Niagara's Choice Mortgage Rates, Fees & Info

Niagara Falls, NY

LEI: 549300V56OLT434ILO42

Tax ID: 16-0786241

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

    Niagara's Choice is a smaller mortgage company specializing in Home Improvement and Refi loans. Niagara's Choice has a high proportion of conventional loans. Their top two markets are Buffalo and Rochester .

    Niagara's Choice has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. Niagara's Choice 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.

    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 6.60% 4/28/24
    30 Year Conventional Refi 6.68% 4/28/24
    30 Year Cash-out Refi 6.47% 4/28/24
    15 Year Conventional Purchase 6.25% 4/28/24
    15 Year Conventional Refi 6.59% 4/28/24
    15 Year Cash-out Refi 6.59% 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.

    Niagara's Choice Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Niagara's Choice. 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

    99

    Origination Dollar Volume (All Markets)

    $5,535,000

    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
    BUFFALO-CHEEKTOWAGA, NY (FHA|USDA|VA) 98 $5,420,000 $55,306 $1,001 4.72%
    ROCHESTER, NY (FHA|USDA|VA) 1 $115,000 $115,000 $1,387 4.75%
    Niagara's Choice's top markets include Buffalo and Rochester among others.

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

    • Similar Lenders

    We use machine learning to identify the top lenders compared against NIAGARA'S CHOICE based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    GREATER WOODLAWN FEDERAL CREDIT UNION
    Similarity Rank: 33
    ONTARIO SHORES
    Similarity Rank: 52
    Moog Employees Federal Credit Union
    Similarity Rank: 130
    SEFCU SERVICES, LLC
    Similarity Rank: 312
    Fairport Savings Bank
    Similarity Rank: 336
    Five Star Bank
    Similarity Rank: 377
    Syracuse Securities, Inc.
    Similarity Rank: 1176
    OWNERSCHOICE FUNDING, INCORPORATED
    Similarity Rank: 1240
    Community Bank
    Similarity Rank: 1334
    1ST PRIORITY MORTGAGE, INC.
    Similarity Rank: 1575

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 99 $5,535,000 $55,909 $1,005 4.72%

    For 2018, Niagara's Choice's most frequently originated type of loan was Conventional, with 99 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 64 $2,570,000 $40,156 $772 4.66%
    Refi 24 $1,780,000 $74,167 $1,144 4.96%
    Home Purchase 8 $800,000 $100,000 $1,948 4.57%
    Cash Out Refi 3 $385,000 $128,333 $2,343 4.54%

    For 2018, Niagara's Choice's most frequently cited loan purpose was Home Improvement, with 64 originations. The 2nd most popular reason was Refi, with 24 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 50 $2,870,000 $57,400 $903 4.90%
    10 Year 27 $1,195,000 $44,259 $808 4.73%
    5 Year 11 $325,000 $29,545 $694 4.04%
    30 Year 7 $825,000 $117,857 $2,671 4.70%
    Other 2 $190,000 $95,000 $1,595 4.41%
    3 Year 1 $25,000 $25,000 $640 4.00%
    20 Year 1 $105,000 $105,000 $2,370 4.50%

    For 2018, Niagara's Choice's most frequently cited loan duration was 15 Year, with 50 originations. The 2nd most popular length was 10 Year, with 27 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 9 $1,055,000 $117,222

    Niagara's Choice's average total fees were $2,671, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 9 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 72 $4,230,000 $58,750
    5-6% 11 $725,000 $65,909
    3-4% 10 $300,000 $30,000
    6-7% 6 $280,000 $46,667

    During 2018, Niagara's Choice's average interest rate for loans was 4.70%, while their most frequently originated rate bucket for loans was 4-5%, with 72 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 85 $3,755,000 $44,176 $873 4.69%
    $100k-200k 13 $1,525,000 $117,308 $1,655 4.90%
    $200k-400k 1 $255,000 $255,000 $3,807 4.63%

    2018 saw Niagara's Choice place emphasis on $100,000 or less loans with 85 originations, totaling $3,755,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 24 $1,600,000 $66,667 $1,028 4.69%
    $50k-75k 24 $1,140,000 $47,500 $847 5.02%
    $75k-100k 21 $915,000 $43,571 $875 4.58%
    $50k or less 18 $1,130,000 $62,778 $1,344 4.60%
    $150k-250k 11 $695,000 $63,182 $1,003 4.64%
    $250k+ 1 $55,000 $55,000 $876 4.50%

    Niagara's Choice lent most frequently to those with incomes in the $100k-150k range, with 24 originations. The second most popular income band? $50k-75k, with 24 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 28 $1,280,000 $45,714 $905 4.39%
    30-36% 18 $1,050,000 $58,333 $1,060 4.72%
    <20% 11 $625,000 $56,818 $873 4.80%
    38% 7 $475,000 $67,857 $987 4.94%
    40% 6 $340,000 $56,667 $859 5.23%
    42% 4 $300,000 $75,000 $987 5.26%
    36% 4 $240,000 $60,000 $1,146 5.25%
    39% 4 $220,000 $55,000 $1,157 4.68%
    43% 4 $150,000 $37,500 $1,092 4.98%
    46% 3 $155,000 $51,667 $831 4.65%
    41% 3 $165,000 $55,000 $883 4.92%
    50-60% 2 $80,000 $40,000 $828 4.60%
    44% 2 $90,000 $45,000 $1,566 4.60%
    47% 1 $65,000 $65,000 $940 3.85%
    >60% 1 $255,000 $255,000 $3,807 4.63%
    48% 1 $45,000 $45,000 $1,210 4.50%

    Niagara's Choice lent most frequently to those with DTI ratios of 20-30%, with 28 originations. The next most common DTI ratio? 30-36%, with 18 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 92 $5,170,000 $56,196 $1,000 4.72%
    American Indian 1 $135,000 $135,000 $1,473 6.00%
    Black 4 $130,000 $32,500 $756 4.49%
    Not provided 1 $65,000 $65,000 $2,269 4.50%
    Asian 1 $35,000 $35,000 $725 4.75%

    Approval Rates

    Total approvals of all applications
    96.30%

    Niagara's Choice 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
    92.93%

    Niagara's Choice has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 99 $5,535,000 $55,909

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 99 $5,535,000 $55,909

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 40 $1,960,000 $49,000 $862 4.80%
    40-60% 15 $965,000 $64,333 $1,009 4.99%
    60-80% 9 $1,015,000 $112,778 $1,964 4.96%
    80-100% 9 $875,000 $97,222 $1,564 4.77%
    Under 20% 26 $720,000 $27,692 $696 4.35%