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 Cash Out Refi and Refi loans. Define Mortgage Solutions has a high proportion of conventional loans. Their top markets by origination volume include: Phoenix, Prescott Valley, Payson, Flagstaff, and Show Low among others. We have data for 11 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 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 | 6.66% | 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
3,575Origination Dollar Volume (All Markets)
$816,945,000Top 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 |
|---|---|---|---|---|---|
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 3,431 | $785,525,000 | $228,949 | $4,597 | 2.99% |
| PRESCOTT VALLEY-PRESCOTT, AZ (FHA|USDA|VA) | 32 | $7,990,000 | $249,688 | $5,327 | 3.06% |
| Payson, AZ (FHA|USDA|VA) | 31 | $6,255,000 | $201,774 | $4,091 | 2.97% |
| FLAGSTAFF, AZ (FHA|USDA|VA) | 21 | $5,845,000 | $278,333 | $4,704 | 2.98% |
| Show Low, AZ (FHA|USDA|VA) | 28 | $5,040,000 | $180,000 | $4,442 | 3.03% |
| TUCSON, AZ (FHA|USDA|VA) | 16 | $3,740,000 | $233,750 | $4,712 | 3.09% |
| LAKE HAVASU CITY-KINGMAN, AZ (FHA|USDA|VA) | 5 | $825,000 | $165,000 | $3,269 | 3.23% |
| SIERRA VISTA-DOUGLAS, AZ (FHA|USDA|VA) | 4 | $790,000 | $197,500 | $6,285 | 3.22% |
| Safford, AZ (FHA|USDA|VA) | 3 | $375,000 | $125,000 | $4,469 | 2.75% |
| Outside of Metro Areas | 3 | $325,000 | $108,333 | $4,178 | 3.33% |
| YUMA, AZ (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $2,093 | 3.25% |
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 | 3,575 | $816,945,000 | $228,516 | $4,597 | 2.99% |
For 2021, Define Mortgage Solutions's most frequently originated type of loan was Conventional, with 3,575 originations.
Loan Reason
For 2021, Define Mortgage Solutions's most frequently cited loan purpose was Cash Out Refi, with 1,712 originations. The 2nd most popular reason was Refi, with 1,272 originations.
Loan Duration/Length
For 2021, Define Mortgage Solutions's most frequently cited loan duration was 30 Year, with 2,381 originations. The 2nd most popular length was 15 Year, with 776 originations.
Origination Fees/Closing Costs
Define Mortgage Solutions's average total fees were $4,917, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 819 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 1,656 | $398,070,000 | $240,380 |
| 2.5-3% | 1,411 | $315,455,000 | $223,568 |
| <2.5% | 500 | $101,770,000 | $203,540 |
| 4-5% | 8 | $1,650,000 | $206,250 |
During 2021, Define Mortgage Solutions's average interest rate for loans was 3.14%, while their most frequently originated rate bucket for loans was 3-4%, with 1,656 originations.
Loan Sizing
2021 saw Define Mortgage Solutions place emphasis on $200k-400k loans with 1,678 originations, totaling $450,500,000 in origination value.
Applicant Income
Define Mortgage Solutions lent most frequently to those with incomes in the $50k-75k range, with 990 originations. The second most popular income band? $100k-150k, with 766 originations.
Applicant Debt to Income Ratio
Define Mortgage Solutions lent most frequently to those with DTI ratios of 20-30%, with 982 originations. The next most common DTI ratio? 30-36%, with 725 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications83.14%
Define Mortgage Solutions has a below average approval rate.
Pick Rate
Approvals leading to origination4.81%
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 | 3,575 | $816,945,000 | $228,516 |