Define Mortgage Solutions Rates, Fees & Info
PHOENIX, AZLEI: 549300S88V04SSPMA685
Tax ID: 83-0668619
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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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.66% | 11/21/24 |
| 30 Year Conventional Refi | 6.62% | 11/21/24 |
| 30 Year Cash-out Refi | 6.74% | 11/21/24 |
| 15 Year Conventional Purchase | 6.02% | 11/21/24 |
| 15 Year Conventional Refi | 6.25% | 11/21/24 |
| 15 Year Cash-out Refi | 6.25% | 11/21/24 |
| 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
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This is not an official calculator from Define Mortgage Solutions. 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
427Origination Dollar Volume (All Markets)
$149,085,000Relative 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% |
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
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
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
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
2023 saw Define Mortgage Solutions place emphasis on $200k-400k loans with 211 originations, totaling $63,885,000 in origination value.
Applicant Income
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
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
Approval Rates
Total approvals of all applications76.94%
Define Mortgage Solutions has a below average approval rate.
Pick Rate
Approvals leading to origination5.85%
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 |