Get A Rate Mortgage Rates, Fees & Info

Hackensack, NJ

LEI: 549300YTNLQPR4PKXG57

Tax ID: 45-4595995

5 stars - out of 5 stars, based on 34 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Get A Rate is a smaller mortgage company specializing in Refi, Home Purchase, and Cash Out Refi loans. Get A Rate has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets include New York, Philadelphia, Riverside, Los Angeles, and Miami among others. Get A Rate has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Get A Rate is typically an average fee lendor.


Originations

1,141

Origination Dollar Volume (All Markets)

$398,475,000
Show all (6) awards

Relative Rate

Get A Rate 's average 30 year fixed rate mortgage of loans were 2.96%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of -0.19%.

Relative Fees

Get A Rate 's average total fees for a 30 year fixed rate mortgage are $5,356.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 854 $306,690,000 $359,122 $4,976 2.86%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 59 $16,975,000 $287,712 $4,065 2.82%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 47 $14,745,000 $313,723 $6,312 2.92%
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 24 $9,300,000 $387,500 $5,049 2.93%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 15 $5,875,000 $391,667 $5,409 2.86%
TRENTON-PRINCETON, NJ (FHA|USDA|VA) 16 $5,220,000 $326,250 $4,265 2.54%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 16 $5,170,000 $323,125 $5,866 3.05%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 11 $3,205,000 $291,364 $7,847 3.42%
ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) 11 $3,065,000 $278,636 $3,761 2.86%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 8 $2,780,000 $347,500 $7,505 3.05%
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 10 $2,250,000 $225,000 $3,669 2.80%
OCEAN CITY, NJ (FHA|USDA|VA) 8 $2,240,000 $280,000 $3,916 2.69%
SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) 5 $2,175,000 $435,000 $6,108 3.25%
San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 4 $2,000,000 $500,000 $6,380 2.88%
JACKSONVILLE, FL (FHA|USDA|VA) 6 $1,880,000 $313,333 $6,760 2.69%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 3 $1,635,000 $545,000 $2,418 2.83%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 6 $1,440,000 $240,000 $4,239 3.02%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 5 $1,345,000 $269,000 $4,125 2.75%
GAINESVILLE, GA (FHA|USDA|VA) 3 $805,000 $268,333 $3,814 3.37%
Outside of Metro Areas 2 $770,000 $385,000 $6,956 2.50%
Key West, FL (FHA|USDA|VA) 1 $605,000 $605,000 $6,735 2.63%
SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 2 $560,000 $280,000 $3,088 3.00%
NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 1 $545,000 $545,000 $7,351 3.63%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 1 $495,000 $495,000 $4,383 2.99%
NAPA, CA (FHA|USDA|VA) 1 $485,000 $485,000 $3,119 2.75%
SAN LUIS OBISPO-PASO ROBLES, CA (FHA|USDA|VA) 2 $480,000 $240,000 $3,118 2.88%
AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 1 $445,000 $445,000 $7,225 2.63%
BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 1 $385,000 $385,000 $3,054 2.63%
KENNEWICK-RICHLAND, WA (FHA|USDA|VA) 1 $345,000 $345,000 $1,823 2.88%
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 1 $345,000 $345,000 $4,251 3.12%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 1 $335,000 $335,000 $4,078 2.50%
PORT ST. LUCIE, FL (FHA|USDA|VA) 1 $335,000 $335,000 $7,683 3.50%
PUNTA GORDA, FL (FHA|USDA|VA) 1 $325,000 $325,000 $3,781 3.38%
VALLEJO, CA (FHA|USDA|VA) 1 $325,000 $325,000 $3,424 2.88%
PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 1 $325,000 $325,000 $3,782 2.88%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 1 $305,000 $305,000 $5,598 2.50%
EAST STROUDSBURG, PA (FHA|USDA|VA) 1 $305,000 $305,000 $7,718 2.63%
SAVANNAH, GA (FHA|USDA|VA) 1 $275,000 $275,000 $3,748 2.99%
SPOKANE-SPOKANE VALLEY, WA (FHA|USDA|VA) 1 $255,000 $255,000 $0 3.99%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 1 $245,000 $245,000 $3,799 2.63%
HARRISBURG-CARLISLE, PA (FHA|USDA|VA) 1 $235,000 $235,000 $4,201 3.50%
VINELAND-BRIDGETON, NJ (FHA|USDA|VA) 1 $225,000 $225,000 $2,359 2.63%
Cornelia, GA (FHA|USDA|VA) 1 $205,000 $205,000 $7,501 3.00%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 1 $175,000 $175,000 $6,398 2.62%
CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 1 $175,000 $175,000 $2,849 2.75%
OCALA, FL (FHA|USDA|VA) 1 $175,000 $175,000 $2,948 2.63%

Get A Rate 's top markets include New York, Philadelphia, Riverside, Los Angeles, and Miami among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 1,010 $347,870,000 $344,426 $4,233 2.87%
FHA 105 $40,135,000 $382,238 $11,635 2.85%
VA 26 $10,470,000 $402,692 $7,151 2.64%

For the 2021 period, Get A Rate 's most frequently originated loan type of loans were Conventional, with 1,010 originations. Their 2nd most popular type is FHA, with 105 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 509 $170,015,000 $334,018 $3,808 2.71%
Home Purchase 330 $128,810,000 $390,333 $7,147 3.02%
Cash Out Refi 302 $99,650,000 $329,967 $4,634 2.96%

For the 2021, Get A Rate 's most frequently cited loan purpose of loans were Refi, with 509 originations. The 2nd most popular reason of loans were Home Purchase, with 330 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 903 $326,035,000 $361,058 $5,356 2.96%
15 Year 123 $37,175,000 $302,236 $3,693 2.36%
20 Year 75 $23,075,000 $307,667 $3,580 2.69%
10 Year 20 $5,160,000 $258,000 $2,769 2.20%
Other 20 $7,030,000 $351,500 $4,349 2.88%

For the 2021, Get A Rate 's most frequently cited loan length of loans were 30 Year, with 903 originations. The 2nd most popular length of loans were 15 Year, with 123 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 663 $237,445,000 $358,137
$1k-2k 180 $54,870,000 $304,833
$2k-3k 109 $36,955,000 $339,037
$3k-4k 93 $32,135,000 $345,538
$5k+ 65 $27,605,000 $424,692

$5,356 of loans were Get A Rate 's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 663 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 615 $223,235,000 $362,984
3-4% 278 $95,040,000 $341,871
<2.5% 236 $77,270,000 $327,415
4-5% 12 $2,930,000 $244,167

During 2021, Get A Rate 's average interest rate of loans were 2.96%, while their most frequently originated rate bucket of loans were 2.5-3%, with 615 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 716 $210,870,000 $294,511 $4,484 2.84%
$400k-600k 279 $134,105,000 $480,663 $6,091 2.86%
$100k-200k 90 $14,710,000 $163,444 $3,822 3.12%
$600k-1MM 55 $38,705,000 $703,727 $7,818 2.87%
$100,000 or less 1 $85,000 $85,000 $5,545 4.13%

2021 saw Get A Rate place emphasis on $200k-400k loans with 716 originations, totaling $210,870,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 380 $132,350,000 $348,289 $5,091 2.90%
$150k-250k 289 $110,915,000 $383,789 $4,692 2.85%
$75k-100k 187 $56,865,000 $304,091 $5,049 2.87%
$50k-75k 129 $33,475,000 $259,496 $5,212 2.92%
$250k+ 113 $52,815,000 $467,389 $4,845 2.71%
$50k or less 37 $9,365,000 $253,108 $5,664 2.90%

Get A Rate lent most frequently to those with incomes in the $100k-150k range, with 380 originations. The second most popular income band? $150k-250k, with 289 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
30-36% 228 $78,000,000 $342,105 $4,652 2.85%
20-30% 218 $73,380,000 $336,606 $4,253 2.79%
<20% 82 $28,120,000 $342,927 $3,282 2.66%
42% 52 $19,670,000 $378,269 $5,346 2.98%
37% 50 $17,310,000 $346,200 $4,141 2.89%
44% 50 $16,330,000 $326,600 $4,870 2.98%
40% 42 $15,560,000 $370,476 $5,305 2.95%
36% 42 $15,990,000 $380,714 $4,965 2.94%
46% 42 $14,130,000 $336,429 $5,844 2.87%
43% 40 $14,070,000 $351,750 $4,776 2.96%
50-60% 39 $14,585,000 $373,974 $10,991 2.78%
41% 39 $13,885,000 $356,026 $5,339 2.96%
45% 37 $14,615,000 $395,000 $5,950 3.02%
49% 36 $11,670,000 $324,167 $5,970 2.91%
38% 35 $12,755,000 $364,429 $5,560 2.90%
47% 35 $12,005,000 $343,000 $4,993 3.03%
39% 31 $10,775,000 $347,581 $4,421 2.83%
48% 29 $9,285,000 $320,172 $5,200 3.02%

Get A Rate lent most frequently to those with DTI ratios of 30-36%, with 228 originations. The next most common DTI ratio? 20-30%, with 218 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 687 $236,105,000 $343,675 $4,662 2.87%
Not provided 250 $86,700,000 $346,800 $5,713 2.89%
Asian 133 $49,325,000 $370,865 $4,576 2.76%
Black 47 $16,725,000 $355,851 $7,497 3.11%
Asian Indian 17 $7,125,000 $419,118 $4,270 2.71%
American Indian 3 $1,155,000 $385,000 $6,296 2.67%
Other Asian 1 $545,000 $545,000 $3,117 2.88%
Korean 2 $520,000 $260,000 $2,677 2.63%
Chinese 1 $275,000 $275,000 $5,255 2.38%

Approval Rates

Total approvals of all applications
93.03%

Get A Rate has an average approval rate.

Pick Rate

Approvals leading to origination
45.65%

Get A Rate 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 1,141 $398,475,000 $349,233

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
1,141 $398,475,000 $349,233

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 71 $18,985,000 $267,394 $3,535 2.64%
40-60% 216 $63,670,000 $294,769 $3,502 2.67%
60-80% 511 $184,545,000 $361,145 $4,420 2.93%
80-100% 333 $127,275,000 $382,207 $7,004 2.96%
Over 100% 2 $870,000 $435,000 $16,975 2.88%
Under 20% 3 $785,000 $261,667 $4,778 3.04%