Meriwest Mortgage Company Rates, Fees & Info

SAN JOSE, CA

LEI: 549300SKHHL7A2K8YV94

Tax ID: 47-0847332

4.1 stars - Updated: 12/16/24 - out of 5 stars, based on 9 reviews

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Relative Rates
  • Relative Fees
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Meriwest Mortgage Company is a smaller mortgage company specializing in Home Purchase loans. Meriwest Mortgage Company has a high proportion of conventional loans. Their top markets by origination volume include: San Francisco, Los Angeles, San Jose, Stockton, and Santa Cruz among others. We have data for 6 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 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 5.89% 12/16/24
    30 Year Conventional Refi 5.96% 12/16/24
    30 Year Cash-out Refi 5.95% 12/16/24
    15 Year Conventional Purchase 6.07% 12/16/24
    15 Year Conventional Refi 5.64% 12/16/24
    15 Year Cash-out Refi 5.64% 12/16/24
    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.

    Meriwest Mortgage Company Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Meriwest Mortgage Company. 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

    78

    Origination Dollar Volume (All Markets)

    $58,360,000

    Awards

    MERIWEST MORTGAGE COMPANY 30 Year Conventional Loans bronze MERIWEST MORTGAGE COMPANY 30 Year Conventional Loans gold MERIWEST MORTGAGE COMPANY 30 Year Conventional Loans gold
    Show all (3) awards

    Relative Rate

    Meriwest Mortgage Company's average 30 year fixed mortgage rate was 5.72%.

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

    This yields a difference of -0.76%.

    Relative Fees (Closing Costs)

    Meriwest Mortgage Company's average total fees/closing costs for a 30 year fixed rate mortgage were $12,346.

    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
    San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 47 $34,885,000 $742,234 $12,980 5.63%
    Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 16 $11,020,000 $688,750 $11,335 6.13%
    SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) 11 $9,845,000 $895,000 $10,482 5.57%
    STOCKTON, CA (FHA|USDA|VA) 2 $1,540,000 $770,000 $9,742 5.19%
    SANTA CRUZ-WATSONVILLE, CA (FHA|USDA|VA) 1 $665,000 $665,000 $19,380 6.50%
    SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 1 $405,000 $405,000 $6,672 5.50%
    Meriwest Mortgage Company's top markets include San Francisco, Los Angeles, San Jose, Stockton, and Santa Cruz among others.

    Their top states include:
  • California (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.

    Los Angeles Federal Credit Union
    Similarity Rank: 72
    PIMA Federal Credit Union
    Similarity Rank: 110
    El Dorado Savings Bank, F.S.B.
    Similarity Rank: 126
    LBS FINANCIAL
    Similarity Rank: 258
    Water and Power Community Credit Union
    Similarity Rank: 261
    BAY
    Similarity Rank: 315
    SOUTHLAND CREDIT UNION
    Similarity Rank: 342
    FIRST ENTERTAINMENT
    Similarity Rank: 351
    ALTURA
    Similarity Rank: 384
    FOOTHILL FEDERAL CREDIT UNION
    Similarity Rank: 504

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 78 $58,360,000 $748,205 $12,208 5.72%

    For 2023, Meriwest Mortgage Company's most frequently originated type of loan was Conventional, with 78 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 70 $53,790,000 $768,429 $12,146 5.70%
    Refi 3 $2,425,000 $808,333 $17,321 5.63%
    Home Improvement 2 $250,000 $125,000 $3,400 6.31%
    Cash Out Refi 2 $1,390,000 $695,000 $19,433 5.13%
    Other 1 $505,000 $505,000 $4,405 7.38%

    For 2023, Meriwest Mortgage Company's most frequently cited loan purpose was Home Purchase, with 70 originations. The 2nd most popular reason was Refi, with 3 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 74 $56,650,000 $765,541 $12,346 5.72%
    15 Year 2 $1,010,000 $505,000 $9,842 6.19%
    10 Year 1 $555,000 $555,000 $15,958 5.13%
    20 Year 1 $145,000 $145,000 $2,970 5.75%

    For 2023, Meriwest Mortgage Company's most frequently cited loan duration was 30 Year, with 74 originations. The 2nd most popular length was 15 Year, with 2 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $5k+ 34 $29,370,000 $863,824
    $3k-4k 16 $10,700,000 $668,750
    $4k-5k 16 $13,440,000 $840,000
    $2k-3k 7 $3,385,000 $483,571
    $1k-2k 4 $910,000 $227,500
    $<1k 1 $555,000 $555,000

    Meriwest Mortgage Company's average total fees were $12,346, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 34 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 47 $36,405,000 $774,574
    6-7% 15 $7,725,000 $515,000
    4-5% 8 $7,780,000 $972,500
    7-8% 7 $4,305,000 $615,000
    3-4% 1 $2,145,000 $2,145,000

    During 2023, Meriwest Mortgage Company's average interest rate for loans was 5.72%, while their most frequently originated rate bucket for loans was 5-6%, with 47 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $600k-1MM 30 $22,410,000 $747,000 $13,576 5.50%
    $400k-600k 21 $10,435,000 $496,905 $10,067 6.12%
    $1MM+ 18 $23,130,000 $1,285,000 $14,981 5.39%
    $200k-400k 7 $2,135,000 $305,000 $8,156 6.18%
    $100k-200k 2 $250,000 $125,000 $3,400 6.31%

    2023 saw Meriwest Mortgage Company place emphasis on $600k-1MM loans with 30 originations, totaling $22,410,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 36 $23,820,000 $661,667 $12,803 5.73%
    $250k+ 31 $30,995,000 $999,839 $12,952 5.48%
    $75k-100k 5 $1,415,000 $283,000 $7,985 6.43%
    $100k-150k 4 $1,720,000 $430,000 $9,417 6.34%
    $50k-75k 1 $265,000 $265,000 $9,253 6.88%
    $50k or less 1 $145,000 $145,000 $2,970 5.75%

    Meriwest Mortgage Company lent most frequently to those with incomes in the $150k-250k range, with 36 originations. The second most popular income band? $250k+, with 31 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 11 $7,775,000 $706,818 $13,258 5.68%
    40% 8 $7,080,000 $885,000 $12,498 5.66%
    37% 8 $6,800,000 $850,000 $15,575 5.83%
    30-36% 7 $4,345,000 $620,714 $12,355 6.13%
    43% 7 $6,265,000 $895,000 $10,388 5.73%
    42% 6 $4,430,000 $738,333 $12,413 5.75%
    46% 5 $2,395,000 $479,000 $8,750 5.85%
    49% 4 $1,960,000 $490,000 $9,321 5.66%
    38% 4 $2,890,000 $722,500 $14,218 5.25%
    41% 3 $1,585,000 $528,333 $9,675 6.17%
    48% 3 $3,595,000 $1,198,333 $18,752 6.42%
    44% 3 $2,665,000 $888,333 $10,078 5.42%
    45% 2 $1,580,000 $790,000 $14,099 5.19%
    36% 2 $1,930,000 $965,000 $11,341 5.00%
    39% 2 $1,740,000 $870,000 $11,543 5.06%
    47% 2 $770,000 $385,000 $10,382 5.81%

    Meriwest Mortgage Company lent most frequently to those with DTI ratios of 20-30%, with 11 originations. The next most common DTI ratio? 40%, with 8 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 35 $22,705,000 $648,714 $11,796 5.82%
    Not provided 23 $16,345,000 $710,652 $11,903 5.72%
    Asian 15 $14,405,000 $960,333 $12,471 5.56%
    Asian Indian 3 $2,865,000 $955,000 $9,353 5.63%
    American Indian 1 $1,295,000 $1,295,000 $39,315 5.50%
    Native Hawaiian or Islander 1 $745,000 $745,000 $11,186 5.50%

    Approval Rates

    Total approvals of all applications
    97.10%

    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
    28.21%

    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 78 $58,360,000 $748,205

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    78 $58,360,000 $748,205

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 5 $2,015,000 $403,000 $9,411 5.55%
    40-60% 4 $2,550,000 $637,500 $15,434 6.78%
    60-80% 27 $21,425,000 $793,519 $12,596 5.72%
    80-100% 38 $30,420,000 $800,526 $12,763 5.63%
    Under 20% 2 $250,000 $125,000 $3,400 6.31%