El Paso Area Teachers Mortgage Rates, Fees & Info
El Paso, TXLEI: 549300SLOQGL2LEMSD33
Tax ID: 74-1110254
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Mortgage Data
Review & Overview
El Paso Area Teachers is a smaller mortgage company specializing in Cash Out Refi, Home Improvement, and Home Purchase loans. El Paso Area Teachers has a high proportion of conventional loans. Their top markets by origination volume include: El Paso, Las Cruces, Alamogordo, Dallas, and Amarillo among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)El Paso Area Teachers 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. El Paso Area Teachers is typically a low 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 |
|---|---|---|
| 30 Year Conventional Purchase | 6.67% | 11/17/24 |
| 30 Year Conventional Refi | 6.18% | 11/17/24 |
| 30 Year Cash-out Refi | 5.79% | 11/17/24 |
| 15 Year Conventional Purchase | 6.71% | 11/17/24 |
| 15 Year Conventional Refi | 6.67% | 11/17/24 |
| 15 Year Cash-out Refi | 6.67% | 11/17/24 |
| 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. | ||
El Paso Area Teachers Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
204Origination Dollar Volume (All Markets)
$17,780,000Top 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 |
|---|---|---|---|---|---|
| EL PASO, TX (FHA|USDA|VA) | 196 | $16,980,000 | $86,633 | $2,685 | 4.39% |
| LAS CRUCES, NM (FHA|USDA|VA) | 3 | $265,000 | $88,333 | $3,562 | 4.79% |
| Alamogordo, NM (FHA|USDA|VA) | 2 | $210,000 | $105,000 | $4,010 | 4.13% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $4,609 | 4.50% |
| AMARILLO, TX (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $3,493 | 4.00% |
| Ruidoso, NM (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $3,222 | 4.50% |
Similar Lenders
We use machine learning to identify the top lenders compared against EL PASO AREA 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 | 204 | $17,780,000 | $87,157 | $2,725 | 4.39% |
For 2019, El Paso Area Teachers's most frequently originated type of loan was Conventional, with 204 originations.
Loan Reason
For 2019, El Paso Area Teachers's most frequently cited loan purpose was Cash Out Refi, with 69 originations. The 2nd most popular reason was Home Improvement, with 63 originations.
Loan Duration/Length
For 2019, El Paso Area Teachers's most frequently cited loan duration was 15 Year, with 124 originations. The 2nd most popular length was 30 Year, with 41 originations.
Origination Fees/Closing Costs
El Paso Area Teachers's average total fees were $4,342, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 98 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 113 | $9,965,000 | $88,186 |
| 3-4% | 65 | $5,725,000 | $88,077 |
| 5-6% | 25 | $2,055,000 | $82,200 |
| 6-7% | 1 | $35,000 | $35,000 |
During 2019, El Paso Area Teachers's average interest rate for loans was 4.54%, while their most frequently originated rate bucket for loans was 4-5%, with 113 originations.
Loan Sizing
2019 saw El Paso Area Teachers place emphasis on $100,000 or less loans with 144 originations, totaling $8,860,000 in origination value.
Applicant Income
El Paso Area Teachers lent most frequently to those with incomes in the $50k-75k range, with 68 originations. The second most popular income band? $50k or less, with 68 originations.
Applicant Debt to Income Ratio
El Paso Area Teachers lent most frequently to those with DTI ratios of 20-30%, with 62 originations. The next most common DTI ratio? 30-36%, with 37 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 198 | $17,270,000 | $87,222 | $2,729 | 4.38% |
| Black | 6 | $510,000 | $85,000 | $2,615 | 4.69% |
Approval Rates
Total approvals of all applications77.78%
El Paso Area Teachers has a below average approval rate.
Pick Rate
Approvals leading to origination68.63%
El Paso Area Teachers 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 |
|---|---|---|---|
| 1223.0 | 1 | $55,000 | $55,000 |
| 2000.0 | 1 | $85,000 | $85,000 |
| 2035.0 | 1 | $95,000 | $95,000 |
| 3970.95 | 1 | $95,000 | $95,000 |
| 4576.89 | 1 | $75,000 | $75,000 |
| 4613.3 | 1 | $85,000 | $85,000 |
| NA | 198 | $17,290,000 | $87,323 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 204 | $17,780,000 | $87,157 |