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. Preston Home Loans Inc has a low ratio of conventional loans.They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Flint, Detroit, Lansing, Saginaw, and Dallas among others. We have data for 37 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 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 |
|---|---|---|
| 30 Year Conventional Purchase | 6.72% | 4/5/25 |
| 30 Year Conventional Refi | 7.28% | 4/5/25 |
| 30 Year FHA Purchase | 7.72% | 4/5/25 |
| 30 Year FHA Refi | 7.47% | 4/5/25 |
| 30 Year VA Purchase | 7.18% | 4/5/25 |
| 30 Year VA Refi | 7.03% | 4/5/25 |
| 30 Year USDA Purchase | 7.66% | 4/5/25 |
| 30 Year USDA Refi | 6.72% | 4/5/25 |
| 15 Year Conventional Purchase | 6.80% | 4/5/25 |
| 15 Year Conventional Refi | 6.36% | 4/5/25 |
| 15 Year Cash-out Refi | 6.36% | 4/5/25 |
| 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
1,103Origination Dollar Volume (All Markets)
$220,335,000Awards
Preston Home Loans Inc - 2024
Preston Home Loans Inc is a 2024 , due to their low .
For 2024, 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
6.87%.
The 2024 average 30 year fixed rate mortgage across all markets and lenders was 6.55%.
This yields a difference of 0.32%.
Relative Fees (Closing Costs)
Preston Home Loans Inc's average total fees/closing costs for a 30 year fixed rate
mortgage were $6,803.
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 $8,356.
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) | 408 | $74,900,000 | $183,578 | $6,654 | 6.85% |
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 285 | $66,635,000 | $233,807 | $7,045 | 6.93% |
| Outside of Metro Areas | 91 | $15,955,000 | $175,330 | $6,550 | 6.94% |
| LANSING-EAST LANSING, MI (FHA|USDA|VA) | 77 | $13,145,000 | $170,714 | $6,474 | 6.85% |
| SAGINAW, MI (FHA|USDA|VA) | 65 | $10,475,000 | $161,154 | $6,593 | 6.79% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 20 | $6,920,000 | $346,000 | $9,949 | 6.57% |
| GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) | 33 | $6,285,000 | $190,455 | $6,515 | 6.99% |
| ANN ARBOR, MI (FHA|USDA|VA) | 10 | $4,200,000 | $420,000 | $5,650 | 6.77% |
| Alma, MI (FHA|USDA|VA) | 22 | $3,100,000 | $140,909 | $6,260 | 6.90% |
| BAY CITY, MI (FHA|USDA|VA) | 20 | $3,060,000 | $153,000 | $6,198 | 6.63% |
| DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) | 7 | $2,335,000 | $333,571 | $12,821 | 6.64% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 4 | $1,450,000 | $362,500 | $9,410 | 6.59% |
| Big Rapids, MI (FHA|USDA|VA) | 6 | $1,200,000 | $200,000 | $8,726 | 7.39% |
| Mount Pleasant, MI (FHA|USDA|VA) | 9 | $1,145,000 | $127,222 | $5,486 | 6.87% |
| Cadillac, MI (FHA|USDA|VA) | 6 | $1,090,000 | $181,667 | $5,157 | 6.91% |
| Traverse City, MI (FHA|USDA|VA) | 4 | $950,000 | $237,500 | $5,279 | 6.90% |
| MIDLAND, MI (FHA|USDA|VA) | 7 | $755,000 | $107,857 | $5,636 | 6.89% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 2 | $710,000 | $355,000 | $12,570 | 6.87% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 1 | $655,000 | $655,000 | $6,871 | 7.38% |
| OCALA, FL (FHA|USDA|VA) | 1 | $545,000 | $545,000 | $11,495 | 7.63% |
| JACKSON, MI (FHA|USDA|VA) | 3 | $495,000 | $165,000 | $6,980 | 6.83% |
| Adrian, MI (FHA|USDA|VA) | 3 | $435,000 | $145,000 | $4,782 | 6.79% |
| PORT ST. LUCIE, FL (FHA|USDA|VA) | 2 | $430,000 | $215,000 | $5,905 | 6.49% |
| MONROE, MI (FHA|USDA|VA) | 1 | $375,000 | $375,000 | $14,918 | 7.63% |
| Ludington, MI (FHA|USDA|VA) | 2 | $360,000 | $180,000 | $10,013 | 7.31% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $3,482 | 6.38% |
| ELKHART-GOSHEN, IN (FHA|USDA|VA) | 2 | $300,000 | $150,000 | $2,954 | 7.38% |
| LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $14,550 | 6.63% |
| Marquette, MI (FHA|USDA|VA) | 2 | $270,000 | $135,000 | $5,073 | 6.74% |
| NILES, MI (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $3,981 | 6.63% |
| COLUMBIA, SC (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $10,761 | 7.13% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $6,558 | 6.99% |
| MUSKEGON, MI (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $5,444 | 6.99% |
| Bonham, TX (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $8,695 | 7.50% |
| KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $6,648 | 6.99% |
| BATTLE CREEK, MI (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $6,908 | 6.63% |
| Athens, TX (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $4,460 | 6.88% |
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 2024, Preston Home Loans Inc's most frequently originated type of loan was Conventional, with 593 originations. Their 2nd most popular type was FHA, with 437 originations.
Loan Reason
For 2024, Preston Home Loans Inc's most frequently cited loan purpose was Home Purchase, with 1,018 originations. The 2nd most popular reason was Refi, with 71 originations.
Loan Duration/Length
For 2024, Preston Home Loans Inc's most frequently cited loan duration was 30 Year, with 1,049 originations. The 2nd most popular length was Other, with 28 originations.
Origination Fees/Closing Costs
Preston Home Loans Inc's average total fees were $6,803, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 346 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 680 | $126,240,000 | $185,647 |
| 7-8% | 388 | $84,760,000 | $218,454 |
| 5-6% | 31 | $8,535,000 | $275,323 |
| Over 8% | 3 | $545,000 | $181,667 |
| 4-5% | 1 | $255,000 | $255,000 |
During 2024, Preston Home Loans Inc's average interest rate for loans was 6.87%, while their most frequently originated rate bucket for loans was 6-7%, with 680 originations.
Loan Sizing
2024 saw Preston Home Loans Inc place emphasis on $100k-200k loans with 531 originations, totaling $80,815,000 in origination value.
Applicant Income
Preston Home Loans Inc lent most frequently to those with incomes in the $50k-75k range, with 340 originations. The second most popular income band? $50k or less, with 250 originations.
Applicant Debt to Income Ratio
Preston Home Loans Inc lent most frequently to those with DTI ratios of 30-36%, with 176 originations. The next most common DTI ratio? 20-30%, with 165 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications98.30%
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 origination64.10%
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 | 1,103 | $220,335,000 | $199,760 |