Meriwest Mortgage Company Rates, Fees & InfoSAN JOSE, CA
Tax ID: 47-0847332
Review & OverviewMeriwest 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.
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|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.|
Origination Dollar Volume (All Markets)$359,295,000
Meriwest Mortgage Company's average 30 year fixed mortgage rate was
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.
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%|
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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|Loan Type||Originations||Total Value||Avg. Loan||Avg. Fees||Avg. Rate|
For 2021, Meriwest Mortgage Company's most frequently originated type of loan was Conventional, with 657 originations.
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.
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
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.
|Loan Rate||Originations||Total Value||Average Loan|
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.
2021 saw Meriwest Mortgage Company place emphasis on $200k-400k loans with 224 originations, totaling $68,580,000 in origination value.
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
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.
Approval RatesTotal approvals of all applications
Meriwest Mortgage Company has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick RateApprovals leading to origination
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|