Point Mortgage Rates, Fees & Info

Chula Vista, CA

LEI: 2549007JZSAICH4GZJ60

Tax ID: 65-1059543

3.7 stars - Updated: 7/20/24 - out of 5 stars, based on 30 reviews

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

Review & Overview

Point Mortgage is a smaller mortgage company specializing in Home Purchase loans. Point Mortgage has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets by origination volume include: San Diego, Miami, Riverside, Chicago, and Bakersfield among others. We have data for 59 markets. (Some data included below & more in-depth data is available with an active subscription.)

Point Mortgage 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. Point Mortgage is typically a high 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 relatively high 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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Originations

910

Origination Dollar Volume (All Markets)

$350,810,000

Awards

POINT Mortgage FHA Loans gold POINT Mortgage FHA Loans silver POINT Mortgage VA Loans gold POINT Mortgage VA Loans bronze
Show all (4) awards

Relative Rate

Point Mortgage's average 30 year fixed mortgage rate was 6.34%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of -0.14%.

Relative Fees (Closing Costs)

Point Mortgage's average total fees/closing costs for a 30 year fixed rate mortgage were $10,823.

The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $9,089.

Top 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
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 210 $132,690,000 $631,857 $16,093 6.52%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 161 $49,635,000 $308,292 $9,225 5.32%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 120 $49,450,000 $412,083 $11,784 6.55%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 183 $48,805,000 $266,694 $6,808 6.41%
BAKERSFIELD, CA (FHA|USDA|VA) 76 $20,960,000 $275,789 $9,014 6.63%
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 13 $7,045,000 $541,923 $11,727 6.42%
CHAMPAIGN-URBANA, IL (FHA|USDA|VA) 17 $3,675,000 $216,176 $5,558 6.59%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 15 $3,415,000 $227,667 $7,811 4.71%
PANAMA CITY, FL (FHA|USDA|VA) 17 $3,375,000 $198,529 $10,074 5.66%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 7 $2,245,000 $320,714 $8,770 6.21%
SAN LUIS OBISPO-PASO ROBLES, CA (FHA|USDA|VA) 3 $2,215,000 $738,333 $17,021 6.87%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 5 $1,655,000 $331,000 $11,207 7.22%
Heber, UT (FHA|USDA|VA) 1 $1,625,000 $1,625,000 $27,125 8.00%
EL CENTRO, CA (FHA|USDA|VA) 5 $1,585,000 $317,000 $10,511 6.90%
Key West, FL (FHA|USDA|VA) 3 $1,495,000 $498,333 $22,275 4.83%
LAKE HAVASU CITY-KINGMAN, AZ (FHA|USDA|VA) 3 $1,315,000 $438,333 $7,680 6.00%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 4 $1,240,000 $310,000 $5,708 7.09%
Outside of Metro Areas 5 $905,000 $181,000 $4,252 6.05%
NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 2 $890,000 $445,000 $15,206 6.00%
PORT ST. LUCIE, FL (FHA|USDA|VA) 3 $875,000 $291,667 $9,736 7.25%
San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 2 $840,000 $420,000 $13,113 7.25%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 3 $825,000 $275,000 $5,835 6.37%
FRESNO, CA (FHA|USDA|VA) 3 $825,000 $275,000 $15,261 6.54%
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 3 $785,000 $261,667 $10,543 7.25%
CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 1 $705,000 $705,000 $13,086 5.88%
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 1 $585,000 $585,000 $5,177 7.13%
SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) 1 $575,000 $575,000 $6,761 7.13%
STOCKTON, CA (FHA|USDA|VA) 1 $575,000 $575,000 $14,848 6.75%
BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) 1 $565,000 $565,000 $0 7.50%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 2 $560,000 $280,000 $12,564 7.19%
Wilson, NC (FHA|USDA|VA) 2 $490,000 $245,000 $6,880 6.94%
TWIN FALLS, ID (FHA|USDA|VA) 1 $485,000 $485,000 $32,148 5.38%
Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 1 $465,000 $465,000 $11,044 7.25%
PRESCOTT VALLEY-PRESCOTT, AZ (FHA|USDA|VA) 2 $460,000 $230,000 $6,916 7.19%
Kingsville, TX (FHA|USDA|VA) 1 $435,000 $435,000 $3,272 5.13%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 1 $415,000 $415,000 $8,969 6.50%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $405,000 $405,000 $11,584 6.13%
SANTA MARIA-SANTA BARBARA, CA (FHA|USDA|VA) 1 $385,000 $385,000 $4,844 6.88%
JACKSONVILLE, FL (FHA|USDA|VA) 1 $385,000 $385,000 $16,616 6.75%
DANVILLE, IL (FHA|USDA|VA) 4 $380,000 $95,000 $4,068 9.13%
Whitewater, WI (FHA|USDA|VA) 1 $365,000 $365,000 $3,141 6.99%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 1 $355,000 $355,000 $10,191 5.50%
SPARTANBURG, SC (FHA|USDA|VA) 1 $355,000 $355,000 $15,873 5.63%
BOISE CITY, ID (FHA|USDA|VA) 1 $305,000 $305,000 $5,997 6.99%
FORT WAYNE, IN (FHA|USDA|VA) 2 $300,000 $150,000 $6,348 8.50%
YUMA, AZ (FHA|USDA|VA) 2 $300,000 $150,000 $7,237 6.56%
MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) 2 $300,000 $150,000 $2,867 6.99%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 2 $290,000 $145,000 $5,499 3.13%
ALBUQUERQUE, NM (FHA|USDA|VA) 1 $285,000 $285,000 $9,988 5.99%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $255,000 $255,000 $13,221 6.38%
VISALIA, CA (FHA|USDA|VA) 1 $255,000 $255,000 $11,119 6.75%
LOUISVILLE, KY (FHA|USDA|VA) 1 $215,000 $215,000 $9,707 5.63%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 1 $205,000 $205,000 $8,119 6.88%
MEMPHIS, TN-MS-AR (FHA|USDA|VA) 1 $185,000 $185,000 $5,174 6.13%
ROCKFORD, IL (FHA|USDA|VA) 1 $155,000 $155,000 $5,916 7.50%
Ottawa, IL (FHA|USDA|VA) 2 $150,000 $75,000 $2,426 3.63%
Warsaw, IN (FHA|USDA|VA) 1 $125,000 $125,000 $2,829 8.13%
BLOOMINGTON, IL (FHA|USDA|VA) 1 $85,000 $85,000 $2,850 7.75%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 1 $85,000 $85,000 $3,296 6.63%
Point Mortgage's top markets include San Diego, Miami, Riverside, Chicago, and Bakersfield among others.

Their top states include:
  • California (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Illinois (FHA|USDA|VA)
  • Arizona (FHA|USDA|VA)
  • Utah (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against POINT Mortgage based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    SAFE 1 CREDIT UNION
    Similarity Rank: 24
    UNIVERSITY OF ILLINOIS COMMUNITY
    Similarity Rank: 45
    First Savings Bank of Hegewisch
    Similarity Rank: 46
    AltaOne Federal Credit Union
    Similarity Rank: 55
    Los Angeles Federal Credit Union
    Similarity Rank: 72
    Marine Bank
    Similarity Rank: 76
    MISSION
    Similarity Rank: 93
    VALLEY STRONG CREDIT UNION
    Similarity Rank: 136
    LBS FINANCIAL
    Similarity Rank: 258

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 635 $222,695,000 $350,701 $8,097 6.19%
    FHA 217 $92,965,000 $428,410 $16,863 6.50%
    VA 58 $35,150,000 $606,034 $14,655 6.25%

    For 2023, Point Mortgage's most frequently originated type of loan was Conventional, with 635 originations. Their 2nd most popular type was FHA, with 217 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 833 $322,545,000 $387,209 $10,736 6.21%
    Cash Out Refi 56 $17,640,000 $315,000 $9,652 6.92%
    Refi 21 $10,625,000 $505,952 $8,562 6.48%

    For 2023, Point Mortgage's most frequently cited loan purpose was Home Purchase, with 833 originations. The 2nd most popular reason was Cash Out Refi, with 56 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 887 $347,515,000 $391,787 $10,823 6.34%
    5 Year 10 $50,000 $5,000 $0 0.00%
    10 Year 7 $85,000 $12,143 $0 5.68%
    15 Year 4 $1,050,000 $262,500 $8,624 6.00%
    30+ year 2 $2,110,000 $1,055,000 $27,125 7.94%

    For 2023, Point Mortgage's most frequently cited loan duration was 30 Year, with 887 originations. The 2nd most popular length was 5 Year, with 10 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $5k+ 326 $169,360,000 $519,509
    $1k-2k 262 $91,030,000 $347,443
    $<1k 87 $10,085,000 $115,920
    $2k-3k 84 $24,460,000 $291,190
    $3k-4k 76 $27,100,000 $356,579
    $4k-5k 69 $26,185,000 $379,493

    Point Mortgage's average total fees were $10,823, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 326 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 411 $170,055,000 $413,759
    7-8% 251 $103,675,000 $413,048
    5-6% 148 $64,570,000 $436,284
    <2.5% 66 $1,050,000 $15,909
    Over 8% 32 $10,290,000 $321,563
    4-5% 2 $1,170,000 $585,000

    During 2023, Point Mortgage's average interest rate for loans was 6.34%, while their most frequently originated rate bucket for loans was 6-7%, with 411 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 323 $97,725,000 $302,554 $9,315 6.82%
    $400k-600k 222 $108,690,000 $489,595 $13,273 6.70%
    $600k-1MM 156 $111,390,000 $714,038 $16,988 6.61%
    $100k-200k 114 $17,180,000 $150,702 $6,140 6.74%
    $100,000 or less 85 $2,225,000 $26,176 $669 1.67%
    $1MM+ 10 $13,600,000 $1,360,000 $30,313 6.71%

    2023 saw Point Mortgage place emphasis on $200k-400k loans with 323 originations, totaling $97,725,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 303 $111,735,000 $368,762 $10,822 6.05%
    $150k-250k 221 $121,565,000 $550,068 $13,653 6.79%
    $75k-100k 136 $36,030,000 $264,926 $8,272 5.84%
    $50k-75k 125 $24,475,000 $195,800 $6,864 5.96%
    $250k+ 67 $42,865,000 $639,776 $13,776 6.78%
    $50k or less 47 $8,795,000 $187,128 $7,084 6.24%

    Point Mortgage lent most frequently to those with incomes in the $100k-150k range, with 303 originations. The second most popular income band? $150k-250k, with 221 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    50-60% 119 $58,845,000 $494,496 $16,996 6.29%
    30-36% 102 $35,710,000 $350,098 $8,728 6.45%
    49% 81 $34,005,000 $419,815 $12,267 6.61%
    20-30% 58 $18,150,000 $312,931 $8,161 6.50%
    48% 52 $18,620,000 $358,077 $9,300 6.46%
    45% 49 $18,785,000 $383,367 $10,958 5.95%
    47% 48 $18,540,000 $386,250 $10,661 6.19%
    46% 48 $19,100,000 $397,917 $11,097 6.11%
    43% 45 $16,475,000 $366,111 $9,016 6.37%
    44% 40 $15,830,000 $395,750 $9,203 6.18%
    40% 37 $13,435,000 $363,108 $8,882 5.93%
    42% 36 $12,820,000 $356,111 $8,584 5.73%
    39% 34 $12,190,000 $358,529 $10,098 5.77%
    38% 34 $12,270,000 $360,882 $9,327 6.62%
    41% 32 $11,190,000 $349,688 $8,992 6.03%
    <20% 28 $7,650,000 $273,214 $7,156 5.41%
    37% 25 $10,795,000 $431,800 $9,559 6.55%
    36% 23 $6,155,000 $267,609 $7,915 5.72%
    >60% 6 $3,720,000 $620,000 $11,562 6.46%

    Point Mortgage lent most frequently to those with DTI ratios of 50-60%, with 119 originations. The next most common DTI ratio? 30-36%, with 102 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 662 $251,710,000 $380,227 $10,353 6.22%
    Not provided 140 $56,010,000 $400,071 $11,520 6.56%
    Asian 47 $22,185,000 $472,021 $11,915 6.65%
    Black 48 $15,390,000 $320,625 $9,804 5.60%
    American Indian 8 $3,340,000 $417,500 $14,487 6.31%
    Native Hawaiian or Islander 5 $2,175,000 $435,000 $11,377 7.05%

    Approval Rates

    Total approvals of all applications
    97.25%

    Point Mortgage has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    58.02%

    Point Mortgage 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 910 $350,810,000 $385,505

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    910 $350,810,000 $385,505

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 37 $8,055,000 $217,703 $7,054 6.34%
    40-60% 59 $20,245,000 $343,136 $7,948 6.57%
    60-80% 186 $76,840,000 $413,118 $10,249 6.97%
    80-100% 534 $233,450,000 $437,172 $12,469 6.73%
    Over 100% 16 $9,940,000 $621,250 $20,259 5.97%
    Under 20% 78 $2,280,000 $29,231 $446 1.20%