Preston Home Loans Inc Mortgage Rates, Fees & Info

GOODRICH, MI

LEI: 254900A9IPKYRVXEJ156

Tax ID: 82-5309607

5 stars - out of 5 stars, based on 29 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Preston Home Loans Inc is a smaller mortgage company specializing in Home Purchase and Refi loans. Preston Home Loans Inc has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets include Flint, Detroit, Lansing, Saginaw, and Ann Arbor among others. Preston Home Loans Inc 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. Preston Home Loans Inc is typically an average fee lendor.


Originations

870

Origination Dollar Volume (All Markets)

$162,530,000
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Relative Rate

Preston Home Loans Inc's average 30 year fixed rate mortgage of loans were 3.11%.

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

This yields a difference of -0.04%.

Relative Fees

Preston Home Loans Inc's average total fees for a 30 year fixed rate mortgage are $4,351.

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
FLINT, MI (FHA|USDA|VA) 441 $75,065,000 $170,215 $4,192 3.06%
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 277 $62,405,000 $225,289 $4,109 2.96%
LANSING-EAST LANSING, MI (FHA|USDA|VA) 59 $9,045,000 $153,305 $4,459 3.16%
Outside of Metro Areas 44 $6,510,000 $147,955 $3,995 3.20%
SAGINAW, MI (FHA|USDA|VA) 13 $1,975,000 $151,923 $4,430 3.19%
ANN ARBOR, MI (FHA|USDA|VA) 5 $1,765,000 $353,000 $4,420 2.95%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 5 $885,000 $177,000 $3,422 3.08%
BAY CITY, MI (FHA|USDA|VA) 6 $770,000 $128,333 $4,486 3.08%
Cadillac, MI (FHA|USDA|VA) 2 $610,000 $305,000 $4,628 2.69%
Traverse City, MI (FHA|USDA|VA) 3 $515,000 $171,667 $5,401 3.29%
JACKSON, MI (FHA|USDA|VA) 2 $480,000 $240,000 $7,397 2.81%
Adrian, MI (FHA|USDA|VA) 2 $440,000 $220,000 $3,146 2.50%
BATTLE CREEK, MI (FHA|USDA|VA) 2 $380,000 $190,000 $3,527 3.00%
Houghton, MI (FHA|USDA|VA) 1 $295,000 $295,000 $3,408 3.13%
KANKAKEE, IL (FHA|USDA|VA) 1 $245,000 $245,000 $3,661 2.25%
MUSKEGON, MI (FHA|USDA|VA) 1 $235,000 $235,000 $4,447 2.38%
GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 1 $215,000 $215,000 $4,105 2.88%
BLOOMINGTON, IL (FHA|USDA|VA) 1 $185,000 $185,000 $3,379 4.38%
Mount Pleasant, MI (FHA|USDA|VA) 1 $155,000 $155,000 $3,278 2.63%
KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 1 $135,000 $135,000 $5,150 2.75%
MIDLAND, MI (FHA|USDA|VA) 1 $125,000 $125,000 $4,947 3.50%
Big Rapids, MI (FHA|USDA|VA) 1 $95,000 $95,000 $3,094 2.25%

Preston Home Loans Inc's top markets include Flint, Detroit, Lansing, Saginaw, and Ann Arbor among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 602 $117,230,000 $194,734 $3,332 3.00%
FHA 199 $33,035,000 $166,005 $6,461 3.14%
USDA 48 $7,820,000 $162,917 $5,193 3.07%
VA 21 $4,445,000 $211,667 $4,584 3.13%

For the 2021 period, Preston Home Loans Inc's most frequently originated loan type of loans were Conventional, with 602 originations. Their 2nd most popular type is FHA, with 199 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 482 $88,440,000 $183,485 $4,679 3.19%
Refi 311 $60,605,000 $194,871 $3,542 2.81%
Home Improvement 76 $13,300,000 $175,000 $3,653 3.04%
Cash Out Refi 1 $185,000 $185,000 $2,931 3.25%

For the 2021, Preston Home Loans Inc's most frequently cited loan purpose of loans were Home Purchase, with 482 originations. The 2nd most popular reason of loans were Refi, with 311 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 758 $143,530,000 $189,354 $4,351 3.11%
15 Year 83 $13,725,000 $165,361 $2,906 2.52%
20 Year 16 $2,920,000 $182,500 $3,673 2.90%
10 Year 8 $1,260,000 $157,500 $2,895 2.52%
Other 5 $1,095,000 $219,000 $3,249 2.87%

For the 2021, Preston Home Loans Inc's most frequently cited loan length of loans were 30 Year, with 758 originations. The 2nd most popular length of loans were 15 Year, with 83 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 750 $138,610,000 $184,813
$2k-3k 61 $11,065,000 $181,393
$3k-4k 32 $6,210,000 $194,063
$<1k 22 $5,290,000 $240,455
$5k+ 4 $1,280,000 $320,000

$4,351 of loans were Preston Home Loans Inc's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 750 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 407 $70,575,000 $173,403
2.5-3% 338 $65,810,000 $194,704
<2.5% 110 $23,600,000 $214,545
4-5% 15 $2,545,000 $169,667

During 2021, Preston Home Loans Inc's average interest rate of loans were 3.11%, while their most frequently originated rate bucket of loans were 3-4%, with 407 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 404 $60,880,000 $150,693 $4,084 3.04%
$200k-400k 292 $79,210,000 $271,267 $4,687 2.98%
$100,000 or less 152 $11,940,000 $78,553 $3,548 3.17%
$400k-600k 22 $10,500,000 $477,273 $3,629 2.83%

2021 saw Preston Home Loans Inc place emphasis on $100k-200k loans with 404 originations, totaling $60,880,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k or less 268 $33,920,000 $126,567 $4,216 3.11%
$50k-75k 266 $47,150,000 $177,256 $4,387 3.05%
$75k-100k 140 $28,570,000 $204,071 $4,118 3.03%
$100k-150k 124 $31,530,000 $254,274 $3,976 3.02%
$150k-250k 54 $15,990,000 $296,111 $3,947 2.82%
$250k+ 17 $5,225,000 $307,353 $3,154 2.76%

Preston Home Loans Inc lent most frequently to those with incomes in the $50k or less range, with 268 originations. The second most popular income band? $50k-75k, with 266 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 206 $36,800,000 $178,641 $3,752 3.01%
30-36% 159 $28,845,000 $181,415 $3,863 3.09%
<20% 68 $11,510,000 $169,265 $3,010 2.78%
50-60% 45 $7,925,000 $176,111 $6,569 3.18%
38% 39 $8,125,000 $208,333 $3,869 3.08%
40% 33 $6,425,000 $194,697 $4,317 3.08%
43% 32 $5,890,000 $184,063 $4,555 3.03%
41% 32 $6,420,000 $200,625 $4,287 3.07%
42% 31 $5,055,000 $163,065 $3,876 2.91%
45% 28 $6,540,000 $233,571 $4,448 3.04%
37% 27 $5,245,000 $194,259 $5,025 3.15%
39% 26 $5,940,000 $228,462 $4,747 3.18%
46% 25 $4,755,000 $190,200 $4,964 3.11%
44% 23 $3,515,000 $152,826 $4,210 3.26%
47% 21 $4,125,000 $196,429 $4,590 2.99%
36% 21 $4,225,000 $201,190 $4,701 3.18%
48% 18 $3,810,000 $211,667 $4,861 3.09%
49% 17 $3,815,000 $224,412 $4,653 3.10%

Preston Home Loans Inc lent most frequently to those with DTI ratios of 20-30%, with 206 originations. The next most common DTI ratio? 30-36%, with 159 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 818 $154,320,000 $188,655 $4,141 3.03%
Black 38 $5,830,000 $153,421 $5,129 3.19%
Asian 9 $1,365,000 $151,667 $3,499 3.10%
American Indian 5 $1,015,000 $203,000 $4,971 3.22%

Approval Rates

Total approvals of all applications
98.46%

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 origination
80.36%

Preston Home Loans Inc has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 870 $162,530,000 $186,816

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
870 $162,530,000 $186,816

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 24 $2,750,000 $114,583 $2,939 2.78%
40-60% 87 $14,415,000 $165,690 $3,028 2.78%
60-80% 273 $53,035,000 $194,267 $3,561 2.95%
80-100% 479 $90,925,000 $189,823 $4,756 3.15%
Over 100% 6 $1,250,000 $208,333 $8,220 3.31%
Under 20% 1 $155,000 $155,000 $2,673 2.13%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
PARKSIDE LENDING, LLC Conventional home mortgage Incorrect information on your report 1 16.7%
PARKSIDE LENDING, LLC Conventional home mortgage Struggling to pay mortgage 1 16.7%
PARKSIDE LENDING, LLC Conventional home mortgage Trouble during payment process 4 66.7%