Essa Bank & Trust Mortgage Rates, Fees & Info

Stroudsburg, PA

LEI: 549300W5E3L00UZ6F777

Tax ID: 24-0568185

5 stars - out of 5 stars, based on 30 reviews

Latest/2022 | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

  • SimulatedRates™
  • Originations
  • Relative Rates
  • Relative Fees
  • 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

    Essa Bank & Trust is a smaller bank specializing in Home Purchase and Refi loans. Essa Bank & Trust has a high proportion of conventional loans. Their top markets by origination volume include: Philadelphia, Allentown, East Stroudsburg, Scranton, and New York among others. We have data for 13 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 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
    Home Equity Line of Credit (HELOC) 6.09% 3/24/23
    30 Year Conventional Purchase 6.45% 3/24/23
    30 Year Conventional Refi 6.53% 3/24/23
    30 Year Cash-out Refi 6.27% 3/24/23
    15 Year Conventional Purchase 5.79% 3/24/23
    15 Year Conventional Refi 5.91% 3/24/23
    15 Year Cash-out Refi 5.91% 3/24/23
    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.


    Originations

    914

    Origination Dollar Volume (All Markets)

    $307,920,000
    Show all (6) awards

    Relative Rate

    Essa Bank & Trust's average 30 year fixed mortgage rate was 4.6%.

    The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.

    This yields a difference of -0.16%.

    Relative Fees (Closing Costs)

    Essa Bank & Trust's average total fees/closing costs for a 30 year fixed rate mortgage were $4,866.

    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 $4,750.

    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) 159 $118,245,000 $743,679 $6,101 4.75%
    ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 236 $71,820,000 $304,322 $4,043 4.44%
    EAST STROUDSBURG, PA (FHA|USDA|VA) 359 $65,785,000 $183,245 $3,132 4.40%
    SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) 103 $32,035,000 $311,019 $4,377 4.66%
    New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 27 $5,855,000 $216,852 $2,778 4.69%
    OCEAN CITY, NJ (FHA|USDA|VA) 5 $3,725,000 $745,000 $10,843 4.64%
    Outside of Metro Areas 11 $2,885,000 $262,273 $4,518 4.26%
    READING, PA (FHA|USDA|VA) 3 $2,255,000 $751,667 $0 3.83%
    Pottsville, PA (FHA|USDA|VA) 6 $2,070,000 $345,000 $5,530 4.44%
    NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $1,945,000 $1,945,000 $11,976 4.50%
    ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) 2 $630,000 $315,000 $5,203 5.43%
    STATE COLLEGE, PA (FHA|USDA|VA) 1 $515,000 $515,000 $5,818 4.75%
    BLOOMSBURG-BERWICK, PA (FHA|USDA|VA) 1 $155,000 $155,000 $3,226 5.85%
    Essa Bank & Trust's top markets include Philadelphia, Allentown, East Stroudsburg, Scranton, and New York among others.

    Their top states include:
  • Pennsylvania (FHA|USDA|VA)
  • New Jersey (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)

    • 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.

    The Honesdale National Bank
    Similarity Rank: 250
    CROSS VALLEY FEDERAL CREDIT UNION
    Similarity Rank: 318
    Louviers Federal Credit Union
    Similarity Rank: 328
    VISIONS
    Similarity Rank: 528
    KS StateBank
    Similarity Rank: 550
    First Columbia Bank & Trust Co.
    Similarity Rank: 684
    BHCU
    Similarity Rank: 728
    First Keystone Community Bank
    Similarity Rank: 884
    FEDERATED LENDING CORPORATION
    Similarity Rank: 905
    Columbia Bank
    Similarity Rank: 1105

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 705 $285,005,000 $404,262 $4,084 4.60%
    HELOC 209 $22,915,000 $109,641 n/a 4.21%

    For 2022, Essa Bank & Trust's most frequently originated type of loan was Conventional, with 705 originations. Their 2nd most popular type was HELOC, with 209 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 437 $166,425,000 $380,835 $5,325 4.79%
    Home Improvement 154 $33,730,000 $219,026 $148 4.34%
    Cash Out Refi 138 $28,480,000 $206,377 $3,536 4.16%
    Other 102 $8,350,000 $81,863 $692 4.27%
    Refi 83 $70,935,000 $854,639 $3,350 4.22%

    For 2022, Essa Bank & Trust's most frequently cited loan purpose was Home Purchase, with 437 originations. The 2nd most popular reason was Home Improvement, with 154 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 487 $115,475,000 $237,115 $4,866 4.60%
    30+ year 117 $63,965,000 $546,709 $7,219 4.25%
    10 Year 89 $45,715,000 $513,652 $716 4.19%
    15 Year 77 $10,005,000 $129,935 $1,748 4.29%
    20 Year 57 $8,195,000 $143,772 $2,467 4.92%
    5 Year 53 $30,505,000 $575,566 $0 4.29%
    Other 30 $33,610,000 $1,120,333 $3,127 5.05%
    1 Year 3 $415,000 $138,333 $0 5.83%
    3 Year 1 $35,000 $35,000 $0 4.25%

    For 2022, Essa Bank & Trust's most frequently cited loan duration was 30 Year, with 487 originations. The 2nd most popular length was 30+ year, with 117 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 541 $142,505,000 $263,410
    $1k-2k 50 $15,640,000 $312,800
    $5k+ 19 $17,035,000 $896,579
    $2k-3k 15 $5,695,000 $379,667
    $3k-4k 5 $1,905,000 $381,000
    $4k-5k 4 $1,530,000 $382,500

    Essa Bank & Trust's average total fees were $4,866, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 541 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 267 $113,855,000 $426,423
    5-6% 227 $75,945,000 $334,559
    4-5% 205 $73,705,000 $359,537
    2.5-3% 117 $17,215,000 $147,137
    6-7% 90 $18,320,000 $203,556
    7-8% 6 $8,580,000 $1,430,000
    <2.5% 2 $300,000 $150,000

    During 2022, Essa Bank & Trust's average interest rate for loans was 4.60%, while their most frequently originated rate bucket for loans was 3-4%, with 267 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 268 $14,050,000 $52,425 $518 4.30%
    $200k-400k 242 $68,080,000 $281,322 $4,581 4.71%
    $100k-200k 197 $28,045,000 $142,360 $3,141 4.49%
    $400k-600k 105 $50,625,000 $482,143 $6,307 4.67%
    $600k-1MM 57 $42,755,000 $750,088 $8,009 4.50%
    $1MM+ 45 $104,365,000 $2,319,222 $18,151 4.38%

    2022 saw Essa Bank & Trust place emphasis on $100,000 or less loans with 268 originations, totaling $14,050,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 217 $47,655,000 $219,608 $3,753 4.65%
    $150k-250k 192 $55,380,000 $288,438 $4,859 4.53%
    $50k-75k 137 $17,215,000 $125,657 $2,534 4.26%
    $75k-100k 135 $20,475,000 $151,667 $3,090 4.43%
    $250k+ 98 $59,220,000 $604,286 $7,445 4.64%
    $50k or less 61 $8,005,000 $131,230 $2,134 4.18%

    Essa Bank & Trust lent most frequently to those with incomes in the $100k-150k range, with 217 originations. The second most popular income band? $150k-250k, with 192 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 215 $46,535,000 $216,442 $3,754 4.44%
    30-36% 164 $38,580,000 $235,244 $4,053 4.47%
    <20% 88 $20,750,000 $235,795 $3,820 4.23%
    42% 48 $12,700,000 $264,583 $3,278 4.63%
    38% 41 $11,335,000 $276,463 $4,728 4.18%
    43% 38 $9,790,000 $257,632 $4,475 4.40%
    41% 38 $7,250,000 $190,789 $3,717 4.63%
    39% 34 $7,870,000 $231,471 $4,005 4.62%
    40% 31 $6,185,000 $199,516 $3,320 4.60%
    44% 22 $8,620,000 $391,818 $5,476 4.75%
    36% 21 $4,635,000 $220,714 $3,727 5.09%
    45% 18 $5,480,000 $304,444 $4,432 4.48%
    37% 17 $4,955,000 $291,471 $5,308 4.69%
    47% 14 $3,840,000 $274,286 $4,368 4.86%
    48% 14 $2,950,000 $210,714 $4,309 4.67%
    46% 12 $5,840,000 $486,667 $7,369 4.41%
    49% 11 $3,525,000 $320,455 $4,475 5.07%
    50-60% 6 $2,500,000 $416,667 $5,588 5.16%
    >60% 3 $175,000 $58,333 $0 3.58%

    Essa Bank & Trust lent most frequently to those with DTI ratios of 20-30%, with 215 originations. The next most common DTI ratio? 30-36%, with 164 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 650 $152,750,000 $235,000 $3,933 4.46%
    Not applicable 68 $96,390,000 $1,417,500 $0 4.76%
    Not provided 132 $36,330,000 $275,227 $4,033 4.31%
    Asian 27 $11,635,000 $430,926 $6,603 4.80%
    Black 31 $9,275,000 $299,194 $4,779 5.36%
    Other Asian 3 $1,125,000 $375,000 $4,700 4.93%
    Asian Indian 2 $380,000 $190,000 $3,363 5.23%
    American Indian 1 $35,000 $35,000 $0 6.00%

    Approval Rates

    Total approvals of all applications
    88.01%

    Essa Bank & Trust has an average approval rate.

    Pick Rate

    Approvals leading to origination
    87.96%

    Essa Bank & Trust has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 914 $307,920,000 $336,893

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    914 $307,920,000 $336,893

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 142 $19,110,000 $134,577 $1,528 4.25%
    40-60% 119 $41,165,000 $345,924 $3,787 4.21%
    60-80% 256 $153,070,000 $597,930 $5,232 4.67%
    80-100% 214 $85,640,000 $400,187 $5,685 4.80%
    Under 20% 183 $8,935,000 $48,825 $148 4.34%