Home Financing Center Mortgage Rates, Fees & Info

CORAL GABLES, FL

LEI: 549300BWXVTVB5RRZN58

Tax ID: 59-2472569

1 stars - out of 5 stars, based on 20 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Home Financing Center is a smaller mortgage company specializing in Home Purchase loans. Home Financing Center has a high proportion of conventional loans. They have a a high proportion of FHA loans. Their top markets include Miami, Orlando, Port St. Lucie, Naples, and Palm Bay among others. Home Financing Center has an above average approval rate for mortages when compared nationally. They have an above average pick rate when compared to the same sample of other lendors. Home Financing Center is typically a high fee lendor.


Originations

397

Origination Dollar Volume (All Markets)

$112,495,000

Relative Rate

Home Financing Center 's average 30 year fixed rate mortgage of loans were 3.51%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of 0.36%.

Relative Fees

Home Financing Center 's average total fees for a 30 year fixed rate mortgage are $10,064.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 388 $110,080,000 $283,711 $9,321 3.40%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 2 $610,000 $305,000 $7,242 3.38%
PORT ST. LUCIE, FL (FHA|USDA|VA) 2 $510,000 $255,000 $5,813 3.13%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $405,000 $405,000 $7,069 3.25%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 1 $255,000 $255,000 $5,679 3.63%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $245,000 $245,000 $10,212 3.50%
OCALA, FL (FHA|USDA|VA) 1 $235,000 $235,000 $13,396 3.88%
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 1 $155,000 $155,000 $7,417 2.88%

Home Financing Center 's top markets include Miami, Orlando, Port St. Lucie, Naples, and Palm Bay among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 240 $62,860,000 $261,917 $6,658 3.17%
FHA 156 $49,340,000 $316,282 $13,268 3.74%
VA 1 $295,000 $295,000 $18,720 4.25%

For the 2021 period, Home Financing Center 's most frequently originated loan type of loans were Conventional, with 240 originations. Their 2nd most popular type is FHA, with 156 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 204 $62,710,000 $307,402 $11,709 3.65%
Refi 81 $22,445,000 $277,099 $6,728 3.00%
Other 69 $17,055,000 $247,174 $6,543 3.12%
Cash Out Refi 35 $8,355,000 $238,714 $7,344 3.46%
Home Improvement 8 $1,930,000 $241,250 $5,551 3.08%

For the 2021, Home Financing Center 's most frequently cited loan purpose of loans were Home Purchase, with 204 originations. The 2nd most popular reason of loans were Refi, with 81 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 332 $99,320,000 $299,157 $10,064 3.51%
15 Year 38 $7,990,000 $210,263 $5,373 2.61%
20 Year 22 $4,580,000 $208,182 $5,340 3.24%
10 Year 5 $605,000 $121,000 $4,734 2.55%

For the 2021, Home Financing Center 's most frequently cited loan length of loans were 30 Year, with 332 originations. The 2nd most popular length of loans were 15 Year, with 38 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$3k-4k 139 $39,055,000 $280,971
$5k+ 101 $35,505,000 $351,535
$2k-3k 78 $18,220,000 $233,590
$1k-2k 61 $14,915,000 $244,508
$<1k 13 $3,145,000 $241,923

$10,064 of loans were Home Financing Center 's average total fees, while their most frequently occuring range of origination fees were in the $3k-4k bucket, with 139 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 223 $65,695,000 $294,596
2.5-3% 105 $27,495,000 $261,857
4-5% 46 $14,240,000 $309,565
<2.5% 20 $4,170,000 $208,500
5-6% 3 $895,000 $298,333

During 2021, Home Financing Center 's average interest rate of loans were 3.51%, while their most frequently originated rate bucket of loans were 3-4%, with 223 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 258 $76,880,000 $297,984 $10,217 3.54%
$100k-200k 82 $12,740,000 $155,366 $5,824 3.07%
$400k-600k 40 $17,590,000 $439,750 $11,203 3.27%
$100,000 or less 13 $945,000 $72,692 $4,326 3.03%
$1MM+ 2 $2,980,000 $1,490,000 $20,954 3.25%
$600k-1MM 2 $1,360,000 $680,000 $13,351 3.13%

2021 saw Home Financing Center place emphasis on $200k-400k loans with 258 originations, totaling $76,880,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k-75k 124 $32,030,000 $258,306 $9,679 3.40%
$75k-100k 107 $31,005,000 $289,766 $10,248 3.56%
$100k-150k 89 $27,185,000 $305,449 $8,652 3.38%
$50k or less 36 $5,870,000 $163,056 $7,121 3.18%
$150k-250k 34 $11,540,000 $339,412 $8,279 3.22%
$250k+ 7 $4,865,000 $695,000 $11,698 3.04%

Home Financing Center lent most frequently to those with incomes in the $50k-75k range, with 124 originations. The second most popular income band? $75k-100k, with 107 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
30-36% 62 $17,690,000 $285,323 $7,809 3.42%
20-30% 48 $10,650,000 $221,875 $6,327 3.06%
50-60% 34 $9,990,000 $293,824 $12,058 3.65%
48% 30 $8,500,000 $283,333 $9,906 3.38%
45% 21 $6,155,000 $293,095 $11,595 3.70%
49% 20 $6,060,000 $303,000 $12,305 3.73%
44% 18 $7,490,000 $416,111 $12,006 3.22%
38% 18 $6,180,000 $343,333 $10,218 3.56%
39% 16 $4,650,000 $290,625 $10,665 3.19%
<20% 16 $4,040,000 $252,500 $7,056 3.20%
36% 15 $3,785,000 $252,333 $8,044 3.41%
42% 14 $4,180,000 $298,571 $8,757 3.48%
37% 14 $3,170,000 $226,429 $8,471 3.20%
40% 14 $4,070,000 $290,714 $9,035 3.41%
43% 14 $3,870,000 $276,429 $7,654 3.36%
41% 13 $3,745,000 $288,077 $10,475 3.55%
47% 12 $3,590,000 $299,167 $9,413 3.38%
46% 12 $2,890,000 $240,833 $9,916 3.51%
>60% 2 $740,000 $370,000 $12,841 3.19%

Home Financing Center lent most frequently to those with DTI ratios of 30-36%, with 62 originations. The next most common DTI ratio? 20-30%, with 48 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 337 $96,865,000 $287,433 $9,373 3.38%
Black 48 $12,930,000 $269,375 $9,297 3.59%
Asian 9 $1,995,000 $221,667 $6,236 3.29%
Not provided 2 $660,000 $330,000 $11,290 3.31%
Native Hawaiian 1 $45,000 $45,000 $2,828 2.75%

Approval Rates

Total approvals of all applications
98.59%

Home Financing Center has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

Pick Rate

Approvals leading to origination
98.61%

Home Financing Center 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 397 $112,495,000 $283,363

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
397 $112,495,000 $283,363

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 30 $5,410,000 $180,333 $4,852 2.88%
40-60% 66 $14,400,000 $218,182 $6,255 3.05%
60-80% 101 $29,375,000 $290,842 $7,681 3.28%
80-100% 197 $63,035,000 $319,975 $11,868 3.67%
Under 20% 3 $275,000 $91,667 $4,798 2.42%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
HOME FINANCING CENTER Conventional home mortgage Trouble during payment process 1 100.0%