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 Home Purchase and Refi loans. Essential has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Baton Rouge, New Orleans, Houma, Alexandria, and Hammond among others. We have data for 9 markets. (Some data included below & more in-depth data is available with an active subscription.)Essential 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.
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
88Origination Dollar Volume (All Markets)
$15,930,000Top 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) | 78 | $14,330,000 | $183,718 | $0 | 0.00% |
| NEW ORLEANS-METAIRIE, LA (FHA|USDA|VA) | 3 | $565,000 | $188,333 | $0 | 0.00% |
| Outside of Metro Areas | 1 | $245,000 | $245,000 | $0 | 0.00% |
| HOUMA-THIBODAUX, LA (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $0 | 0.00% |
| ALEXANDRIA, LA (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $0 | 0.00% |
| HAMMOND, LA (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $0 | 0.00% |
| GULFPORT-BILOXI, MS (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $0 | 0.00% |
| LAFAYETTE, LA (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $0 | 0.00% |
| McComb, MS (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 0.00% |
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: 138
Similarity Rank: 153
Similarity Rank: 259
Similarity Rank: 361
Similarity Rank: 472
Similarity Rank: 828
Similarity Rank: 1440
Similarity Rank: 2562
Similarity Rank: 2622
Similarity Rank: 2646
Product Mix
For 2018, Essential's most frequently originated type of loan was Conventional, with 79 originations. Their 2nd most popular type was USDA, with 7 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 44 | $8,470,000 | $192,500 | $0 | 0.00% |
| Cash Out Refi | 23 | $3,075,000 | $133,696 | $0 | 0.00% |
| Refi | 21 | $4,385,000 | $208,810 | $0 | 0.00% |
For 2018, Essential's most frequently cited loan purpose was Home Purchase, with 44 originations. The 2nd most popular reason was Cash Out Refi, with 23 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 88 | $15,930,000 | $181,023 | $0 | 0.00% |
For 2018, Essential's most frequently cited loan duration was Other, with 88 originations.
Loan Sizing
2018 saw Essential place emphasis on $100k-200k loans with 29 originations, totaling $4,455,000 in origination value.
Applicant Income
Essential lent most frequently to those with incomes in the $100k-150k range, with 26 originations. The second most popular income band? $75k-100k, with 23 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 88 | $15,930,000 | $181,023 | $0 | 0.00% |
Essential lent most frequently to those with DTI ratios of Exempt%, with 88 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications86.34%
Essential has an average approval rate.
Pick Rate
Approvals leading to origination47.73%
Essential has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 88 | $15,930,000 | $181,023 |