Suffolk Mortgage Rates, Fees & Info

Medford, NY

LEI: 549300NWYTCEH9RSSW54

Tax ID: 11-2200411

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

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%	12/16/24
30 Year Conventional Purchase	6.16%	12/16/24
30 Year Conventional Refi	6.54%	12/16/24
30 Year Cash-out Refi	6.41%	12/16/24
15 Year Conventional Purchase	5.92%	12/16/24
15 Year Conventional Refi	5.85%	12/16/24
15 Year Cash-out Refi	5.85%	12/16/24
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

Purchase Price:

Loan Amount:

Deposit Amount:

% Deposit:

Interest Rate:

Loan Type:

Your Estimates

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

This is not an official calculator from Suffolk. 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

495

Origination Dollar Volume (All Markets)

$70,145,000

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)	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%

Suffolk's top markets include New York, Tampa, Miami, The Villages, and Poughkeepsie among others.

Their top states include:

New York (FHA|USDA|VA)

Florida (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.

The First National Bank of Long Island
Similarity Rank: 134

North Jersey Federal Credit Union
Similarity Rank: 247

N C P D Federal Credit Union
Similarity Rank: 482

MOUNTAIN MORTGAGE CORP.
Similarity Rank: 538

ATLANTIS MORTGAGE CO., INC.
Similarity Rank: 668

TEG Federal Credit Union
Similarity Rank: 715

Hanover Community Bank
Similarity Rank: 727

Roselle Bank
Similarity Rank: 796

Poli Mortgage Group, Inc.
Similarity Rank: 1012

Schuyler Savings Bank
Similarity Rank: 1083

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

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Home Improvement	242	$24,690,000	$102,025	$1,418	2.94%
Cash Out Refi	161	$30,625,000	$190,217	$2,637	3.21%
Other	62	$5,070,000	$81,774	$1,225	3.39%
Home Purchase	19	$7,105,000	$373,947	$7,190	3.02%
Refi	11	$2,655,000	$241,364	$3,862	2.79%

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

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
30 Year	299	$45,185,000	$151,120	$6,933	2.30%
20 Year	82	$12,610,000	$153,780	$2,097	4.48%
10 Year	71	$4,655,000	$65,563	$1,358	4.27%
15 Year	21	$5,795,000	$275,952	$3,665	3.81%
5 Year	15	$975,000	$65,000	$1,307	4.22%
Other	7	$925,000	$132,143	$2,784	3.78%

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

Loan Rate	Originations	Total Value	Average Loan
<2.5%	229	$33,675,000	$147,052
4-5%	122	$11,950,000	$97,951
3-4%	81	$14,545,000	$179,568
2.5-3%	51	$8,815,000	$172,843
5-6%	10	$930,000	$93,000
6-7%	1	$75,000	$75,000

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

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100,000 or less	227	$12,215,000	$53,811	$1,218	3.34%
$100k-200k	145	$19,095,000	$131,690	$2,114	2.91%
$200k-400k	97	$24,845,000	$256,134	$3,838	2.85%
$400k-600k	24	$11,310,000	$471,250	$7,236	2.64%
$1MM+	1	$1,885,000	$1,885,000	$15,828	3.13%
$600k-1MM	1	$795,000	$795,000	$6,978	3.00%

2020 saw Suffolk place emphasis on $100,000 or less loans with 227 originations, totaling $12,215,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$150k-250k	160	$22,070,000	$137,938	$2,366	3.16%
$100k-150k	151	$19,875,000	$131,623	$2,109	2.97%
$75k-100k	71	$7,865,000	$110,775	$2,038	3.19%
$250k+	48	$13,200,000	$275,000	$5,685	2.49%
$50k-75k	48	$5,880,000	$122,500	$1,760	3.39%
$50k or less	17	$1,255,000	$73,824	$1,697	3.71%

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

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-30%	137	$19,275,000	$140,693	$2,204	3.05%
30-36%	113	$14,505,000	$128,363	$2,298	3.27%
<20%	52	$8,620,000	$165,769	$2,559	2.80%
38%	26	$4,440,000	$170,769	$1,875	3.01%
40%	25	$4,165,000	$166,600	$2,116	3.11%
36%	24	$2,410,000	$100,417	$1,938	3.42%
39%	23	$2,805,000	$121,957	$1,889	2.94%
37%	19	$3,115,000	$163,947	$2,086	3.02%
41%	15	$2,785,000	$185,667	$2,929	2.98%
44%	13	$1,465,000	$112,692	$3,055	3.14%
42%	12	$1,240,000	$103,333	$1,222	3.43%
43%	9	$1,755,000	$195,000	$6,048	2.28%
45%	8	$890,000	$111,250	$1,381	2.89%
50-60%	5	$605,000	$121,000	$2,184	4.46%
49%	4	$650,000	$162,500	$0	2.12%
46%	4	$320,000	$80,000	$0	1.99%
47%	3	$805,000	$268,333	$7,850	4.25%
48%	3	$295,000	$98,333	$1,181	2.76%

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

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	443	$62,955,000	$142,111	$2,306	3.09%
Not provided	19	$2,505,000	$131,842	$1,940	3.07%
Asian	14	$2,330,000	$166,429	$4,137	2.56%
Black	11	$895,000	$81,364	$1,471	3.87%
American Indian	2	$630,000	$315,000	$0	2.12%
Other Pacific Islander	1	$305,000	$305,000	$0	2.24%
Native Hawaiian or Islander	2	$220,000	$110,000	$1,021	3.15%
Other Asian	1	$155,000	$155,000	$0	4.99%
Filipino	1	$105,000	$105,000	$0	1.99%
Asian Indian	1	$45,000	$45,000	$0	1.99%

Approval Rates

Total approvals of all applications
70.48%

Suffolk has a below average approval rate.

Pick Rate

Approvals leading to origination
54.34%

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

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	151	$22,685,000	$150,232	$2,059	2.86%
40-60%	58	$13,450,000	$231,897	$2,759	3.06%
60-80%	51	$17,115,000	$335,588	$4,933	3.01%
80-100%	6	$2,100,000	$350,000	$7,490	3.08%
Under 20%	229	$14,795,000	$64,607	$1,262	3.25%