255,000 $255,000 $3,094 6.63%
    Shawano, WI (FHA|USDA|VA) 1 $225,000 $225,000 $3,351 6.88%
    SHEBOYGAN, WI (FHA|USDA|VA) 1 $195,000 $195,000 $6,319 5.63%
    MADISON, WI (FHA|USDA|VA) 1 $185,000 $185,000 $2,534 6.13%
    WAUSAU-WESTON, WI (FHA|USDA|VA) 1 $165,000 $165,000 $1,530 6.88%
    Baraboo, WI (FHA|USDA|VA) 1 $15,000 $15,000 $165 7.25%
    The Equitable Bank S.s.b.'s top markets include Milwaukee, Chicago, Racine, Whitewater, and Watertown among others.

    Their top states include:
  • Wisconsin (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against The Equitable Bank S.S.B. based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    NORTHWESTERN MUTUAL
    Similarity Rank: 44
    First Savings Bank of Hegewisch
    Similarity Rank: 46
    Glacier Hills Credit Union
    Similarity Rank: 54
    National Exchange Bank and Trust
    Similarity Rank: 112
    PremierBank
    Similarity Rank: 143
    Starion Bank
    Similarity Rank: 147
    Empower Credit Union
    Similarity Rank: 203
    PyraMax Bank, FSB
    Similarity Rank: 270
    Bank of Sun Prairie
    Similarity Rank: 270
    Heartland Credit Union (Madison)
    Similarity Rank: 270

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 207 $65,535,000 $316,594 $2,708 6.57%
    FHA 15 $3,025,000 $201,667 $6,661 6.03%
    VA 2 $710,000 $355,000 $6,742 6.94%

    For 2023, The Equitable Bank S.s.b.'s most frequently originated type of loan was Conventional, with 207 originations. Their 2nd most popular type was FHA, with 15 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 188 $60,850,000 $323,670 $3,348 6.51%
    Cash Out Refi 16 $6,040,000 $377,500 $2,248 6.16%
    Other 9 $865,000 $96,111 $623 7.46%
    Home Improvement 8 $770,000 $96,250 $741 6.86%
    Refi 3 $745,000 $248,333 $1,954 6.63%

    For 2023, The Equitable Bank S.s.b.'s most frequently cited loan purpose was Home Purchase, with 188 originations. The 2nd most popular reason was Cash Out Refi, with 16 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 184 $55,030,000 $299,076 $3,254 6.46%
    5 Year 15 $8,605,000 $573,667 $153 7.14%
    15 Year 11 $2,015,000 $183,182 $2,344 6.19%
    10 Year 6 $430,000 $71,667 $355 7.85%
    30+ year 5 $2,695,000 $539,000 $2,634 6.43%
    3 Year 2 $300,000 $150,000 $150 7.06%
    20 Year 1 $195,000 $195,000 $3,579 6.38%

    For 2023, The Equitable Bank S.s.b.'s most frequently cited loan duration was 30 Year, with 184 originations. The 2nd most popular length was 5 Year, with 15 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 159 $46,515,000 $292,547
    $1k-2k 41 $10,845,000 $264,512
    $2k-3k 5 $1,285,000 $257,000
    $5k+ 1 $215,000 $215,000

    The Equitable Bank S.s.b.'s average total fees were $3,254, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 159 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 117 $37,235,000 $318,248
    5-6% 61 $17,845,000 $292,541
    7-8% 42 $13,830,000 $329,286
    Over 8% 4 $360,000 $90,000

    During 2023, The Equitable Bank S.s.b.'s average interest rate for loans was 6.46%, while their most frequently originated rate bucket for loans was 6-7%, with 117 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 93 $26,475,000 $284,677 $3,298 6.60%
    $100k-200k 62 $9,840,000 $158,710 $2,955 6.26%
    $400k-600k 29 $13,625,000 $469,828 $3,472 6.65%
    $100,000 or less 23 $1,395,000 $60,652 $1,467 6.80%
    $600k-1MM 13 $9,615,000 $739,615 $3,410 6.71%
    $1MM+ 4 $8,320,000 $2,080,000 $4,623 6.28%

    2023 saw The Equitable Bank S.s.b. place emphasis on $200k-400k loans with 93 originations, totaling $26,475,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 58 $15,910,000 $274,310 $2,939 6.73%
    $50k-75k 42 $7,560,000 $180,000 $3,124 6.35%
    $250k+ 33 $16,845,000 $510,455 $3,217 6.56%
    $150k-250k 27 $9,325,000 $345,370 $2,981 6.61%
    $75k-100k 27 $6,975,000 $258,333 $3,011 6.50%
    $50k or less 21 $2,725,000 $129,762 $3,301 6.12%

    The Equitable Bank S.s.b. lent most frequently to those with incomes in the $100k-150k range, with 58 originations. The second most popular income band? $50k-75k, with 42 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 44 $11,360,000 $258,182 $2,593 6.52%
    30-36% 38 $10,590,000 $278,684 $2,650 6.59%
    <20% 16 $3,440,000 $215,000 $2,333 6.22%
    40% 15 $3,915,000 $261,000 $3,578 6.48%
    38% 13 $3,405,000 $261,923 $3,136 6.80%
    43% 11 $3,775,000 $343,182 $3,920 6.56%
    49% 8 $1,950,000 $243,750 $4,383 6.38%
    46% 8 $2,520,000 $315,000 $4,048 6.36%
    36% 8 $2,420,000 $302,500 $2,993 6.83%
    39% 8 $2,510,000 $313,750 $2,094 6.50%
    45% 8 $1,810,000 $226,250 $3,382 6.47%
    37% 7 $2,175,000 $310,714 $2,642 6.29%
    48% 6 $1,510,000 $251,667 $3,002 6.46%
    41% 6 $1,840,000 $306,667 $3,770 6.52%
    47% 5 $1,575,000 $315,000 $3,379 6.48%
    44% 5 $1,355,000 $271,000 $3,016 6.88%
    50-60% 4 $3,570,000 $892,500 $4,449 5.69%
    42% 3 $815,000 $271,667 $3,283 6.67%

    The Equitable Bank S.s.b. lent most frequently to those with DTI ratios of 20-30%, with 44 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 161 $50,345,000 $312,702 $2,889 6.53%
    Not applicable 11 $8,735,000 $794,091 $0 7.01%
    Black 25 $4,245,000 $169,800 $4,459 6.17%
    Not provided 14 $3,560,000 $254,286 $2,601 6.68%
    Asian 10 $1,730,000 $173,000 $2,436 6.61%
    Asian Indian 2 $520,000 $260,000 $1,882 7.06%
    American Indian 1 $135,000 $135,000 $2,470 6.63%

    Approval Rates

    Total approvals of all applications
    94.70%

    The Equitable Bank S.s.b. has an average approval rate.

    Pick Rate

    Approvals leading to origination
    86.61%

    The Equitable Bank S.s.b. has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 224 $69,270,000 $309,241

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    224 $69,270,000 $309,241

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 13 $1,875,000 $144,231 $1,844 6.42%
    40-60% 20 $4,250,000 $212,500 $2,220 6.43%
    60-80% 73 $28,225,000 $386,644 $2,968 6.51%
    80-100% 107 $34,505,000 $322,477 $3,626 6.48%
    Under 20% 11 $415,000 $37,727 $385 7.57%