Millenium Home Mortgage Rates, Fees & Info

Parsippany, NJ

LEI: 549300S70UD2GFALPM46

Tax ID: 22-3537421

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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • 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

    Millenium Home Mortgage is a smaller mortgage company specializing in Refi and Home Purchase loans. Millenium Home Mortgage has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets by origination volume include: New York, Trenton, Philadelphia, Allentown, and Atlantic City among others. We have data for 13 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Millenium Home Mortgage 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. Millenium Home Mortgage 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
    30 Year Conventional Purchase 6.45% 12/16/24
    30 Year Conventional Refi 6.13% 12/16/24
    30 Year Cash-out Refi 6.47% 12/16/24
    30 Year FHA Purchase 7.15% 12/16/24
    30 Year USDA Purchase 7.40% 12/16/24
    15 Year Conventional Purchase 6.03% 12/16/24
    15 Year Conventional Refi 5.84% 12/16/24
    15 Year Cash-out Refi 5.84% 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.

    Millenium Home Mortgage Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Millenium Home Mortgage. 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

    1,261

    Origination Dollar Volume (All Markets)

    $453,465,000
    Show all (5) 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) 1,113 $411,585,000 $369,798 $4,814 2.95%
    TRENTON-PRINCETON, NJ (FHA|USDA|VA) 39 $12,695,000 $325,513 $3,915 2.83%
    Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 42 $12,510,000 $297,857 $4,659 2.91%
    ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 48 $10,870,000 $226,458 $4,163 3.02%
    ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) 5 $1,815,000 $363,000 $3,783 2.63%
    OCEAN CITY, NJ (FHA|USDA|VA) 4 $1,160,000 $290,000 $3,620 3.19%
    BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 2 $950,000 $475,000 $3,857 2.25%
    HARRISBURG-CARLISLE, PA (FHA|USDA|VA) 1 $455,000 $455,000 $5,363 2.63%
    EAST STROUDSBURG, PA (FHA|USDA|VA) 2 $430,000 $215,000 $3,915 2.81%
    ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) 2 $370,000 $185,000 $4,192 3.00%
    Outside of Metro Areas 1 $315,000 $315,000 $7,344 3.38%
    KINGSTON, NY (FHA|USDA|VA) 1 $205,000 $205,000 $4,640 2.75%
    SYRACUSE, NY (FHA|USDA|VA) 1 $105,000 $105,000 $3,837 2.75%
    Millenium Home Mortgage's top markets include New York, Trenton, Philadelphia, Allentown, and Atlantic City among others.

    Their top states include:
  • New Jersey (FHA|USDA|VA)
  • Pennsylvania (FHA|USDA|VA)
  • New York (FHA|USDA|VA)
  • Connecticut (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against MILLENIUM HOME MORTGAGE 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
    Princeton Federal Credit Union
    Similarity Rank: 450
    N C P D Federal Credit Union
    Similarity Rank: 482
    MOUNTAIN MORTGAGE CORP.
    Similarity Rank: 538
    First Citizens Community Bank
    Similarity Rank: 589
    BHCU
    Similarity Rank: 625
    Prudential Bank
    Similarity Rank: 640
    ATLANTIS MORTGAGE CO., INC.
    Similarity Rank: 668
    TEG Federal Credit Union
    Similarity Rank: 715

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,188 $428,140,000 $360,387 $4,302 2.94%
    FHA 72 $25,080,000 $348,333 $12,024 3.09%
    USDA 1 $245,000 $245,000 $8,170 3.13%

    For 2020, Millenium Home Mortgage's most frequently originated type of loan was Conventional, with 1,188 originations. Their 2nd most popular type was FHA, with 72 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 715 $248,715,000 $347,853 $3,956 2.82%
    Home Purchase 326 $123,050,000 $377,454 $6,576 3.08%
    Cash Out Refi 208 $77,230,000 $371,298 $4,547 3.13%
    Other 12 $4,470,000 $372,500 $5,543 3.96%

    For 2020, Millenium Home Mortgage's most frequently cited loan purpose was Refi, with 715 originations. The 2nd most popular reason was Home Purchase, with 326 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 882 $334,300,000 $379,025 $5,163 3.08%
    15 Year 237 $73,555,000 $310,359 $3,708 2.51%
    20 Year 103 $33,205,000 $322,379 $3,827 2.90%
    Other 29 $9,685,000 $333,966 $4,463 2.94%
    10 Year 10 $2,720,000 $272,000 $2,801 2.59%

    For 2020, Millenium Home Mortgage's most frequently cited loan duration was 30 Year, with 882 originations. The 2nd most popular length was 15 Year, with 237 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 996 $353,620,000 $355,040
    $2k-3k 80 $28,260,000 $353,250
    $3k-4k 54 $19,190,000 $355,370
    $<1k 53 $18,345,000 $346,132
    $5k+ 51 $24,365,000 $477,745
    $4k-5k 27 $9,685,000 $358,704

    Millenium Home Mortgage's average total fees were $5,163, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 996 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 643 $233,015,000 $362,387
    3-4% 387 $146,795,000 $379,315
    <2.5% 204 $64,740,000 $317,353
    4-5% 23 $7,645,000 $332,391
    5-6% 2 $630,000 $315,000
    6-7% 1 $255,000 $255,000
    7-8% 1 $385,000 $385,000

    During 2020, Millenium Home Mortgage's average interest rate for loans was 3.08%, while their most frequently originated rate bucket for loans was 2.5-3%, with 643 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 715 $215,615,000 $301,559 $4,464 2.93%
    $400k-600k 321 $151,955,000 $473,380 $5,362 2.93%
    $100k-200k 136 $21,710,000 $159,632 $3,701 2.93%
    $600k-1MM 80 $56,470,000 $705,875 $6,262 3.15%
    $1MM+ 5 $7,355,000 $1,471,000 $10,837 3.50%
    $100,000 or less 4 $360,000 $90,000 $3,262 3.16%

    2020 saw Millenium Home Mortgage place emphasis on $200k-400k loans with 715 originations, totaling $215,615,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 404 $155,410,000 $384,678 $4,437 2.87%
    $100k-150k 344 $115,350,000 $335,320 $4,683 2.93%
    $250k+ 199 $99,095,000 $497,965 $5,002 2.99%
    $75k-100k 180 $51,870,000 $288,167 $4,840 3.00%
    $50k-75k 99 $24,245,000 $244,899 $5,399 3.01%
    $50k or less 30 $5,760,000 $192,000 $5,221 3.43%

    Millenium Home Mortgage lent most frequently to those with incomes in the $150k-250k range, with 404 originations. The second most popular income band? $100k-150k, with 344 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 324 $121,000,000 $373,457 $4,187 2.84%
    30-36% 241 $84,945,000 $352,469 $4,317 2.93%
    <20% 144 $50,630,000 $351,597 $3,958 2.77%
    39% 52 $20,880,000 $401,538 $5,010 3.12%
    41% 46 $17,160,000 $373,043 $5,517 3.04%
    38% 43 $15,055,000 $350,116 $4,057 2.93%
    36% 42 $16,160,000 $384,762 $5,138 3.17%
    43% 40 $14,740,000 $368,500 $4,672 3.09%
    49% 40 $14,120,000 $353,000 $6,176 3.12%
    40% 37 $13,555,000 $366,351 $5,178 2.99%
    42% 35 $11,995,000 $342,714 $5,870 3.08%
    44% 35 $11,955,000 $341,571 $4,197 3.10%
    47% 33 $10,485,000 $317,727 $4,979 2.99%
    50-60% 31 $10,255,000 $330,806 $11,337 2.94%
    46% 29 $10,315,000 $355,690 $5,190 2.93%
    37% 29 $10,105,000 $348,448 $5,354 3.17%
    45% 28 $9,690,000 $346,071 $4,748 3.04%
    48% 24 $7,840,000 $326,667 $4,565 2.97%
    >60% 1 $335,000 $335,000 $9,133 3.88%

    Millenium Home Mortgage lent most frequently to those with DTI ratios of 20-30%, with 324 originations. The next most common DTI ratio? 30-36%, with 241 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 915 $333,355,000 $364,322 $4,714 2.98%
    Asian 214 $74,770,000 $349,393 $4,173 2.77%
    Not provided 78 $26,040,000 $333,846 $5,347 2.88%
    Black 48 $16,690,000 $347,708 $6,895 3.17%
    Native Hawaiian or Islander 4 $1,970,000 $492,500 $5,170 3.53%
    Other Asian 1 $375,000 $375,000 $4,966 2.75%
    Chinese 1 $265,000 $265,000 $3,859 3.25%

    Approval Rates

    Total approvals of all applications
    98.43%

    Millenium Home Mortgage has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    80.81%

    Millenium Home Mortgage has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,261 $453,465,000 $359,607

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 1,261 $453,465,000 $359,607

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 61 $14,785,000 $242,377 $3,676 2.80%
    40-60% 225 $74,345,000 $330,422 $3,830 2.83%
    60-80% 679 $257,305,000 $378,947 $4,383 2.96%
    80-100% 291 $105,375,000 $362,113 $6,466 3.06%
    Over 100% 1 $585,000 $585,000 $22,901 3.13%
    Under 20% 4 $1,070,000 $267,500 $4,352 2.47%