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 Home Purchase and Cash Out Refi loans. Essential has a high proportion of conventional loans. Their top markets by origination volume include: Baton Rouge, Crestview, New Orleans, Dallas, and Birmingham among others. We have data for 8 markets. (Some data included below & more in-depth data is available with an active subscription.)Essential has a below 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 about average 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.
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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. | ||
Essential Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
96Origination Dollar Volume (All Markets)
$20,640,000Top 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) | 82 | $15,270,000 | $186,220 | $6,306 | 5.02% |
| CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) | 1 | $2,405,000 | $2,405,000 | $39,314 | 4.00% |
| NEW ORLEANS-METAIRIE, LA (FHA|USDA|VA) | 6 | $1,080,000 | $180,000 | $5,655 | 5.42% |
| Outside of Metro Areas | 3 | $755,000 | $251,667 | $6,865 | 5.04% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 1 | $395,000 | $395,000 | $10,371 | 4.13% |
| BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $6,621 | 5.75% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $6,526 | 4.00% |
| LAFAYETTE, LA (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $4,870 | 5.00% |
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: 96
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 96 | $20,640,000 | $215,000 | $6,786 | 5.02% |
For 2022, Essential's most frequently originated type of loan was Conventional, with 96 originations.
Loan Reason
For 2022, Essential's most frequently cited loan purpose was Home Purchase, with 50 originations. The 2nd most popular reason was Cash Out Refi, with 42 originations.
Loan Duration/Length
For 2022, Essential's most frequently cited loan duration was 30 Year, with 55 originations. The 2nd most popular length was 20 Year, with 27 originations.
Origination Fees/Closing Costs
Essential's average total fees were $7,765, while their most frequently occuring range of origination fees (closing costs) were in the $2k-3k bucket, with 21 originations.
Interest Rates
During 2022, Essential's average interest rate for loans was 4.84%, while their most frequently originated rate bucket for loans was 5-6%, with 33 originations.
Loan Sizing
2022 saw Essential place emphasis on $200k-400k loans with 33 originations, totaling $9,185,000 in origination value.
Applicant Income
Essential lent most frequently to those with incomes in the $100k-150k range, with 32 originations. The second most popular income band? $75k-100k, with 22 originations.
Applicant Debt to Income Ratio
Essential lent most frequently to those with DTI ratios of 20-30%, with 23 originations. The next most common DTI ratio? 30-36%, with 21 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications61.70%
Essential has a low approval rate. They may have poor market targeting or stringent lending standards.
Pick Rate
Approvals leading to origination18.75%
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 |
|---|---|---|---|
| NA | 96 | $20,640,000 | $215,000 |