Opendoor Home Loans Mortgage Rates, Fees & Info

Dover, DE

LEI: 549300TWX04RHQV22578

Tax ID: 30-0954104

5 stars - out of 5 stars, based on 19 reviews

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

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Mortgage Data

  • SimulatedRates™
  • 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

    Opendoor Home Loans is a smaller mortgage company specializing in loans. Opendoor Home Loans has a high proportion of conventional loans. Their top markets by origination volume include: Phoenix, Atlanta, Dallas, Houston, and Austin among others. We have data for 20 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Opendoor Home Loans 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. Opendoor Home Loans 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.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.


    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.49% 3/27/23
    30 Year Cash-out Refi 6.27% 3/27/23
    30 Year FHA Purchase 6.27% 3/27/23
    30 Year VA Purchase 6.27% 3/27/23
    15 Year Conventional Purchase 5.94% 3/27/23
    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

    351

    Origination Dollar Volume (All Markets)

    $117,915,000
    Show all (10) awards

    Relative Rate

    Opendoor Home Loans's average 30 year fixed mortgage rate was 4.39%.

    The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.

    This yields a difference of -0.37%.

    Relative Fees (Closing Costs)

    Opendoor Home Loans's average total fees/closing costs for a 30 year fixed rate mortgage were $4,733.

    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
    PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 89 $35,095,000 $394,326 $4,666 4.24%
    ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 65 $22,135,000 $340,538 $4,954 4.28%
    Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 43 $14,965,000 $348,023 $5,499 4.49%
    HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 42 $11,880,000 $282,857 $4,411 4.83%
    AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 29 $11,425,000 $393,966 $5,918 3.89%
    TUCSON, AZ (FHA|USDA|VA) 24 $6,080,000 $253,333 $4,031 4.30%
    SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) 22 $5,440,000 $247,273 $4,528 4.56%
    CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 8 $2,100,000 $262,500 $2,236 4.67%
    RALEIGH-CARY, NC (FHA|USDA|VA) 5 $1,765,000 $353,000 $4,620 4.80%
    DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 6 $1,700,000 $283,333 $2,337 5.04%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 3 $1,175,000 $391,667 $6,182 3.13%
    DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 3 $1,075,000 $358,333 $3,339 4.46%
    GAINESVILLE, GA (FHA|USDA|VA) 3 $745,000 $248,333 $2,789 4.21%
    Outside of Metro Areas 2 $600,000 $300,000 $5,047 4.75%
    GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) 1 $385,000 $385,000 $2,215 3.88%
    KILLEEN-TEMPLE, TX (FHA|USDA|VA) 2 $380,000 $190,000 $6,424 4.38%
    ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $365,000 $365,000 $3,624 3.50%
    PRESCOTT VALLEY-PRESCOTT, AZ (FHA|USDA|VA) 1 $245,000 $245,000 $2,660 3.13%
    JACKSONVILLE, FL (FHA|USDA|VA) 1 $205,000 $205,000 $2,973 4.00%
    COLUMBIA, SC (FHA|USDA|VA) 1 $155,000 $155,000 $4,682 4.88%
    Opendoor Home Loans's top markets include Phoenix, Atlanta, Dallas, Houston, and Austin among others.

    Their top states include:
  • Texas (FHA|USDA|VA)
  • Arizona (FHA|USDA|VA)
  • Georgia (FHA|USDA|VA)
  • North Carolina (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against Opendoor Home Loans based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    First Credit Union
    Similarity Rank: 310
    Generations Community Federal Credit Union
    Similarity Rank: 704
    AMOCO
    Similarity Rank: 810
    U S WIDE FINANCIAL LLC
    Similarity Rank: 864
    SCHLUMBERGER EMPLOYEES CREDIT UNION
    Similarity Rank: 960
    PRIMEWAY
    Similarity Rank: 1050
    AMERICAN HOME MORTGAGE, INC.
    Similarity Rank: 1131
    WESTSTAR MORTGAGE CORPORATION
    Similarity Rank: 1353
    TEXAS BAY
    Similarity Rank: 1557
    LGE COMMUNITY
    Similarity Rank: 1595

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 351 $117,915,000 $335,940 $4,720 4.37%

    For 2022, Opendoor Home Loans's most frequently originated type of loan was Conventional, with 351 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 351 $117,915,000 $335,940 $4,720 4.37%

    For 2022, Opendoor Home Loans's most frequently cited loan purpose was Home Purchase, with 351 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 343 $115,745,000 $337,449 $4,733 4.39%
    15 Year 6 $1,700,000 $283,333 $4,533 3.27%
    20 Year 2 $470,000 $235,000 $3,153 3.75%

    For 2022, Opendoor Home Loans's most frequently cited loan duration was 30 Year, with 343 originations. The 2nd most popular length was 15 Year, with 6 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 189 $64,135,000 $339,339
    $1k-2k 57 $19,355,000 $339,561
    $2k-3k 37 $10,815,000 $292,297
    $5k+ 28 $10,530,000 $376,071
    $3k-4k 21 $6,515,000 $310,238
    $4k-5k 15 $5,525,000 $368,333

    Opendoor Home Loans's average total fees were $4,733, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 189 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 140 $48,580,000 $347,000
    4-5% 109 $37,305,000 $342,248
    5-6% 83 $25,515,000 $307,410
    2.5-3% 10 $4,230,000 $423,000
    6-7% 7 $1,625,000 $232,143
    <2.5% 2 $660,000 $330,000

    During 2022, Opendoor Home Loans's average interest rate for loans was 4.39%, while their most frequently originated rate bucket for loans was 3-4%, with 140 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 216 $65,680,000 $304,074 $4,637 4.40%
    $400k-600k 90 $42,630,000 $473,667 $5,507 4.12%
    $100k-200k 39 $6,365,000 $163,205 $3,503 4.74%
    $600k-1MM 5 $3,145,000 $629,000 $3,956 4.25%
    $100,000 or less 1 $95,000 $95,000 $2,564 4.13%

    2022 saw Opendoor Home Loans place emphasis on $200k-400k loans with 216 originations, totaling $65,680,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 117 $42,455,000 $362,863 $4,945 4.31%
    $150k-250k 80 $31,790,000 $397,375 $5,211 4.38%
    $75k-100k 78 $23,830,000 $305,513 $4,476 4.27%
    $50k-75k 51 $12,665,000 $248,333 $3,959 4.63%
    $250k+ 13 $5,075,000 $390,385 $5,653 4.13%
    $50k or less 12 $2,100,000 $175,000 $3,082 4.55%

    Opendoor Home Loans lent most frequently to those with incomes in the $100k-150k range, with 117 originations. The second most popular income band? $150k-250k, with 80 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 84 $27,080,000 $322,381 $4,626 4.07%
    30-36% 64 $20,740,000 $324,063 $5,080 4.34%
    42% 24 $8,460,000 $352,500 $4,465 4.49%
    43% 20 $6,930,000 $346,500 $5,137 4.39%
    44% 18 $6,070,000 $337,222 $4,706 4.74%
    38% 17 $6,875,000 $404,412 $5,988 4.49%
    40% 16 $5,760,000 $360,000 $4,899 4.63%
    39% 14 $4,370,000 $312,143 $6,267 3.93%
    41% 14 $4,900,000 $350,000 $4,677 4.38%
    36% 13 $4,705,000 $361,923 $3,188 4.57%
    46% 12 $4,260,000 $355,000 $4,413 4.65%
    37% 12 $4,680,000 $390,000 $4,553 4.27%
    47% 11 $3,465,000 $315,000 $3,599 4.80%
    <20% 10 $2,800,000 $280,000 $4,010 3.90%
    49% 9 $2,815,000 $312,778 $4,023 4.96%
    48% 7 $1,925,000 $275,000 $3,790 4.70%
    45% 5 $1,965,000 $393,000 $4,393 4.70%
    50-60% 1 $115,000 $115,000 $1,684 5.88%

    Opendoor Home Loans lent most frequently to those with DTI ratios of 20-30%, with 84 originations. The next most common DTI ratio? 30-36%, with 64 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 206 $66,140,000 $321,068 $4,776 4.43%
    Not provided 59 $19,565,000 $331,610 $4,341 4.30%
    Asian 33 $13,235,000 $401,061 $5,363 4.28%
    Black 33 $10,425,000 $315,909 $4,131 4.33%
    Asian Indian 14 $6,630,000 $473,571 $5,722 3.85%
    American Indian 5 $1,495,000 $299,000 $3,939 5.18%
    Other Asian 1 $425,000 $425,000 $4,743 3.13%

    Approval Rates

    Total approvals of all applications
    95.39%

    Opendoor Home Loans 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
    40.17%

    Opendoor Home Loans 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 351 $117,915,000 $335,940

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    351 $117,915,000 $335,940

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 13 $1,925,000 $148,077 $3,496 4.59%
    40-60% 18 $4,650,000 $258,333 $3,913 4.38%
    60-80% 114 $36,920,000 $323,860 $5,273 4.44%
    80-100% 206 $74,420,000 $361,262 $4,573 4.31%