Home Approvals Direct Mortgage Rates, Fees & Info

IRVINE, CA

LEI: 549300FTR6GEUX8QTI81

Tax ID: 47-3626298

1 stars - Updated: 12/6/24 - out of 5 stars, based on 14 reviews

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

Review & Overview

Home Approvals Direct is a smaller mortgage company specializing in Home Purchase loans. Home Approvals Direct has a high proportion of conventional loans. They have a a high proportion of FHA loans. Their top markets by origination volume include: Los Angeles, Riverside, Bakersfield, San Diego, and San Francisco among others. We have data for 19 markets. (Some data included below & more in-depth data is available with an active subscription.)

Home Approvals Direct has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Home Approvals Direct is typically a high 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 relatively high 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.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 6.99% 12/6/24
30 Year Conventional Refi 6.62% 12/6/24
30 Year Cash-out Refi 6.93% 12/6/24
30 Year FHA Purchase 7.47% 12/6/24
30 Year FHA Refi 7.32% 12/6/24
30 Year VA Purchase 6.27% 12/6/24
15 Year Conventional Purchase 6.04% 12/6/24
15 Year Conventional Refi 6.53% 12/6/24
15 Year Cash-out Refi 6.53% 12/6/24
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.

Home Approvals Direct Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Home Approvals Direct. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.


Originations

203

Origination Dollar Volume (All Markets)

$99,595,000

Relative Rate

Home Approvals Direct's average 30 year fixed mortgage rate was 7.05%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of 0.57%.

Relative Fees (Closing Costs)

Home Approvals Direct's average total fees/closing costs for a 30 year fixed rate mortgage were $17,391.

The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $9,089.

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
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 77 $45,615,000 $592,403 $17,878 7.02%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 99 $42,585,000 $430,152 $17,205 7.00%
BAKERSFIELD, CA (FHA|USDA|VA) 8 $3,330,000 $416,250 $17,445 7.22%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 2 $1,230,000 $615,000 $16,770 8.06%
San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 2 $1,130,000 $565,000 $29,396 7.13%
MERCED, CA (FHA|USDA|VA) 2 $860,000 $430,000 $17,439 8.44%
SALINAS, CA (FHA|USDA|VA) 1 $655,000 $655,000 $18,643 7.38%
SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 1 $515,000 $515,000 $17,927 7.50%
AMARILLO, TX (FHA|USDA|VA) 1 $455,000 $455,000 $20,426 6.75%
MODESTO, CA (FHA|USDA|VA) 1 $405,000 $405,000 $21,275 7.75%
EL CENTRO, CA (FHA|USDA|VA) 1 $355,000 $355,000 $11,722 7.25%
STOCKTON, CA (FHA|USDA|VA) 1 $355,000 $355,000 $9,773 7.13%
AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 1 $355,000 $355,000 $12,388 6.25%
JACKSONVILLE, FL (FHA|USDA|VA) 1 $345,000 $345,000 $12,879 6.13%
MADERA, CA (FHA|USDA|VA) 1 $335,000 $335,000 $12,532 7.75%
Truckee-Grass Valley, CA (FHA|USDA|VA) 1 $335,000 $335,000 $10,859 5.63%
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 1 $325,000 $325,000 $15,293 6.75%
VISALIA, CA (FHA|USDA|VA) 1 $255,000 $255,000 $11,265 7.38%
FORT COLLINS, CO (FHA|USDA|VA) 1 $155,000 $155,000 $6,523 7.38%
Home Approvals Direct's top markets include Los Angeles, Riverside, Bakersfield, San Diego, and San Francisco among others.

Their top states include:
  • California (FHA|USDA|VA)
  • Texas (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Colorado (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against HOME APPROVALS DIRECT based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    SAFE 1 CREDIT UNION
    Similarity Rank: 24
    AltaOne Federal Credit Union
    Similarity Rank: 55
    Los Angeles Federal Credit Union
    Similarity Rank: 72
    MISSION
    Similarity Rank: 93
    VENTURA COUNTY
    Similarity Rank: 96
    VALLEY STRONG CREDIT UNION
    Similarity Rank: 136
    LBS FINANCIAL
    Similarity Rank: 258
    SAN DIEGO COUNTY CREDIT UNION
    Similarity Rank: 312
    SOUTHLAND CREDIT UNION
    Similarity Rank: 342

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 102 $50,950,000 $499,510 $13,948 7.54%
    FHA 98 $46,710,000 $476,633 $20,770 6.53%
    VA 3 $1,935,000 $645,000 $23,359 6.92%

    For 2023, Home Approvals Direct's most frequently originated type of loan was Conventional, with 102 originations. Their 2nd most popular type was FHA, with 98 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 169 $84,925,000 $502,515 $17,604 6.97%
    Cash Out Refi 27 $12,045,000 $446,111 $17,087 7.51%
    Refi 7 $2,625,000 $375,000 $13,111 7.14%

    For 2023, Home Approvals Direct's most frequently cited loan purpose was Home Purchase, with 169 originations. The 2nd most popular reason was Cash Out Refi, with 27 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 202 $99,270,000 $491,436 $17,391 7.05%
    15 Year 1 $325,000 $325,000 $15,293 6.75%

    For 2023, Home Approvals Direct's most frequently cited loan duration was 30 Year, with 202 originations. The 2nd most popular length was 15 Year, with 1 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $5k+ 163 $80,095,000 $491,380
    $2k-3k 22 $11,220,000 $510,000
    $3k-4k 8 $4,460,000 $557,500
    $4k-5k 8 $2,260,000 $282,500
    $1k-2k 2 $1,560,000 $780,000

    Home Approvals Direct's average total fees were $17,391, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 163 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 88 $42,870,000 $487,159
    7-8% 63 $31,735,000 $503,730
    5-6% 26 $12,540,000 $482,308
    Over 8% 25 $11,745,000 $469,800
    4-5% 1 $705,000 $705,000

    During 2023, Home Approvals Direct's average interest rate for loans was 7.05%, while their most frequently originated rate bucket for loans was 6-7%, with 88 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $400k-600k 80 $39,590,000 $494,875 $18,995 7.07%
    $200k-400k 66 $21,320,000 $323,030 $14,027 7.10%
    $600k-1MM 49 $33,985,000 $693,571 $20,143 6.91%
    $100k-200k 5 $795,000 $159,000 $7,728 7.03%
    $1MM+ 3 $3,905,000 $1,301,667 $19,079 7.29%

    2023 saw Home Approvals Direct place emphasis on $400k-600k loans with 80 originations, totaling $39,590,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 69 $33,665,000 $487,899 $19,517 6.85%
    $150k-250k 60 $34,720,000 $578,667 $18,223 7.30%
    $75k-100k 34 $11,760,000 $345,882 $14,969 6.72%
    $250k+ 21 $14,515,000 $691,190 $16,386 7.60%
    $50k-75k 17 $4,475,000 $263,235 $12,146 6.80%
    $50k or less 2 $460,000 $230,000 $14,275 7.56%

    Home Approvals Direct lent most frequently to those with incomes in the $100k-150k range, with 69 originations. The second most popular income band? $150k-250k, with 60 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    50-60% 56 $27,720,000 $495,000 $22,047 6.54%
    49% 18 $9,990,000 $555,000 $17,803 7.15%
    47% 18 $7,810,000 $433,889 $12,244 6.82%
    48% 16 $8,010,000 $500,625 $15,144 7.12%
    43% 12 $5,890,000 $490,833 $15,740 7.30%
    46% 11 $5,145,000 $467,727 $19,956 6.94%
    30-36% 10 $4,490,000 $449,000 $16,807 7.74%
    44% 8 $4,020,000 $502,500 $14,701 6.86%
    38% 8 $3,830,000 $478,750 $16,937 6.81%
    41% 8 $3,120,000 $390,000 $14,041 7.30%
    45% 7 $3,545,000 $506,429 $17,655 7.70%
    42% 6 $4,020,000 $670,000 $18,204 7.50%
    20-30% 6 $2,980,000 $496,667 $13,449 7.71%
    40% 5 $1,855,000 $371,000 $14,141 8.10%
    37% 5 $3,025,000 $605,000 $14,835 7.73%
    36% 5 $1,545,000 $309,000 $13,023 6.88%
    39% 3 $2,305,000 $768,333 $8,806 7.25%

    Home Approvals Direct lent most frequently to those with DTI ratios of 50-60%, with 56 originations. The next most common DTI ratio? 49%, with 18 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 104 $46,020,000 $442,500 $17,082 7.12%
    Not provided 74 $39,170,000 $529,324 $18,876 7.00%
    Asian 14 $9,480,000 $677,143 $12,126 6.99%
    Black 10 $4,600,000 $460,000 $17,372 6.71%
    Vietnamese 1 $325,000 $325,000 $11,288 6.63%

    Approval Rates

    Total approvals of all applications
    100.00%

    Home Approvals Direct 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
    27.09%

    Home Approvals Direct 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 203 $99,595,000 $490,616

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    203 $99,595,000 $490,616

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 11 $2,905,000 $264,091 $11,452 7.03%
    40-60% 15 $4,365,000 $291,000 $12,794 7.38%
    60-80% 56 $31,060,000 $554,643 $15,760 7.53%
    80-100% 120 $60,710,000 $505,917 $19,206 6.77%
    Over 100% 1 $555,000 $555,000 $23,056 7.75%