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 Cash Out 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.) Their top markets by origination volume include: Baton Rouge, New Orleans, Crestview, Houston, and Opelousas 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 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% | 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. | ||
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
116Origination Dollar Volume (All Markets)
$24,780,000Top 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) | 102 | $21,160,000 | $207,451 | $0 | 0.00% |
| NEW ORLEANS-METAIRIE, LA (FHA|USDA|VA) | 4 | $920,000 | $230,000 | $0 | 0.00% |
| CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) | 2 | $850,000 | $425,000 | $0 | 0.00% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 2 | $540,000 | $270,000 | $0 | 0.00% |
| Opelousas, LA (FHA|USDA|VA) | 2 | $390,000 | $195,000 | $0 | 0.00% |
| ALEXANDRIA, LA (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $0 | 0.00% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $0 | 0.00% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $0 | 0.00% |
| CLEVELAND-ELYRIA, OH (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $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: 285
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 111 | $23,905,000 | $215,360 | $0 | 0.00% |
| FHA | 3 | $485,000 | $161,667 | $0 | 0.00% |
| VA | 2 | $390,000 | $195,000 | $0 | 0.00% |
For 2020, Essential's most frequently originated type of loan was Conventional, with 111 originations. Their 2nd most popular type was FHA, with 3 originations.
Loan Reason
For 2020, Essential's most frequently cited loan purpose was Cash Out Refi, with 54 originations. The 2nd most popular reason was Home Purchase, with 41 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 116 | $24,780,000 | $213,621 | $0 | 0.00% |
For 2020, Essential's most frequently cited loan duration was Other, with 116 originations.
Loan Sizing
2020 saw Essential place emphasis on $100k-200k loans with 40 originations, totaling $6,030,000 in origination value.
Applicant Income
Essential lent most frequently to those with incomes in the $100k-150k range, with 27 originations. The second most popular income band? $50k-75k, with 26 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 116 | $24,780,000 | $213,621 | $0 | 0.00% |
Essential lent most frequently to those with DTI ratios of Exempt%, with 116 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications92.61%
Essential has an average approval rate.
Pick Rate
Approvals leading to origination61.21%
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 | 116 | $24,780,000 | $213,621 |