Essential Mortgage Rates, Fees & Info
Baton Rouge, LALEI: 549300XVX388NW99XE16
Tax ID: 72-0719172
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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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.73% | 4/28/24 |
| 30 Year Conventional Refi | 6.60% | 4/28/24 |
| 30 Year Cash-out Refi | 6.37% | 4/28/24 |
| 30 Year VA Purchase | 6.27% | 4/28/24 |
| 30 Year USDA Purchase | 6.27% | 4/28/24 |
| 15 Year Conventional Purchase | 6.53% | 4/28/24 |
| 15 Year Conventional Refi | 6.65% | 4/28/24 |
| 15 Year Cash-out Refi | 6.65% | 4/28/24 |
| 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. | ||
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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.
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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 |