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 Refi and Home Improvement 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, Los Angeles, San Diego, Riverside, and Tampa among others. We have data for 35 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 about average 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% | 4/22/24 |
| 30 Year Conventional Refi | 7.11% | 4/22/24 |
| 30 Year Cash-out Refi | 6.27% | 4/22/24 |
| 30 Year FHA Purchase | 6.94% | 4/22/24 |
| 30 Year FHA Refi | 6.27% | 4/22/24 |
| 30 Year VA Purchase | 6.86% | 4/22/24 |
| 30 Year VA Refi | 6.87% | 4/22/24 |
| 30 Year USDA Purchase | 6.27% | 4/22/24 |
| 15 Year Conventional Refi | 6.07% | 4/22/24 |
| 15 Year Cash-out Refi | 6.07% | 4/22/24 |
| 15 Year FHA Refi | 5.68% | 4/22/24 |
| 15 Year VA Purchase | 5.68% | 4/22/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
67Origination Dollar Volume (All Markets)
$22,005,000Top 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) | 4 | $1,950,000 | $487,500 | $12,920 | 4.44% |
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 4 | $1,900,000 | $475,000 | $26,354 | 4.50% |
| SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) | 3 | $1,515,000 | $505,000 | $21,916 | 4.83% |
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 3 | $1,155,000 | $385,000 | $16,879 | 4.67% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 4 | $1,130,000 | $282,500 | $10,571 | 4.81% |
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 3 | $1,125,000 | $375,000 | $15,133 | 4.83% |
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 4 | $1,120,000 | $280,000 | $12,323 | 4.81% |
| San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) | 2 | $1,110,000 | $555,000 | $18,313 | 4.25% |
| Outside of Metro Areas | 4 | $1,030,000 | $257,500 | $9,573 | 4.44% |
| VALLEJO, CA (FHA|USDA|VA) | 2 | $960,000 | $480,000 | $18,839 | 4.75% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 3 | $885,000 | $295,000 | $11,302 | 4.63% |
| PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) | 2 | $710,000 | $355,000 | $11,522 | 4.88% |
| STOCKTON, CA (FHA|USDA|VA) | 2 | $670,000 | $335,000 | $12,153 | 4.06% |
| SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) | 2 | $600,000 | $300,000 | $11,672 | 4.13% |
| PITTSBURGH, PA (FHA|USDA|VA) | 2 | $560,000 | $280,000 | $16,105 | 5.06% |
| WARNER ROBINS, GA (FHA|USDA|VA) | 2 | $510,000 | $255,000 | $11,971 | 4.69% |
| CHAMBERSBURG-WAYNESBORO, PA (FHA|USDA|VA) | 2 | $450,000 | $225,000 | $8,656 | 4.31% |
| SANTA ROSA-PETALUMA, CA (FHA|USDA|VA) | 1 | $425,000 | $425,000 | $17,530 | 4.50% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 1 | $385,000 | $385,000 | $20,481 | 5.25% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 2 | $370,000 | $185,000 | $3,278 | 4.94% |
| MADERA, CA (FHA|USDA|VA) | 1 | $355,000 | $355,000 | $4,408 | 4.50% |
| REDDING, CA (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $5,830 | 4.63% |
| OCALA, FL (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $14,674 | 4.50% |
| SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $7,217 | 5.00% |
| MANKATO, MN (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $4,998 | 4.63% |
| VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $8,028 | 3.88% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $4,367 | 4.63% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $13,077 | 5.00% |
| HINESVILLE, GA (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $7,369 | 5.00% |
| HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $6,961 | 5.25% |
| DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $12,347 | 4.63% |
| HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $6,571 | 5.00% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $6,096 | 5.63% |
| AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $7,234 | 4.88% |
| YOUNGSTOWN-WARREN-BOARDMAN, OH-PA (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $5,260 | 5.88% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| VA | 56 | $19,290,000 | $344,464 | $13,841 | 4.62% |
| Conventional | 8 | $2,060,000 | $257,500 | $7,380 | 5.13% |
| FHA | 3 | $655,000 | $218,333 | $8,653 | 4.71% |
For 2018, Homepromise Corporation's most frequently originated type of loan was VA, with 56 originations. Their 2nd most popular type was Conventional, with 8 originations.
Loan Reason
For 2018, Homepromise Corporation's most frequently cited loan purpose was Refi, with 39 originations. The 2nd most popular reason was Home Improvement, with 18 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 65 | $21,275,000 | $327,308 | $13,005 | 4.70% |
| 15 Year | 2 | $730,000 | $365,000 | $7,397 | 4.13% |
For 2018, Homepromise Corporation's most frequently cited loan duration was 30 Year, with 65 originations. The 2nd most popular length was 15 Year, with 2 originations.
Origination Fees/Closing Costs
Homepromise Corporation's average total fees were $13,005, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 34 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 50 | $17,470,000 | $349,400 |
| 5-6% | 10 | $2,310,000 | $231,000 |
| 3-4% | 7 | $2,225,000 | $317,857 |
During 2018, Homepromise Corporation's average interest rate for loans was 4.70%, while their most frequently originated rate bucket for loans was 4-5%, with 50 originations.
Loan Sizing
2018 saw Homepromise Corporation place emphasis on $200k-400k loans with 36 originations, totaling $10,540,000 in origination value.
Applicant Income
Homepromise Corporation lent most frequently to those with incomes in the $50k-75k range, with 22 originations. The second most popular income band? $75k-100k, with 20 originations.
Applicant Debt to Income Ratio
Homepromise Corporation lent most frequently to those with DTI ratios of 20-30%, with 9 originations. The next most common DTI ratio? 30-36%, with 6 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications48.15%
Homepromise Corporation has a low approval rate. They may have poor market targeting or stringent lending standards.
Pick Rate
Approvals leading to origination-159.70%
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 | 67 | $22,005,000 | $328,433 |