Essa Bank & Trust Mortgage Rates, Fees & Info
Stroudsburg, PALEI: 549300W5E3L00UZ6F777
Tax ID: 24-0568185
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Mortgage Data
Review & Overview
Essa Bank & Trust is a smaller bank specializing in Home Purchase loans. Essa Bank & Trust has a high proportion of conventional loans. Their top markets by origination volume include: Philadelphia, East Stroudsburg, Allentown, Scranton, and Ocean City among others. We have data for 11 markets. (Some data included below & more in-depth data is available with an active subscription.)Essa Bank & Trust 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. Essa Bank & Trust is typically an average 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 relatively high 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 |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 6.09% | 11/17/24 |
| 30 Year Conventional Purchase | 6.45% | 11/17/24 |
| 30 Year Conventional Refi | 6.53% | 11/17/24 |
| 30 Year Cash-out Refi | 6.27% | 11/17/24 |
| 15 Year Conventional Purchase | 5.79% | 11/17/24 |
| 15 Year Conventional Refi | 5.91% | 11/17/24 |
| 15 Year Cash-out Refi | 5.91% | 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. | ||
Essa Bank & Trust Mortgage Calculator
Your Estimates
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This is not an official calculator from Essa Bank & Trust. It uses our SimulatedRate™
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
575Origination Dollar Volume (All Markets)
$158,585,000Awards
ESSA Bank & Trust - 2023
ESSA Bank & Trust is a 2023 , due to their low .
For 2023, less than of lenders were eligible for this award.
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Relative Rate
Essa Bank & Trust's average 30 year fixed mortgage rate was
7.38%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of 0.9%.
Relative Fees (Closing Costs)
Essa Bank & Trust's average total fees/closing costs for a 30 year fixed rate
mortgage were $5,572.
The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including
both points & up-front fees in addition to origination fees) were $9,089.
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 |
|---|---|---|---|---|---|
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 112 | $62,850,000 | $561,161 | $7,052 | 6.78% |
| EAST STROUDSBURG, PA (FHA|USDA|VA) | 233 | $39,455,000 | $169,335 | $2,514 | 7.15% |
| ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) | 136 | $30,250,000 | $222,426 | $3,795 | 7.08% |
| SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) | 59 | $18,535,000 | $314,153 | $4,206 | 7.14% |
| OCEAN CITY, NJ (FHA|USDA|VA) | 4 | $2,880,000 | $720,000 | $10,347 | 6.78% |
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 18 | $2,630,000 | $146,111 | $1,815 | 7.14% |
| READING, PA (FHA|USDA|VA) | 6 | $1,150,000 | $191,667 | $3,680 | 6.51% |
| Outside of Metro Areas | 4 | $420,000 | $105,000 | $3,443 | 7.35% |
| Sunbury, PA (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $3,866 | 6.25% |
| Sayre, PA (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 6.00% |
| Pottsville, PA (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 8.20% |
Their top states include:
Similar Lenders
We use machine learning to identify the top lenders compared against ESSA Bank & Trust based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 21
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 438 | $144,000,000 | $328,767 | $3,954 | 6.66% |
| HELOC | 137 | $14,585,000 | $106,460 | n/a | 8.29% |
For 2023, Essa Bank & Trust's most frequently originated type of loan was Conventional, with 438 originations. Their 2nd most popular type was HELOC, with 137 originations.
Loan Reason
For 2023, Essa Bank & Trust's most frequently cited loan purpose was Home Purchase, with 300 originations. The 2nd most popular reason was Home Improvement, with 103 originations.
Loan Duration/Length
For 2023, Essa Bank & Trust's most frequently cited loan duration was 30 Year, with 322 originations. The 2nd most popular length was 20 Year, with 58 originations.
Origination Fees/Closing Costs
Essa Bank & Trust's average total fees were $5,572, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 329 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 205 | $69,465,000 | $338,854 |
| 7-8% | 156 | $40,290,000 | $258,269 |
| Over 8% | 109 | $15,805,000 | $145,000 |
| 5-6% | 102 | $32,920,000 | $322,745 |
| 4-5% | 3 | $105,000 | $35,000 |
During 2023, Essa Bank & Trust's average interest rate for loans was 7.38%, while their most frequently originated rate bucket for loans was 6-7%, with 205 originations.
Loan Sizing
2023 saw Essa Bank & Trust place emphasis on $100,000 or less loans with 199 originations, totaling $9,915,000 in origination value.
Applicant Income
Essa Bank & Trust lent most frequently to those with incomes in the $150k-250k range, with 125 originations. The second most popular income band? $100k-150k, with 123 originations.
Applicant Debt to Income Ratio
Essa Bank & Trust lent most frequently to those with DTI ratios of 20-30%, with 130 originations. The next most common DTI ratio? 30-36%, with 98 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications87.61%
Essa Bank & Trust has an average approval rate.
Pick Rate
Approvals leading to origination84.17%
Essa Bank & Trust has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 575 | $158,585,000 | $275,800 |