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 loans. Primeway has a high proportion of conventional loans. Their top markets by origination volume include: Houston, Opelousas, Brenham, San Antonio, and Dallas among others. We have data for 7 markets. (Some data included below & more in-depth data is available with an active subscription.)Primeway 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. 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 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 |
|---|---|---|
| 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
328Origination Dollar Volume (All Markets)
$47,600,000Awards
PRIMEWAY - 2021
PRIMEWAY 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 |
|---|---|---|---|---|---|
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 318 | $46,210,000 | $145,314 | $1,617 | 3.47% |
| Outside of Metro Areas | 5 | $495,000 | $99,000 | $772 | 3.51% |
| Opelousas, LA (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $8,163 | 3.00% |
| Brenham, TX (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $413 | 3.55% |
| SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $570 | 4.15% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $413 | 3.45% |
| BEAUMONT-PORT ARTHUR, TX (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $168 | 3.55% |
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: 405
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 326 | $47,330,000 | $145,184 | $1,610 | 3.47% |
| HELOC | 2 | $270,000 | $135,000 | n/a | 4.00% |
For 2021, Primeway's most frequently originated type of loan was Conventional, with 326 originations. Their 2nd most popular type was HELOC, with 2 originations.
Loan Reason
For 2021, Primeway's most frequently cited loan purpose was Refi, with 208 originations. The 2nd most popular reason was Home Improvement, with 65 originations.
Loan Duration/Length
For 2021, Primeway's most frequently cited loan duration was 30 Year, with 104 originations. The 2nd most popular length was 15 Year, with 87 originations.
Origination Fees/Closing Costs
Primeway's average total fees were $3,203, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 294 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 263 | $37,345,000 | $141,996 |
| 4-5% | 30 | $3,570,000 | $119,000 |
| 2.5-3% | 16 | $4,430,000 | $276,875 |
| <2.5% | 3 | $565,000 | $188,333 |
| 5-6% | 3 | $245,000 | $81,667 |
During 2021, Primeway's average interest rate for loans was 3.59%, while their most frequently originated rate bucket for loans was 3-4%, with 263 originations.
Loan Sizing
2021 saw Primeway place emphasis on $100k-200k loans with 148 originations, totaling $21,500,000 in origination value.
Applicant Income
Primeway lent most frequently to those with incomes in the $100k-150k range, with 77 originations. The second most popular income band? $50k-75k, with 77 originations.
Applicant Debt to Income Ratio
Primeway lent most frequently to those with DTI ratios of 30-36%, with 71 originations. The next most common DTI ratio? 20-30%, with 55 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications85.17%
Primeway has an average approval rate.
Pick Rate
Approvals leading to origination64.63%
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 |
|---|---|---|---|
| 0.0 | 2 | $270,000 | $135,000 |
| NA | 326 | $47,330,000 | $145,184 |