Primeway Mortgage Rates, Fees & Info
Houston, TXLEI: 549300H6M7CI9LXTKS03
Tax ID: 74-1152784
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Mortgage Data
Review & Overview
Primeway is a smaller mortgage company specializing in Refi and Home Improvement loans. Primeway has a high proportion of conventional loans. Their top markets by origination volume include: Houston, El Campo, and Longview among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)Primeway has a below average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Primeway 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 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.56% | 5/5/24 |
| 30 Year Conventional Refi | 6.00% | 5/5/24 |
| 15 Year Conventional Purchase | 6.18% | 5/5/24 |
| 15 Year Conventional Refi | 5.67% | 5/5/24 |
| 15 Year Cash-out Refi | 5.67% | 5/5/24 |
| 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. | ||
Primeway Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
44Origination Dollar Volume (All Markets)
$3,830,000Top 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 |
|---|---|---|---|---|---|
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 41 | $3,545,000 | $86,463 | $509 | 4.67% |
| Outside of Metro Areas | 1 | $115,000 | $115,000 | $537 | 5.57% |
| El Campo, TX (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $320 | 5.99% |
| LONGVIEW, TX (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $413 | 5.44% |
Similar Lenders
We use machine learning to identify the top lenders compared against PRIMEWAY based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 291
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 44 | $3,830,000 | $87,045 | $503 | 4.74% |
For 2018, Primeway's most frequently originated type of loan was Conventional, with 44 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Refi | 27 | $2,985,000 | $110,556 | $661 | 4.70% |
| Home Improvement | 16 | $790,000 | $49,375 | $289 | 4.78% |
| Home Purchase | 1 | $55,000 | $55,000 | $0 | 5.25% |
For 2018, Primeway's most frequently cited loan purpose was Refi, with 27 originations. The 2nd most popular reason was Home Improvement, with 16 originations.
Loan Duration/Length
For 2018, Primeway's most frequently cited loan duration was 15 Year, with 12 originations. The 2nd most popular length was 20 Year, with 10 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 43 | $3,675,000 | $85,465 |
Primeway's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 43 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 27 | $2,615,000 | $96,852 |
| 5-6% | 10 | $820,000 | $82,000 |
| 3-4% | 5 | $315,000 | $63,000 |
| 6-7% | 2 | $80,000 | $40,000 |
During 2018, Primeway's average interest rate for loans was 5.25%, while their most frequently originated rate bucket for loans was 4-5%, with 27 originations.
Loan Sizing
2018 saw Primeway place emphasis on $100,000 or less loans with 30 originations, totaling $1,790,000 in origination value.
Applicant Income
Primeway lent most frequently to those with incomes in the $75k-100k range, with 13 originations. The second most popular income band? $50k-75k, with 12 originations.
Applicant Debt to Income Ratio
Primeway lent most frequently to those with DTI ratios of 20-30%, with 15 originations. The next most common DTI ratio? 30-36%, with 13 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications58.00%
Primeway has a low approval rate. They may have poor market targeting or stringent lending standards.
Pick Rate
Approvals leading to origination68.18%
Primeway 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 |
|---|---|---|---|
| 351.0 | 1 | $75,000 | $75,000 |
| NA | 43 | $3,755,000 | $87,326 |