Homepromise Corporation Mortgage Rates, Fees & Info
Glen Allen, VALEI: 5493000WAJ1FMTFL5D75
Tax ID: 74-3061159
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Mortgage Data
Review & Overview
Homepromise Corporation is a smaller mortgage company specializing in Home Purchase loans. Homepromise Corporation has an average proportion 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: Miami, Atlanta, Virginia Beach, Tampa, and Seattle among others. We have data for 55 markets. (Some data included below & more in-depth data is available with an active subscription.)Homepromise Corporation has a below average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Homepromise Corporation 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 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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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 7.33% | 6/22/25 |
| 30 Year Conventional Refi | 6.72% | 6/22/25 |
| 30 Year Cash-out Refi | 8.02% | 6/22/25 |
| 30 Year FHA Purchase | 8.06% | 6/22/25 |
| 30 Year FHA Refi | 6.72% | 6/22/25 |
| 30 Year VA Purchase | 7.52% | 6/22/25 |
| 30 Year VA Refi | 6.41% | 6/22/25 |
| 30 Year USDA Purchase | 6.72% | 6/22/25 |
| 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. | ||
Homepromise Corporation Mortgage Calculator
Your Estimates
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This is not an official calculator from Homepromise Corporation. It uses our SimulatedRate™
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
88Origination Dollar Volume (All Markets)
$32,560,000Relative Rate
Homepromise Corporation's average 30 year fixed mortgage rate was
7.36%.
The 2024 average 30 year fixed rate mortgage across all markets and lenders was 6.55%.
This yields a difference of 0.81%.
Relative Fees (Closing Costs)
Homepromise Corporation's average total fees/closing costs for a 30 year fixed rate
mortgage were $7,262.
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 |
|---|---|---|---|---|---|
| Outside of Metro Areas | 9 | $3,095,000 | $343,889 | $6,692 | 7.46% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 4 | $2,220,000 | $555,000 | $7,557 | 7.53% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 4 | $1,730,000 | $432,500 | $10,484 | 7.53% |
| VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) | 5 | $1,535,000 | $307,000 | $3,324 | 7.43% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 3 | $1,345,000 | $448,333 | $11,345 | 7.25% |
| Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) | 2 | $1,150,000 | $575,000 | $1,283 | 7.38% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 2 | $830,000 | $415,000 | $11,767 | 7.25% |
| CINCINNATI, OH-KY-IN (FHA|USDA|VA) | 2 | $800,000 | $400,000 | $3,127 | 7.63% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 2 | $780,000 | $390,000 | $17,565 | 7.56% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 2 | $770,000 | $385,000 | $6,982 | 7.81% |
| BROWNSVILLE-HARLINGEN, TX (FHA|USDA|VA) | 1 | $765,000 | $765,000 | $865 | 7.50% |
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 1 | $765,000 | $765,000 | $24,978 | 7.88% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 1 | $765,000 | $765,000 | $24,896 | 7.88% |
| RICHMOND, VA (FHA|USDA|VA) | 2 | $750,000 | $375,000 | $4,239 | 7.88% |
| CHAMBERSBURG-WAYNESBORO, PA (FHA|USDA|VA) | 3 | $745,000 | $248,333 | $9,797 | 7.08% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 2 | $720,000 | $360,000 | $5,945 | 7.25% |
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 1 | $675,000 | $675,000 | $8,315 | 7.38% |
| PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) | 2 | $660,000 | $330,000 | $1,186 | 7.63% |
| COLUMBUS, OH (FHA|USDA|VA) | 2 | $560,000 | $280,000 | $5,740 | 7.31% |
| KNOXVILLE, TN (FHA|USDA|VA) | 2 | $560,000 | $280,000 | $8,180 | 7.06% |
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 1 | $545,000 | $545,000 | $10,885 | 6.25% |
| CLEVELAND-ELYRIA, OH (FHA|USDA|VA) | 2 | $540,000 | $270,000 | $7,434 | 7.06% |
| MERCED, CA (FHA|USDA|VA) | 1 | $495,000 | $495,000 | $900 | 7.88% |
| ALBANY-LEBANON, OR (FHA|USDA|VA) | 1 | $475,000 | $475,000 | $825 | 7.88% |
| OLYMPIA-LACEY-TUMWATER, WA (FHA|USDA|VA) | 1 | $445,000 | $445,000 | $850 | 7.50% |
| GRAND JUNCTION, CO (FHA|USDA|VA) | 1 | $445,000 | $445,000 | $20,340 | 7.13% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 1 | $445,000 | $445,000 | $760 | 7.50% |
| Troy, AL (FHA|USDA|VA) | 1 | $425,000 | $425,000 | $21,644 | 7.38% |
| Lawrenceburg, TN (FHA|USDA|VA) | 1 | $415,000 | $415,000 | $1,438 | 7.50% |
| READING, PA (FHA|USDA|VA) | 1 | $385,000 | $385,000 | $9,151 | 7.75% |
| YUBA CITY, CA (FHA|USDA|VA) | 1 | $365,000 | $365,000 | $1,129 | 7.13% |
| Ashtabula, OH (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $12,967 | 7.50% |
| Ashland, OH (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $7,597 | 7.25% |
| MEMPHIS, TN-MS-AR (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $1,054 | 7.38% |
| FLINT, MI (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $16,847 | 7.38% |
| PORT ST. LUCIE, FL (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $11,455 | 7.13% |
| CLARKSVILLE, TN-KY (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $10,649 | 7.00% |
| HANFORD-CORCORAN, CA (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $2,857 | 7.38% |
| MORRISTOWN, TN (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $0 | 7.13% |
| Lufkin, TX (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $20,424 | 6.75% |
| SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $1,000 | 7.13% |
| MONTGOMERY, AL (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $600 | 7.13% |
| SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $14,647 | 6.75% |
| PITTSBURGH, PA (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $8,040 | 6.75% |
| Lock Haven, PA (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $6,630 | 7.13% |
| MANSFIELD, OH (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $759 | 7.50% |
| AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $1,789 | 7.13% |
| EL PASO, TX (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $15,591 | 7.50% |
| MIDLAND, TX (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $1,772 | 7.50% |
| MOBILE, AL (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $800 | 7.50% |
| BEAUMONT-PORT ARTHUR, TX (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $810 | 7.00% |
| KINGSPORT-BRISTOL, TN-VA (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $945 | 6.38% |
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $520 | 7.63% |
| YOUNGSTOWN-WARREN-BOARDMAN, OH-PA (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $2,272 | 6.50% |
| MUSKEGON, MI (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $12,723 | 7.38% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| VA | 81 | $29,995,000 | $370,309 | $7,183 | 7.36% |
| Conventional | 6 | $2,110,000 | $351,667 | $8,125 | 7.35% |
| FHA | 1 | $455,000 | $455,000 | $8,460 | 7.25% |
For 2024, Homepromise Corporation's most frequently originated type of loan was VA, with 81 originations. Their 2nd most popular type was Conventional, with 6 originations.
Loan Reason
For 2024, Homepromise Corporation's most frequently cited loan purpose was Home Purchase, with 80 originations. The 2nd most popular reason was Cash Out Refi, with 4 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 88 | $32,560,000 | $370,000 | $7,262 | 7.36% |
For 2024, Homepromise Corporation's most frequently cited loan duration was 30 Year, with 88 originations.
Origination Fees/Closing Costs
Homepromise Corporation's average total fees were $7,262, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 57 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 7-8% | 74 | $28,350,000 | $383,108 |
| 6-7% | 13 | $3,825,000 | $294,231 |
| Over 8% | 1 | $385,000 | $385,000 |
During 2024, Homepromise Corporation's average interest rate for loans was 7.36%, while their most frequently originated rate bucket for loans was 7-8%, with 74 originations.
Loan Sizing
2024 saw Homepromise Corporation place emphasis on $200k-400k loans with 54 originations, totaling $15,430,000 in origination value.
Applicant Income
Homepromise Corporation lent most frequently to those with incomes in the $100k-150k range, with 29 originations. The second most popular income band? $150k-250k, with 20 originations.
Applicant Debt to Income Ratio
Homepromise Corporation lent most frequently to those with DTI ratios of 50-60%, with 18 originations. The next most common DTI ratio? 49%, with 8 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications48.00%
Homepromise Corporation has a low approval rate. They may have poor market targeting or stringent lending standards.
Pick Rate
Approvals leading to origination-215.91%
Homepromise 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 |
|---|---|---|---|
| NA | 88 | $32,560,000 | $370,000 |