Niagara's Choice Mortgage Rates, Fees & Info
Niagara Falls, NYLEI: 549300V56OLT434ILO42
Tax ID: 16-0786241
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Mortgage Data
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 average approval rate when compared to the average across all lenders. They have a below 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.
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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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
68Origination Dollar Volume (All Markets)
$4,260,000Top 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 |
|---|---|---|---|---|---|
| BUFFALO-CHEEKTOWAGA, NY (FHA|USDA|VA) | 66 | $4,150,000 | $62,879 | $955 | 4.11% |
| Outside of Metro Areas | 1 | $65,000 | $65,000 | $2,419 | 3.38% |
| ROCHESTER, NY (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $828 | 2.75% |
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.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 68 | $4,260,000 | $62,647 | $974 | 4.08% |
For 2020, Niagara's Choice's most frequently originated type of loan was Conventional, with 68 originations.
Loan Reason
For 2020, Niagara's Choice's most frequently cited loan purpose was Home Improvement, with 33 originations. The 2nd most popular reason was Refi, with 16 originations.
Loan Duration/Length
For 2020, Niagara's Choice's most frequently cited loan duration was 15 Year, with 26 originations. The 2nd most popular length was 10 Year, with 21 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 6 | $1,120,000 | $186,667 |
Niagara's Choice's average total fees were $2,710, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 6 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 29 | $1,535,000 | $52,931 |
| 3-4% | 15 | $1,145,000 | $76,333 |
| 2.5-3% | 13 | $985,000 | $75,769 |
| 5-6% | 10 | $570,000 | $57,000 |
During 2020, Niagara's Choice's average interest rate for loans was 3.34%, while their most frequently originated rate bucket for loans was 4-5%, with 29 originations.
Loan Sizing
2020 saw Niagara's Choice place emphasis on $100,000 or less loans with 58 originations, totaling $2,510,000 in origination value.
Applicant Income
Niagara's Choice lent most frequently to those with incomes in the $50k-75k range, with 24 originations. The second most popular income band? $100k-150k, with 15 originations.
Applicant Debt to Income Ratio
Niagara's Choice lent most frequently to those with DTI ratios of 20-30%, with 22 originations. The next most common DTI ratio? 30-36%, with 12 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 65 | $3,735,000 | $57,462 | $958 | 4.07% |
| Asian | 1 | $405,000 | $405,000 | $2,225 | 3.00% |
| Black | 2 | $120,000 | $60,000 | $900 | 4.88% |
Approval Rates
Total approvals of all applications89.04%
Niagara's Choice has an average approval rate.
Pick Rate
Approvals leading to origination88.24%
Niagara's Choice has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 68 | $4,260,000 | $62,647 |