Preston Home Loans Inc Mortgage Rates, Fees & Info
GOODRICH, MILEI: 254900A9IPKYRVXEJ156
Tax ID: 82-5309607
2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage 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
870Origination Dollar Volume (All Markets)
$162,530,000Awards
Preston Home Loans Inc - 2021
Preston Home Loans Inc is a 2021 , due to their low .
For 2021, less than of lenders were eligible for this award.
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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 applications98.46%
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 origination80.36%
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% |
