Opendoor Home Loans Mortgage Rates, Fees & Info
Dover, DELEI: 549300TWX04RHQV22578
Tax ID: 30-0954104
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Mortgage Data
Review & Overview
Opendoor Home Loans is a smaller mortgage company specializing in Home Purchase and Refi loans. Opendoor Home Loans has a high proportion of conventional loans. Their top markets by origination volume include: Phoenix, Dallas, Atlanta, Charlotte, and Raleigh among others. We have data for 32 markets. (Some data included below & more in-depth data is available with an active subscription.)Opendoor Home Loans has a below 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 a low 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 | 6.49% | 4/21/24 |
| 30 Year Cash-out Refi | 6.27% | 4/21/24 |
| 30 Year FHA Purchase | 6.27% | 4/21/24 |
| 30 Year VA Purchase | 6.27% | 4/21/24 |
| 15 Year Conventional Purchase | 5.94% | 4/21/24 |
| 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. | ||
Opendoor Home Loans Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
485Origination Dollar Volume (All Markets)
$127,845,000Awards
Opendoor Home Loans - 2020
Opendoor Home Loans is a 2020 , due to their low .
For 2020, less than of lenders were eligible for this award.
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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) | 160 | $45,180,000 | $282,375 | $3,265 | 3.15% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 102 | $24,790,000 | $243,039 | $3,712 | 3.14% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 45 | $11,865,000 | $263,667 | $3,292 | 2.89% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 30 | $8,900,000 | $296,667 | $2,705 | 2.75% |
| RALEIGH-CARY, NC (FHA|USDA|VA) | 27 | $7,535,000 | $279,074 | $2,262 | 2.78% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 33 | $6,985,000 | $211,667 | $3,665 | 3.21% |
| AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) | 14 | $3,840,000 | $274,286 | $4,142 | 2.79% |
| DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) | 12 | $3,620,000 | $301,667 | $2,438 | 2.71% |
| SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) | 14 | $2,890,000 | $206,429 | $3,033 | 3.21% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 9 | $2,505,000 | $278,333 | $3,462 | 3.03% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 7 | $2,145,000 | $306,429 | $4,041 | 2.64% |
| TUCSON, AZ (FHA|USDA|VA) | 7 | $1,725,000 | $246,429 | $2,786 | 2.66% |
| NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) | 4 | $760,000 | $190,000 | $2,305 | 3.00% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 3 | $725,000 | $241,667 | $4,476 | 3.38% |
| FLAGSTAFF, AZ (FHA|USDA|VA) | 1 | $405,000 | $405,000 | $1,120 | 2.25% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 1 | $375,000 | $375,000 | $1,387 | 2.88% |
| HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) | 1 | $355,000 | $355,000 | $3,780 | 2.88% |
| Thomaston, GA (FHA|USDA|VA) | 1 | $335,000 | $335,000 | $1,903 | 2.38% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $5,910 | 3.00% |
| ASHEVILLE, NC (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $1,784 | 2.88% |
| GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $1,859 | 2.88% |
| BURLINGTON, NC (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $2,369 | 2.25% |
| PRESCOTT VALLEY-PRESCOTT, AZ (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $7,733 | 2.75% |
| GREENVILLE, NC (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $2,010 | 2.25% |
| LAKE HAVASU CITY-KINGMAN, AZ (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $1,619 | 2.88% |
| WINSTON-SALEM, NC (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $2,068 | 2.88% |
| PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $2,374 | 2.75% |
| Outside of Metro Areas | 1 | $175,000 | $175,000 | $4,248 | 2.88% |
| GAINESVILLE, GA (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $1,327 | 2.88% |
| DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $3,871 | 4.25% |
| HOMOSASSA SPRINGS, FL (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $2,395 | 3.25% |
| WICHITA FALLS, TX (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $3,057 | 3.13% |
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.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 485 | $127,845,000 | $263,598 | $3,288 | 3.04% |
For 2020, Opendoor Home Loans's most frequently originated type of loan was Conventional, with 485 originations.
Loan Reason
For 2020, Opendoor Home Loans's most frequently cited loan purpose was Home Purchase, with 228 originations. The 2nd most popular reason was Refi, with 218 originations.
Loan Duration/Length
For 2020, Opendoor Home Loans's most frequently cited loan duration was 30 Year, with 375 originations. The 2nd most popular length was 15 Year, with 93 originations.
Origination Fees/Closing Costs
Opendoor Home Loans's average total fees were $3,412, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 288 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 2.5-3% | 214 | $60,110,000 | $280,888 |
| 3-4% | 166 | $39,460,000 | $237,711 |
| <2.5% | 85 | $24,345,000 | $286,412 |
| 4-5% | 19 | $3,705,000 | $195,000 |
| 5-6% | 1 | $225,000 | $225,000 |
During 2020, Opendoor Home Loans's average interest rate for loans was 3.20%, while their most frequently originated rate bucket for loans was 2.5-3%, with 214 originations.
Loan Sizing
2020 saw Opendoor Home Loans place emphasis on $200k-400k loans with 302 originations, totaling $84,330,000 in origination value.
Applicant Income
Opendoor Home Loans lent most frequently to those with incomes in the $100k-150k range, with 170 originations. The second most popular income band? $150k-250k, with 91 originations.
Applicant Debt to Income Ratio
Opendoor Home Loans lent most frequently to those with DTI ratios of 20-30%, with 133 originations. The next most common DTI ratio? 30-36%, with 96 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications69.26%
Opendoor Home Loans has a low approval rate. They may have poor market targeting or stringent lending standards.
Pick Rate
Approvals leading to origination20.41%
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 | 485 | $127,845,000 | $263,598 |