Homefield Mortgage Rates, Fees & Info
Grafton, MALEI: 5493003FTQTUEICOS793
Tax ID: 04-2393313
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Mortgage Data
Review & Overview
Homefield is a smaller mortgage company specializing in Refi and Cash Out Refi loans. Homefield has a high proportion of conventional loans. Their top markets by origination volume include: Worcester, Boston, Barnstable Town, New York, and Manchester among others. We have data for 8 markets. (Some data included below & more in-depth data is available with an active subscription.)Homefield has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Homefield is typically a low 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 | 5.59% | 12/16/24 |
| 30 Year Conventional Refi | 5.75% | 12/16/24 |
| 30 Year Cash-out Refi | 5.88% | 12/16/24 |
| 15 Year Conventional Purchase | 5.83% | 12/16/24 |
| 15 Year Conventional Refi | 6.04% | 12/16/24 |
| 15 Year Cash-out Refi | 6.04% | 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. | ||
Homefield Mortgage Calculator
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Originations
211Origination Dollar Volume (All Markets)
$58,275,000Awards
HOMEFIELD - 2020
HOMEFIELD is a 2020 , due to their low .
For 2020, less than of lenders were eligible for this award.
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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 |
|---|---|---|---|---|---|
| WORCESTER, MA-CT (FHA|USDA|VA) | 178 | $48,350,000 | $271,629 | $3,877 | 3.03% |
| Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) | 21 | $6,625,000 | $315,476 | $5,535 | 2.96% |
| BARNSTABLE TOWN, MA (FHA|USDA|VA) | 7 | $1,735,000 | $247,857 | $3,337 | 3.00% |
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 1 | $465,000 | $465,000 | $0 | 3.75% |
| MANCHESTER-NASHUA, NH (FHA|USDA|VA) | 1 | $385,000 | $385,000 | $5,722 | 2.75% |
| PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $0 | 3.75% |
| Laconia, NH (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $2,577 | 3.38% |
| HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $3,594 | 2.43% |
Their top states include:
Similar Lenders
We use machine learning to identify the top lenders compared against HOMEFIELD based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 207 | $57,475,000 | $277,657 | $4,026 | 3.04% |
| HELOC | 4 | $800,000 | $200,000 | n/a | 2.56% |
For 2020, Homefield's most frequently originated type of loan was Conventional, with 207 originations. Their 2nd most popular type was HELOC, with 4 originations.
Loan Reason
For 2020, Homefield's most frequently cited loan purpose was Refi, with 100 originations. The 2nd most popular reason was Cash Out Refi, with 65 originations.
Loan Duration/Length
For 2020, Homefield's most frequently cited loan duration was 30 Year, with 125 originations. The 2nd most popular length was 15 Year, with 52 originations.
Origination Fees/Closing Costs
Homefield's average total fees were $4,523, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 86 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 2.5-3% | 91 | $26,755,000 | $294,011 |
| 3-4% | 69 | $21,905,000 | $317,464 |
| <2.5% | 38 | $8,390,000 | $220,789 |
| 4-5% | 13 | $1,225,000 | $94,231 |
During 2020, Homefield's average interest rate for loans was 3.11%, while their most frequently originated rate bucket for loans was 2.5-3%, with 91 originations.
Loan Sizing
2020 saw Homefield place emphasis on $200k-400k loans with 123 originations, totaling $35,145,000 in origination value.
Applicant Income
Homefield lent most frequently to those with incomes in the $150k-250k range, with 71 originations. The second most popular income band? $100k-150k, with 46 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| <20% | 3 | $995,000 | $331,667 | $0 | 3.75% |
Homefield lent most frequently to those with DTI ratios of <20%, with 3 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications92.61%
Homefield has an average approval rate.
Pick Rate
Approvals leading to origination81.99%
Homefield has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 211 | $58,275,000 | $276,185 |