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

Jump to:

  • 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 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, Allentown, Philadelphia, Ocean City, and Trenton among others. We have data for 16 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 a high 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% 4/28/24
    30 Year Conventional Refi 6.13% 4/28/24
    30 Year Cash-out Refi 6.47% 4/28/24
    30 Year FHA Purchase 7.15% 4/28/24
    30 Year USDA Purchase 7.40% 4/28/24
    15 Year Conventional Purchase 6.03% 4/28/24
    15 Year Conventional Refi 5.84% 4/28/24
    15 Year Cash-out Refi 5.84% 4/28/24
    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.

    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

    390

    Origination Dollar Volume (All Markets)

    $161,720,000

    Awards

    MILLENIUM HOME MORTGAGE FHA Loans bronze
    Show all (1) 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) 334 $145,210,000 $434,760 $8,186 4.36%
    ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 30 $7,870,000 $262,333 $6,221 4.52%
    Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 9 $2,695,000 $299,444 $6,947 4.56%
    OCEAN CITY, NJ (FHA|USDA|VA) 2 $1,090,000 $545,000 $7,651 5.06%
    TRENTON-PRINCETON, NJ (FHA|USDA|VA) 1 $805,000 $805,000 $6,612 4.63%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 2 $590,000 $295,000 $8,225 4.50%
    ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 2 $580,000 $290,000 $6,906 4.88%
    BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 1 $555,000 $555,000 $3,959 3.25%
    NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 1 $475,000 $475,000 $7,404 5.50%
    ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) 2 $440,000 $220,000 $5,703 4.81%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $375,000 $375,000 $4,921 4.00%
    ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) 1 $265,000 $265,000 $3,579 3.88%
    GETTYSBURG, PA (FHA|USDA|VA) 1 $235,000 $235,000 $15,901 6.25%
    VINELAND-BRIDGETON, NJ (FHA|USDA|VA) 1 $215,000 $215,000 $3,679 4.13%
    EAST STROUDSBURG, PA (FHA|USDA|VA) 1 $165,000 $165,000 $8,761 5.13%
    SYRACUSE, NY (FHA|USDA|VA) 1 $155,000 $155,000 $4,851 3.75%
    Millenium Home Mortgage's top markets include New York, Allentown, Philadelphia, Ocean City, and Trenton among others.

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

    ALLENTOWN
    Similarity Rank: 24
    RSI BANK
    Similarity Rank: 30
    Schuyler Savings Bank
    Similarity Rank: 51
    North Jersey Federal Credit Union
    Similarity Rank: 124
    The First National Bank of Long Island
    Similarity Rank: 142
    N C P D Federal Credit Union
    Similarity Rank: 201
    Malvern Bank N.A.
    Similarity Rank: 441
    Nassau Educators Federal Credit Union
    Similarity Rank: 481
    Peoples Security Bank and Trust Company
    Similarity Rank: 540
    American Broadcast Employees Federal Credit Union
    Similarity Rank: 540

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 351 $144,945,000 $412,949 $6,959 4.36%
    FHA 38 $16,540,000 $435,263 $17,060 4.65%
    USDA 1 $235,000 $235,000 $9,197 5.63%

    For 2022, Millenium Home Mortgage's most frequently originated type of loan was Conventional, with 351 originations. Their 2nd most popular type was FHA, with 38 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 262 $114,790,000 $438,130 $8,711 4.69%
    Cash Out Refi 71 $25,595,000 $360,493 $6,947 3.98%
    Refi 44 $17,280,000 $392,727 $5,583 3.28%
    Other 13 $4,055,000 $311,923 $6,072 4.52%

    For 2022, Millenium Home Mortgage's most frequently cited loan purpose was Home Purchase, with 262 originations. The 2nd most popular reason was Cash Out Refi, with 71 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 337 $144,005,000 $427,315 $8,323 4.54%
    15 Year 29 $9,805,000 $338,103 $5,537 3.32%
    20 Year 18 $6,550,000 $363,889 $5,665 3.52%
    10 Year 3 $475,000 $158,333 $4,021 3.38%
    Other 3 $885,000 $295,000 $6,900 4.04%

    For 2022, Millenium Home Mortgage's most frequently cited loan duration was 30 Year, with 337 originations. The 2nd most popular length was 15 Year, with 29 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 137 $59,225,000 $432,299
    $5k+ 88 $39,670,000 $450,795
    $2k-3k 72 $24,720,000 $343,333
    $3k-4k 52 $21,300,000 $409,615
    $4k-5k 32 $13,600,000 $425,000
    $<1k 9 $3,205,000 $356,111

    Millenium Home Mortgage's average total fees were $8,323, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 137 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 110 $52,480,000 $477,091
    4-5% 109 $46,615,000 $427,661
    5-6% 89 $34,255,000 $384,888
    2.5-3% 45 $15,985,000 $355,222
    6-7% 21 $6,395,000 $304,524
    <2.5% 11 $4,755,000 $432,273
    7-8% 5 $1,235,000 $247,000

    During 2022, Millenium Home Mortgage's average interest rate for loans was 4.54%, while their most frequently originated rate bucket for loans was 3-4%, with 110 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 176 $51,780,000 $294,205 $6,838 4.44%
    $400k-600k 104 $50,240,000 $483,077 $10,180 4.49%
    $600k-1MM 50 $36,530,000 $730,600 $9,703 4.23%
    $100k-200k 40 $6,190,000 $154,750 $5,095 4.23%
    $1MM+ 11 $16,175,000 $1,470,455 $10,215 3.80%
    $100,000 or less 9 $805,000 $89,444 $4,069 4.63%

    2022 saw Millenium Home Mortgage place emphasis on $200k-400k loans with 176 originations, totaling $51,780,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 113 $46,275,000 $409,513 $7,272 4.54%
    $100k-150k 91 $35,425,000 $389,286 $9,210 4.40%
    $250k+ 70 $49,320,000 $704,571 $8,060 4.07%
    $75k-100k 68 $21,260,000 $312,647 $8,656 4.37%
    $50k-75k 38 $8,020,000 $211,053 $5,902 4.50%
    $50k or less 10 $1,420,000 $142,000 $6,312 4.61%

    Millenium Home Mortgage lent most frequently to those with incomes in the $150k-250k range, with 113 originations. The second most popular income band? $100k-150k, with 91 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 85 $32,945,000 $387,588 $6,326 4.10%
    30-36% 74 $31,220,000 $421,892 $6,820 4.21%
    37% 23 $9,495,000 $412,826 $6,929 4.15%
    <20% 19 $10,015,000 $527,105 $6,487 3.82%
    50-60% 19 $7,775,000 $409,211 $16,017 4.58%
    40% 18 $8,600,000 $477,778 $8,761 4.65%
    41% 18 $6,900,000 $383,333 $7,454 4.39%
    49% 17 $6,095,000 $358,529 $11,111 5.20%
    42% 17 $8,745,000 $514,412 $7,660 4.93%
    38% 16 $7,830,000 $489,375 $7,387 4.44%
    43% 15 $6,075,000 $405,000 $8,200 4.85%
    39% 15 $6,995,000 $466,333 $7,596 4.00%
    46% 13 $4,815,000 $370,385 $11,244 4.72%
    36% 10 $3,550,000 $355,000 $7,280 4.50%
    44% 9 $2,785,000 $309,444 $7,421 4.99%
    48% 8 $3,130,000 $391,250 $7,252 4.56%
    47% 7 $2,575,000 $367,857 $15,066 5.05%
    45% 7 $2,175,000 $310,714 $7,916 5.20%

    Millenium Home Mortgage lent most frequently to those with DTI ratios of 20-30%, with 85 originations. The next most common DTI ratio? 30-36%, with 74 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 289 $116,175,000 $401,990 $7,884 4.38%
    Asian 47 $21,125,000 $449,468 $7,975 4.37%
    Black 21 $10,915,000 $519,762 $7,632 4.40%
    Not provided 23 $8,585,000 $373,261 $8,740 4.64%
    American Indian 6 $3,070,000 $511,667 $9,263 4.29%
    Asian Indian 4 $1,850,000 $462,500 $7,503 4.44%

    Approval Rates

    Total approvals of all applications
    97.51%

    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
    69.49%

    Millenium Home Mortgage 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 390 $161,720,000 $414,667

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    390 $161,720,000 $414,667

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 24 $4,650,000 $193,750 $4,475 3.78%
    40-60% 58 $20,480,000 $353,103 $5,914 3.84%
    60-80% 159 $70,205,000 $441,541 $7,488 4.41%
    80-100% 146 $65,620,000 $449,452 $9,741 4.69%
    Over 100% 1 $615,000 $615,000 $29,620 5.75%
    Under 20% 2 $150,000 $75,000 $3,588 3.88%