Snapfi Mortgage Rates, Fees & Info

Redding, CA

LEI: 549300UM5S3HZLZHVP89

Tax ID: 77-0563974

4.9 stars - Updated: 2/19/24 - out of 5 stars, based on 11 reviews

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

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Mortgage Data

Review & Overview

Snapfi is a smaller mortgage company specializing in Home Purchase and Cash Out Refi loans. Snapfi has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets by origination volume include: Sacramento, San Francisco, San Jose, Stockton, and Vallejo among others. We have data for 19 markets. (Some data included below & more in-depth data is available with an active subscription.)

Snapfi 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. Snapfi 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
Home Equity Line of Credit (HELOC) 6.27% 2/19/24
30 Year Conventional Purchase 6.83% 2/19/24
30 Year Conventional Refi 6.38% 2/19/24
30 Year Cash-out Refi 6.76% 2/19/24
30 Year FHA Purchase 7.28% 2/19/24
30 Year VA Purchase 6.14% 2/19/24
15 Year Conventional Purchase 5.73% 2/19/24
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.

Snapfi Mortgage Calculator






Your Estimates

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

This is not an official calculator from Snapfi. 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

120

Origination Dollar Volume (All Markets)

$50,750,000

Awards

SNAPFI 30 Year Conventional Loans bronze SNAPFI 30 Year Conventional Loans silver
Show all (2) awards

Relative Rate

Snapfi's average 30 year fixed mortgage rate was 4.29%.

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

This yields a difference of -0.47%.

Relative Fees (Closing Costs)

Snapfi's average total fees/closing costs for a 30 year fixed rate mortgage were $8,084.

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
SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 23 $9,775,000 $425,000 $6,741 4.32%
San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 16 $9,390,000 $586,875 $8,475 4.16%
SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) 15 $7,895,000 $526,333 $5,459 4.38%
STOCKTON, CA (FHA|USDA|VA) 19 $6,645,000 $349,737 $8,008 3.99%
VALLEJO, CA (FHA|USDA|VA) 6 $2,960,000 $493,333 $11,461 5.17%
MODESTO, CA (FHA|USDA|VA) 8 $2,710,000 $338,750 $13,199 4.36%
Gardnerville Ranchos, NV (FHA|USDA|VA) 4 $2,170,000 $542,500 $6,192 5.03%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 4 $1,440,000 $360,000 $11,247 3.59%
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 4 $1,250,000 $312,500 $4,377 3.75%
LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 3 $1,215,000 $405,000 $4,667 4.33%
BAKERSFIELD, CA (FHA|USDA|VA) 5 $975,000 $195,000 $12,479 3.40%
Truckee-Grass Valley, CA (FHA|USDA|VA) 2 $950,000 $475,000 $3,591 5.00%
RENO, NV (FHA|USDA|VA) 2 $730,000 $365,000 $4,517 4.00%
Outside of Metro Areas 2 $680,000 $340,000 $8,193 5.50%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 2 $560,000 $280,000 $4,650 3.00%
MADERA, CA (FHA|USDA|VA) 2 $530,000 $265,000 $3,523 3.94%
OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) 1 $375,000 $375,000 $5,342 3.00%
NAPA, CA (FHA|USDA|VA) 1 $355,000 $355,000 $5,739 4.88%
HANFORD-CORCORAN, CA (FHA|USDA|VA) 1 $145,000 $145,000 $7,222 3.75%
Snapfi's top markets include Sacramento, San Francisco, San Jose, Stockton, and Vallejo among others.

Their top states include:
  • California (FHA|USDA|VA)
  • Nevada (FHA|USDA|VA)
  • Arizona (FHA|USDA|VA)
  • Similar Lenders

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

    First Credit Union
    Similarity Rank: 210
    Great Basin Federal Credit Union
    Similarity Rank: 348
    ALOHA PACIFIC
    Similarity Rank: 536
    El Dorado Savings Bank, F.S.B.
    Similarity Rank: 546
    HERITAGE COMMUNITY CREDIT UNION
    Similarity Rank: 567
    First City Credit Union
    Similarity Rank: 684
    Los Angeles Federal Credit Union
    Similarity Rank: 984
    Christian Community Credit Union
    Similarity Rank: 1062
    SIMPLIFI MORTGAGE, LLC
    Similarity Rank: 1074

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 89 $38,345,000 $430,843 $5,820 4.22%
    FHA 27 $11,485,000 $425,370 $13,793 4.25%
    HELOC 3 $615,000 $205,000 n/a 4.16%
    VA 1 $305,000 $305,000 $15,557 4.75%

    For 2022, Snapfi's most frequently originated type of loan was Conventional, with 89 originations. Their 2nd most popular type was FHA, with 27 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 80 $33,500,000 $418,750 $8,577 4.38%
    Cash Out Refi 28 $12,570,000 $448,929 $7,117 4.13%
    Refi 12 $4,680,000 $390,000 $3,843 3.41%

    For 2022, Snapfi's most frequently cited loan purpose was Home Purchase, with 80 originations. The 2nd most popular reason was Cash Out Refi, with 28 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 110 $46,100,000 $419,091 $8,084 4.29%
    15 Year 5 $2,485,000 $497,000 $4,805 3.73%
    20 Year 4 $1,570,000 $392,500 $2,843 3.41%
    Other 1 $595,000 $595,000 $2,614 3.25%

    For 2022, Snapfi's most frequently cited loan duration was 30 Year, with 110 originations. The 2nd most popular length was 15 Year, with 5 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 35 $16,145,000 $461,286
    $5k+ 32 $15,340,000 $479,375
    $<1k 18 $5,590,000 $310,556
    $2k-3k 18 $7,280,000 $404,444
    $3k-4k 8 $3,440,000 $430,000
    $4k-5k 5 $2,045,000 $409,000

    Snapfi's average total fees were $8,084, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 35 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 39 $17,085,000 $438,077
    4-5% 29 $12,455,000 $429,483
    5-6% 25 $10,865,000 $434,600
    2.5-3% 11 $4,985,000 $453,182
    6-7% 8 $4,340,000 $542,500
    <2.5% 7 $615,000 $87,857
    7-8% 1 $405,000 $405,000

    During 2022, Snapfi's average interest rate for loans was 4.29%, while their most frequently originated rate bucket for loans was 3-4%, with 39 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $400k-600k 47 $22,965,000 $488,617 $8,120 4.55%
    $200k-400k 44 $14,510,000 $329,773 $7,746 4.28%
    $600k-1MM 13 $9,385,000 $721,923 $9,529 4.37%
    $100k-200k 8 $1,220,000 $152,500 $4,264 4.36%
    $100,000 or less 6 $160,000 $26,667 $2,938 0.50%
    $1MM+ 2 $2,510,000 $1,255,000 $13,053 5.25%

    2022 saw Snapfi place emphasis on $400k-600k loans with 47 originations, totaling $22,965,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 37 $15,555,000 $420,405 $7,247 4.32%
    $150k-250k 31 $15,765,000 $508,548 $8,198 4.47%
    $50k-75k 18 $4,290,000 $238,333 $7,552 3.56%
    $75k-100k 18 $6,880,000 $382,222 $9,807 4.06%
    $250k+ 13 $7,635,000 $587,308 $5,502 4.56%
    $50k or less 3 $625,000 $208,333 $7,104 4.08%

    Snapfi lent most frequently to those with incomes in the $100k-150k range, with 37 originations. The second most popular income band? $150k-250k, with 31 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 15 $5,775,000 $385,000 $4,971 4.22%
    50-60% 13 $5,495,000 $422,692 $12,780 4.32%
    49% 9 $4,185,000 $465,000 $9,464 4.67%
    20-30% 9 $3,895,000 $432,778 $5,389 4.04%
    43% 7 $1,985,000 $283,571 $9,552 3.30%
    47% 7 $3,345,000 $477,857 $7,478 4.54%
    46% 6 $2,420,000 $403,333 $8,318 4.75%
    38% 6 $2,220,000 $370,000 $5,775 4.35%
    40% 6 $1,980,000 $330,000 $7,135 3.96%
    45% 6 $3,950,000 $658,333 $9,419 4.63%
    41% 5 $2,155,000 $431,000 $8,420 4.65%
    44% 5 $1,955,000 $391,000 $7,371 4.03%
    48% 5 $2,385,000 $477,000 $8,859 4.00%
    42% 5 $1,505,000 $301,000 $7,449 3.70%
    <20% 4 $1,250,000 $312,500 $1,722 3.50%
    36% 4 $1,610,000 $402,500 $8,318 3.69%
    37% 4 $1,620,000 $405,000 $4,311 4.25%
    39% 3 $2,045,000 $681,667 $7,931 5.21%
    >60% 1 $975,000 $975,000 $2,620 5.25%

    Snapfi lent most frequently to those with DTI ratios of 30-36%, with 15 originations. The next most common DTI ratio? 50-60%, with 13 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 46 $19,250,000 $418,478 $7,155 4.39%
    Not provided 33 $13,655,000 $413,788 $7,306 4.12%
    Asian 28 $12,630,000 $451,071 $9,423 4.09%
    Black 10 $4,480,000 $448,000 $8,005 4.49%
    Filipino 2 $560,000 $280,000 $6,424 3.13%
    Native Hawaiian or Islander 1 $175,000 $175,000 $4,408 3.63%

    Approval Rates

    Total approvals of all applications
    100.00%

    Snapfi 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
    86.67%

    Snapfi has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 120 $50,750,000 $422,917

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    120 $50,750,000 $422,917

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 9 $3,945,000 $438,333 $4,394 4.63%
    40-60% 21 $9,405,000 $447,857 $4,092 3.85%
    60-80% 26 $12,860,000 $494,615 $7,689 4.54%
    80-100% 54 $23,680,000 $438,519 $10,136 4.58%
    Over 100% 1 $305,000 $305,000 $15,557 4.75%
    Under 20% 9 $555,000 $61,667 $2,955 1.65%