Opendoor Home Loans Mortgage Rates, Fees & InfoDover, DE
Tax ID: 30-0954104
Latest/2022 | 2021 Data | 2020 Data | 2019 Data | 2018 Data
Review & OverviewOpendoor 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.
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|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.|
Origination Dollar Volume (All Markets)$117,915,000
Opendoor Home Loans's average 30 year fixed mortgage rate was
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.
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%|
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.
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|Loan Type||Originations||Total Value||Avg. Loan||Avg. Fees||Avg. Rate|
For 2022, Opendoor Home Loans's most frequently originated type of loan was Conventional, with 351 originations.
|Loan Reason||Originations||Total Value||Avg. Loan||Avg. Fees||Avg. Rate|
For 2022, Opendoor Home Loans's most frequently cited loan purpose was Home Purchase, with 351 originations.
|Loan Length||Originations||Total Value||Average Loan||Average Fees||Average Rate|
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|
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.
|Loan Rate||Originations||Total Value||Average Loan|
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.
2022 saw Opendoor Home Loans place emphasis on $200k-400k loans with 216 originations, totaling $65,680,000 in origination value.
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
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.
Approval RatesTotal approvals of all applications
Opendoor Home Loans has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick RateApprovals leading to origination
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|