Teachers Mortgage Rates, Fees & Info

Hauppauge, NY

LEI: 549300R8VPSFM828B312

Tax ID: 11-1751016

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Mortgage Data

Review & Overview

Teachers is a smaller mortgage company specializing in Cash Out Refi, Other, and Home Purchase loans. Teachers has a high proportion of conventional loans. Their top markets by origination volume include: New York, Miami, Charlotte, Philadelphia, and Poughkeepsie among others. We have data for 29 markets. (Some data included below & more in-depth data is available with an active subscription.)

Teachers 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. Teachers 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.

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SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 6.28% 3/28/24
30 Year Conventional Refi 6.42% 3/28/24
30 Year Cash-out Refi 6.48% 3/28/24
15 Year Conventional Purchase 5.88% 3/28/24
15 Year Conventional Refi 6.18% 3/28/24
15 Year Cash-out Refi 6.18% 3/28/24
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.

Teachers Mortgage Calculator






Your Estimates

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


Originations

2,505

Origination Dollar Volume (All Markets)

$368,195,000

Awards

TEACHERS 30 Year Conventional Loans bronze TEACHERS 30 Year Conventional Loans silver TEACHERS 30 Year Conventional Loans gold
Show all (3) awards

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) 2,466 $360,330,000 $146,119 $1,564 3.89%
Outside of Metro Areas 5 $1,195,000 $239,000 $3,821 4.30%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 5 $1,085,000 $217,000 $3,955 4.00%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 2 $520,000 $260,000 $4,378 3.25%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 2 $510,000 $255,000 $5,331 4.63%
POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) 2 $490,000 $245,000 $2,849 4.12%
CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 1 $455,000 $455,000 $5,805 4.38%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 1 $335,000 $335,000 $6,185 3.88%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $295,000 $295,000 $4,654 3.75%
Hudson, NY (FHA|USDA|VA) 1 $275,000 $275,000 $4,046 4.25%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $275,000 $275,000 $6,395 4.00%
ASHEVILLE, NC (FHA|USDA|VA) 1 $205,000 $205,000 $3,345 4.25%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 1 $195,000 $195,000 $4,512 4.25%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $185,000 $185,000 $4,439 3.75%
RALEIGH-CARY, NC (FHA|USDA|VA) 1 $185,000 $185,000 $4,721 4.00%
GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) 1 $175,000 $175,000 $4,637 5.25%
BINGHAMTON, NY (FHA|USDA|VA) 1 $165,000 $165,000 $3,052 4.00%
COLUMBIA, SC (FHA|USDA|VA) 1 $145,000 $145,000 $3,839 3.38%
FAYETTEVILLE, NC (FHA|USDA|VA) 1 $145,000 $145,000 $2,898 4.38%
PUNTA GORDA, FL (FHA|USDA|VA) 1 $135,000 $135,000 $3,234 3.63%
Meadville, PA (FHA|USDA|VA) 1 $135,000 $135,000 $4,375 3.88%
EAST STROUDSBURG, PA (FHA|USDA|VA) 1 $115,000 $115,000 $3,843 4.50%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $115,000 $115,000 $3,736 3.75%
KINGSTON, NY (FHA|USDA|VA) 1 $105,000 $105,000 $0 2.74%
SYRACUSE, NY (FHA|USDA|VA) 1 $105,000 $105,000 $1,360 4.88%
Oneonta, NY (FHA|USDA|VA) 1 $85,000 $85,000 $2,853 4.75%
PORT ST. LUCIE, FL (FHA|USDA|VA) 1 $85,000 $85,000 $3,029 4.13%
OCALA, FL (FHA|USDA|VA) 1 $75,000 $75,000 $3,674 4.50%
SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) 1 $75,000 $75,000 $3,689 4.88%
Teachers's top markets include New York, Miami, Charlotte, Philadelphia, and Poughkeepsie among others.

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

    We use machine learning to identify the top lenders compared against TEACHERS 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
    Conventional 1,852 $277,290,000 $149,725 $1,615 4.30%
    HELOC 653 $90,905,000 $139,211 n/a 2.75%

    For 2018, Teachers's most frequently originated type of loan was Conventional, with 1,852 originations. Their 2nd most popular type was HELOC, with 653 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 1,248 $162,650,000 $130,329 $1,016 4.17%
    Other 693 $85,575,000 $123,485 $469 3.11%
    Home Purchase 289 $80,325,000 $277,941 $4,732 4.19%
    Refi 213 $35,295,000 $165,704 $1,797 3.89%
    Home Improvement 62 $4,350,000 $70,161 $496 5.78%

    For 2018, Teachers's most frequently cited loan purpose was Cash Out Refi, with 1,248 originations. The 2nd most popular reason was Other, with 693 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    10 Year 885 $98,645,000 $111,463 $528 3.58%
    15 Year 720 $92,010,000 $127,792 $1,503 3.49%
    20 Year 413 $59,495,000 $144,056 $726 4.76%
    30 Year 378 $113,510,000 $300,291 $4,754 4.15%
    5 Year 79 $3,685,000 $46,646 $449 3.99%
    Other 30 $850,000 $28,333 $458 7.46%

    For 2018, Teachers's most frequently cited loan duration was 10 Year, with 885 originations. The 2nd most popular length was 15 Year, with 720 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 1,349 $133,635,000 $99,062
    $1k-2k 272 $60,750,000 $223,346
    $2k-3k 172 $64,880,000 $377,209
    $3k-4k 14 $6,760,000 $482,857
    $5k+ 9 $5,555,000 $617,222
    $4k-5k 8 $4,910,000 $613,750

    Teachers's average total fees were $4,754, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 1,349 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 884 $131,200,000 $148,416
    4-5% 813 $129,275,000 $159,010
    2.5-3% 662 $93,130,000 $140,680
    5-6% 107 $12,695,000 $118,645
    7-8% 27 $715,000 $26,481
    6-7% 11 $1,085,000 $98,636
    <2.5% 1 $95,000 $95,000

    During 2018, Teachers's average interest rate for loans was 4.15%, while their most frequently originated rate bucket for loans was 3-4%, with 884 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 1,151 $62,935,000 $54,679 $533 4.04%
    $100k-200k 668 $87,160,000 $130,479 $1,235 3.68%
    $200k-400k 560 $155,000,000 $276,786 $3,322 3.88%
    $400k-600k 116 $54,080,000 $466,207 $4,958 3.69%
    $600k-1MM 8 $6,350,000 $793,750 $8,094 3.83%
    $1MM+ 2 $2,670,000 $1,335,000 $10,659 3.63%

    2018 saw Teachers place emphasis on $100,000 or less loans with 1,151 originations, totaling $62,935,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 776 $114,400,000 $147,423 $1,541 3.93%
    $150k-250k 697 $118,025,000 $169,333 $1,832 3.78%
    $75k-100k 401 $48,325,000 $120,511 $1,633 3.96%
    $50k-75k 316 $35,700,000 $112,975 $1,368 4.02%
    $250k+ 171 $36,545,000 $213,713 $1,920 3.73%
    $50k or less 139 $13,965,000 $100,468 $1,127 3.95%

    Teachers lent most frequently to those with incomes in the $100k-150k range, with 776 originations. The second most popular income band? $150k-250k, with 697 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 445 $69,105,000 $155,292 $1,918 3.80%
    30-36% 394 $59,630,000 $151,345 $1,873 3.78%
    50-60% 387 $46,795,000 $120,917 $840 3.99%
    >60% 312 $41,950,000 $134,455 $932 4.12%
    <20% 130 $19,560,000 $150,462 $1,747 3.71%
    40% 74 $12,200,000 $164,865 $2,422 3.82%
    37% 66 $10,020,000 $151,818 $1,920 3.93%
    41% 65 $9,155,000 $140,846 $1,935 3.86%
    43% 64 $7,760,000 $121,250 $1,550 4.02%
    38% 61 $9,205,000 $150,902 $1,562 3.59%
    39% 61 $9,685,000 $158,770 $1,805 3.81%
    45% 59 $9,925,000 $168,220 $2,141 4.07%
    42% 59 $9,735,000 $165,000 $1,978 3.96%
    47% 58 $10,220,000 $176,207 $2,192 3.92%
    44% 56 $8,840,000 $157,857 $1,289 3.99%
    49% 52 $7,360,000 $141,538 $1,710 4.08%
    46% 51 $7,465,000 $146,373 $1,299 3.79%
    48% 50 $8,220,000 $164,400 $2,054 3.88%
    36% 47 $7,195,000 $153,085 $2,569 3.83%

    Teachers lent most frequently to those with DTI ratios of 20-30%, with 445 originations. The next most common DTI ratio? 30-36%, with 394 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 2,231 $328,395,000 $147,196 $1,609 3.88%
    Not provided 103 $14,035,000 $136,262 $1,373 4.14%
    Asian 64 $11,790,000 $184,219 $2,740 3.79%
    Black 62 $7,340,000 $118,387 $1,447 4.25%
    Not applicable 7 $1,815,000 $259,286 $1,196 3.56%
    Asian Indian 12 $1,510,000 $125,833 $455 3.35%
    American Indian 11 $1,475,000 $134,091 $1,014 3.71%
    Chinese 6 $1,030,000 $171,667 $2,013 3.43%
    Filipino 5 $305,000 $61,000 $460 4.44%
    Other Asian 2 $260,000 $130,000 $0 2.74%
    Native Hawaiian or Islander 1 $195,000 $195,000 $548 6.00%
    Other Pacific Islander 1 $45,000 $45,000 $485 6.49%

    Approval Rates

    Total approvals of all applications
    93.23%

    Teachers has an average approval rate.

    Pick Rate

    Approvals leading to origination
    84.27%

    Teachers has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 2,505 $368,195,000 $146,984

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 1 $75,000 $75,000
    Single Family (1-4 Units):Site-Built 2,504 $368,120,000 $147,013

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 631 $93,785,000 $148,629 $933 3.71%
    40-60% 287 $70,015,000 $243,955 $2,364 3.76%
    60-80% 298 $88,960,000 $298,523 $3,761 4.01%
    80-100% 137 $43,475,000 $317,336 $4,887 4.21%
    Over 100% 5 $515,000 $103,000 $457 3.64%
    Under 20% 1,140 $69,250,000 $60,746 $475 3.96%