Preston Home Loans Inc Mortgage Rates, Fees & Info

GOODRICH, MI

LEI: 254900A9IPKYRVXEJ156

Tax ID: 82-5309607

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

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & 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 by origination volume include: Flint, Detroit, Lansing, Saginaw, and Ann Arbor among others. We have data for 22 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.

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

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 7.00% 12/16/24
    30 Year Conventional Refi 6.73% 12/16/24
    30 Year Cash-out Refi 6.71% 12/16/24
    30 Year FHA Purchase 7.80% 12/16/24
    30 Year FHA Refi 7.52% 12/16/24
    30 Year VA Purchase 6.62% 12/16/24
    30 Year VA Refi 6.30% 12/16/24
    30 Year USDA Purchase 7.25% 12/16/24
    15 Year Conventional Purchase 6.32% 12/16/24
    15 Year Conventional Refi 6.25% 12/16/24
    15 Year Cash-out Refi 6.25% 12/16/24
    15 Year FHA Purchase 8.14% 12/16/24
    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

    870

    Origination Dollar Volume (All Markets)

    $162,530,000
    Show all (5) awards

    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) 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.

    Their top states include:
  • Michigan (FHA|USDA|VA)
  • Illinois (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.

    Isabella Bank
    Similarity Rank: 84
    1st State Financial, Ltd.
    Similarity Rank: 154
    JOLT CREDIT UNION
    Similarity Rank: 168
    Lake Huron Credit Union
    Similarity Rank: 204
    Polish-American Federal Credit Union
    Similarity Rank: 212
    UNITED FINANCIAL Credit Union
    Similarity Rank: 270
    St James Mortgage Corporation
    Similarity Rank: 304
    Wanigas Credit Union
    Similarity Rank: 390
    HEALTH ADVANTAGE FEDERAL CREDIT UNION
    Similarity Rank: 435
    TEAM ONE CREDIT UNION
    Similarity Rank: 578

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 601 $117,155,000 $194,933 $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%
    HELOC 1 $75,000 $75,000 n/a 3.50%

    For 2021, Preston Home Loans Inc's most frequently originated type of loan was Conventional, with 601 originations. Their 2nd most popular type was FHA, with 199 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. 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 2021, Preston Home Loans Inc's most frequently cited loan purpose was Home Purchase, with 482 originations. The 2nd most popular reason was 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 2021, Preston Home Loans Inc's most frequently cited loan duration was 30 Year, with 758 originations. The 2nd most popular length was 15 Year, with 83 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 750 $138,610,000 $184,813
    $2k-3k 61 $11,065,000 $181,393
    $3k-4k 23 $4,245,000 $184,565
    $<1k 22 $5,290,000 $240,455
    $4k-5k 9 $1,965,000 $218,333
    $5k+ 4 $1,280,000 $320,000

    Preston Home Loans Inc's average total fees were $4,351, while their most frequently occuring range of origination fees (closing costs) 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 for loans was 3.11%, while their most frequently originated rate bucket for loans was 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
    98.77%

    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
    80.34%

    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%