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: Atlanta, Virginia Beach, Baltimore, Dallas, and Pensacola among others. We have data for 61 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 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 7.15% | 12/16/24 |
| 30 Year Conventional Refi | 7.11% | 12/16/24 |
| 30 Year Cash-out Refi | 6.27% | 12/16/24 |
| 30 Year FHA Purchase | 6.94% | 12/16/24 |
| 30 Year FHA Refi | 6.27% | 12/16/24 |
| 30 Year VA Purchase | 6.86% | 12/16/24 |
| 30 Year VA Refi | 6.87% | 12/16/24 |
| 30 Year USDA Purchase | 6.27% | 12/16/24 |
| 15 Year Conventional Refi | 6.07% | 12/16/24 |
| 15 Year Cash-out Refi | 6.07% | 12/16/24 |
| 15 Year FHA Refi | 5.68% | 12/16/24 |
| 15 Year VA Purchase | 5.68% | 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. | ||
Homepromise Corporation Mortgage Calculator
Your Estimates
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
90Origination Dollar Volume (All Markets)
$29,660,000Relative Rate
Homepromise Corporation's average 30 year fixed mortgage rate was
7.41%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of 0.93%.
Relative Fees (Closing Costs)
Homepromise Corporation's average total fees/closing costs for a 30 year fixed rate
mortgage were $11,761.
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 |
|---|---|---|---|---|---|
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 3 | $2,055,000 | $685,000 | $30,973 | 7.71% |
| VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) | 4 | $1,500,000 | $375,000 | $11,781 | 7.84% |
| Outside of Metro Areas | 6 | $1,480,000 | $246,667 | $6,407 | 7.65% |
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 2 | $1,140,000 | $570,000 | $15,800 | 8.06% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 3 | $1,125,000 | $375,000 | $11,072 | 7.29% |
| PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) | 2 | $1,030,000 | $515,000 | $23,511 | 7.69% |
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 1 | $925,000 | $925,000 | $21,813 | 7.88% |
| RICHMOND, VA (FHA|USDA|VA) | 2 | $750,000 | $375,000 | $13,328 | 6.81% |
| CHAMBERSBURG-WAYNESBORO, PA (FHA|USDA|VA) | 3 | $745,000 | $248,333 | $10,651 | 7.00% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 2 | $720,000 | $360,000 | $12,441 | 7.06% |
| CLARKSVILLE, TN-KY (FHA|USDA|VA) | 2 | $690,000 | $345,000 | $19,324 | 7.38% |
| HARRISBURG-CARLISLE, PA (FHA|USDA|VA) | 2 | $680,000 | $340,000 | $13,601 | 7.25% |
| Tullahoma-Manchester, TN (FHA|USDA|VA) | 2 | $660,000 | $330,000 | $15,108 | 7.94% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 2 | $630,000 | $315,000 | $3,093 | 7.63% |
| COLUMBUS, GA-AL (FHA|USDA|VA) | 2 | $600,000 | $300,000 | $15,203 | 6.06% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 2 | $540,000 | $270,000 | $16,442 | 7.44% |
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 1 | $535,000 | $535,000 | $5,715 | 7.25% |
| Lake City, FL (FHA|USDA|VA) | 2 | $530,000 | $265,000 | $9,806 | 7.63% |
| FORT COLLINS, CO (FHA|USDA|VA) | 1 | $505,000 | $505,000 | $20,460 | 5.75% |
| HINESVILLE, GA (FHA|USDA|VA) | 2 | $490,000 | $245,000 | $13,039 | 6.38% |
| PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) | 1 | $485,000 | $485,000 | $26,874 | 7.50% |
| TALLAHASSEE, FL (FHA|USDA|VA) | 2 | $480,000 | $240,000 | $11,309 | 7.19% |
| PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) | 2 | $470,000 | $235,000 | $11,189 | 6.88% |
| JACKSON, TN (FHA|USDA|VA) | 2 | $470,000 | $235,000 | $8,750 | 7.00% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 1 | $415,000 | $415,000 | $2,088 | 7.63% |
| EAST STROUDSBURG, PA (FHA|USDA|VA) | 1 | $405,000 | $405,000 | $16,646 | 7.50% |
| Somerset, PA (FHA|USDA|VA) | 1 | $395,000 | $395,000 | $21,555 | 7.00% |
| LONGVIEW, TX (FHA|USDA|VA) | 1 | $395,000 | $395,000 | $3,262 | 8.13% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 1 | $375,000 | $375,000 | $10,135 | 7.25% |
| SALISBURY, MD-DE (FHA|USDA|VA) | 1 | $365,000 | $365,000 | $19,990 | 7.75% |
| PANAMA CITY, FL (FHA|USDA|VA) | 1 | $365,000 | $365,000 | $1,487 | 8.13% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 1 | $365,000 | $365,000 | $2,390 | 7.88% |
| JOHNSON CITY, TN (FHA|USDA|VA) | 1 | $355,000 | $355,000 | $9,452 | 6.50% |
| BAKERSFIELD, CA (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $12,423 | 7.50% |
| LUBBOCK, TX (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $1,045 | 8.13% |
| SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $2,048 | 8.13% |
| WENATCHEE, WA (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $17,828 | 7.63% |
| DAYTON-KETTERING, OH (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $18,390 | 7.25% |
| Thomasville, GA (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $10,617 | 7.50% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $2,443 | 7.75% |
| Jasper, AL (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $9,132 | 6.75% |
| AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $10,336 | 7.50% |
| KNOXVILLE, TN (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $15,586 | 7.50% |
| Coshocton, OH (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $9,253 | 8.13% |
| ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $12,229 | 7.50% |
| OCALA, FL (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $12,028 | 7.75% |
| FLINT, MI (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $2,659 | 8.13% |
| MONTGOMERY, AL (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $5,553 | 7.25% |
| AKRON, OH (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $8,887 | 6.25% |
| MOBILE, AL (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $5,962 | 8.13% |
| SPOKANE-SPOKANE VALLEY, WA (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $1,817 | 7.00% |
| VALDOSTA, GA (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $14,184 | 7.25% |
| LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $9,002 | 7.75% |
| BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $11,835 | 7.50% |
| Fitzgerald, GA (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $7,677 | 7.50% |
| Bonham, TX (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $7,914 | 7.50% |
| KINGSPORT-BRISTOL, TN-VA (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $735 | 7.88% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $14,819 | 5.75% |
| Newport, TN (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $14,344 | 7.13% |
| YOUNGSTOWN-WARREN-BOARDMAN, OH-PA (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $791 | 8.00% |
| CINCINNATI, OH-KY-IN (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $5,407 | 7.50% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| VA | 78 | $26,120,000 | $334,872 | $11,890 | 7.36% |
| Conventional | 11 | $3,415,000 | $310,455 | $10,826 | 7.67% |
| FHA | 1 | $125,000 | $125,000 | $7,822 | 7.38% |
For 2023, Homepromise Corporation's most frequently originated type of loan was VA, with 78 originations. Their 2nd most popular type was Conventional, with 11 originations.
Loan Reason
For 2023, Homepromise Corporation's most frequently cited loan purpose was Home Purchase, with 83 originations. The 2nd most popular reason was Refi, with 5 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 89 | $29,495,000 | $331,404 | $11,761 | 7.41% |
| 20 Year | 1 | $165,000 | $165,000 | $7,625 | 6.13% |
For 2023, Homepromise Corporation's most frequently cited loan duration was 30 Year, with 89 originations. The 2nd most popular length was 20 Year, with 1 originations.
Origination Fees/Closing Costs
Homepromise Corporation's average total fees were $11,761, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 56 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 7-8% | 59 | $20,025,000 | $339,407 |
| 6-7% | 14 | $3,960,000 | $282,857 |
| Over 8% | 13 | $4,465,000 | $343,462 |
| 5-6% | 4 | $1,210,000 | $302,500 |
During 2023, Homepromise Corporation's average interest rate for loans was 7.41%, while their most frequently originated rate bucket for loans was 7-8%, with 59 originations.
Loan Sizing
2023 saw Homepromise Corporation place emphasis on $200k-400k loans with 62 originations, totaling $17,830,000 in origination value.
Applicant Income
Homepromise Corporation lent most frequently to those with incomes in the $50k-75k range, with 28 originations. The second most popular income band? $100k-150k, with 23 originations.
Applicant Debt to Income Ratio
Homepromise Corporation lent most frequently to those with DTI ratios of 50-60%, with 14 originations. The next most common DTI ratio? 47%, with 11 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications42.08%
Homepromise Corporation has a low approval rate. They may have poor market targeting or stringent lending standards.
Pick Rate
Approvals leading to origination-572.22%
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 | 90 | $29,660,000 | $329,556 |