Essa Bank & Trust Mortgage Rates, Fees & Info

Stroudsburg, PA

LEI: 549300W5E3L00UZ6F777

Tax ID: 24-0568185

5 stars - Updated: 3/28/24 - out of 5 stars, based on 24 reviews

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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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.

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% 3/28/24
30 Year Conventional Purchase 6.45% 3/28/24
30 Year Conventional Refi 6.53% 3/28/24
30 Year Cash-out Refi 6.27% 3/28/24
15 Year Conventional Purchase 5.79% 3/28/24
15 Year Conventional Refi 5.91% 3/28/24
15 Year Cash-out Refi 5.91% 3/28/24
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.

Essa Bank & Trust Mortgage Calculator






Your Estimates

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

This is not an official calculator from Essa Bank & Trust. 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

575

Origination Dollar Volume (All Markets)

$158,585,000

Awards

ESSA Bank & Trust 30 Year Conventional Loans gold ESSA Bank & Trust 30 Year Conventional Loans gold ESSA Bank & Trust 30 Year Conventional Loans silver ESSA Bank & Trust 30 Year Conventional Loans bronze
Show all (4) awards

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%
Essa Bank & Trust's top markets include Philadelphia, East Stroudsburg, Allentown, Scranton, and Ocean City among others.

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

    Republic Bank
    Similarity Rank: 21
    County Savings Bank
    Similarity Rank: 135
    Columbia Bank
    Similarity Rank: 156
    The Honesdale National Bank
    Similarity Rank: 248
    The Luzerne Bank
    Similarity Rank: 252
    NET
    Similarity Rank: 296
    DEL-ONE FEDERAL CREDIT UNION
    Similarity Rank: 438

    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

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 300 $111,120,000 $370,400 $5,697 6.80%
    Home Improvement 103 $12,585,000 $122,184 $67 7.42%
    Cash Out Refi 81 $10,605,000 $130,926 $1,588 7.40%
    Other 66 $4,640,000 $70,303 $0 7.31%
    Refi 25 $19,635,000 $785,400 $3,083 6.68%

    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

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 322 $81,300,000 $252,484 $5,572 7.38%
    20 Year 58 $8,670,000 $149,483 $1,370 7.13%
    10 Year 58 $20,790,000 $358,448 $100 6.41%
    30+ year 50 $26,100,000 $522,000 $6,776 6.85%
    15 Year 37 $4,855,000 $131,216 $1,322 6.48%
    5 Year 35 $8,185,000 $233,857 $0 6.04%
    Other 15 $8,685,000 $579,000 $2,902 6.61%

    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

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 329 $78,585,000 $238,860
    $5k+ 21 $17,335,000 $825,476
    $1k-2k 19 $8,325,000 $438,158
    $3k-4k 5 $1,615,000 $323,000
    $4k-5k 2 $610,000 $305,000
    $2k-3k 1 $735,000 $735,000

    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

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 199 $9,915,000 $49,824 $248 7.28%
    $200k-400k 137 $39,095,000 $285,365 $4,684 7.00%
    $100k-200k 124 $17,830,000 $143,790 $2,446 7.07%
    $400k-600k 54 $26,580,000 $492,222 $6,230 6.77%
    $600k-1MM 46 $34,260,000 $744,783 $9,848 6.56%
    $1MM+ 15 $30,905,000 $2,060,333 $18,744 6.78%

    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

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 125 $37,915,000 $303,320 $4,831 7.12%
    $100k-150k 123 $22,625,000 $183,943 $3,320 7.16%
    $250k+ 86 $44,980,000 $523,023 $9,428 7.26%
    $50k-75k 84 $8,690,000 $103,452 $1,697 6.90%
    $75k-100k 77 $8,615,000 $111,883 $1,773 6.88%
    $50k or less 42 $3,520,000 $83,810 $1,719 7.08%

    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

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 130 $30,260,000 $232,769 $4,041 7.14%
    30-36% 98 $20,550,000 $209,694 $3,367 6.93%
    42% 37 $7,035,000 $190,135 $2,571 7.19%
    <20% 34 $4,900,000 $144,118 $2,937 7.35%
    43% 28 $5,290,000 $188,929 $2,990 7.02%
    40% 24 $6,830,000 $284,583 $4,328 6.96%
    37% 22 $5,780,000 $262,727 $4,542 7.13%
    41% 22 $5,180,000 $235,455 $2,697 7.14%
    36% 22 $4,900,000 $222,727 $4,010 7.09%
    44% 22 $6,290,000 $285,909 $5,278 7.22%
    39% 19 $5,265,000 $277,105 $7,607 7.12%
    38% 17 $4,685,000 $275,588 $4,058 7.34%
    45% 15 $4,635,000 $309,000 $6,491 6.88%
    46% 14 $2,760,000 $197,143 $3,125 7.08%
    49% 12 $5,170,000 $430,833 $6,183 6.73%
    48% 11 $3,285,000 $298,636 $3,816 6.52%
    47% 8 $3,320,000 $415,000 $5,695 6.94%
    >60% 1 $35,000 $35,000 $0 5.45%
    50-60% 1 $45,000 $45,000 $0 8.25%

    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

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 453 $104,555,000 $230,806 $3,799 7.09%
    Not applicable 34 $31,900,000 $938,235 $0 6.67%
    Not provided 40 $8,020,000 $200,500 $4,761 7.13%
    Asian 19 $7,155,000 $376,579 $6,690 6.85%
    Black 21 $5,485,000 $261,190 $3,282 6.84%
    Asian Indian 5 $1,215,000 $243,000 $5,006 6.96%
    Native Hawaiian or Islander 1 $175,000 $175,000 $4,634 7.70%
    American Indian 2 $80,000 $40,000 $0 6.35%

    Approval Rates

    Total approvals of all applications
    87.61%

    Essa Bank & Trust has an average approval rate.

    Pick Rate

    Approvals leading to origination
    84.17%

    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

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    575 $158,585,000 $275,800

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 92 $9,760,000 $106,087 $936 7.33%
    40-60% 55 $15,315,000 $278,455 $4,755 6.92%
    60-80% 140 $70,960,000 $506,857 $5,995 6.95%
    80-100% 137 $55,155,000 $402,591 $5,787 6.71%
    Under 20% 151 $7,395,000 $48,974 $98 7.34%