Essential Mortgage Rates, Fees & Info
Baton Rouge, LALEI: 549300XVX388NW99XE16
Tax ID: 72-0719172
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
Jump to:
Mortgage Data
Review & Overview
Essential is a smaller mortgage company specializing in Cash Out Refi and Home Purchase loans. Essential has a high proportion of conventional loans. Their top markets by origination volume include: Baton Rouge, Paris, New Orleans, and Hammond among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)Essential has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Essential 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 |
|---|---|---|
| 30 Year Conventional Purchase | 6.73% | 12/3/24 |
| 30 Year Conventional Refi | 6.60% | 12/3/24 |
| 30 Year Cash-out Refi | 6.37% | 12/3/24 |
| 30 Year VA Purchase | 6.27% | 12/3/24 |
| 30 Year USDA Purchase | 6.27% | 12/3/24 |
| 15 Year Conventional Purchase | 6.53% | 12/3/24 |
| 15 Year Conventional Refi | 6.65% | 12/3/24 |
| 15 Year Cash-out Refi | 6.65% | 12/3/24 |
| 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. | ||
Essential Mortgage Calculator
Your Estimates
Estimated Loan Payment: Update the calculator values and click calculate payment!
This is not an official calculator from Essential. 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
87Origination Dollar Volume (All Markets)
$9,895,000Relative Rate
Essential's average 30 year fixed mortgage rate was
6.88%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of 0.4%.
Relative Fees (Closing Costs)
Essential's average total fees/closing costs for a 30 year fixed rate
mortgage were $6,774.
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 |
|---|---|---|---|---|---|
| BATON ROUGE, LA (FHA|USDA|VA) | 83 | $9,385,000 | $113,072 | $4,552 | 7.59% |
| Paris, TN (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $7,722 | 6.88% |
| NEW ORLEANS-METAIRIE, LA (FHA|USDA|VA) | 2 | $90,000 | $45,000 | $3,992 | 7.00% |
| HAMMOND, LA (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $3,198 | 7.50% |
Similar Lenders
We use machine learning to identify the top lenders compared against ESSENTIAL based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 189
Similarity Rank: 304
Similarity Rank: 468
Similarity Rank: 637
Similarity Rank: 1248
Similarity Rank: 1350
Similarity Rank: 2046
Similarity Rank: 2574
Similarity Rank: 3850
Similarity Rank: 3859
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 62 | $8,120,000 | $130,968 | $4,575 | 7.15% |
| HELOC | 25 | $1,775,000 | $71,000 | n/a | 8.61% |
For 2023, Essential's most frequently originated type of loan was Conventional, with 62 originations. Their 2nd most popular type was HELOC, with 25 originations.
Loan Reason
For 2023, Essential's most frequently cited loan purpose was Cash Out Refi, with 59 originations. The 2nd most popular reason was Home Purchase, with 24 originations.
Loan Duration/Length
For 2023, Essential's most frequently cited loan duration was 20 Year, with 29 originations. The 2nd most popular length was 15 Year, with 25 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 31 | $1,845,000 | $59,516 |
| $2k-3k | 10 | $2,430,000 | $243,000 |
| $3k-4k | 8 | $2,540,000 | $317,500 |
| $1k-2k | 5 | $495,000 | $99,000 |
Essential's average total fees were $6,774, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 31 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 7-8% | 40 | $3,690,000 | $92,250 |
| 6-7% | 24 | $4,470,000 | $186,250 |
| Over 8% | 19 | $1,265,000 | $66,579 |
| 5-6% | 4 | $470,000 | $117,500 |
During 2023, Essential's average interest rate for loans was 6.88%, while their most frequently originated rate bucket for loans was 7-8%, with 40 originations.
Loan Sizing
2023 saw Essential place emphasis on $100,000 or less loans with 57 originations, totaling $3,155,000 in origination value.
Applicant Income
Essential lent most frequently to those with incomes in the $100k-150k range, with 30 originations. The second most popular income band? $150k-250k, with 18 originations.
Applicant Debt to Income Ratio
Essential lent most frequently to those with DTI ratios of 30-36%, with 20 originations. The next most common DTI ratio? 20-30%, with 14 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications90.43%
Essential has an average approval rate.
Pick Rate
Approvals leading to origination80.46%
Essential has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 87 | $9,895,000 | $113,736 |