Meriwest Mortgage Rates, Fees & Info
San Jose, CALEI: 549300A4ZI1DF2OO1B51
Tax ID: 94-1521987
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Mortgage Data
Review & Overview
Meriwest is a smaller mortgage company specializing in Home Improvement and Other loans. Meriwest has an average proportion of conventional loans. Their top markets by origination volume include: San Jose, San Francisco, Santa Cruz, Reno, and Modesto among others. We have data for 27 markets. (Some data included below & more in-depth data is available with an active subscription.)Meriwest has a below average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders.
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 |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 6.16% | 4/20/24 |
| 15 Year Conventional Refi | 6.95% | 4/20/24 |
| 15 Year Cash-out Refi | 6.95% | 4/20/24 |
| 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. | ||
Meriwest Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
250Origination Dollar Volume (All Markets)
$46,830,000Top 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 |
|---|---|---|---|---|---|
| SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) | 143 | $30,045,000 | $210,105 | $30 | 7.98% |
| San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) | 42 | $7,810,000 | $185,952 | $9 | 7.79% |
| SANTA CRUZ-WATSONVILLE, CA (FHA|USDA|VA) | 3 | $1,095,000 | $365,000 | $0 | 8.33% |
| RENO, NV (FHA|USDA|VA) | 2 | $960,000 | $480,000 | $0 | 8.13% |
| MODESTO, CA (FHA|USDA|VA) | 6 | $800,000 | $133,333 | $0 | 7.84% |
| SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) | 8 | $770,000 | $96,250 | $0 | 7.66% |
| STOCKTON, CA (FHA|USDA|VA) | 6 | $630,000 | $105,000 | $0 | 8.25% |
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 4 | $600,000 | $150,000 | $0 | 8.10% |
| SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) | 2 | $440,000 | $220,000 | $0 | 7.95% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 5 | $335,000 | $67,000 | $0 | 7.15% |
| NAPA, CA (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $0 | 8.75% |
| TUCSON, AZ (FHA|USDA|VA) | 3 | $305,000 | $101,667 | $0 | 8.38% |
| EUGENE-SPRINGFIELD, OR (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $0 | 7.75% |
| SALINAS, CA (FHA|USDA|VA) | 4 | $290,000 | $72,500 | $0 | 7.80% |
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 3 | $285,000 | $95,000 | $0 | 7.55% |
| VALLEJO, CA (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $0 | 7.75% |
| Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) | 3 | $235,000 | $78,333 | $0 | 8.02% |
| Fernley, NV (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $0 | 8.50% |
| SANTA ROSA-PETALUMA, CA (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $0 | 8.00% |
| OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $0 | 6.50% |
| LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) | 3 | $195,000 | $65,000 | $0 | 7.67% |
| REDDING, CA (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $0 | 7.50% |
| PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 8.75% |
| MERCED, CA (FHA|USDA|VA) | 2 | $100,000 | $50,000 | $0 | 9.00% |
| MADERA, CA (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 8.25% |
| Outside of Metro Areas | 1 | $55,000 | $55,000 | $0 | 6.30% |
| BAKERSFIELD, CA (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 6.20% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| HELOC | 168 | $37,250,000 | $221,726 | n/a | 8.35% |
| Conventional | 82 | $9,580,000 | $116,829 | $17 | 7.04% |
For 2023, Meriwest's most frequently originated type of loan was HELOC, with 168 originations. Their 2nd most popular type was Conventional, with 82 originations.
Loan Reason
For 2023, Meriwest's most frequently cited loan purpose was Home Improvement, with 142 originations. The 2nd most popular reason was Other, with 65 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 15 Year | 184 | $39,050,000 | $212,228 | $0 | 8.21% |
| 20 Year | 46 | $6,130,000 | $133,261 | $26 | 7.26% |
| 10 Year | 20 | $1,650,000 | $82,500 | $11 | 6.73% |
For 2023, Meriwest's most frequently cited loan duration was 15 Year, with 184 originations. The 2nd most popular length was 20 Year, with 46 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 82 | $9,580,000 | $116,829 |
Meriwest's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 82 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| Over 8% | 111 | $23,825,000 | $214,640 |
| 7-8% | 95 | $17,635,000 | $185,632 |
| 6-7% | 44 | $5,370,000 | $122,045 |
During 2023, Meriwest's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was Over 8%, with 111 originations.
Loan Sizing
2023 saw Meriwest place emphasis on $200k-400k loans with 96 originations, totaling $29,920,000 in origination value.
Applicant Income
Meriwest lent most frequently to those with incomes in the $250k+ range, with 74 originations. The second most popular income band? $150k-250k, with 73 originations.
Applicant Debt to Income Ratio
Meriwest lent most frequently to those with DTI ratios of 50-60%, with 44 originations. The next most common DTI ratio? 20-30%, with 43 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications63.75%
Meriwest has a low approval rate. They may have poor market targeting or stringent lending standards.
Pick Rate
Approvals leading to origination95.20%
Meriwest has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 250 | $46,830,000 | $187,320 |