Suffolk Mortgage Rates, Fees & Info
Medford, NYLEI: 549300NWYTCEH9RSSW54
Tax ID: 11-2200411
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Mortgage Data
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, Tampa, Miami, The Villages, and Poughkeepsie among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)Suffolk has an 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 5.76% | 4/21/24 |
| 30 Year Conventional Purchase | 6.16% | 4/21/24 |
| 30 Year Conventional Refi | 6.54% | 4/21/24 |
| 30 Year Cash-out Refi | 6.41% | 4/21/24 |
| 15 Year Conventional Purchase | 5.92% | 4/21/24 |
| 15 Year Conventional Refi | 5.85% | 4/21/24 |
| 15 Year Cash-out Refi | 5.85% | 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. | ||
Suffolk Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
495Origination Dollar Volume (All Markets)
$70,145,000Top 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 |
|---|---|---|---|---|---|
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 489 | $68,695,000 | $140,481 | $2,242 | 3.09% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 1 | $585,000 | $585,000 | $14,333 | 3.25% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 1 | $475,000 | $475,000 | $0 | 1.99% |
| THE VILLAGES, FL (FHA|USDA|VA) | 2 | $200,000 | $100,000 | $0 | 2.49% |
| POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $0 | 1.99% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $729 | 4.50% |
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.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| HELOC | 285 | $40,505,000 | $142,123 | n/a | 2.25% |
| Conventional | 210 | $29,640,000 | $141,143 | $2,293 | 4.21% |
For 2020, Suffolk's most frequently originated type of loan was HELOC, with 285 originations. Their 2nd most popular type was Conventional, with 210 originations.
Loan Reason
For 2020, Suffolk's most frequently cited loan purpose was Home Improvement, with 242 originations. The 2nd most popular reason was Cash Out Refi, with 161 originations.
Loan Duration/Length
For 2020, Suffolk's most frequently cited loan duration was 30 Year, with 299 originations. The 2nd most popular length was 20 Year, with 82 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $1k-2k | 24 | $9,410,000 | $392,083 |
Suffolk's average total fees were $6,933, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 24 originations.
Interest Rates
During 2020, Suffolk's average interest rate for loans was 2.30%, while their most frequently originated rate bucket for loans was <2.5%, with 229 originations.
Loan Sizing
2020 saw Suffolk place emphasis on $100,000 or less loans with 227 originations, totaling $12,215,000 in origination value.
Applicant Income
Suffolk lent most frequently to those with incomes in the $150k-250k range, with 160 originations. The second most popular income band? $100k-150k, with 151 originations.
Applicant Debt to Income Ratio
Suffolk lent most frequently to those with DTI ratios of 20-30%, with 137 originations. The next most common DTI ratio? 30-36%, with 113 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications70.48%
Suffolk has a below average approval rate.
Pick Rate
Approvals leading to origination54.34%
Suffolk 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 | 495 | $70,145,000 | $141,707 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 495 | $70,145,000 | $141,707 |