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 Cash Out Refi and Home Purchase loans. Brightstar has a high proportion of conventional loans. Their top markets by origination volume include: Miami, Orlando, Jacksonville, Palm Bay, and Port St. Lucie among others. We have data for 21 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 an average 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% | 10/13/24 |
| 30 Year Conventional Purchase | 6.97% | 10/13/24 |
| 30 Year Conventional Refi | 6.60% | 10/13/24 |
| 30 Year Cash-out Refi | 6.85% | 10/13/24 |
| 30 Year VA Purchase | 6.27% | 10/13/24 |
| 15 Year Conventional Purchase | 6.08% | 10/13/24 |
| 15 Year Conventional Refi | 6.18% | 10/13/24 |
| 15 Year Cash-out Refi | 6.18% | 10/13/24 |
| 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
362Origination Dollar Volume (All Markets)
$119,360,000Awards
BRIGHTSTAR - 2021
BRIGHTSTAR is a 2021 , due to their low .
For 2021, 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) | 308 | $90,250,000 | $293,019 | $4,509 | 3.08% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 8 | $6,580,000 | $822,500 | $4,130 | 3.64% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 3 | $3,895,000 | $1,298,333 | $3,802 | 3.47% |
| PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) | 3 | $2,935,000 | $978,333 | $8,016 | 3.58% |
| PORT ST. LUCIE, FL (FHA|USDA|VA) | 12 | $2,870,000 | $239,167 | $4,516 | 3.15% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 7 | $2,375,000 | $339,286 | $4,639 | 3.34% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 4 | $2,050,000 | $512,500 | $3,404 | 3.41% |
| OCALA, FL (FHA|USDA|VA) | 2 | $1,600,000 | $800,000 | $4,878 | 3.45% |
| LAKE CHARLES, LA (FHA|USDA|VA) | 1 | $1,565,000 | $1,565,000 | $0 | 3.98% |
| LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) | 1 | $1,405,000 | $1,405,000 | $0 | 4.00% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 1 | $755,000 | $755,000 | $0 | 4.10% |
| Outside of Metro Areas | 2 | $600,000 | $300,000 | $5,532 | 2.81% |
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 1 | $525,000 | $525,000 | $0 | 4.50% |
| Sebastian-Vero Beach, FL (FHA|USDA|VA) | 1 | $495,000 | $495,000 | $5,888 | 2.88% |
| SEBRING-AVON PARK, FL (FHA|USDA|VA) | 2 | $340,000 | $170,000 | $4,131 | 2.94% |
| HOMOSASSA SPRINGS, FL (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $4,047 | 3.38% |
| THE VILLAGES, FL (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $3,644 | 2.88% |
| TALLAHASSEE, FL (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $3,441 | 3.38% |
| PUNTA GORDA, FL (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $2,893 | 3.25% |
| VALDOSTA, GA (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $3,083 | 3.00% |
| GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $2,322 | 3.50% |
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 | 359 | $118,585,000 | $330,320 | $4,508 | 3.13% |
| VA | 3 | $775,000 | $258,333 | $4,547 | 2.79% |
For 2021, Brightstar's most frequently originated type of loan was Conventional, with 359 originations. Their 2nd most popular type was VA, with 3 originations.
Loan Reason
For 2021, Brightstar's most frequently cited loan purpose was Cash Out Refi, with 143 originations. The 2nd most popular reason was Home Purchase, with 108 originations.
Loan Duration/Length
For 2021, Brightstar's most frequently cited loan duration was 30 Year, with 229 originations. The 2nd most popular length was 15 Year, with 67 originations.
Origination Fees/Closing Costs
Brightstar's average total fees were $4,835, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 127 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 167 | $68,055,000 | $407,515 |
| 2.5-3% | 146 | $36,570,000 | $250,479 |
| <2.5% | 37 | $7,545,000 | $203,919 |
| 4-5% | 12 | $7,190,000 | $599,167 |
During 2021, Brightstar's average interest rate for loans was 3.16%, while their most frequently originated rate bucket for loans was 3-4%, with 167 originations.
Loan Sizing
2021 saw Brightstar place emphasis on $200k-400k loans with 173 originations, totaling $48,515,000 in origination value.
Applicant Income
Brightstar lent most frequently to those with incomes in the $50k-75k range, with 89 originations. The second most popular income band? $75k-100k, with 76 originations.
Applicant Debt to Income Ratio
Brightstar lent most frequently to those with DTI ratios of 30-36%, with 57 originations. The next most common DTI ratio? 20-30%, with 42 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications86.51%
Brightstar has an average approval rate.
Pick Rate
Approvals leading to origination36.46%
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 | 362 | $119,360,000 | $329,724 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2021 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Brightfunders, LLC | VA mortgage | Closing on a mortgage | 2 | 5.4% |
| Brightfunders, LLC | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 10 | 27.0% |
| Brightfunders, LLC | Conventional home mortgage | Closing on a mortgage | 3 | 8.1% |
| Brightfunders, LLC | Conventional home mortgage | Trouble during payment process | 9 | 24.3% |
| Brightfunders, LLC | FHA mortgage | Applying for a mortgage or refinancing an existing mortgage | 3 | 8.1% |
| Brightfunders, LLC | FHA mortgage | Trouble during payment process | 1 | 2.7% |
| Brightfunders, LLC | Home equity loan or line of credit (HELOC) | Applying for a mortgage or refinancing an existing mortgage | 2 | 5.4% |
| Brightfunders, LLC | Other type of mortgage | Applying for a mortgage or refinancing an existing mortgage | 3 | 8.1% |
| Brightfunders, LLC | Other type of mortgage | Closing on a mortgage | 2 | 5.4% |
| Brightfunders, LLC | Other type of mortgage | Trouble during payment process | 2 | 5.4% |