Preston Home Loans Inc Mortgage Rates, Fees & Info
GOODRICH, MILEI: 254900A9IPKYRVXEJ156
Tax ID: 82-5309607
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Mortgage Data
Review & Overview
Preston Home Loans Inc is a smaller mortgage company specializing in Home Purchase loans. Preston Home Loans Inc has a high proportion of conventional loans. They have a a high proportion of FHA loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Flint, Detroit, Lansing, Saginaw, and Dallas among others. We have data for 44 markets. (Some data included below & more in-depth data is available with an active subscription.)Preston Home Loans Inc 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. Preston Home Loans Inc 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 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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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 7.00% | 11/17/24 |
| 30 Year Conventional Refi | 6.73% | 11/17/24 |
| 30 Year Cash-out Refi | 6.71% | 11/17/24 |
| 30 Year FHA Purchase | 7.80% | 11/17/24 |
| 30 Year FHA Refi | 7.52% | 11/17/24 |
| 30 Year VA Purchase | 6.62% | 11/17/24 |
| 30 Year VA Refi | 6.30% | 11/17/24 |
| 30 Year USDA Purchase | 7.25% | 11/17/24 |
| 15 Year Conventional Purchase | 6.32% | 11/17/24 |
| 15 Year Conventional Refi | 6.25% | 11/17/24 |
| 15 Year Cash-out Refi | 6.25% | 11/17/24 |
| 15 Year FHA Purchase | 8.14% | 11/17/24 |
| 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. | ||
Preston Home Loans Inc Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
849Origination Dollar Volume (All Markets)
$162,235,000Awards
Preston Home Loans Inc - 2023
Preston Home Loans Inc is a 2023 , due to their low .
For 2023, less than of lenders were eligible for this award.
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Relative Rate
Preston Home Loans Inc's average 30 year fixed mortgage rate was
6.93%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of 0.45%.
Relative Fees (Closing Costs)
Preston Home Loans Inc's average total fees/closing costs for a 30 year fixed rate
mortgage were $7,088.
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 |
|---|---|---|---|---|---|
| FLINT, MI (FHA|USDA|VA) | 302 | $51,270,000 | $169,768 | $6,524 | 6.94% |
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 220 | $49,890,000 | $226,773 | $7,817 | 6.94% |
| Outside of Metro Areas | 77 | $12,775,000 | $165,909 | $6,695 | 6.96% |
| LANSING-EAST LANSING, MI (FHA|USDA|VA) | 68 | $10,380,000 | $152,647 | $6,443 | 6.77% |
| SAGINAW, MI (FHA|USDA|VA) | 46 | $6,970,000 | $151,522 | $6,563 | 6.76% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 15 | $5,625,000 | $375,000 | $12,772 | 6.74% |
| GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) | 22 | $3,790,000 | $172,273 | $7,444 | 7.35% |
| ANN ARBOR, MI (FHA|USDA|VA) | 8 | $2,170,000 | $271,250 | $7,220 | 7.36% |
| Alma, MI (FHA|USDA|VA) | 15 | $2,155,000 | $143,667 | $5,914 | 7.17% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 4 | $1,340,000 | $335,000 | $9,151 | 6.78% |
| BAY CITY, MI (FHA|USDA|VA) | 10 | $1,180,000 | $118,000 | $5,995 | 7.06% |
| NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) | 2 | $1,090,000 | $545,000 | $10,373 | 6.81% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 2 | $1,090,000 | $545,000 | $8,723 | 6.74% |
| MIDLAND, MI (FHA|USDA|VA) | 6 | $920,000 | $153,333 | $6,628 | 6.62% |
| Adrian, MI (FHA|USDA|VA) | 4 | $820,000 | $205,000 | $9,161 | 6.41% |
| PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) | 2 | $740,000 | $370,000 | $15,202 | 6.88% |
| Mount Pleasant, MI (FHA|USDA|VA) | 4 | $660,000 | $165,000 | $6,274 | 7.03% |
| MUSKEGON, MI (FHA|USDA|VA) | 5 | $655,000 | $131,000 | $5,284 | 6.85% |
| JACKSON, MI (FHA|USDA|VA) | 3 | $535,000 | $178,333 | $7,546 | 7.00% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 2 | $520,000 | $260,000 | $10,447 | 6.75% |
| CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) | 2 | $520,000 | $260,000 | $5,666 | 7.19% |
| WINSTON-SALEM, NC (FHA|USDA|VA) | 1 | $515,000 | $515,000 | $4,324 | 6.50% |
| MONROE, MI (FHA|USDA|VA) | 3 | $485,000 | $161,667 | $4,447 | 7.17% |
| Holland, MI (FHA|USDA|VA) | 2 | $450,000 | $225,000 | $8,786 | 7.44% |
| KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) | 1 | $435,000 | $435,000 | $4,045 | 7.00% |
| NILES, MI (FHA|USDA|VA) | 2 | $420,000 | $210,000 | $5,588 | 6.63% |
| Bonham, TX (FHA|USDA|VA) | 1 | $405,000 | $405,000 | $8,982 | 6.50% |
| Big Rapids, MI (FHA|USDA|VA) | 3 | $365,000 | $121,667 | $7,409 | 7.33% |
| PUNTA GORDA, FL (FHA|USDA|VA) | 1 | $355,000 | $355,000 | $9,560 | 6.99% |
| KNOXVILLE, TN (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $17,365 | 7.25% |
| SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $10,396 | 5.63% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $13,090 | 6.63% |
| Traverse City, MI (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $1,906 | 6.99% |
| BATTLE CREEK, MI (FHA|USDA|VA) | 2 | $300,000 | $150,000 | $4,474 | 7.00% |
| Cadillac, MI (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $14,815 | 7.25% |
| SHERMAN-DENISON, TX (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $8,661 | 6.88% |
| PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $14,553 | 6.63% |
| Palatka, FL (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $15,604 | 7.13% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $5,165 | 5.99% |
| SPARTANBURG, SC (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $0 | 7.63% |
| PORT ST. LUCIE, FL (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $6,174 | 6.50% |
| Hillsdale, MI (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $6,625 | 6.88% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $6,878 | 5.88% |
| Sturgis, MI (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $8,608 | 7.63% |
Similar Lenders
We use machine learning to identify the top lenders compared against Preston Home Loans Inc based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
For 2023, Preston Home Loans Inc's most frequently originated type of loan was Conventional, with 454 originations. Their 2nd most popular type was FHA, with 333 originations.
Loan Reason
For 2023, Preston Home Loans Inc's most frequently cited loan purpose was Home Purchase, with 813 originations. The 2nd most popular reason was Refi, with 28 originations.
Loan Duration/Length
For 2023, Preston Home Loans Inc's most frequently cited loan duration was 30 Year, with 832 originations. The 2nd most popular length was Other, with 10 originations.
Origination Fees/Closing Costs
Preston Home Loans Inc's average total fees were $7,088, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 236 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 480 | $88,320,000 | $184,000 |
| 7-8% | 326 | $64,940,000 | $199,202 |
| 5-6% | 37 | $7,665,000 | $207,162 |
| Over 8% | 5 | $1,195,000 | $239,000 |
| 4-5% | 1 | $115,000 | $115,000 |
During 2023, Preston Home Loans Inc's average interest rate for loans was 6.93%, while their most frequently originated rate bucket for loans was 6-7%, with 480 originations.
Loan Sizing
2023 saw Preston Home Loans Inc place emphasis on $100k-200k loans with 415 originations, totaling $61,135,000 in origination value.
Applicant Income
Preston Home Loans Inc lent most frequently to those with incomes in the $50k-75k range, with 265 originations. The second most popular income band? $50k or less, with 203 originations.
Applicant Debt to Income Ratio
Preston Home Loans Inc lent most frequently to those with DTI ratios of 30-36%, with 149 originations. The next most common DTI ratio? 20-30%, with 114 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications98.24%
Preston Home Loans Inc has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination61.60%
Preston Home Loans Inc 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 | 849 | $162,235,000 | $191,090 |