Homepromise Corporation Mortgage Rates, Fees & Info

Glen Allen, VA

LEI: 5493000WAJ1FMTFL5D75

Tax ID: 74-3061159

1 stars - Updated: 2/26/24 - out of 5 stars, based on 9 reviews

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

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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: Washington, Atlanta, Ellensburg, Tampa, and Riverside among others. We have data for 59 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.

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 7.15% 2/26/24
30 Year Conventional Refi 7.11% 2/26/24
30 Year Cash-out Refi 6.27% 2/26/24
30 Year FHA Purchase 6.94% 2/26/24
30 Year FHA Refi 6.27% 2/26/24
30 Year VA Purchase 6.86% 2/26/24
30 Year VA Refi 6.87% 2/26/24
30 Year USDA Purchase 6.27% 2/26/24
15 Year Conventional Refi 6.07% 2/26/24
15 Year Cash-out Refi 6.07% 2/26/24
15 Year FHA Refi 5.68% 2/26/24
15 Year VA Purchase 5.68% 2/26/24
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

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

This is not an official calculator from Homepromise 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

89

Origination Dollar Volume (All Markets)

$33,885,000

Relative Rate

Homepromise Corporation's average 30 year fixed mortgage rate was 5.63%.

The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.

This yields a difference of 0.87%.

Relative Fees (Closing Costs)

Homepromise Corporation's average total fees/closing costs for a 30 year fixed rate mortgage were $15,601.

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 $4,750.

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
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 3 $1,795,000 $598,333 $20,638 5.42%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 4 $1,580,000 $395,000 $13,565 5.25%
Ellensburg, WA (FHA|USDA|VA) 1 $1,555,000 $1,555,000 $101,694 6.13%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 4 $1,490,000 $372,500 $16,690 5.69%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 3 $1,475,000 $491,667 $15,293 4.71%
Outside of Metro Areas 5 $1,325,000 $265,000 $14,113 5.40%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 2 $1,250,000 $625,000 $22,718 6.50%
NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 4 $1,240,000 $310,000 $15,047 5.19%
CHAMBERSBURG-WAYNESBORO, PA (FHA|USDA|VA) 4 $1,070,000 $267,500 $13,501 5.66%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 3 $915,000 $305,000 $13,908 6.00%
Escanaba, MI (FHA|USDA|VA) 1 $805,000 $805,000 $25,601 7.25%
Aberdeen, WA (FHA|USDA|VA) 1 $775,000 $775,000 $23,581 7.25%
PITTSBURGH, PA (FHA|USDA|VA) 3 $745,000 $248,333 $16,941 4.38%
Faribault-Northfield, MN (FHA|USDA|VA) 1 $715,000 $715,000 $25,051 3.88%
JACKSONVILLE, FL (FHA|USDA|VA) 2 $680,000 $340,000 $14,037 4.19%
HARRISBURG-CARLISLE, PA (FHA|USDA|VA) 2 $670,000 $335,000 $12,432 5.75%
Warren, PA (FHA|USDA|VA) 1 $665,000 $665,000 $19,356 5.25%
PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 1 $645,000 $645,000 $20,796 6.25%
Astoria, OR (FHA|USDA|VA) 1 $645,000 $645,000 $25,351 6.25%
CLARKSVILLE, TN-KY (FHA|USDA|VA) 2 $580,000 $290,000 $7,750 4.50%
GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 1 $575,000 $575,000 $14,804 5.25%
COLORADO SPRINGS, CO (FHA|USDA|VA) 1 $555,000 $555,000 $8,372 4.50%
OCALA, FL (FHA|USDA|VA) 1 $535,000 $535,000 $25,919 6.75%
DOTHAN, AL (FHA|USDA|VA) 2 $530,000 $265,000 $9,266 5.75%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 1 $515,000 $515,000 $35,046 5.63%
GETTYSBURG, PA (FHA|USDA|VA) 2 $500,000 $250,000 $12,530 4.19%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 1 $475,000 $475,000 $8,541 6.63%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 1 $455,000 $455,000 $15,632 5.00%
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 1 $445,000 $445,000 $13,321 7.25%
KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 1 $385,000 $385,000 $26,691 3.88%
LONGVIEW, WA (FHA|USDA|VA) 1 $375,000 $375,000 $13,872 5.88%
SPOKANE-SPOKANE VALLEY, WA (FHA|USDA|VA) 1 $375,000 $375,000 $13,641 6.25%
Bainbridge, GA (FHA|USDA|VA) 1 $375,000 $375,000 $12,475 4.63%
CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 1 $365,000 $365,000 $13,196 3.88%
ALBANY, GA (FHA|USDA|VA) 1 $355,000 $355,000 $12,591 5.88%
ROCHESTER, MN (FHA|USDA|VA) 1 $345,000 $345,000 $11,083 6.25%
DAYTON-KETTERING, OH (FHA|USDA|VA) 1 $345,000 $345,000 $12,225 6.25%
BATTLE CREEK, MI (FHA|USDA|VA) 1 $345,000 $345,000 $12,065 7.50%
CHATTANOOGA, TN-GA (FHA|USDA|VA) 1 $335,000 $335,000 $13,327 5.25%
SPRINGFIELD, OH (FHA|USDA|VA) 1 $335,000 $335,000 $12,494 7.38%
MANSFIELD, OH (FHA|USDA|VA) 1 $335,000 $335,000 $7,331 5.63%
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 1 $325,000 $325,000 $11,975 7.25%
DULUTH, MN-WI (FHA|USDA|VA) 1 $325,000 $325,000 $19,085 5.63%
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 1 $275,000 $275,000 $12,445 6.25%
Big Stone Gap, VA (FHA|USDA|VA) 1 $275,000 $275,000 $8,814 7.00%
HINESVILLE, GA (FHA|USDA|VA) 1 $275,000 $275,000 $17,106 6.25%
Talladega-Sylacauga, AL (FHA|USDA|VA) 1 $265,000 $265,000 $9,797 4.88%
ANNISTON-OXFORD, AL (FHA|USDA|VA) 1 $265,000 $265,000 $7,136 5.50%
FLINT, MI (FHA|USDA|VA) 1 $265,000 $265,000 $10,021 6.50%
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 1 $265,000 $265,000 $16,843 6.25%
SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) 1 $265,000 $265,000 $6,797 5.00%
Dayton, TN (FHA|USDA|VA) 1 $255,000 $255,000 $9,643 6.38%
VALDOSTA, GA (FHA|USDA|VA) 1 $225,000 $225,000 $13,682 7.25%
RICHMOND, VA (FHA|USDA|VA) 1 $225,000 $225,000 $13,141 7.75%
BLOOMSBURG-BERWICK, PA (FHA|USDA|VA) 1 $225,000 $225,000 $9,577 4.50%
BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 1 $205,000 $205,000 $6,062 5.63%
MEMPHIS, TN-MS-AR (FHA|USDA|VA) 1 $205,000 $205,000 $15,360 7.25%
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 1 $155,000 $155,000 $5,829 3.75%
YOUNGSTOWN-WARREN-BOARDMAN, OH-PA (FHA|USDA|VA) 1 $115,000 $115,000 $5,716 6.25%
Homepromise Corporation's top markets include Washington, Atlanta, Ellensburg, Tampa, and Riverside among others.

Their top states include:
  • Pennsylvania (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Washington (FHA|USDA|VA)
  • Michigan (FHA|USDA|VA)
  • Georgia (FHA|USDA|VA)
  • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    VA 79 $30,045,000 $380,316 $16,093 5.61%
    Conventional 8 $3,390,000 $423,750 $12,035 5.44%
    FHA 2 $450,000 $225,000 $9,521 5.75%

    For 2022, Homepromise Corporation's most frequently originated type of loan was VA, with 79 originations. Their 2nd most popular type was Conventional, with 8 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 69 $26,825,000 $388,768 $16,006 5.64%
    Refi 15 $5,325,000 $355,000 $14,486 5.24%
    Home Improvement 5 $1,735,000 $347,000 $12,987 6.15%

    For 2022, Homepromise Corporation's most frequently cited loan purpose was Home Purchase, with 69 originations. The 2nd most popular reason was Refi, with 15 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 88 $33,420,000 $379,773 $15,601 5.63%
    15 Year 1 $465,000 $465,000 $13,761 2.88%

    For 2022, Homepromise Corporation's most frequently cited loan duration was 30 Year, with 88 originations. The 2nd most popular length was 15 Year, with 1 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $5k+ 68 $28,620,000 $420,882
    $3k-4k 9 $2,415,000 $268,333
    $4k-5k 8 $2,130,000 $266,250
    $2k-3k 3 $415,000 $138,333
    $<1k 1 $305,000 $305,000

    Homepromise Corporation's average total fees were $15,601, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 68 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 27 $11,455,000 $424,259
    4-5% 24 $7,300,000 $304,167
    5-6% 20 $8,000,000 $400,000
    7-8% 10 $4,140,000 $414,000
    3-4% 7 $2,525,000 $360,714
    2.5-3% 1 $465,000 $465,000

    During 2022, Homepromise Corporation's average interest rate for loans was 5.63%, while their most frequently originated rate bucket for loans was 6-7%, with 27 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 54 $16,130,000 $298,704 $13,325 5.62%
    $400k-600k 16 $7,810,000 $488,125 $17,226 5.43%
    $600k-1MM 9 $6,125,000 $680,556 $21,507 6.21%
    $100k-200k 8 $1,240,000 $155,000 $7,282 5.08%
    $1MM+ 2 $2,580,000 $1,290,000 $69,826 5.94%

    2022 saw Homepromise Corporation place emphasis on $200k-400k loans with 54 originations, totaling $16,130,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 29 $11,865,000 $409,138 $15,616 5.23%
    $50k-75k 20 $4,990,000 $249,500 $11,873 5.32%
    $75k-100k 19 $6,195,000 $326,053 $12,576 5.81%
    $150k-250k 10 $4,980,000 $498,000 $18,963 6.55%
    $50k or less 6 $1,250,000 $208,333 $10,427 5.48%
    $250k+ 5 $4,605,000 $921,000 $41,042 6.33%

    Homepromise Corporation lent most frequently to those with incomes in the $100k-150k range, with 29 originations. The second most popular income band? $50k-75k, with 20 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    50-60% 15 $7,635,000 $509,000 $23,235 6.12%
    43% 8 $3,300,000 $412,500 $13,166 5.19%
    30-36% 8 $2,570,000 $321,250 $12,572 5.16%
    46% 8 $2,430,000 $303,750 $12,869 5.70%
    20-30% 6 $2,150,000 $358,333 $17,784 5.46%
    42% 5 $1,525,000 $305,000 $10,501 5.30%
    38% 5 $1,975,000 $395,000 $13,704 5.68%
    44% 5 $1,625,000 $325,000 $11,277 5.88%
    48% 5 $1,915,000 $383,000 $18,714 5.45%
    36% 4 $1,850,000 $462,500 $16,110 5.81%
    41% 4 $1,420,000 $355,000 $17,576 5.66%
    37% 4 $1,540,000 $385,000 $19,128 5.53%
    45% 3 $1,175,000 $391,667 $9,299 5.58%
    47% 3 $925,000 $308,333 $12,022 5.71%
    49% 3 $925,000 $308,333 $14,319 5.67%
    40% 2 $550,000 $275,000 $9,773 4.69%
    39% 1 $375,000 $375,000 $13,872 5.88%

    Homepromise Corporation lent most frequently to those with DTI ratios of 50-60%, with 15 originations. The next most common DTI ratio? 43%, with 8 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 67 $25,395,000 $379,030 $16,054 5.57%
    Black 19 $7,015,000 $369,211 $13,800 5.54%
    American Indian 2 $830,000 $415,000 $12,301 6.69%
    Native Hawaiian or Islander 1 $645,000 $645,000 $24,252 6.75%

    Approval Rates

    Total approvals of all applications
    46.04%

    Homepromise Corporation has a low approval rate. They may have poor market targeting or stringent lending standards.

    Pick Rate

    Approvals leading to origination
    -397.75%

    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 89 $33,885,000 $380,730

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    89 $33,885,000 $380,730

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    40-60% 4 $1,290,000 $322,500 $8,566 5.63%
    60-80% 8 $2,660,000 $332,500 $12,954 5.83%
    80-100% 65 $25,575,000 $393,462 $15,305 5.61%
    Over 100% 12 $4,360,000 $363,333 $21,160 5.41%