Compass Home Loans Mortgage Rates, Fees & Info
DOVER, DELEI: 5493006FYXPLR221TS92
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Mortgage Data
Review & Overview
Compass Home Loans is a smaller mortgage company specializing in Home Purchase loans. Compass Home Loans has a high proportion of conventional loans. Their top two markets are Urban Honolulu and Hilo .Compass Home Loans has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Compass Home Loans 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 | 6.67% | 11/21/24 |
| 30 Year Conventional Refi | 6.52% | 11/21/24 |
| 30 Year Cash-out Refi | 6.45% | 11/21/24 |
| 30 Year VA Purchase | 5.78% | 11/21/24 |
| 30 Year USDA Purchase | 6.58% | 11/21/24 |
| 15 Year Conventional Purchase | 6.18% | 11/21/24 |
| 15 Year Conventional Refi | 5.89% | 11/21/24 |
| 15 Year Cash-out Refi | 5.89% | 11/21/24 |
| 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. | ||
Compass Home Loans Mortgage Calculator
Your Estimates
Estimated Loan Payment: Update the calculator values and click calculate payment!
This is not an official calculator from Compass Home Loans. 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
7Origination Dollar Volume (All Markets)
$3,385,000Relative Rate
Compass Home Loans's average 30 year fixed mortgage rate was
6.09%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of -0.39%.
Relative Fees (Closing Costs)
Compass Home Loans's average total fees/closing costs for a 30 year fixed rate
mortgage were $12,075.
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 $9,089.
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 |
|---|---|---|---|---|---|
| URBAN HONOLULU, HI (FHA|USDA|VA) | 6 | $2,860,000 | $476,667 | $12,531 | 6.08% |
| Hilo, HI (FHA|USDA|VA) | 1 | $525,000 | $525,000 | $9,338 | 6.13% |
Similar Lenders
We use machine learning to identify the top lenders compared against COMPASS HOME LOANS based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 39
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Similarity Rank: 205
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 4 | $1,940,000 | $485,000 | $8,787 | 6.34% |
| VA | 3 | $1,445,000 | $481,667 | $16,458 | 5.75% |
For 2023, Compass Home Loans's most frequently originated type of loan was Conventional, with 4 originations. Their 2nd most popular type was VA, with 3 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 6 | $2,930,000 | $488,333 | $12,018 | 6.10% |
| Refi | 1 | $455,000 | $455,000 | $12,415 | 6.00% |
For 2023, Compass Home Loans's most frequently cited loan purpose was Home Purchase, with 6 originations. The 2nd most popular reason was Refi, with 1 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 7 | $3,385,000 | $483,571 | $12,075 | 6.09% |
For 2023, Compass Home Loans's most frequently cited loan duration was 30 Year, with 7 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $5k+ | 4 | $2,110,000 | $527,500 |
| $1k-2k | 1 | $505,000 | $505,000 |
| $2k-3k | 1 | $245,000 | $245,000 |
| $3k-4k | 1 | $525,000 | $525,000 |
Compass Home Loans's average total fees were $12,075, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 4 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 5-6% | 4 | $1,900,000 | $475,000 |
| 6-7% | 3 | $1,485,000 | $495,000 |
During 2023, Compass Home Loans's average interest rate for loans was 6.09%, while their most frequently originated rate bucket for loans was 5-6%, with 4 originations.
Loan Sizing
2023 saw Compass Home Loans place emphasis on $400k-600k loans with 5 originations, totaling $2,505,000 in origination value.
Applicant Income
Compass Home Loans lent most frequently to those with incomes in the $150k-250k range, with 4 originations. The second most popular income band? $100k-150k, with 1 originations.
Applicant Debt to Income Ratio
Compass Home Loans lent most frequently to those with DTI ratios of 49%, with 3 originations. The next most common DTI ratio? 30-36%, with 1 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Asian | 7 | $3,385,000 | $483,571 | $12,075 | 6.09% |
Approval Rates
Total approvals of all applications84.62%
Compass Home Loans has a below average approval rate.
Pick Rate
Approvals leading to origination57.14%
Compass Home Loans 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 | 7 | $3,385,000 | $483,571 |