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: 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 7.15% | 12/3/24 |
| 30 Year Conventional Refi | 7.11% | 12/3/24 |
| 30 Year Cash-out Refi | 6.27% | 12/3/24 |
| 30 Year FHA Purchase | 6.94% | 12/3/24 |
| 30 Year FHA Refi | 6.27% | 12/3/24 |
| 30 Year VA Purchase | 6.86% | 12/3/24 |
| 30 Year VA Refi | 6.87% | 12/3/24 |
| 30 Year USDA Purchase | 6.27% | 12/3/24 |
| 15 Year Conventional Refi | 6.07% | 12/3/24 |
| 15 Year Cash-out Refi | 6.07% | 12/3/24 |
| 15 Year FHA Refi | 5.68% | 12/3/24 |
| 15 Year VA Purchase | 5.68% | 12/3/24 |
| 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
89Origination Dollar Volume (All Markets)
$33,885,000Top 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) | 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% |
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
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
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
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
2022 saw Homepromise Corporation place emphasis on $200k-400k loans with 54 originations, totaling $16,130,000 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? $50k-75k, with 20 originations.
Applicant Debt to Income Ratio
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
Approval Rates
Total approvals of all applications46.04%
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 |