Define Mortgage Solutions Rates, Fees & Info

PHOENIX, AZ

LEI: 549300S88V04SSPMA685

Tax ID: 83-0668619

4.9 stars - Updated: 12/4/24 - out of 5 stars, based on 21 reviews

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Mortgage Data

Review & Overview

Define Mortgage Solutions is a smaller mortgage company specializing in Home Purchase loans. Define Mortgage Solutions has a high proportion of conventional loans. Their top markets by origination volume include: Phoenix, Prescott Valley, Payson, Show Low, and Flagstaff among others. We have data for 10 markets. (Some data included below & more in-depth data is available with an active subscription.)

Define Mortgage Solutions 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. Define Mortgage Solutions 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 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 6.66% 12/4/24
30 Year Conventional Refi 6.62% 12/4/24
30 Year Cash-out Refi 6.74% 12/4/24
15 Year Conventional Purchase 6.02% 12/4/24
15 Year Conventional Refi 6.25% 12/4/24
15 Year Cash-out Refi 6.25% 12/4/24
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.

Define Mortgage Solutions Mortgage Calculator






Your Estimates

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

This is not an official calculator from Define Mortgage Solutions. 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

427

Origination Dollar Volume (All Markets)

$149,085,000

Relative Rate

Define Mortgage Solutions's average 30 year fixed mortgage rate was 6.81%.

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

This yields a difference of 0.33%.

Relative Fees (Closing Costs)

Define Mortgage Solutions's average total fees/closing costs for a 30 year fixed rate mortgage were $8,160.

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
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 382 $136,180,000 $356,492 $7,792 6.77%
PRESCOTT VALLEY-PRESCOTT, AZ (FHA|USDA|VA) 19 $5,995,000 $315,526 $9,942 6.68%
Payson, AZ (FHA|USDA|VA) 11 $3,215,000 $292,273 $8,903 7.19%
Show Low, AZ (FHA|USDA|VA) 5 $1,375,000 $275,000 $6,612 6.70%
FLAGSTAFF, AZ (FHA|USDA|VA) 2 $670,000 $335,000 $13,509 7.06%
Safford, AZ (FHA|USDA|VA) 3 $435,000 $145,000 $6,222 6.88%
LAKE HAVASU CITY-KINGMAN, AZ (FHA|USDA|VA) 1 $375,000 $375,000 $10,527 6.88%
TUCSON, AZ (FHA|USDA|VA) 2 $350,000 $175,000 $5,543 6.63%
Nogales, AZ (FHA|USDA|VA) 1 $315,000 $315,000 $8,691 7.00%
Outside of Metro Areas 1 $175,000 $175,000 $8,068 5.88%
Define Mortgage Solutions's top markets include Phoenix, Prescott Valley, Payson, Show Low, and Flagstaff among others.

Their top states include:
  • Arizona (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against DEFINE MORTGAGE SOLUTIONS 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 427 $149,085,000 $349,145 $7,921 6.78%

    For 2023, Define Mortgage Solutions's most frequently originated type of loan was Conventional, with 427 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 284 $115,450,000 $406,514 $9,304 6.71%
    Cash Out Refi 121 $29,185,000 $241,198 $5,240 6.94%
    Refi 22 $4,450,000 $202,273 $4,727 6.80%

    For 2023, Define Mortgage Solutions's most frequently cited loan purpose was Home Purchase, with 284 originations. The 2nd most popular reason was Cash Out Refi, with 121 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 375 $138,695,000 $369,853 $8,160 6.81%
    20 Year 26 $5,760,000 $221,538 $5,904 6.88%
    15 Year 18 $3,900,000 $216,667 $7,528 6.17%
    10 Year 7 $575,000 $82,143 $4,041 6.16%
    Other 1 $155,000 $155,000 $6,898 6.38%

    For 2023, Define Mortgage Solutions's most frequently cited loan duration was 30 Year, with 375 originations. The 2nd most popular length was 20 Year, with 26 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $5k+ 147 $58,565,000 $398,401
    $1k-2k 63 $16,205,000 $257,222
    $<1k 54 $29,340,000 $543,333
    $2k-3k 53 $14,035,000 $264,811
    $3k-4k 47 $12,065,000 $256,702
    $4k-5k 40 $12,680,000 $317,000

    Define Mortgage Solutions's average total fees were $8,160, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 147 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 208 $71,710,000 $344,760
    7-8% 117 $34,945,000 $298,675
    5-6% 82 $36,880,000 $449,756
    Over 8% 19 $4,725,000 $248,684
    4-5% 1 $825,000 $825,000

    During 2023, Define Mortgage Solutions's average interest rate for loans was 6.81%, while their most frequently originated rate bucket for loans was 6-7%, with 208 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 211 $63,885,000 $302,773 $7,843 6.81%
    $100k-200k 83 $12,125,000 $146,084 $5,126 6.83%
    $400k-600k 66 $30,970,000 $469,242 $9,016 6.84%
    $100,000 or less 30 $2,160,000 $72,000 $3,794 6.74%
    $600k-1MM 26 $19,570,000 $752,692 $12,307 6.48%
    $1MM+ 11 $20,375,000 $1,852,273 $22,544 6.17%

    2023 saw Define Mortgage Solutions place emphasis on $200k-400k loans with 211 originations, totaling $63,885,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 107 $36,345,000 $339,673 $7,632 6.82%
    $75k-100k 83 $23,485,000 $282,952 $7,513 6.80%
    $50k-75k 76 $15,950,000 $209,868 $6,153 6.79%
    $150k-250k 69 $29,465,000 $427,029 $9,837 6.78%
    $50k or less 47 $5,945,000 $126,489 $4,999 6.72%
    $250k+ 45 $37,895,000 $842,111 $13,504 6.67%

    Define Mortgage Solutions lent most frequently to those with incomes in the $100k-150k range, with 107 originations. The second most popular income band? $75k-100k, with 83 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 87 $25,255,000 $290,287 $8,038 6.68%
    30-36% 73 $25,275,000 $346,233 $7,954 6.78%
    <20% 26 $16,430,000 $631,923 $7,627 6.48%
    44% 24 $8,970,000 $373,750 $10,844 6.74%
    49% 22 $8,190,000 $372,273 $6,962 6.80%
    43% 21 $7,215,000 $343,571 $7,570 6.83%
    40% 21 $7,455,000 $355,000 $9,107 7.01%
    48% 20 $6,650,000 $332,500 $7,211 6.88%
    39% 19 $5,085,000 $267,632 $7,055 6.71%
    37% 18 $6,130,000 $340,556 $7,194 6.74%
    42% 17 $5,845,000 $343,824 $7,524 6.63%
    47% 15 $4,825,000 $321,667 $6,177 6.98%
    41% 14 $4,880,000 $348,571 $10,283 6.88%
    45% 13 $5,255,000 $404,231 $9,709 6.91%
    38% 13 $3,785,000 $291,154 $6,636 7.04%
    36% 13 $3,795,000 $291,923 $7,043 6.88%
    46% 10 $3,680,000 $368,000 $7,093 6.76%
    50-60% 1 $365,000 $365,000 $3,932 8.63%

    Define Mortgage Solutions lent most frequently to those with DTI ratios of 20-30%, with 87 originations. The next most common DTI ratio? 30-36%, with 73 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 301 $97,565,000 $324,136 $7,705 6.78%
    Not provided 99 $41,905,000 $423,283 $8,048 6.81%
    Black 11 $3,155,000 $286,818 $7,541 6.91%
    Asian 5 $2,465,000 $493,000 $15,569 6.38%
    American Indian 8 $2,080,000 $260,000 $9,368 6.66%
    Native Hawaiian or Islander 3 $1,915,000 $638,333 $9,337 6.17%

    Approval Rates

    Total approvals of all applications
    76.94%

    Define Mortgage Solutions has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    5.85%

    Define Mortgage Solutions 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 427 $149,085,000 $349,145

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    427 $149,085,000 $349,145

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 56 $8,010,000 $143,036 $4,481 6.92%
    40-60% 76 $21,230,000 $279,342 $5,676 6.73%
    60-80% 121 $51,395,000 $424,752 $8,859 6.87%
    80-100% 156 $67,010,000 $429,551 $9,817 6.69%
    Under 20% 18 $1,440,000 $80,000 $4,139 6.63%