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 Refi and Home Purchase 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.) They have a low ratio of USDA loans. Their top markets by origination volume include: Baton Rouge, New Orleans, Hammond, and Houston among others. We have data for 5 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.
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
50Origination Dollar Volume (All Markets)
$8,920,000Top 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) | 41 | $8,065,000 | $196,707 | $0 | 0.00% |
| NEW ORLEANS-METAIRIE, LA (FHA|USDA|VA) | 5 | $725,000 | $145,000 | $0 | 0.00% |
| HAMMOND, LA (FHA|USDA|VA) | 2 | $60,000 | $30,000 | $0 | 0.00% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 0.00% |
| Outside of Metro Areas | 1 | $15,000 | $15,000 | $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: 110
Similarity Rank: 136
Similarity Rank: 544
Similarity Rank: 756
Similarity Rank: 760
Similarity Rank: 924
Similarity Rank: 952
Similarity Rank: 1045
Similarity Rank: 1350
Similarity Rank: 1904
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 48 | $8,740,000 | $182,083 | $0 | 0.00% |
| FHA | 1 | $115,000 | $115,000 | $0 | 0.00% |
| USDA | 1 | $65,000 | $65,000 | $0 | 0.00% |
For 2019, Essential's most frequently originated type of loan was Conventional, with 48 originations. Their 2nd most popular type was FHA, with 1 originations.
Loan Reason
For 2019, Essential's most frequently cited loan purpose was Refi, with 18 originations. The 2nd most popular reason was Cash Out Refi, with 16 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 50 | $8,920,000 | $178,400 | $0 | 0.00% |
For 2019, Essential's most frequently cited loan duration was Other, with 50 originations.
Loan Sizing
2019 saw Essential place emphasis on $100,000 or less loans with 24 originations, totaling $1,320,000 in origination value.
Applicant Income
Essential lent most frequently to those with incomes in the $100k-150k range, with 13 originations. The second most popular income band? $150k-250k, with 10 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 50 | $8,920,000 | $178,400 | $0 | 0.00% |
Essential lent most frequently to those with DTI ratios of Exempt%, with 50 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications91.78%
Essential has an average approval rate.
Pick Rate
Approvals leading to origination72.00%
Essential has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 50 | $8,920,000 | $178,400 |