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 Cash Out Refi loans. Homepromise Corporation has an average proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Washington, New York, Los Angeles, San Francisco, and Tampa among others. We have data for 48 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% | 11/17/24 |
| 30 Year Conventional Refi | 7.11% | 11/17/24 |
| 30 Year Cash-out Refi | 6.27% | 11/17/24 |
| 30 Year FHA Purchase | 6.94% | 11/17/24 |
| 30 Year FHA Refi | 6.27% | 11/17/24 |
| 30 Year VA Purchase | 6.86% | 11/17/24 |
| 30 Year VA Refi | 6.87% | 11/17/24 |
| 30 Year USDA Purchase | 6.27% | 11/17/24 |
| 15 Year Conventional Refi | 6.07% | 11/17/24 |
| 15 Year Cash-out Refi | 6.07% | 11/17/24 |
| 15 Year FHA Refi | 5.68% | 11/17/24 |
| 15 Year VA Purchase | 5.68% | 11/17/24 |
| 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
101Origination Dollar Volume (All Markets)
$34,145,000Top 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) | 10 | $5,090,000 | $509,000 | $15,157 | 2.98% |
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 7 | $2,685,000 | $383,571 | $18,820 | 3.23% |
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 4 | $2,420,000 | $605,000 | $24,215 | 2.94% |
| San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) | 3 | $2,225,000 | $741,667 | $32,136 | 3.29% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 6 | $1,650,000 | $275,000 | $12,287 | 3.58% |
| SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) | 3 | $1,575,000 | $525,000 | $25,122 | 3.13% |
| Outside of Metro Areas | 5 | $1,555,000 | $311,000 | $14,261 | 3.58% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 4 | $1,490,000 | $372,500 | $8,822 | 2.97% |
| VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) | 3 | $1,275,000 | $425,000 | $22,769 | 3.50% |
| NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) | 4 | $1,110,000 | $277,500 | $12,017 | 3.72% |
| PUNTA GORDA, FL (FHA|USDA|VA) | 3 | $985,000 | $328,333 | $22,075 | 3.21% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 4 | $910,000 | $227,500 | $11,240 | 3.44% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 3 | $855,000 | $285,000 | $10,971 | 3.75% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 3 | $855,000 | $285,000 | $12,211 | 2.79% |
| SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) | 2 | $810,000 | $405,000 | $15,833 | 4.06% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 2 | $690,000 | $345,000 | $10,859 | 3.13% |
| CHAMBERSBURG-WAYNESBORO, PA (FHA|USDA|VA) | 3 | $545,000 | $181,667 | $7,245 | 3.38% |
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 1 | $445,000 | $445,000 | $13,224 | 4.00% |
| LYNCHBURG, VA (FHA|USDA|VA) | 1 | $405,000 | $405,000 | $14,356 | 3.38% |
| LANCASTER, PA (FHA|USDA|VA) | 1 | $365,000 | $365,000 | $12,193 | 4.13% |
| PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) | 2 | $360,000 | $180,000 | $5,797 | 3.06% |
| REDDING, CA (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $9,192 | 3.63% |
| TRENTON-PRINCETON, NJ (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $8,117 | 3.50% |
| CHICO, CA (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $8,697 | 2.88% |
| ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $15,208 | 3.13% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $13,024 | 3.25% |
| COLUMBUS, GA-AL (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $9,712 | 3.63% |
| MADERA, CA (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $10,452 | 3.13% |
| Sevierville, TN (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $9,057 | 3.50% |
| MANKATO, MN (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $3,061 | 2.88% |
| MODESTO, CA (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $6,853 | 3.25% |
| SALISBURY, MD-DE (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $4,496 | 4.75% |
| Indiana, PA (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $9,252 | 3.38% |
| KNOXVILLE, TN (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $15,072 | 4.25% |
| CLARKSVILLE, TN-KY (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $3,562 | 3.25% |
| YORK-HANOVER, PA (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $14,446 | 3.00% |
| ATHENS-CLARKE COUNTY, GA (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $7,851 | 3.63% |
| PORT ST. LUCIE, FL (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $5,037 | 2.99% |
| DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $5,949 | 3.13% |
| MACON-BIBB COUNTY, GA (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $7,794 | 3.13% |
| Dublin, GA (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $4,065 | 3.50% |
| Shelbyville, TN (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $10,540 | 2.75% |
| TALLAHASSEE, FL (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $11,474 | 3.50% |
| HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $8,562 | 4.13% |
| YOUNGSTOWN-WARREN-BOARDMAN, OH-PA (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $6,080 | 3.25% |
| KINGSPORT-BRISTOL, TN-VA (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $5,733 | 4.13% |
| VISALIA, CA (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $7,253 | 3.50% |
| BLOOMSBURG-BERWICK, PA (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $5,140 | 3.75% |
Product Mix
For 2020, Homepromise Corporation's most frequently originated type of loan was VA, with 77 originations. Their 2nd most popular type was Conventional, with 15 originations.
Loan Reason
For 2020, Homepromise Corporation's most frequently cited loan purpose was Cash Out Refi, with 44 originations. The 2nd most popular reason was Home Purchase, with 23 originations.
Loan Duration/Length
For 2020, Homepromise Corporation's most frequently cited loan duration was 30 Year, with 93 originations. The 2nd most popular length was 15 Year, with 4 originations.
Origination Fees/Closing Costs
Homepromise Corporation's average total fees were $14,011, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 59 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 55 | $17,765,000 | $323,000 |
| 2.5-3% | 33 | $11,705,000 | $354,697 |
| 4-5% | 12 | $4,200,000 | $350,000 |
| <2.5% | 1 | $475,000 | $475,000 |
During 2020, Homepromise Corporation's average interest rate for loans was 3.40%, while their most frequently originated rate bucket for loans was 3-4%, with 55 originations.
Loan Sizing
2020 saw Homepromise Corporation place emphasis on $200k-400k loans with 57 originations, totaling $15,925,000 in origination value.
Applicant Income
Homepromise Corporation lent most frequently to those with incomes in the $50k-75k range, with 21 originations. The second most popular income band? $100k-150k, with 19 originations.
Applicant Debt to Income Ratio
Homepromise Corporation lent most frequently to those with DTI ratios of 20-30%, with 18 originations. The next most common DTI ratio? 30-36%, with 15 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications65.13%
Homepromise Corporation has a low approval rate. They may have poor market targeting or stringent lending standards.
Pick Rate
Approvals leading to origination-134.65%
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 | 101 | $34,145,000 | $338,069 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 3 | $685,000 | $228,333 |
| Single Family (1-4 Units):Site-Built | 98 | $33,460,000 | $341,429 |