Preston Home Loans Inc Mortgage Rates, Fees & Info

GOODRICH, MI

LEI: 254900A9IPKYRVXEJ156

Tax ID: 82-5309607

5 stars - Updated: 4/14/24 - out of 5 stars, based on 29 reviews

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

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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.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 7.00% 4/14/24
30 Year Conventional Refi 6.73% 4/14/24
30 Year Cash-out Refi 6.71% 4/14/24
30 Year FHA Purchase 7.80% 4/14/24
30 Year FHA Refi 7.52% 4/14/24
30 Year VA Purchase 6.62% 4/14/24
30 Year VA Refi 6.30% 4/14/24
30 Year USDA Purchase 7.25% 4/14/24
15 Year Conventional Purchase 6.32% 4/14/24
15 Year Conventional Refi 6.25% 4/14/24
15 Year Cash-out Refi 6.25% 4/14/24
15 Year FHA Purchase 8.14% 4/14/24
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






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Preston Home Loans Inc. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.


Originations

849

Origination Dollar Volume (All Markets)

$162,235,000

Awards

Preston Home Loans Inc FHA Loans bronze
Show all (1) awards

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

Their top states include:
  • Michigan (FHA|USDA|VA)
  • Texas (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • North Carolina (FHA|USDA|VA)
  • Tennessee (FHA|USDA|VA)
  • 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.

    Michigan Legacy Credit Union
    Similarity Rank: 15
    1st State Financial, Ltd.
    Similarity Rank: 34
    Wildfire Credit Union
    Similarity Rank: 52
    Total Community Credit Union
    Similarity Rank: 94
    PFCU
    Similarity Rank: 100
    St James Mortgage Corporation
    Similarity Rank: 104
    Isabella Bank
    Similarity Rank: 120
    MEMBERFOCUS COMMUNITY
    Similarity Rank: 162

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 454 $90,180,000 $198,634 $5,797 6.99%
    FHA 333 $58,945,000 $177,012 $8,569 6.86%
    VA 31 $8,235,000 $265,645 $10,784 6.80%
    USDA 31 $4,875,000 $157,258 $6,594 6.93%

    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

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 813 $156,385,000 $192,355 $7,127 6.92%
    Refi 28 $4,420,000 $157,857 $6,200 7.02%
    Cash Out Refi 5 $1,045,000 $209,000 $8,832 6.97%
    Home Improvement 2 $200,000 $100,000 $4,008 6.69%
    NA 1 $185,000 $185,000 $9,748 7.25%

    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

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 832 $158,740,000 $190,793 $7,088 6.93%
    Other 10 $1,430,000 $143,000 $7,408 7.02%
    15 Year 5 $1,445,000 $289,000 $7,038 6.53%
    10 Year 1 $535,000 $535,000 $20,247 7.00%
    20 Year 1 $85,000 $85,000 $6,349 6.49%

    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

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 236 $36,120,000 $153,051
    $5k+ 194 $56,660,000 $292,062
    $2k-3k 165 $24,585,000 $149,000
    $3k-4k 146 $24,780,000 $169,726
    $4k-5k 83 $16,375,000 $197,289
    $<1k 17 $2,865,000 $168,529

    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

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 415 $61,135,000 $147,313 $6,047 6.87%
    $200k-400k 263 $69,655,000 $264,848 $9,183 7.01%
    $100,000 or less 126 $9,150,000 $72,619 $4,379 6.93%
    $400k-600k 40 $18,870,000 $471,750 $12,285 6.96%
    $600k-1MM 5 $3,425,000 $685,000 $10,412 6.57%

    2023 saw Preston Home Loans Inc place emphasis on $100k-200k loans with 415 originations, totaling $61,135,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 265 $43,095,000 $162,623 $6,621 6.86%
    $50k or less 203 $22,185,000 $109,286 $5,228 6.82%
    $75k-100k 145 $29,115,000 $200,793 $7,631 6.90%
    $100k-150k 141 $36,975,000 $262,234 $9,020 7.13%
    $150k-250k 68 $21,590,000 $317,500 $9,005 7.12%
    $250k+ 27 $9,275,000 $343,519 $8,627 6.97%

    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

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 149 $27,245,000 $182,852 $6,503 6.85%
    20-30% 114 $20,360,000 $178,596 $6,027 6.91%
    50-60% 78 $17,010,000 $218,077 $9,544 6.86%
    39% 45 $7,595,000 $168,778 $6,777 7.02%
    49% 42 $8,730,000 $207,857 $7,753 7.02%
    46% 42 $9,510,000 $226,429 $7,969 6.98%
    42% 38 $7,910,000 $208,158 $7,720 6.92%
    40% 38 $6,490,000 $170,789 $6,558 6.84%
    41% 36 $6,640,000 $184,444 $7,002 7.04%
    36% 35 $6,215,000 $177,571 $6,594 6.98%
    <20% 34 $6,510,000 $191,471 $5,426 7.04%
    48% 32 $6,170,000 $192,813 $7,977 6.96%
    44% 31 $4,725,000 $152,419 $6,923 6.90%
    45% 31 $5,625,000 $181,452 $6,958 7.01%
    47% 30 $6,490,000 $216,333 $7,246 6.95%
    38% 28 $5,710,000 $203,929 $6,901 7.00%
    43% 26 $5,820,000 $223,846 $8,796 6.75%
    37% 20 $3,480,000 $174,000 $6,292 7.06%

    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

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 749 $145,215,000 $193,879 $7,088 6.93%
    Black 86 $13,020,000 $151,395 $6,901 6.89%
    Asian 11 $2,995,000 $272,273 $8,176 7.11%
    American Indian 3 $1,005,000 $335,000 $13,444 6.88%

    Approval Rates

    Total approvals of all applications
    98.24%

    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 origination
    61.60%

    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

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    849 $162,235,000 $191,090

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 17 $1,695,000 $99,706 $4,130 6.81%
    40-60% 34 $5,510,000 $162,059 $5,546 6.82%
    60-80% 138 $28,300,000 $205,072 $6,402 7.05%
    80-100% 655 $125,035,000 $190,893 $7,320 6.91%
    Over 100% 5 $1,695,000 $339,000 $18,084 7.15%