Homeway Mortgage Rates, Fees & Info
KATY, TXLEI: 549300HERTPSZ6EH0667
Tax ID: 41-2062039
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Mortgage Data
Review & Overview
Homeway Mortgage is a smaller mortgage company specializing in Home Purchase loans. Homeway Mortgage has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets by origination volume include: Houston, Brownsville, and Monroe among others. We have data for 3 markets. (Some data included below & more in-depth data is available with an active subscription.)Homeway Mortgage 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. Homeway Mortgage 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.27% | 10/29/24 |
| 30 Year Conventional Refi | 6.27% | 10/29/24 |
| 30 Year Cash-out Refi | 6.27% | 10/29/24 |
| 30 Year FHA Purchase | 6.27% | 10/29/24 |
| 15 Year Conventional Purchase | 5.68% | 10/29/24 |
| 15 Year Conventional Refi | 5.68% | 10/29/24 |
| 15 Year Cash-out Refi | 5.68% | 10/29/24 |
| 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. | ||
Homeway Mortgage Mortgage Calculator
Your Estimates
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This is not an official calculator from Homeway Mortgage. It uses our SimulatedRate™
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
41Origination Dollar Volume (All Markets)
$13,305,000Relative Rate
Homeway Mortgage's average 30 year fixed mortgage rate was
6.85%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of 0.37%.
Relative Fees (Closing Costs)
Homeway Mortgage's average total fees/closing costs for a 30 year fixed rate
mortgage were $8,651.
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 |
|---|---|---|---|---|---|
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 39 | $12,775,000 | $327,564 | $8,807 | 6.84% |
| BROWNSVILLE-HARLINGEN, TX (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $6,740 | 6.88% |
| MONROE, LA (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $4,466 | 7.38% |
Similar Lenders
We use machine learning to identify the top lenders compared against HOMEWAY MORTGAGE based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 258
Similarity Rank: 300
Similarity Rank: 360
Similarity Rank: 703
Similarity Rank: 714
Similarity Rank: 736
Similarity Rank: 770
Similarity Rank: 1048
Similarity Rank: 1050
Similarity Rank: 1054
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 37 | $12,055,000 | $325,811 | $8,514 | 6.87% |
| FHA | 3 | $1,065,000 | $355,000 | $11,334 | 6.71% |
| VA | 1 | $185,000 | $185,000 | $5,686 | 6.63% |
For 2023, Homeway Mortgage's most frequently originated type of loan was Conventional, with 37 originations. Their 2nd most popular type was FHA, with 3 originations.
Loan Reason
For 2023, Homeway Mortgage's most frequently cited loan purpose was Home Purchase, with 36 originations. The 2nd most popular reason was Cash Out Refi, with 4 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 41 | $13,305,000 | $324,512 | $8,651 | 6.85% |
For 2023, Homeway Mortgage's most frequently cited loan duration was 30 Year, with 41 originations.
Origination Fees/Closing Costs
Homeway Mortgage's average total fees were $8,651, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 20 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 23 | $7,385,000 | $321,087 |
| 7-8% | 15 | $5,075,000 | $338,333 |
| 5-6% | 3 | $845,000 | $281,667 |
During 2023, Homeway Mortgage's average interest rate for loans was 6.85%, while their most frequently originated rate bucket for loans was 6-7%, with 23 originations.
Loan Sizing
2023 saw Homeway Mortgage place emphasis on $200k-400k loans with 23 originations, totaling $6,525,000 in origination value.
Applicant Income
Homeway Mortgage lent most frequently to those with incomes in the $150k-250k range, with 13 originations. The second most popular income band? $100k-150k, with 11 originations.
Applicant Debt to Income Ratio
Homeway Mortgage lent most frequently to those with DTI ratios of 30-36%, with 7 originations. The next most common DTI ratio? 49%, with 6 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications96.49%
Homeway Mortgage has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination65.85%
Homeway Mortgage 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 | 41 | $13,305,000 | $324,512 |