Suffolk Mortgage Rates, Fees & Info

Medford, NY

LEI: 549300NWYTCEH9RSSW54

Tax ID: 11-2200411

5 stars - out of 5 stars, based on 31 reviews

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

Jump to:

Mortgage Data

  • SimulatedRates™
  • Review & Overview

    Suffolk is a smaller mortgage company specializing in Home Improvement and Cash Out Refi loans. Suffolk has a high proportion of conventional loans. Their top markets by origination volume include: New York, North Port, Raleigh, Miami, and Sebastian among others. We have data for 17 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Suffolk 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. Suffolk is typically an average 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.

    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
    Home Equity Line of Credit (HELOC) 5.76% 3/24/23
    30 Year Conventional Purchase 6.16% 3/24/23
    30 Year Conventional Refi 6.54% 3/24/23
    30 Year Cash-out Refi 6.41% 3/24/23
    15 Year Conventional Purchase 5.92% 3/24/23
    15 Year Conventional Refi 5.85% 3/24/23
    15 Year Cash-out Refi 5.85% 3/24/23
    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

    961

    Origination Dollar Volume (All Markets)

    $157,305,000

    Relative Rate

    Suffolk's average 30 year fixed mortgage rate was 3.5%.

    The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.

    This yields a difference of -1.26%.

    Relative Fees (Closing Costs)

    Suffolk's average total fees/closing costs for a 30 year fixed rate mortgage were $7,859.

    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
    New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 936 $152,050,000 $162,447 $3,216 3.87%
    North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 4 $1,060,000 $265,000 $4,947 3.81%
    RALEIGH-CARY, NC (FHA|USDA|VA) 2 $760,000 $380,000 $5,804 3.81%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 2 $570,000 $285,000 $9,335 5.43%
    Sebastian-Vero Beach, FL (FHA|USDA|VA) 1 $505,000 $505,000 $0 2.99%
    Outside of Metro Areas 2 $440,000 $220,000 $5,937 6.50%
    THE VILLAGES, FL (FHA|USDA|VA) 1 $405,000 $405,000 $3,456 6.75%
    MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 2 $360,000 $180,000 $5,292 4.19%
    DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 3 $275,000 $91,667 $539 5.00%
    HOMOSASSA SPRINGS, FL (FHA|USDA|VA) 1 $235,000 $235,000 $3,110 5.25%
    PUNTA GORDA, FL (FHA|USDA|VA) 1 $165,000 $165,000 $0 3.24%
    PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 1 $105,000 $105,000 $660 5.75%
    OCALA, FL (FHA|USDA|VA) 1 $85,000 $85,000 $601 4.55%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $85,000 $85,000 $0 4.99%
    GLENS FALLS, NY (FHA|USDA|VA) 1 $75,000 $75,000 $0 2.49%
    EAST STROUDSBURG, PA (FHA|USDA|VA) 1 $75,000 $75,000 $0 5.49%
    GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) 1 $55,000 $55,000 $313 5.75%
    Suffolk's top markets include New York, North Port, Raleigh, Miami, and Sebastian among others.

    Their top states include:
  • New York (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • North Carolina (FHA|USDA|VA)
  • South Carolina (FHA|USDA|VA)
  • New Jersey (FHA|USDA|VA)
  • Similar Lenders

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

    N C P D Federal Credit Union
    Similarity Rank: 306
    ATLANTIS MORTGAGE CO., INC.
    Similarity Rank: 326
    Schuyler Savings Bank
    Similarity Rank: 352
    The Atlantic Federal Credit Union
    Similarity Rank: 588
    U S WIDE FINANCIAL LLC
    Similarity Rank: 624
    Ridgewood Savings Bank
    Similarity Rank: 1062
    Poli Mortgage Group, Inc.
    Similarity Rank: 1073
    Columbia Bank
    Similarity Rank: 1183

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 647 $104,365,000 $161,306 n/a 3.42%
    Conventional 314 $52,940,000 $168,599 $3,251 4.86%

    For 2022, Suffolk's most frequently originated type of loan was HELOC, with 647 originations. Their 2nd most popular type was Conventional, with 314 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 582 $76,670,000 $131,735 $1,250 3.85%
    Cash Out Refi 145 $36,015,000 $248,379 $5,730 3.61%
    Other 142 $15,530,000 $109,366 $1,334 4.15%
    Home Purchase 61 $23,085,000 $378,443 $6,968 4.15%
    Refi 31 $6,005,000 $193,710 $4,172 4.25%

    For 2022, Suffolk's most frequently cited loan purpose was Home Improvement, with 582 originations. The 2nd most popular reason was Cash Out Refi, with 145 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 725 $133,665,000 $184,366 $7,859 3.50%
    10 Year 136 $10,920,000 $80,294 $1,320 5.32%
    20 Year 50 $6,050,000 $121,000 $1,896 5.43%
    15 Year 24 $5,110,000 $212,917 $4,074 3.96%
    5 Year 22 $1,010,000 $45,909 $1,039 4.46%
    Other 4 $550,000 $137,500 $3,253 4.34%

    For 2022, Suffolk's most frequently cited loan duration was 30 Year, with 725 originations. The 2nd most popular length was 10 Year, with 136 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 216 $17,620,000 $81,574
    $1k-2k 36 $11,770,000 $326,944
    $5k+ 29 $13,605,000 $469,138
    $3k-4k 12 $3,640,000 $303,333
    $2k-3k 10 $3,010,000 $301,000
    $4k-5k 10 $3,270,000 $327,000

    Suffolk's average total fees were $7,859, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 216 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    <2.5% 259 $42,495,000 $164,073
    4-5% 177 $26,695,000 $150,819
    5-6% 167 $22,225,000 $133,084
    3-4% 162 $32,550,000 $200,926
    2.5-3% 144 $26,660,000 $185,139
    6-7% 34 $4,660,000 $137,059
    7-8% 9 $885,000 $98,333
    Over 8% 9 $1,135,000 $126,111

    During 2022, Suffolk's average interest rate for loans was 3.50%, while their most frequently originated rate bucket for loans was <2.5%, with 259 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 382 $22,320,000 $58,429 $1,095 4.19%
    $100k-200k 294 $37,940,000 $129,048 $2,177 3.78%
    $200k-400k 204 $54,810,000 $268,676 $6,277 3.62%
    $400k-600k 73 $34,485,000 $472,397 $8,365 3.57%
    $600k-1MM 5 $3,495,000 $699,000 $11,239 3.95%
    $1MM+ 3 $4,255,000 $1,418,333 $40,447 3.95%

    2022 saw Suffolk place emphasis on $100,000 or less loans with 382 originations, totaling $22,320,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 322 $55,030,000 $170,901 $3,177 3.83%
    $100k-150k 275 $40,665,000 $147,873 $3,210 4.00%
    $75k-100k 136 $16,980,000 $124,853 $2,622 4.06%
    $250k+ 133 $35,695,000 $268,383 $6,909 3.58%
    $50k-75k 77 $7,515,000 $97,597 $2,658 4.00%
    $50k or less 18 $1,420,000 $78,889 $1,049 3.98%

    Suffolk lent most frequently to those with incomes in the $150k-250k range, with 322 originations. The second most popular income band? $100k-150k, with 275 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 197 $34,695,000 $176,117 $3,575 3.86%
    20-30% 191 $28,565,000 $149,555 $2,548 3.78%
    <20% 59 $9,065,000 $153,644 $3,495 3.33%
    47% 50 $8,850,000 $177,000 $2,204 4.24%
    41% 41 $5,945,000 $145,000 $2,604 4.47%
    42% 39 $5,955,000 $152,692 $2,731 3.98%
    46% 39 $6,365,000 $163,205 $3,198 4.10%
    48% 37 $6,795,000 $183,649 $1,793 3.99%
    37% 35 $5,675,000 $162,143 $3,968 4.04%
    44% 34 $5,430,000 $159,706 $3,198 4.09%
    45% 33 $4,945,000 $149,848 $2,692 3.90%
    38% 32 $5,460,000 $170,625 $3,799 3.69%
    39% 31 $4,225,000 $136,290 $1,678 3.80%
    43% 30 $6,480,000 $216,000 $7,559 3.70%
    36% 30 $5,910,000 $197,000 $4,528 4.05%
    40% 28 $4,240,000 $151,429 $4,359 3.52%
    49% 28 $4,190,000 $149,643 $4,651 3.84%
    50-60% 26 $4,200,000 $161,538 $1,827 4.54%
    >60% 1 $315,000 $315,000 $7,649 3.63%

    Suffolk lent most frequently to those with DTI ratios of 30-36%, with 197 originations. The next most common DTI ratio? 20-30%, with 191 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 802 $129,300,000 $161,222 $2,990 3.91%
    Not provided 94 $16,890,000 $179,681 $4,709 3.75%
    Asian 27 $5,875,000 $217,593 $4,643 3.81%
    Black 32 $4,470,000 $139,688 $1,947 4.00%
    American Indian 4 $460,000 $115,000 $5,516 3.84%
    Native Hawaiian or Islander 2 $310,000 $155,000 $5,196 4.50%

    Approval Rates

    Total approvals of all applications
    67.52%

    Suffolk has a low approval rate. They may have poor market targeting or stringent lending standards.

    Pick Rate

    Approvals leading to origination
    81.17%

    Suffolk has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 961 $157,305,000 $163,689

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    961 $157,305,000 $163,689

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 254 $49,800,000 $196,063 $2,454 3.76%
    40-60% 78 $24,390,000 $312,692 $6,090 3.64%
    60-80% 71 $31,185,000 $439,225 $8,613 3.67%
    80-100% 13 $5,485,000 $421,923 $7,363 4.53%
    Under 20% 545 $46,445,000 $85,220 $1,208 4.00%