Platinum Home Mortgage Corporation Rates, Fees & Info

Chicago, IL

LEI: 254900D8UVDBN0LNLV64

Tax ID: 43-1653688

4.5 stars - Updated: 10/13/24 - out of 5 stars, based on 22 reviews

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

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Mortgage Data

Review & Overview

Platinum Home Mortgage Corporation is a smaller mortgage company specializing in Home Purchase loans. Platinum Home Mortgage Corporation 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: Bakersfield, Riverside, Chicago, Detroit, and San Francisco among others. We have data for 71 markets. (Some data included below & more in-depth data is available with an active subscription.)

Platinum Home Mortgage Corporation 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. Platinum Home Mortgage Corporation is typically a high 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 6.40% 10/13/24
30 Year Conventional Refi 6.74% 10/13/24
30 Year Cash-out Refi 7.13% 10/13/24
30 Year FHA Purchase 7.65% 10/13/24
30 Year FHA Refi 7.40% 10/13/24
30 Year VA Purchase 6.58% 10/13/24
30 Year VA Refi 6.27% 10/13/24
30 Year USDA Purchase 6.66% 10/13/24
30 Year USDA Refi 6.93% 10/13/24
15 Year Conventional Purchase 6.82% 10/13/24
15 Year Conventional Refi 6.14% 10/13/24
15 Year Cash-out Refi 6.14% 10/13/24
15 Year FHA Purchase 5.68% 10/13/24
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.

Platinum Home Mortgage Corporation Mortgage Calculator






Your Estimates

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

This is not an official calculator from Platinum Home Mortgage Corporation. 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

484

Origination Dollar Volume (All Markets)

$119,810,000

Awards

Platinum Home Mortgage Corporation 30 Year Conventional Loans bronze Platinum Home Mortgage Corporation FHA Loans gold
Show all (2) awards

Relative Rate

Platinum Home Mortgage Corporation's average 30 year fixed mortgage rate was 6.23%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of -0.25%.

Relative Fees (Closing Costs)

Platinum Home Mortgage Corporation's average total fees/closing costs for a 30 year fixed rate mortgage were $10,373.

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
Outside of Metro Areas 50 $14,750,000 $295,000 $8,762 7.20%
BAKERSFIELD, CA (FHA|USDA|VA) 49 $11,715,000 $239,082 $11,245 5.96%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 36 $10,690,000 $296,944 $12,538 6.14%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 40 $10,600,000 $265,000 $11,131 6.40%
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 54 $10,420,000 $192,963 $6,600 7.08%
Outside of Metro Areas 34 $7,040,000 $207,059 $11,577 6.62%
San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 15 $5,745,000 $383,000 $12,759 6.41%
VISALIA, CA (FHA|USDA|VA) 26 $5,260,000 $202,308 $8,956 4.76%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 23 $4,725,000 $205,435 $8,717 6.84%
FRESNO, CA (FHA|USDA|VA) 22 $3,970,000 $180,455 $6,951 4.53%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 7 $2,735,000 $390,714 $12,179 6.89%
Sandpoint, ID (FHA|USDA|VA) 6 $2,350,000 $391,667 $11,888 6.75%
GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 6 $2,230,000 $371,667 $12,682 6.17%
FLINT, MI (FHA|USDA|VA) 7 $1,795,000 $256,429 $8,291 6.21%
HINESVILLE, GA (FHA|USDA|VA) 6 $1,440,000 $240,000 $15,838 6.75%
KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 5 $1,225,000 $245,000 $7,155 5.75%
OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) 2 $1,160,000 $580,000 $0 9.75%
LAKE HAVASU CITY-KINGMAN, AZ (FHA|USDA|VA) 3 $1,085,000 $361,667 $6,971 6.04%
Jesup, GA (FHA|USDA|VA) 5 $925,000 $185,000 $11,690 6.63%
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 2 $910,000 $455,000 $10,586 6.38%
VALLEJO, CA (FHA|USDA|VA) 4 $890,000 $222,500 $10,092 3.50%
SAVANNAH, GA (FHA|USDA|VA) 3 $845,000 $281,667 $16,480 6.83%
SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 4 $800,000 $200,000 $8,766 5.66%
ROCKFORD, IL (FHA|USDA|VA) 6 $770,000 $128,333 $7,062 6.85%
STOCKTON, CA (FHA|USDA|VA) 3 $735,000 $245,000 $13,330 4.67%
HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) 2 $700,000 $350,000 $6,307 7.00%
Dublin, GA (FHA|USDA|VA) 4 $670,000 $167,500 $11,724 6.75%
HANFORD-CORCORAN, CA (FHA|USDA|VA) 3 $615,000 $205,000 $9,670 4.63%
JACKSON, MI (FHA|USDA|VA) 2 $610,000 $305,000 $16,804 5.87%
CHICO, CA (FHA|USDA|VA) 5 $595,000 $119,000 $4,117 3.10%
SANTA ROSA-PETALUMA, CA (FHA|USDA|VA) 1 $555,000 $555,000 $9,854 6.88%
St. Marys, GA (FHA|USDA|VA) 2 $520,000 $260,000 $13,586 6.50%
TOLEDO, OH (FHA|USDA|VA) 1 $475,000 $475,000 $21,480 6.25%
SPOKANE-SPOKANE VALLEY, WA (FHA|USDA|VA) 2 $470,000 $235,000 $8,821 6.50%
LANSING-EAST LANSING, MI (FHA|USDA|VA) 2 $450,000 $225,000 $8,293 5.88%
Statesboro, GA (FHA|USDA|VA) 2 $440,000 $220,000 $15,230 6.75%
ANN ARBOR, MI (FHA|USDA|VA) 1 $435,000 $435,000 $15,047 6.13%
Moscow, ID (FHA|USDA|VA) 2 $420,000 $210,000 $4,792 7.69%
LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 1 $395,000 $395,000 $9,579 6.49%
Waycross, GA (FHA|USDA|VA) 2 $380,000 $190,000 $13,148 6.75%
Ukiah, CA (FHA|USDA|VA) 1 $375,000 $375,000 $6,285 6.88%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 1 $365,000 $365,000 $15,686 6.75%
BOISE CITY, ID (FHA|USDA|VA) 1 $345,000 $345,000 $17,911 5.75%
EL CENTRO, CA (FHA|USDA|VA) 1 $335,000 $335,000 $5,101 6.25%
AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) 2 $300,000 $150,000 $7,246 6.75%
Holland, MI (FHA|USDA|VA) 1 $295,000 $295,000 $11,511 5.75%
COLUMBIA, SC (FHA|USDA|VA) 1 $295,000 $295,000 $7,122 6.63%
LEWISTON, ID-WA (FHA|USDA|VA) 1 $285,000 $285,000 $5,862 7.25%
Fernley, NV (FHA|USDA|VA) 1 $285,000 $285,000 $7,071 6.99%
MACON-BIBB COUNTY, GA (FHA|USDA|VA) 1 $275,000 $275,000 $16,781 6.75%
MONROE, MI (FHA|USDA|VA) 2 $270,000 $135,000 $6,638 6.19%
BRUNSWICK, GA (FHA|USDA|VA) 2 $260,000 $130,000 $8,377 7.00%
Butte-Silver Bow, MT (FHA|USDA|VA) 1 $255,000 $255,000 $15,720 6.25%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 1 $245,000 $245,000 $10,234 6.50%
Milledgeville, GA (FHA|USDA|VA) 1 $235,000 $235,000 $15,865 6.75%
MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 1 $235,000 $235,000 $3,438 6.99%
HUNTINGTON-ASHLAND, WV-KY-OH (FHA|USDA|VA) 1 $235,000 $235,000 $14,163 6.13%
WARNER ROBINS, GA (FHA|USDA|VA) 1 $225,000 $225,000 $15,129 6.75%
Sturgis, MI (FHA|USDA|VA) 1 $225,000 $225,000 $12,191 5.75%
Adrian, MI (FHA|USDA|VA) 1 $205,000 $205,000 $6,919 6.50%
Shelby, NC (FHA|USDA|VA) 1 $185,000 $185,000 $9,499 6.75%
Alma, MI (FHA|USDA|VA) 1 $175,000 $175,000 $9,433 6.25%
SHEBOYGAN, WI (FHA|USDA|VA) 1 $175,000 $175,000 $5,894 6.63%
EL PASO, TX (FHA|USDA|VA) 1 $175,000 $175,000 $7,410 7.25%
SAGINAW, MI (FHA|USDA|VA) 1 $165,000 $165,000 $7,433 6.49%
POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) 1 $165,000 $165,000 $7,823 6.99%
Americus, GA (FHA|USDA|VA) 1 $165,000 $165,000 $12,324 6.75%
FAYETTEVILLE, NC (FHA|USDA|VA) 1 $165,000 $165,000 $7,331 6.50%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $145,000 $145,000 $10,115 6.59%
Athens, TX (FHA|USDA|VA) 1 $135,000 $135,000 $9,766 6.75%
Meridian, MS (FHA|USDA|VA) 1 $75,000 $75,000 $6,613 6.75%
Platinum Home Mortgage Corporation's top markets include Bakersfield, Riverside, Chicago, Detroit, and San Francisco among others.

Their top states include:
  • California (FHA|USDA|VA)
  • Michigan (FHA|USDA|VA)
  • Idaho (FHA|USDA|VA)
  • Illinois (FHA|USDA|VA)
  • Georgia (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against Platinum Home Mortgage Corporation based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    TLC COMMUNITY Credit Union
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    Valley First Credit Union
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    El Dorado Savings Bank, F.S.B.
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    ILLINOIS STATE CREDIT UNION
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 272 $63,300,000 $232,721 $7,107 6.23%
    FHA 182 $47,650,000 $261,813 $13,893 6.45%
    VA 25 $7,685,000 $307,400 $9,245 6.50%
    USDA 5 $1,175,000 $235,000 $9,961 5.90%

    For 2023, Platinum Home Mortgage Corporation's most frequently originated type of loan was Conventional, with 272 originations. Their 2nd most popular type was FHA, with 182 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 424 $108,820,000 $256,651 $10,249 6.08%
    Cash Out Refi 38 $6,090,000 $160,263 $6,264 8.27%
    Refi 16 $4,360,000 $272,500 $8,816 6.99%
    Home Improvement 6 $540,000 $90,000 $7,824 9.56%

    For 2023, Platinum Home Mortgage Corporation's most frequently cited loan purpose was Home Purchase, with 424 originations. The 2nd most popular reason was Cash Out Refi, with 38 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 453 $115,725,000 $255,464 $10,373 6.23%
    15 Year 21 $1,545,000 $73,571 $2,113 7.33%
    30+ year 5 $1,175,000 $235,000 $10,222 6.75%
    Other 4 $1,310,000 $327,500 $5,834 9.81%
    20 Year 1 $55,000 $55,000 $2,519 9.75%

    For 2023, Platinum Home Mortgage Corporation's most frequently cited loan duration was 30 Year, with 453 originations. The 2nd most popular length was 15 Year, with 21 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $5k+ 243 $77,845,000 $320,350
    $<1k 56 $3,680,000 $65,714
    $3k-4k 46 $9,120,000 $198,261
    $1k-2k 42 $7,670,000 $182,619
    $2k-3k 42 $8,810,000 $209,762
    $4k-5k 39 $9,335,000 $239,359

    Platinum Home Mortgage Corporation's average total fees were $10,373, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 243 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 304 $82,420,000 $271,118
    5-6% 72 $20,710,000 $287,639
    7-8% 37 $10,065,000 $272,027
    <2.5% 35 $845,000 $24,143
    Over 8% 33 $4,915,000 $148,939
    4-5% 3 $855,000 $285,000

    During 2023, Platinum Home Mortgage Corporation's average interest rate for loans was 6.23%, while their most frequently originated rate bucket for loans was 6-7%, with 304 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 221 $63,625,000 $287,896 $12,124 6.50%
    $100k-200k 119 $18,585,000 $156,176 $8,043 6.81%
    $100,000 or less 77 $3,115,000 $40,455 $1,573 4.77%
    $400k-600k 54 $25,000,000 $462,963 $14,447 6.65%
    $600k-1MM 12 $8,480,000 $706,667 $16,050 6.68%
    $1MM+ 1 $1,005,000 $1,005,000 $16,686 7.13%

    2023 saw Platinum Home Mortgage Corporation place emphasis on $200k-400k loans with 221 originations, totaling $63,625,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 137 $38,015,000 $277,482 $10,191 6.40%
    $50k-75k 134 $24,980,000 $186,418 $9,328 5.99%
    $75k-100k 101 $23,535,000 $233,020 $9,934 5.98%
    $150k-250k 51 $19,215,000 $376,765 $13,955 7.02%
    $50k or less 45 $6,255,000 $139,000 $6,891 6.61%
    $250k+ 16 $7,810,000 $488,125 $10,894 7.68%

    Platinum Home Mortgage Corporation lent most frequently to those with incomes in the $100k-150k range, with 137 originations. The second most popular income band? $50k-75k, with 134 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 60 $14,830,000 $247,167 $9,850 6.77%
    50-60% 49 $13,615,000 $277,857 $13,890 6.48%
    <20% 45 $3,645,000 $81,000 $1,974 3.32%
    20-30% 42 $11,150,000 $265,476 $9,605 6.74%
    44% 35 $8,835,000 $252,429 $11,035 7.04%
    46% 27 $7,675,000 $284,259 $11,124 6.77%
    43% 25 $6,515,000 $260,600 $11,241 6.86%
    48% 25 $7,515,000 $300,600 $10,874 6.66%
    42% 20 $4,660,000 $233,000 $11,333 6.04%
    41% 20 $5,110,000 $255,500 $10,481 6.51%
    45% 20 $6,410,000 $320,500 $10,694 6.92%
    49% 19 $5,615,000 $295,526 $11,843 6.62%
    36% 19 $5,105,000 $268,684 $10,349 6.58%
    40% 17 $4,295,000 $252,647 $11,331 6.87%
    47% 17 $4,825,000 $283,824 $10,696 6.77%
    39% 14 $3,740,000 $267,143 $10,242 6.61%
    37% 13 $2,365,000 $181,923 $8,243 6.57%
    38% 11 $2,835,000 $257,727 $9,090 6.58%
    >60% 1 $495,000 $495,000 $16,122 6.25%

    Platinum Home Mortgage Corporation lent most frequently to those with DTI ratios of 30-36%, with 60 originations. The next most common DTI ratio? 50-60%, with 49 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 337 $83,755,000 $248,531 $9,906 6.34%
    Not provided 87 $23,065,000 $265,115 $9,916 6.30%
    Black 36 $7,600,000 $211,111 $10,277 6.46%
    Asian 19 $4,725,000 $248,684 $11,465 5.56%
    American Indian 4 $500,000 $125,000 $4,913 7.22%
    Native Hawaiian or Islander 1 $165,000 $165,000 $12,088 6.75%

    Approval Rates

    Total approvals of all applications
    99.91%

    Platinum Home Mortgage Corporation 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
    41.12%

    Platinum Home Mortgage Corporation 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
    1000.0 3 $265,000 $88,333
    1150.0 2 $80,000 $40,000
    1230.0 1 $105,000 $105,000
    1289.0 2 $140,000 $70,000
    1325.0 1 $65,000 $65,000
    1475.0 1 $65,000 $65,000
    1525.0 1 $205,000 $205,000
    1590.0 1 $55,000 $55,000
    2798.4 1 $255,000 $255,000
    3520.0 1 $155,000 $155,000
    NA 470 $118,420,000 $251,957

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    484 $119,810,000 $247,541

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 35 $5,455,000 $155,857 $5,123 6.80%
    40-60% 26 $7,610,000 $292,692 $9,050 6.93%
    60-80% 63 $18,185,000 $288,651 $8,934 6.75%
    80-100% 299 $85,625,000 $286,371 $12,130 6.49%
    Over 100% 2 $780,000 $390,000 $20,591 6.37%
    Under 20% 59 $2,155,000 $36,525 $822 4.47%