Budget Mortgage Corp. Rates, Fees & Info

Los Angeles, CA

LEI: 254900HAGON6ZM70CW84

Tax ID: 27-3888083

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

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • 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

    Budget Mortgage Corp. is a smaller mortgage company specializing in Home Purchase loans. Budget Mortgage Corp. has a high proportion of conventional loans. Their top markets by origination volume include: Los Angeles, San Jose, Riverside, and San Francisco among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Budget Mortgage Corp. 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. 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.

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    Originations

    46

    Origination Dollar Volume (All Markets)

    $18,400,000

    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
    Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 34 $12,310,000 $362,059 $0 9.25%
    SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) 5 $3,395,000 $679,000 $0 8.14%
    RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 5 $2,365,000 $473,000 $0 9.01%
    San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 2 $330,000 $165,000 $0 9.50%
    Budget Mortgage Corp.'s top markets include Los Angeles, San Jose, Riverside, and San Francisco among others.

    Their top states include:
  • California (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 46 $18,400,000 $400,000 $0 9.11%

    For 2020, Budget Mortgage Corp.'s most frequently originated type of loan was Conventional, with 46 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 29 $13,035,000 $449,483 $0 8.99%
    Refi 8 $2,490,000 $311,250 $0 9.28%
    Cash Out Refi 8 $2,580,000 $322,500 $0 9.29%
    Home Improvement 1 $295,000 $295,000 $0 10.00%

    For 2020, Budget Mortgage Corp.'s most frequently cited loan purpose was Home Purchase, with 29 originations. The 2nd most popular reason was Refi, with 8 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 42 $17,290,000 $411,667 $0 9.03%
    15 Year 1 $55,000 $55,000 $0 9.95%
    20 Year 1 $175,000 $175,000 $0 10.75%
    30 Year 1 $585,000 $585,000 $0 8.95%
    3 Year 1 $295,000 $295,000 $0 10.00%

    For 2020, Budget Mortgage Corp.'s most frequently cited loan duration was Other, with 42 originations. The 2nd most popular length was 15 Year, with 1 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    Over 8% 36 $11,670,000 $324,167
    7-8% 9 $6,035,000 $670,556
    6-7% 1 $695,000 $695,000

    During 2020, Budget Mortgage Corp.'s average interest rate for loans was 8.95%, while their most frequently originated rate bucket for loans was Over 8%, with 36 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 11 $3,105,000 $282,273 $0 9.65%
    $400k-600k 11 $5,245,000 $476,818 $0 8.87%
    $600k-1MM 11 $8,075,000 $734,091 $0 8.35%
    $100,000 or less 8 $370,000 $46,250 $0 9.46%
    $100k-200k 4 $570,000 $142,500 $0 10.05%
    $1MM+ 1 $1,035,000 $1,035,000 $0 7.75%

    2020 saw Budget Mortgage Corp. place emphasis on $200k-400k loans with 11 originations, totaling $3,105,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 7 $2,715,000 $387,857 $0 9.51%
    $250k+ 7 $2,945,000 $420,714 $0 9.24%
    $100k-150k 3 $925,000 $308,333 $0 9.32%
    $50k-75k 2 $290,000 $145,000 $0 10.23%
    $75k-100k 2 $380,000 $190,000 $0 10.13%

    Budget Mortgage Corp. lent most frequently to those with incomes in the $150k-250k range, with 7 originations. The second most popular income band? $250k+, with 7 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    <20% 7 $2,145,000 $306,429 $0 9.26%
    20-30% 5 $2,075,000 $415,000 $0 9.43%
    36% 2 $330,000 $165,000 $0 10.00%
    41% 2 $470,000 $235,000 $0 10.38%
    44% 1 $235,000 $235,000 $0 10.50%
    50-60% 1 $675,000 $675,000 $0 9.50%
    30-36% 1 $405,000 $405,000 $0 8.00%
    37% 1 $695,000 $695,000 $0 9.25%
    39% 1 $225,000 $225,000 $0 9.95%

    Budget Mortgage Corp. lent most frequently to those with DTI ratios of <20%, with 7 originations. The next most common DTI ratio? 20-30%, with 5 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 24 $10,400,000 $433,333 $0 8.82%
    White 15 $5,495,000 $366,333 $0 9.42%
    Asian 3 $1,775,000 $591,667 $0 9.07%
    Black 4 $730,000 $182,500 $0 9.74%

    Approval Rates

    Total approvals of all applications
    90.00%

    Budget Mortgage Corp. has an average approval rate.

    Pick Rate

    Approvals leading to origination
    45.65%

    Budget Mortgage Corp. 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 46 $18,400,000 $400,000

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 3 $2,195,000 $731,667
    Single Family (1-4 Units):Manufactured 1 $55,000 $55,000
    Single Family (1-4 Units):Site-Built 42 $16,150,000 $384,524

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 10 $2,770,000 $277,000 $0 9.68%
    40-60% 8 $3,780,000 $472,500 $0 8.71%
    60-80% 16 $9,910,000 $619,375 $0 8.63%
    80-100% 1 $515,000 $515,000 $0 9.00%
    Under 20% 11 $1,425,000 $129,545 $0 9.59%