Snapfi Mortgage Rates, Fees & Info

Redding, CA

LEI: 549300UM5S3HZLZHVP89

Tax ID: 77-0563974

5 stars - out of 5 stars, based on 23 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Snapfi is a smaller mortgage company specializing in Refi, Home Purchase, and Cash Out Refi loans. Snapfi has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets include San Francisco, San Jose, Sacramento, Stockton, and Vallejo among others. Snapfi has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Snapfi is typically an average fee lendor.


Originations

516

Origination Dollar Volume (All Markets)

$206,400,000

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 rate mortgage of loans were 3.12%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of -0.03%.

Relative Fees

Snapfi 's average total fees for a 30 year fixed rate mortgage are $4,799.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 101 $49,675,000 $491,832 $5,698 3.09%
SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) 100 $48,930,000 $489,300 $3,294 3.20%
SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 75 $28,075,000 $374,333 $3,585 3.00%
STOCKTON, CA (FHA|USDA|VA) 50 $15,320,000 $306,400 $5,638 2.94%
VALLEJO, CA (FHA|USDA|VA) 22 $8,000,000 $363,636 $6,887 3.29%
MODESTO, CA (FHA|USDA|VA) 21 $6,905,000 $328,810 $3,716 3.26%
LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 26 $6,870,000 $264,231 $5,194 3.10%
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 15 $5,815,000 $387,667 $4,593 3.12%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 14 $4,960,000 $354,286 $4,737 3.11%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 8 $3,870,000 $483,750 $4,486 2.94%
FRESNO, CA (FHA|USDA|VA) 13 $3,675,000 $282,692 $3,402 2.95%
Outside of Metro Areas 13 $3,405,000 $261,923 $4,689 3.07%
RENO, NV (FHA|USDA|VA) 6 $2,260,000 $376,667 $2,987 2.98%
Gardnerville Ranchos, NV (FHA|USDA|VA) 5 $2,155,000 $431,000 $3,362 2.95%
Truckee-Grass Valley, CA (FHA|USDA|VA) 6 $2,140,000 $356,667 $4,596 2.83%
BAKERSFIELD, CA (FHA|USDA|VA) 6 $1,930,000 $321,667 $3,811 3.04%
SANTA ROSA-PETALUMA, CA (FHA|USDA|VA) 3 $1,865,000 $621,667 $2,825 3.21%
SALINAS, CA (FHA|USDA|VA) 4 $1,860,000 $465,000 $6,146 2.66%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 5 $1,405,000 $281,000 $3,326 3.13%
SANTA CRUZ-WATSONVILLE, CA (FHA|USDA|VA) 2 $1,110,000 $555,000 $8,321 3.31%
CHICO, CA (FHA|USDA|VA) 4 $1,080,000 $270,000 $5,730 2.97%
SANTA MARIA-SANTA BARBARA, CA (FHA|USDA|VA) 1 $745,000 $745,000 $25,830 2.75%
HANFORD-CORCORAN, CA (FHA|USDA|VA) 2 $650,000 $325,000 $6,323 3.13%
CARSON CITY, NV (FHA|USDA|VA) 2 $530,000 $265,000 $6,130 2.56%
COLORADO SPRINGS, CO (FHA|USDA|VA) 1 $515,000 $515,000 $409 2.25%
MADERA, CA (FHA|USDA|VA) 3 $445,000 $148,333 $3,700 4.17%
VISALIA, CA (FHA|USDA|VA) 2 $440,000 $220,000 $6,200 2.69%
SAN LUIS OBISPO-PASO ROBLES, CA (FHA|USDA|VA) 1 $365,000 $365,000 $1,089 2.13%
PRESCOTT VALLEY-PRESCOTT, AZ (FHA|USDA|VA) 1 $365,000 $365,000 $3,085 3.25%
NAPA, CA (FHA|USDA|VA) 1 $325,000 $325,000 $3,054 2.63%
Red Bluff, CA (FHA|USDA|VA) 1 $325,000 $325,000 $3,696 2.50%
REDDING, CA (FHA|USDA|VA) 1 $235,000 $235,000 $8,495 2.63%
FORT COLLINS, CO (FHA|USDA|VA) 1 $155,000 $155,000 $2,545 3.25%

Snapfi 's top markets include San Francisco, San Jose, Sacramento, Stockton, and Vallejo among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 448 $178,330,000 $398,058 $3,797 3.12%
FHA 53 $21,385,000 $403,491 $10,446 2.93%
VA 13 $5,935,000 $456,538 $6,788 2.63%
USDA 2 $750,000 $375,000 $9,433 2.50%

For the 2021 period, Snapfi 's most frequently originated loan type of loans were Conventional, with 448 originations. Their 2nd most popular type is FHA, with 53 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 191 $77,815,000 $407,408 $3,368 2.96%
Home Purchase 182 $75,030,000 $412,253 $6,494 3.14%
Cash Out Refi 143 $53,555,000 $374,510 $3,830 3.17%

For the 2021, Snapfi 's most frequently cited loan purpose of loans were Refi, with 191 originations. The 2nd most popular reason of loans were Home Purchase, with 182 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 458 $186,410,000 $407,009 $4,799 3.12%
15 Year 32 $11,670,000 $364,688 $2,713 2.77%
20 Year 21 $6,615,000 $315,000 $3,570 2.79%
Other 3 $1,295,000 $431,667 $1,406 2.75%
10 Year 2 $410,000 $205,000 $3,341 2.44%

For the 2021, Snapfi 's most frequently cited loan length of loans were 30 Year, with 458 originations. The 2nd most popular length of loans were 15 Year, with 32 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 232 $93,980,000 $405,086
$<1k 135 $56,245,000 $416,630
$3k-4k 48 $13,710,000 $285,625
$5k+ 45 $23,265,000 $517,000
$2k-3k 44 $16,070,000 $365,227

$4,799 of loans were Snapfi 's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 232 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 225 $93,705,000 $416,467
3-4% 205 $83,495,000 $407,293
<2.5% 60 $20,340,000 $339,000
4-5% 14 $5,720,000 $408,571
5-6% 5 $2,155,000 $431,000
7-8% 4 $430,000 $107,500
6-7% 3 $555,000 $185,000

During 2021, Snapfi 's average interest rate of loans were 3.12%, while their most frequently originated rate bucket of loans were 2.5-3%, with 225 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 212 $64,170,000 $302,689 $4,337 3.05%
$400k-600k 186 $90,900,000 $488,710 $4,725 3.07%
$600k-1MM 53 $38,865,000 $733,302 $6,335 3.16%
$100k-200k 50 $7,410,000 $148,200 $3,489 3.18%
$100,000 or less 11 $365,000 $33,182 $1,179 2.90%
$1MM+ 4 $4,690,000 $1,172,500 $8,672 3.38%

2021 saw Snapfi place emphasis on $200k-400k loans with 212 originations, totaling $64,170,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 121 $49,535,000 $409,380 $4,832 2.98%
$150k-250k 118 $58,520,000 $495,932 $4,509 3.24%
$75k-100k 96 $34,190,000 $356,146 $4,775 2.97%
$50k-75k 76 $21,880,000 $287,895 $4,646 2.94%
$250k+ 68 $31,470,000 $462,794 $4,326 3.31%
$50k or less 35 $9,715,000 $277,571 $4,163 3.04%

Snapfi lent most frequently to those with incomes in the $100k-150k range, with 121 originations. The second most popular income band? $150k-250k, with 118 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 95 $37,025,000 $389,737 $3,759 3.05%
30-36% 90 $39,040,000 $433,778 $4,465 3.04%
<20% 29 $9,095,000 $313,621 $2,620 3.28%
41% 25 $9,325,000 $373,000 $4,640 3.25%
42% 24 $10,130,000 $422,083 $4,155 3.01%
47% 23 $8,805,000 $382,826 $6,282 3.05%
44% 22 $9,280,000 $421,818 $5,185 3.16%
43% 21 $8,475,000 $403,571 $5,096 3.23%
46% 21 $7,815,000 $372,143 $4,407 3.15%
48% 21 $7,115,000 $338,810 $4,415 3.18%
49% 20 $8,100,000 $405,000 $3,942 3.03%
40% 20 $7,560,000 $378,000 $4,177 3.03%
36% 20 $7,700,000 $385,000 $4,162 2.92%
50-60% 19 $6,755,000 $355,526 $7,985 2.94%
39% 18 $7,570,000 $420,556 $4,372 2.99%
37% 16 $7,210,000 $450,625 $7,020 3.02%
38% 15 $7,315,000 $487,667 $5,315 3.30%
45% 10 $4,070,000 $407,000 $5,688 3.03%
>60% 3 $1,485,000 $495,000 $6,408 2.67%

Snapfi lent most frequently to those with DTI ratios of 20-30%, with 95 originations. The next most common DTI ratio? 30-36%, with 90 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 258 $102,400,000 $396,899 $4,101 3.08%
Asian 139 $57,445,000 $413,273 $5,147 3.18%
Not provided 81 $31,095,000 $383,889 $5,119 2.95%
Black 28 $11,800,000 $421,429 $4,656 3.13%
Native Hawaiian 4 $2,070,000 $517,500 $5,201 3.09%
American Indian 6 $1,590,000 $265,000 $5,298 2.42%

Approval Rates

Total approvals of all applications
97.71%

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
87.26%

Snapfi has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 516 $206,400,000 $400,000

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
516 $206,400,000 $400,000

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 68 $24,860,000 $365,588 $3,409 3.07%
40-60% 133 $53,545,000 $402,594 $3,577 2.94%
60-80% 147 $63,245,000 $430,238 $4,129 3.20%
80-100% 134 $58,270,000 $434,851 $6,851 3.04%
Over 100% 2 $1,080,000 $540,000 $18,589 2.81%
Under 20% 32 $5,400,000 $168,750 $2,524 3.37%