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, Refi, and Home Purchase loans. Niagara's Choice has a high proportion of conventional loans. Their top markets by origination volume include: Buffalo, Batavia, Corning, and Rochester among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)

    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

    134

    Origination Dollar Volume (All Markets)

    $11,420,000

    Awards

    NIAGARA'S CHOICE 30 Year Conventional Loans gold NIAGARA'S CHOICE 30 Year Conventional Loans bronze
    Show all (2) 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
    BUFFALO-CHEEKTOWAGA, NY (FHA|USDA|VA) 130 $10,830,000 $83,308 $1,481 4.28%
    Batavia, NY (FHA|USDA|VA) 2 $430,000 $215,000 $2,018 5.30%
    Corning, NY (FHA|USDA|VA) 1 $135,000 $135,000 $3,159 4.63%
    ROCHESTER, NY (FHA|USDA|VA) 1 $25,000 $25,000 $940 4.25%
    Niagara's Choice's top markets include Buffalo, Batavia, Corning, 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: 30
    Moog Employees Federal Credit Union
    Similarity Rank: 76
    NIAGARA'S CHOICE
    Similarity Rank: 80
    ONTARIO SHORES
    Similarity Rank: 84
    BUFFALO METROPOLITAN FEDERAL CREDIT UNION
    Similarity Rank: 84
    Evans Bank
    Similarity Rank: 333
    SEFCU SERVICES, LLC
    Similarity Rank: 390
    Five Star Bank
    Similarity Rank: 833
    Tompkins Trust Company
    Similarity Rank: 1280
    PARAGON HOME LOANS INC.
    Similarity Rank: 1311

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 134 $11,420,000 $85,224 $1,497 4.30%

    For 2022, Niagara's Choice's most frequently originated type of loan was Conventional, with 134 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 74 $3,650,000 $49,324 $865 4.26%
    Refi 25 $2,375,000 $95,000 $1,302 4.14%
    Home Purchase 23 $3,315,000 $144,130 $3,199 4.76%
    Cash Out Refi 12 $2,080,000 $173,333 $2,542 3.92%

    For 2022, Niagara's Choice's most frequently cited loan purpose was Home Improvement, with 74 originations. The 2nd most popular reason was Refi, with 25 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 65 $5,215,000 $80,231 $1,241 4.64%
    10 Year 26 $1,400,000 $53,846 $968 3.95%
    30 Year 22 $3,750,000 $170,455 $3,134 4.54%
    5 Year 16 $590,000 $36,875 $766 3.02%
    20 Year 4 $400,000 $100,000 $3,160 4.91%
    Other 1 $65,000 $65,000 $935 3.75%

    For 2022, Niagara's Choice's most frequently cited loan duration was 15 Year, with 65 originations. The 2nd most popular length was 10 Year, with 26 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 34 $5,460,000 $160,588
    $2k-3k 1 $75,000 $75,000

    Niagara's Choice's average total fees were $3,134, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 34 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 61 $4,645,000 $76,148
    3-4% 31 $3,215,000 $103,710
    5-6% 26 $2,780,000 $106,923
    2.5-3% 14 $650,000 $46,429
    6-7% 2 $130,000 $65,000

    During 2022, Niagara's Choice's average interest rate for loans was 4.54%, while their most frequently originated rate bucket for loans was 4-5%, with 61 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 99 $4,925,000 $49,747 $1,084 4.24%
    $100k-200k 24 $3,330,000 $138,750 $2,486 4.43%
    $200k-400k 11 $3,165,000 $287,727 $3,058 4.49%

    2022 saw Niagara's Choice place emphasis on $100,000 or less loans with 99 originations, totaling $4,925,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 40 $3,300,000 $82,500 $1,544 4.38%
    $100k-150k 27 $2,685,000 $99,444 $1,401 3.92%
    $50k or less 27 $1,635,000 $60,556 $1,590 4.55%
    $75k-100k 21 $1,885,000 $89,762 $1,551 4.77%
    $150k-250k 16 $1,390,000 $86,875 $1,143 3.72%
    $250k+ 3 $525,000 $175,000 $2,417 4.08%

    Niagara's Choice lent most frequently to those with incomes in the $50k-75k range, with 40 originations. The second most popular income band? $100k-150k, with 27 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 33 $2,245,000 $68,030 $1,369 4.25%
    30-36% 31 $2,545,000 $82,097 $1,471 4.36%
    <20% 14 $820,000 $58,571 $1,496 3.79%
    39% 9 $1,005,000 $111,667 $1,308 4.37%
    40% 8 $970,000 $121,250 $1,770 4.68%
    37% 7 $395,000 $56,429 $1,250 4.44%
    38% 7 $785,000 $112,143 $1,720 4.73%
    41% 6 $840,000 $140,000 $1,908 4.49%
    43% 5 $355,000 $71,000 $1,107 4.10%
    45% 4 $590,000 $147,500 $2,081 4.16%
    36% 4 $160,000 $40,000 $768 3.93%
    42% 3 $285,000 $95,000 $2,328 4.24%
    44% 2 $270,000 $135,000 $2,178 5.04%
    48% 1 $155,000 $155,000 $2,494 3.63%

    Niagara's Choice lent most frequently to those with DTI ratios of 20-30%, with 33 originations. The next most common DTI ratio? 30-36%, with 31 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 119 $10,265,000 $86,261 $1,437 4.24%
    Black 10 $570,000 $57,000 $1,843 5.06%
    Not provided 2 $280,000 $140,000 $3,149 4.44%
    Asian 2 $260,000 $130,000 $2,074 3.75%
    Asian Indian 1 $45,000 $45,000 $798 4.25%

    Approval Rates

    Total approvals of all applications
    96.58%

    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
    94.78%

    Niagara's Choice has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 134 $11,420,000 $85,224

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    134 $11,420,000 $85,224

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 48 $3,220,000 $67,083 $1,102 4.41%
    40-60% 10 $970,000 $97,000 $1,691 4.49%
    60-80% 21 $3,245,000 $154,524 $2,417 4.40%
    80-100% 17 $2,625,000 $154,412 $2,988 4.73%
    Under 20% 38 $1,360,000 $35,789 $770 3.84%