Brightstar Mortgage Rates, Fees & Info
Sunrise, FLLEI: 549300D7OB5W5CJHFO55
Tax ID: 59-0653174
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Mortgage Data
Review & Overview
Brightstar is a smaller mortgage company specializing in Home Purchase, Cash Out Refi, and Refi loans. Brightstar has a high proportion of conventional loans. Their top markets by origination volume include: Miami, Jacksonville, Tampa, Lakeland, and Orlando among others. We have data for 17 markets. (Some data included below & more in-depth data is available with an active subscription.)Brightstar 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. Brightstar 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 |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 6.27% | 4/21/24 |
| 30 Year Conventional Purchase | 6.97% | 4/21/24 |
| 30 Year Conventional Refi | 6.60% | 4/21/24 |
| 30 Year Cash-out Refi | 6.85% | 4/21/24 |
| 30 Year VA Purchase | 6.27% | 4/21/24 |
| 15 Year Conventional Purchase | 6.08% | 4/21/24 |
| 15 Year Conventional Refi | 6.18% | 4/21/24 |
| 15 Year Cash-out Refi | 6.18% | 4/21/24 |
| 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. | ||
Brightstar Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
209Origination Dollar Volume (All Markets)
$54,355,000Awards
BRIGHTSTAR - 2019
BRIGHTSTAR is a 2019 , due to their low .
For 2019, 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 |
|---|---|---|---|---|---|
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 176 | $41,600,000 | $236,364 | $4,318 | 4.47% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 1 | $3,105,000 | $3,105,000 | $0 | 4.30% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 7 | $3,035,000 | $433,571 | $3,364 | 4.59% |
| LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) | 2 | $1,790,000 | $895,000 | $3,659 | 4.61% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 5 | $965,000 | $193,000 | $3,493 | 4.10% |
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 3 | $805,000 | $268,333 | $0 | 4.95% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 1 | $755,000 | $755,000 | $0 | 4.95% |
| DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) | 3 | $615,000 | $205,000 | $3,186 | 4.38% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 2 | $390,000 | $195,000 | $3,237 | 4.00% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $3,402 | 4.00% |
| Sebastian-Vero Beach, FL (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $5,011 | 4.50% |
| Outside of Metro Areas | 2 | $170,000 | $85,000 | $2,550 | 4.50% |
| PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $3,168 | 4.63% |
| PORT ST. LUCIE, FL (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $4,519 | 4.63% |
| HOMOSASSA SPRINGS, FL (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $6,045 | 4.25% |
| CHATTANOOGA, TN-GA (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $3,062 | 4.00% |
| Palatka, FL (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $3,057 | 4.00% |
Similar Lenders
We use machine learning to identify the top lenders compared against BRIGHTSTAR 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 | 204 | $52,980,000 | $259,706 | $4,141 | 4.48% |
| VA | 5 | $1,375,000 | $275,000 | $7,195 | 3.83% |
For 2019, Brightstar's most frequently originated type of loan was Conventional, with 204 originations. Their 2nd most popular type was VA, with 5 originations.
Loan Reason
For 2019, Brightstar's most frequently cited loan purpose was Home Purchase, with 92 originations. The 2nd most popular reason was Cash Out Refi, with 80 originations.
Loan Duration/Length
For 2019, Brightstar's most frequently cited loan duration was 30 Year, with 145 originations. The 2nd most popular length was 15 Year, with 25 originations.
Origination Fees/Closing Costs
Brightstar's average total fees were $4,646, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 121 originations.
Interest Rates
During 2019, Brightstar's average interest rate for loans was 4.38%, while their most frequently originated rate bucket for loans was 4-5%, with 104 originations.
Loan Sizing
2019 saw Brightstar place emphasis on $200k-400k loans with 94 originations, totaling $25,610,000 in origination value.
Applicant Income
Brightstar lent most frequently to those with incomes in the $50k-75k range, with 63 originations. The second most popular income band? $100k-150k, with 46 originations.
Applicant Debt to Income Ratio
Brightstar lent most frequently to those with DTI ratios of 30-36%, with 37 originations. The next most common DTI ratio? 20-30%, with 20 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications83.56%
Brightstar has a below average approval rate.
Pick Rate
Approvals leading to origination12.44%
Brightstar 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 | 209 | $54,355,000 | $260,072 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Multifamily:Site-Built | 7 | $5,745,000 | $820,714 |
| Single Family (1-4 Units):Site-Built | 202 | $48,610,000 | $240,644 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2019 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Brightfunders, LLC | FHA mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 50.0% |
| Brightfunders, LLC | FHA mortgage | Trouble during payment process | 1 | 50.0% |