Greater Alliance Mortgage Rates, Fees & Info
Paramus, NJLEI: 549300V4GRCFGZBVVZ73
Tax ID: 22-1497860
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Mortgage Data
Review & Overview
Greater Alliance is a smaller mortgage company specializing in Home Improvement and Home Purchase loans. Greater Alliance has a high proportion of conventional loans. Their top markets by origination volume include: New York, Miami, Poughkeepsie, Augusta, and Trenton among others. We have data for 12 markets. (Some data included below & more in-depth data is available with an active subscription.)Greater Alliance 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. Greater Alliance 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 | 6.23% | 12/16/24 |
| 30 Year Conventional Refi | 6.00% | 12/16/24 |
| 30 Year Cash-out Refi | 6.42% | 12/16/24 |
| 15 Year Conventional Refi | 6.16% | 12/16/24 |
| 15 Year Cash-out Refi | 6.16% | 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. | ||
Greater Alliance Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
205Origination Dollar Volume (All Markets)
$34,455,000Awards
GREATER ALLIANCE - 2019
GREATER ALLIANCE is a 2019 , due to their low .
For 2019, less than of lenders were eligible for this award.
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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) | 189 | $30,235,000 | $159,974 | $3,241 | 3.53% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 3 | $2,275,000 | $758,333 | $3,478 | 2.50% |
| POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) | 4 | $670,000 | $167,500 | $3,584 | 3.37% |
| AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $2,056 | 4.00% |
| TRENTON-PRINCETON, NJ (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $3,437 | 4.00% |
| SAVANNAH, GA (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $2,846 | 4.13% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $0 | 0.00% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $2,321 | 3.88% |
| PUNTA GORDA, FL (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 0.00% |
| EAST STROUDSBURG, PA (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 0.00% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 4.24% |
| Key West, FL (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $0 | 4.24% |
Similar Lenders
We use machine learning to identify the top lenders compared against GREATER ALLIANCE 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 | 132 | $25,400,000 | $192,424 | $3,219 | 3.99% |
| HELOC | 73 | $9,055,000 | $124,041 | n/a | 2.70% |
For 2019, Greater Alliance's most frequently originated type of loan was Conventional, with 132 originations. Their 2nd most popular type was HELOC, with 73 originations.
Loan Reason
For 2019, Greater Alliance's most frequently cited loan purpose was Home Improvement, with 98 originations. The 2nd most popular reason was Home Purchase, with 36 originations.
Loan Duration/Length
For 2019, Greater Alliance's most frequently cited loan duration was 20 Year, with 77 originations. The 2nd most popular length was 30 Year, with 53 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 125 | $24,685,000 | $197,480 |
Greater Alliance's average total fees were $3,324, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 125 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 55 | $8,155,000 | $148,273 |
| 2.5-3% | 40 | $7,450,000 | $186,250 |
| 3-4% | 34 | $7,480,000 | $220,000 |
| <2.5% | 31 | $4,495,000 | $145,000 |
| 5-6% | 5 | $295,000 | $59,000 |
During 2019, Greater Alliance's average interest rate for loans was 3.70%, while their most frequently originated rate bucket for loans was 4-5%, with 55 originations.
Loan Sizing
2019 saw Greater Alliance place emphasis on $100,000 or less loans with 78 originations, totaling $4,340,000 in origination value.
Applicant Income
Greater Alliance lent most frequently to those with incomes in the $100k-150k range, with 59 originations. The second most popular income band? $150k-250k, with 47 originations.
Applicant Debt to Income Ratio
Greater Alliance lent most frequently to those with DTI ratios of <20%, with 50 originations. The next most common DTI ratio? 30-36%, with 37 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications73.17%
Greater Alliance has a below average approval rate.
Pick Rate
Approvals leading to origination74.63%
Greater Alliance has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| 0.0 | 73 | $9,055,000 | $124,041 |
| NA | 132 | $25,400,000 | $192,424 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 205 | $34,455,000 | $168,073 |