Meriwest Mortgage Rates, Fees & Info

San Jose, CA

LEI: 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, Oxford, Santa Cruz, and Tucson among others. We have data for 28 markets. (Some data included below & more in-depth data is available with an active subscription.)

Meriwest has an average approval rate when compared to the average across all lenders. They have an 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% 3/28/24
15 Year Conventional Refi 6.95% 3/28/24
15 Year Cash-out Refi 6.95% 3/28/24
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

615

Origination Dollar Volume (All Markets)

$108,775,000

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
SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) 408 $77,030,000 $188,799 $23 4.93%
San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 102 $17,380,000 $170,392 $0 4.99%
Oxford, MS (FHA|USDA|VA) 1 $1,945,000 $1,945,000 $0 5.15%
SANTA CRUZ-WATSONVILLE, CA (FHA|USDA|VA) 8 $1,490,000 $186,250 $0 4.75%
TUCSON, AZ (FHA|USDA|VA) 14 $1,420,000 $101,429 $0 4.65%
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 11 $1,355,000 $123,182 $0 4.82%
SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 13 $1,315,000 $101,154 $0 4.84%
SALINAS, CA (FHA|USDA|VA) 5 $995,000 $199,000 $0 5.25%
Outside of Metro Areas 4 $800,000 $200,000 $0 4.87%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 5 $745,000 $149,000 $0 4.63%
STOCKTON, CA (FHA|USDA|VA) 7 $705,000 $100,714 $30 4.87%
MODESTO, CA (FHA|USDA|VA) 8 $510,000 $63,750 $0 4.60%
BAKERSFIELD, CA (FHA|USDA|VA) 1 $455,000 $455,000 $0 5.60%
PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 2 $430,000 $215,000 $0 4.50%
LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 3 $365,000 $121,667 $0 4.50%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 3 $365,000 $121,667 $0 4.63%
FRESNO, CA (FHA|USDA|VA) 3 $265,000 $88,333 $0 5.25%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 2 $200,000 $100,000 $0 4.50%
MERCED, CA (FHA|USDA|VA) 3 $195,000 $65,000 $0 5.83%
NAPA, CA (FHA|USDA|VA) 2 $180,000 $90,000 $0 4.50%
SAN LUIS OBISPO-PASO ROBLES, CA (FHA|USDA|VA) 2 $160,000 $80,000 $0 4.50%
SANTA ROSA-PETALUMA, CA (FHA|USDA|VA) 1 $125,000 $125,000 $0 4.75%
VALLEJO, CA (FHA|USDA|VA) 2 $100,000 $50,000 $112 4.75%
Fallon, NV (FHA|USDA|VA) 1 $75,000 $75,000 $0 0.00%
Gardnerville Ranchos, NV (FHA|USDA|VA) 1 $45,000 $45,000 $0 5.00%
Oak Harbor, WA (FHA|USDA|VA) 1 $45,000 $45,000 $0 0.00%
Payson, AZ (FHA|USDA|VA) 1 $45,000 $45,000 $0 0.00%
CHICO, CA (FHA|USDA|VA) 1 $35,000 $35,000 $0 0.00%
Meriwest's top markets include San Jose, San Francisco, Oxford, Santa Cruz, and Tucson among others.

Their top states include:
  • California (FHA|USDA|VA)
  • Mississippi (FHA|USDA|VA)
  • Arizona (FHA|USDA|VA)
  • Nevada (FHA|USDA|VA)
  • Oregon (FHA|USDA|VA)
  • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 540 $97,420,000 $180,407 n/a 4.88%
    Conventional 75 $11,355,000 $151,400 $30 5.27%

    For 2018, Meriwest's most frequently originated type of loan was HELOC, with 540 originations. Their 2nd most popular type was Conventional, with 75 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 379 $65,345,000 $172,414 $22 4.88%
    Other 190 $29,870,000 $157,211 $38 5.03%
    Refi 39 $8,225,000 $210,897 $0 4.90%
    NA 3 $2,115,000 $705,000 $0 5.43%
    Home Purchase 2 $2,550,000 $1,275,000 $0 5.20%
    Cash Out Refi 2 $670,000 $335,000 $0 5.93%

    For 2018, Meriwest's most frequently cited loan purpose was Home Improvement, with 379 originations. The 2nd most popular reason was Other, with 190 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 556 $98,750,000 $177,608 $40 4.89%
    10 Year 35 $7,305,000 $208,714 $37 4.95%
    20 Year 23 $2,505,000 $108,913 $0 5.79%
    5 Year 1 $215,000 $215,000 $0 6.25%

    For 2018, Meriwest's most frequently cited loan duration was 15 Year, with 556 originations. The 2nd most popular length was 10 Year, with 35 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 10 $580,000 $58,000

    Meriwest's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 10 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 369 $57,835,000 $156,734
    5-6% 63 $20,295,000 $322,143
    6-7% 19 $1,855,000 $97,632
    7-8% 2 $160,000 $80,000
    Over 8% 1 $55,000 $55,000

    During 2018, Meriwest's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 4-5%, with 369 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 200 $11,660,000 $58,300 $30 5.04%
    $200k-400k 193 $48,605,000 $251,839 $0 4.82%
    $100k-200k 181 $24,935,000 $137,762 $30 4.85%
    $400k-600k 33 $15,845,000 $480,152 $0 5.28%
    $600k-1MM 6 $4,280,000 $713,333 $0 5.33%
    $1MM+ 2 $3,450,000 $1,725,000 $0 5.25%

    2018 saw Meriwest place emphasis on $100,000 or less loans with 200 originations, totaling $11,660,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 213 $38,075,000 $178,756 $33 4.88%
    $100k-150k 155 $22,145,000 $142,871 $28 4.89%
    $250k+ 119 $31,225,000 $262,395 $30 5.05%
    $75k-100k 61 $6,375,000 $104,508 $0 4.84%
    $50k-75k 41 $4,185,000 $102,073 $0 4.87%
    $50k or less 19 $1,435,000 $75,526 $0 4.98%

    Meriwest lent most frequently to those with incomes in the $150k-250k range, with 213 originations. The second most popular income band? $100k-150k, with 155 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    <20% 169 $30,575,000 $180,917 $0 4.97%
    30-36% 76 $12,120,000 $159,474 $30 5.01%
    50-60% 66 $9,010,000 $136,515 $50 4.82%
    20-30% 58 $9,540,000 $164,483 $54 4.82%
    43% 24 $3,840,000 $160,000 $0 5.16%
    44% 24 $4,430,000 $184,583 $0 4.97%
    46% 22 $4,190,000 $190,455 $0 4.92%
    37% 21 $3,905,000 $185,952 $0 4.74%
    40% 21 $3,235,000 $154,048 $0 4.93%
    42% 18 $3,120,000 $173,333 $0 4.93%
    48% 18 $2,620,000 $145,556 $0 4.87%
    38% 17 $3,925,000 $230,882 $0 5.03%
    49% 15 $2,045,000 $136,333 $0 4.78%
    39% 13 $1,935,000 $148,846 $0 4.90%
    45% 12 $1,990,000 $165,833 $0 4.81%
    47% 12 $2,340,000 $195,000 $0 4.90%
    41% 10 $2,750,000 $275,000 $0 5.45%
    36% 7 $995,000 $142,143 $0 4.86%
    >60% 2 $440,000 $220,000 $0 4.88%

    Meriwest lent most frequently to those with DTI ratios of <20%, with 169 originations. The next most common DTI ratio? 30-36%, with 76 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 359 $60,695,000 $169,067 $44 4.88%
    Asian 162 $32,300,000 $199,383 $16 4.93%
    Not provided 54 $6,750,000 $125,000 $0 5.05%
    Not applicable 6 $5,120,000 $853,333 $0 5.38%
    American Indian 17 $2,075,000 $122,059 $0 5.06%
    Black 11 $1,515,000 $137,727 $0 5.00%
    Native Hawaiian or Islander 6 $320,000 $53,333 $0 5.60%

    Approval Rates

    Total approvals of all applications
    79.06%

    Meriwest has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    91.71%

    Meriwest has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 615 $108,775,000 $176,870

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 4 $3,220,000 $805,000
    Single Family (1-4 Units):Site-Built 611 $105,555,000 $172,758

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 156 $41,480,000 $265,897 $0 4.88%
    40-60% 11 $3,655,000 $332,273 $0 5.02%
    60-80% 7 $5,325,000 $760,714 $0 5.09%
    80-100% 1 $95,000 $95,000 $0 6.24%
    Over 100% 1 $105,000 $105,000 $0 4.50%
    Under 20% 437 $57,955,000 $132,620 $30 4.94%