Meriwest Mortgage Company Rates, Fees & Info

SAN JOSE, CA

LEI: 549300SKHHL7A2K8YV94

Tax ID: 47-0847332

5 stars - out of 5 stars, based on 26 reviews

Latest/2021 | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

  • SimulatedRates™
  • Review & Overview

    Meriwest Mortgage Company is a smaller mortgage company specializing in Refi and Home Purchase loans. Meriwest Mortgage Company has a high proportion of conventional loans. Their top markets by origination volume include: San Jose, San Francisco, Santa Cruz, Sacramento, and Stockton among others. We have data for 26 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Meriwest Mortgage Company 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. Meriwest Mortgage Company 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.

    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 6.78% 11/26/22
    30 Year Conventional Refi 6.72% 11/26/22
    30 Year Cash-out Refi 6.79% 11/26/22
    15 Year Conventional Purchase 6.15% 11/26/22
    15 Year Conventional Refi 6.17% 11/26/22
    15 Year Cash-out Refi 6.17% 11/26/22
    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.


    Originations

    657

    Origination Dollar Volume (All Markets)

    $359,295,000

    Awards

    MERIWEST MORTGAGE COMPANY 30 Year Conventional Loans bronze MERIWEST MORTGAGE COMPANY 30 Year Conventional Loans silver
    Show all (2) awards

    Relative Rate

    Meriwest Mortgage Company's average 30 year fixed mortgage rate was 2.87%.

    The 2021 average 30 year fixed rate mortgage across all markets and lenders was 3.15%.

    This yields a difference of -0.28%.

    Relative Fees (Closing Costs)

    Meriwest Mortgage Company's average total fees/closing costs for a 30 year fixed rate mortgage were $5,656.

    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 $4,750.

    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
    SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) 351 $202,225,000 $576,140 $4,902 2.77%
    San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 168 $105,390,000 $627,321 $6,756 2.79%
    SANTA CRUZ-WATSONVILLE, CA (FHA|USDA|VA) 17 $8,745,000 $514,412 $5,719 2.82%
    SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 20 $7,430,000 $371,500 $3,976 2.86%
    STOCKTON, CA (FHA|USDA|VA) 16 $6,140,000 $383,750 $4,943 2.73%
    Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 8 $4,860,000 $607,500 $5,794 2.78%
    SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 8 $3,900,000 $487,500 $4,905 2.89%
    SALINAS, CA (FHA|USDA|VA) 7 $3,825,000 $546,429 $6,026 3.18%
    TUCSON, AZ (FHA|USDA|VA) 19 $3,645,000 $191,842 $3,244 2.91%
    RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 6 $2,680,000 $446,667 $5,918 3.13%
    FRESNO, CA (FHA|USDA|VA) 6 $1,360,000 $226,667 $4,812 2.56%
    Outside of Metro Areas 3 $1,245,000 $415,000 $3,554 2.96%
    MODESTO, CA (FHA|USDA|VA) 5 $1,195,000 $239,000 $2,992 3.03%
    VALLEJO, CA (FHA|USDA|VA) 3 $1,135,000 $378,333 $5,446 2.25%
    SANTA ROSA-PETALUMA, CA (FHA|USDA|VA) 3 $1,035,000 $345,000 $4,702 2.79%
    SAN LUIS OBISPO-PASO ROBLES, CA (FHA|USDA|VA) 2 $850,000 $425,000 $3,444 2.81%
    MERCED, CA (FHA|USDA|VA) 3 $695,000 $231,667 $4,545 2.92%
    PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 2 $660,000 $330,000 $4,023 2.75%
    MADERA, CA (FHA|USDA|VA) 3 $565,000 $188,333 $4,172 3.00%
    PRESCOTT VALLEY-PRESCOTT, AZ (FHA|USDA|VA) 1 $425,000 $425,000 $4,520 2.75%
    Show Low, AZ (FHA|USDA|VA) 1 $335,000 $335,000 $10,126 2.00%
    OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) 1 $265,000 $265,000 $2,606 3.50%
    BAKERSFIELD, CA (FHA|USDA|VA) 1 $225,000 $225,000 $7,148 3.75%
    Sonora, CA (FHA|USDA|VA) 1 $205,000 $205,000 $3,797 3.38%
    SANTA MARIA-SANTA BARBARA, CA (FHA|USDA|VA) 1 $195,000 $195,000 $3,144 2.63%
    CHICO, CA (FHA|USDA|VA) 1 $65,000 $65,000 $2,297 2.50%
    Meriwest Mortgage Company's top markets include San Jose, San Francisco, Santa Cruz, Sacramento, and Stockton among others.

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

    We use machine learning to identify the top lenders compared against MERIWEST MORTGAGE COMPANY 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 657 $359,295,000 $546,872 $5,326 2.80%

    For 2021, Meriwest Mortgage Company's most frequently originated type of loan was Conventional, with 657 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 234 $105,480,000 $450,769 $4,018 2.79%
    Home Purchase 163 $128,255,000 $786,840 $7,181 2.79%
    Cash Out Refi 157 $68,015,000 $433,217 $5,610 2.88%
    Other 98 $55,430,000 $565,612 $4,800 2.68%
    Home Improvement 5 $2,115,000 $423,000 $7,603 3.15%

    For 2021, Meriwest Mortgage Company's most frequently cited loan purpose was Refi, with 234 originations. The 2nd most popular reason was Home Purchase, with 163 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 516 $311,580,000 $603,837 $5,656 2.87%
    15 Year 93 $33,625,000 $361,559 $4,234 2.47%
    20 Year 33 $10,865,000 $329,242 $4,209 2.74%
    10 Year 14 $3,100,000 $221,429 $2,483 2.34%
    Other 1 $125,000 $125,000 $4,592 3.75%

    For 2021, Meriwest Mortgage Company's most frequently cited loan duration was 30 Year, with 516 originations. The 2nd most popular length was 15 Year, with 93 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 256 $168,510,000 $658,242
    $5k+ 125 $79,725,000 $637,800
    $2k-3k 94 $31,390,000 $333,936
    $3k-4k 86 $38,740,000 $450,465
    $<1k 57 $20,845,000 $365,702
    $4k-5k 36 $19,520,000 $542,222

    Meriwest Mortgage Company's average total fees were $5,656, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 256 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 339 $167,975,000 $495,501
    <2.5% 159 $107,535,000 $676,321
    3-4% 159 $83,785,000 $526,950

    During 2021, Meriwest Mortgage Company's average interest rate for loans was 2.87%, while their most frequently originated rate bucket for loans was 2.5-3%, with 339 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 224 $68,580,000 $306,161 $4,431 2.85%
    $400k-600k 172 $85,460,000 $496,860 $5,365 2.85%
    $600k-1MM 115 $91,085,000 $792,043 $6,858 2.78%
    $1MM+ 79 $104,025,000 $1,316,772 $7,581 2.57%
    $100k-200k 62 $9,770,000 $157,581 $2,897 2.75%
    $100,000 or less 5 $375,000 $75,000 $2,481 2.90%

    2021 saw Meriwest Mortgage Company place emphasis on $200k-400k loans with 224 originations, totaling $68,580,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 227 $139,995,000 $616,718 $5,751 2.76%
    $100k-150k 142 $58,410,000 $411,338 $4,939 2.81%
    $250k+ 119 $112,965,000 $949,286 $6,194 2.67%
    $75k-100k 80 $26,070,000 $325,875 $4,914 2.92%
    $50k-75k 69 $18,095,000 $262,246 $4,289 2.96%
    $50k or less 19 $3,255,000 $171,316 $3,094 2.84%

    Meriwest Mortgage Company lent most frequently to those with incomes in the $150k-250k range, with 227 originations. The second most popular income band? $100k-150k, with 142 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 155 $70,835,000 $457,000 $4,701 2.78%
    30-36% 130 $68,450,000 $526,538 $4,746 2.86%
    <20% 60 $20,030,000 $333,833 $4,144 2.69%
    43% 37 $20,775,000 $561,486 $5,891 2.82%
    44% 30 $18,790,000 $626,333 $5,229 2.87%
    49% 29 $14,995,000 $517,069 $4,540 2.79%
    36% 25 $16,175,000 $647,000 $6,634 2.87%
    38% 24 $13,560,000 $565,000 $5,548 2.96%
    48% 22 $16,120,000 $732,727 $6,939 2.82%
    39% 21 $12,765,000 $607,857 $8,244 2.81%
    40% 21 $15,675,000 $746,429 $6,614 2.63%
    42% 18 $16,660,000 $925,556 $4,744 2.69%
    45% 18 $9,420,000 $523,333 $5,046 2.75%
    46% 16 $13,410,000 $838,125 $8,029 2.74%
    41% 15 $8,435,000 $562,333 $5,939 2.72%
    37% 13 $6,975,000 $536,538 $6,535 2.75%
    47% 11 $5,615,000 $510,455 $5,961 3.01%
    50-60% 9 $6,805,000 $756,111 $7,948 2.69%
    >60% 3 $3,805,000 $1,268,333 $5,638 2.25%

    Meriwest Mortgage Company lent most frequently to those with DTI ratios of 20-30%, with 155 originations. The next most common DTI ratio? 30-36%, with 130 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 287 $131,725,000 $458,972 $4,990 2.83%
    Not provided 206 $117,900,000 $572,330 $5,487 2.82%
    Asian 117 $76,695,000 $655,513 $5,532 2.71%
    Asian Indian 20 $20,170,000 $1,008,500 $7,514 2.48%
    Black 13 $5,275,000 $405,769 $5,025 2.83%
    Filipino 5 $2,495,000 $499,000 $3,221 2.93%
    Chinese 2 $2,120,000 $1,060,000 $13,539 2.50%
    Other Asian 2 $1,410,000 $705,000 $4,938 2.56%
    Native Hawaiian or Islander 3 $715,000 $238,333 $3,634 2.79%
    Other Pacific Islander 1 $435,000 $435,000 $4,285 2.88%
    Guamanian 1 $355,000 $355,000 $3,796 2.88%

    Approval Rates

    Total approvals of all applications
    98.05%

    Meriwest Mortgage Company has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    54.34%

    Meriwest Mortgage Company 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 657 $359,295,000 $546,872

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    657 $359,295,000 $546,872

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 185 $72,205,000 $390,297 $4,773 2.75%
    40-60% 176 $86,440,000 $491,136 $4,918 2.88%
    60-80% 146 $112,740,000 $772,192 $6,167 2.80%
    80-100% 90 $72,420,000 $804,667 $7,191 2.78%
    Under 20% 58 $14,360,000 $247,586 $3,299 2.70%