Pinnacle Mortgage Rates, Fees & Info
Edison, NJLEI: 549300YYDSCELMBQD390
Tax ID: 22-6057338
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Mortgage Data
Review & Overview
Pinnacle is a smaller mortgage company specializing in Other and Home Improvement loans. Pinnacle has a high proportion of conventional loans. Their top (well, only) market is New York.Pinnacle 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. Pinnacle is typically a low 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 |
|---|---|---|
| 15 Year Conventional Purchase | 5.68% | 12/16/24 |
| 15 Year Conventional Refi | 5.98% | 12/16/24 |
| 15 Year Cash-out Refi | 5.98% | 12/16/24 |
| 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. | ||
Pinnacle Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
31Origination Dollar Volume (All Markets)
$2,595,000Top 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 |
|---|---|---|---|---|---|
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 31 | $2,595,000 | $83,710 | $444 | 4.51% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 31 | $2,595,000 | $83,710 | $444 | 4.51% |
For 2022, Pinnacle's most frequently originated type of loan was Conventional, with 31 originations.
Loan Reason
For 2022, Pinnacle's most frequently cited loan purpose was Other, with 13 originations. The 2nd most popular reason was Home Improvement, with 11 originations.
Loan Duration/Length
For 2022, Pinnacle's most frequently cited loan duration was 20 Year, with 12 originations. The 2nd most popular length was 10 Year, with 11 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 13 | $1,335,000 | $102,692 |
| 3-4% | 11 | $615,000 | $55,909 |
| 5-6% | 6 | $610,000 | $101,667 |
| 6-7% | 1 | $35,000 | $35,000 |
During 2022, Pinnacle's average interest rate for loans was 4.25%, while their most frequently originated rate bucket for loans was 4-5%, with 13 originations.
Loan Sizing
2022 saw Pinnacle place emphasis on $100,000 or less loans with 22 originations, totaling $1,100,000 in origination value.
Applicant Income
Pinnacle lent most frequently to those with incomes in the $100k-150k range, with 12 originations. The second most popular income band? $150k-250k, with 5 originations.
Applicant Debt to Income Ratio
Pinnacle lent most frequently to those with DTI ratios of 20-30%, with 8 originations. The next most common DTI ratio? 30-36%, with 5 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 30 | $2,530,000 | $84,333 | $444 | 4.50% |
| Black | 1 | $65,000 | $65,000 | $444 | 4.99% |
Approval Rates
Total approvals of all applications68.00%
Pinnacle has a low approval rate. They may have poor market targeting or stringent lending standards.
Pick Rate
Approvals leading to origination61.29%
Pinnacle 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 | 31 | $2,595,000 | $83,710 |