Megastar Financial Corp. Mortgage Rates, Fees & Info

Denver, CO

LEI: 549300WKFR15017V9850

Tax ID: 84-1496821

5 stars - out of 5 stars, based on 70 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Megastar Financial Corp. is a small mortgage company specializing in Home Purchase and Refi loans. Megastar Financial Corp. 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 Denver, Minneapolis, Fort Collins, Breckenridge, and Kansas City among others. Megastar Financial Corp. 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. Megastar Financial Corp. is typically an average fee lendor.


Originations

4,958

Origination Dollar Volume (All Markets)

$1,726,710,000

Awards

MEGASTAR FINANCIAL CORP. 30 Year Conventional Loans bronze MEGASTAR FINANCIAL CORP. 30 Year Conventional Loans bronze MEGASTAR FINANCIAL CORP. FHA Loans silver
Show all (3) awards

Relative Rate

Megastar Financial Corp.'s average 30 year fixed rate mortgage of loans were 3.09%.

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

This yields a difference of -0.06%.

Relative Fees

Megastar Financial Corp.'s average total fees for a 30 year fixed rate mortgage are $4,836.

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
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 1,890 $756,360,000 $400,190 $4,201 3.06%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 876 $262,230,000 $299,349 $4,539 2.98%
FORT COLLINS, CO (FHA|USDA|VA) 265 $88,765,000 $334,962 $3,843 3.03%
Breckenridge, CO (FHA|USDA|VA) 144 $72,440,000 $503,056 $4,065 2.99%
KANSAS CITY, MO-KS (FHA|USDA|VA) 308 $67,940,000 $220,584 $3,716 3.08%
GREELEY, CO (FHA|USDA|VA) 179 $66,045,000 $368,966 $5,058 3.09%
REDDING, CA (FHA|USDA|VA) 197 $53,045,000 $269,264 $6,648 3.07%
Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 89 $48,995,000 $550,506 $9,081 2.88%
Outside of Metro Areas 162 $46,240,000 $285,432 $5,045 3.05%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 112 $35,670,000 $318,482 $6,192 3.17%
PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 122 $30,960,000 $253,770 $4,696 3.09%
BOULDER, CO (FHA|USDA|VA) 49 $25,995,000 $530,510 $5,187 2.98%
MODESTO, CA (FHA|USDA|VA) 75 $23,415,000 $312,200 $6,964 3.14%
COLORADO SPRINGS, CO (FHA|USDA|VA) 53 $18,355,000 $346,321 $4,710 2.98%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 45 $12,285,000 $273,000 $4,574 3.01%
Sonora, CA (FHA|USDA|VA) 27 $7,465,000 $276,481 $5,962 3.23%
Edwards, CO (FHA|USDA|VA) 18 $7,180,000 $398,889 $3,505 2.90%
Red Bluff, CA (FHA|USDA|VA) 23 $5,855,000 $254,565 $7,177 2.96%
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 10 $5,730,000 $573,000 $8,829 2.99%
Steamboat Springs, CO (FHA|USDA|VA) 14 $5,330,000 $380,714 $4,395 3.04%
LEWISTON-AUBURN, ME (FHA|USDA|VA) 22 $4,510,000 $205,000 $4,783 3.10%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 13 $4,485,000 $345,000 $5,627 3.08%
DULUTH, MN-WI (FHA|USDA|VA) 16 $3,110,000 $194,375 $4,460 3.02%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 6 $3,050,000 $508,333 $6,410 3.21%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 8 $2,920,000 $365,000 $6,371 2.81%
GRAND JUNCTION, CO (FHA|USDA|VA) 10 $2,830,000 $283,000 $3,125 2.78%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 8 $2,450,000 $306,250 $4,439 3.16%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 8 $2,200,000 $275,000 $4,159 2.94%
TUCSON, AZ (FHA|USDA|VA) 6 $1,990,000 $331,667 $6,111 2.90%
ST. CLOUD, MN (FHA|USDA|VA) 9 $1,895,000 $210,556 $5,252 3.22%
San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 6 $1,860,000 $310,000 $4,600 3.33%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 4 $1,810,000 $452,500 $8,469 2.91%
PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 4 $1,650,000 $412,500 $8,467 2.72%
Augusta-Waterville, ME (FHA|USDA|VA) 8 $1,600,000 $200,000 $4,790 3.41%
Durango, CO (FHA|USDA|VA) 3 $1,595,000 $531,667 $3,199 2.83%
Douglas, GA (FHA|USDA|VA) 9 $1,505,000 $167,222 $5,098 3.03%
Red Wing, MN (FHA|USDA|VA) 5 $1,485,000 $297,000 $4,280 3.05%
AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 3 $1,375,000 $458,333 $6,838 3.04%
CHEYENNE, WY (FHA|USDA|VA) 5 $1,375,000 $275,000 $2,766 2.85%
Faribault-Northfield, MN (FHA|USDA|VA) 4 $1,330,000 $332,500 $3,722 3.22%
SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 3 $1,295,000 $431,667 $4,792 3.13%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 3 $1,255,000 $418,333 $9,871 2.67%
SANTA CRUZ-WATSONVILLE, CA (FHA|USDA|VA) 3 $1,245,000 $415,000 $4,576 3.33%
STOCKTON, CA (FHA|USDA|VA) 4 $1,210,000 $302,500 $5,892 3.06%
Bozeman, MT (FHA|USDA|VA) 3 $1,205,000 $401,667 $9,583 3.21%
ST. JOSEPH, MO-KS (FHA|USDA|VA) 5 $1,195,000 $239,000 $5,214 3.15%
NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN (FHA|USDA|VA) 4 $1,130,000 $282,500 $3,287 2.94%
MANKATO, MN (FHA|USDA|VA) 4 $1,090,000 $272,500 $3,047 2.69%
Brainerd, MN (FHA|USDA|VA) 4 $1,060,000 $265,000 $4,654 3.28%
Montrose, CO (FHA|USDA|VA) 3 $955,000 $318,333 $3,580 3.21%
MADISON, WI (FHA|USDA|VA) 2 $920,000 $460,000 $2,911 2.94%
Fort Morgan, CO (FHA|USDA|VA) 3 $915,000 $305,000 $2,236 2.79%
Glenwood Springs, CO (FHA|USDA|VA) 3 $885,000 $295,000 $3,461 3.13%
Truckee-Grass Valley, CA (FHA|USDA|VA) 1 $825,000 $825,000 $9,299 4.13%
FRESNO, CA (FHA|USDA|VA) 3 $805,000 $268,333 $4,317 3.21%
BAKERSFIELD, CA (FHA|USDA|VA) 2 $800,000 $400,000 $5,003 2.88%
PUEBLO, CO (FHA|USDA|VA) 3 $765,000 $255,000 $6,094 3.42%
SAN LUIS OBISPO-PASO ROBLES, CA (FHA|USDA|VA) 2 $740,000 $370,000 $6,590 2.81%
CaƱon City, CO (FHA|USDA|VA) 2 $730,000 $365,000 $4,032 2.69%
Show Low, AZ (FHA|USDA|VA) 2 $720,000 $360,000 $5,568 3.19%
FLAGSTAFF, AZ (FHA|USDA|VA) 2 $710,000 $355,000 $7,873 2.56%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 1 $705,000 $705,000 $12,105 3.00%
SAVANNAH, GA (FHA|USDA|VA) 2 $680,000 $340,000 $10,114 2.88%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 2 $680,000 $340,000 $4,153 3.50%
Heber, UT (FHA|USDA|VA) 1 $665,000 $665,000 $5,157 2.88%
MISSOULA, MT (FHA|USDA|VA) 2 $640,000 $320,000 $3,598 3.19%
Sterling, CO (FHA|USDA|VA) 3 $605,000 $201,667 $7,507 3.04%
MERCED, CA (FHA|USDA|VA) 2 $580,000 $290,000 $7,786 3.63%
MOUNT VERNON-ANACORTES, WA (FHA|USDA|VA) 1 $545,000 $545,000 $5,274 2.75%
Laramie, WY (FHA|USDA|VA) 2 $520,000 $260,000 $2,793 3.13%
Owatonna, MN (FHA|USDA|VA) 2 $510,000 $255,000 $4,626 2.75%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 2 $500,000 $250,000 $7,136 2.50%
SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) 2 $500,000 $250,000 $4,669 3.50%
FARGO, ND-MN (FHA|USDA|VA) 2 $500,000 $250,000 $3,399 3.31%
JACKSONVILLE, FL (FHA|USDA|VA) 1 $485,000 $485,000 $10,165 3.13%
MACON-BIBB COUNTY, GA (FHA|USDA|VA) 3 $475,000 $158,333 $7,470 2.83%
Tullahoma-Manchester, TN (FHA|USDA|VA) 1 $465,000 $465,000 $3,826 3.00%
VALLEJO, CA (FHA|USDA|VA) 1 $445,000 $445,000 $3,685 3.00%
JANESVILLE-BELOIT, WI (FHA|USDA|VA) 2 $440,000 $220,000 $5,140 2.75%
LAWRENCE, KS (FHA|USDA|VA) 2 $440,000 $220,000 $4,752 3.63%
SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) 1 $425,000 $425,000 $8,592 3.75%
SHEBOYGAN, WI (FHA|USDA|VA) 1 $405,000 $405,000 $1,890 2.88%
Aberdeen, WA (FHA|USDA|VA) 2 $400,000 $200,000 $4,073 3.06%
KNOXVILLE, TN (FHA|USDA|VA) 1 $385,000 $385,000 $4,350 3.13%
Whitewater, WI (FHA|USDA|VA) 2 $380,000 $190,000 $3,378 3.13%
Alexandria, MN (FHA|USDA|VA) 2 $380,000 $190,000 $2,718 3.00%
Hutchinson, MN (FHA|USDA|VA) 2 $360,000 $180,000 $2,929 3.19%
BILLINGS, MT (FHA|USDA|VA) 1 $355,000 $355,000 $10,534 3.75%
WAUSAU-WESTON, WI (FHA|USDA|VA) 1 $345,000 $345,000 $3,752 3.38%
MADERA, CA (FHA|USDA|VA) 1 $345,000 $345,000 $3,534 3.38%
ST. LOUIS, MO-IL (FHA|USDA|VA) 1 $335,000 $335,000 $3,351 2.88%
COLLEGE STATION-BRYAN, TX (FHA|USDA|VA) 2 $330,000 $165,000 $4,035 2.88%
Craig, CO (FHA|USDA|VA) 1 $325,000 $325,000 $11,321 3.13%
CLARKSVILLE, TN-KY (FHA|USDA|VA) 1 $325,000 $325,000 $3,535 3.25%
KILLEEN-TEMPLE, TX (FHA|USDA|VA) 1 $315,000 $315,000 $7,571 3.50%
Helena, MT (FHA|USDA|VA) 1 $305,000 $305,000 $4,117 3.13%
Shelton, WA (FHA|USDA|VA) 1 $295,000 $295,000 $3,159 2.88%
GAINESVILLE, GA (FHA|USDA|VA) 1 $295,000 $295,000 $2,770 2.88%
Williston, ND (FHA|USDA|VA) 1 $285,000 $285,000 $3,092 3.25%
Sedalia, MO (FHA|USDA|VA) 2 $270,000 $135,000 $2,239 2.94%
Eureka-Arcata, CA (FHA|USDA|VA) 1 $265,000 $265,000 $5,532 3.38%
OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) 1 $265,000 $265,000 $7,932 2.50%
OLYMPIA-LACEY-TUMWATER, WA (FHA|USDA|VA) 1 $255,000 $255,000 $3,884 2.88%
Keene, NH (FHA|USDA|VA) 1 $235,000 $235,000 $3,697 3.63%
SALINAS, CA (FHA|USDA|VA) 1 $225,000 $225,000 $6,878 3.38%
Warrensburg, MO (FHA|USDA|VA) 1 $225,000 $225,000 $2,569 3.25%
Menomonie, WI (FHA|USDA|VA) 1 $205,000 $205,000 $3,019 3.50%
EL CENTRO, CA (FHA|USDA|VA) 1 $205,000 $205,000 $8,074 3.25%
YAKIMA, WA (FHA|USDA|VA) 1 $185,000 $185,000 $2,116 2.63%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 1 $175,000 $175,000 $6,924 3.00%
Clearlake, CA (FHA|USDA|VA) 1 $175,000 $175,000 $5,341 3.50%
Grand Rapids, MN (FHA|USDA|VA) 1 $165,000 $165,000 $6,308 2.75%
PORT ST. LUCIE, FL (FHA|USDA|VA) 1 $155,000 $155,000 $5,004 2.63%
PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 1 $155,000 $155,000 $4,389 2.38%
Willmar, MN (FHA|USDA|VA) 1 $135,000 $135,000 $3,096 3.13%
Laconia, NH (FHA|USDA|VA) 1 $115,000 $115,000 $3,946 3.25%
Susanville, CA (FHA|USDA|VA) 1 $115,000 $115,000 $3,977 3.25%
PUNTA GORDA, FL (FHA|USDA|VA) 1 $115,000 $115,000 $3,484 2.75%
SPRINGFIELD, MO (FHA|USDA|VA) 1 $95,000 $95,000 $2,939 3.25%
PRESCOTT VALLEY-PRESCOTT, AZ (FHA|USDA|VA) 1 $95,000 $95,000 $3,008 3.00%
ROCHESTER, MN (FHA|USDA|VA) 1 $65,000 $65,000 $2,393 3.25%
Ottawa, KS (FHA|USDA|VA) 1 $65,000 $65,000 $3,649 4.25%

Megastar Financial Corp.'s top markets include Denver, Minneapolis, Fort Collins, Breckenridge, and Kansas City among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 4,310 $1,520,600,000 $352,807 $4,074 3.08%
FHA 383 $115,455,000 $301,449 $9,722 2.93%
VA 223 $81,195,000 $364,103 $6,801 2.61%
USDA 42 $9,460,000 $225,238 $5,917 2.79%

For the 2021 period, Megastar Financial Corp.'s most frequently originated loan type of loans were Conventional, with 4,310 originations. Their 2nd most popular type is FHA, with 383 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 2,303 $902,545,000 $391,900 $5,464 3.06%
Refi 1,838 $566,170,000 $308,036 $3,739 2.95%
Cash Out Refi 817 $257,995,000 $315,783 $4,397 3.21%

For the 2021, Megastar Financial Corp.'s most frequently cited loan purpose of loans were Home Purchase, with 2,303 originations. The 2nd most popular reason of loans were Refi, with 1,838 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 4,314 $1,553,110,000 $360,016 $4,836 3.09%
15 Year 360 $93,820,000 $260,611 $3,493 2.59%
20 Year 209 $60,785,000 $290,837 $3,359 2.93%
Other 44 $13,490,000 $306,591 $2,933 3.13%
10 Year 31 $5,505,000 $177,581 $3,121 2.42%

For the 2021, Megastar Financial Corp.'s most frequently cited loan length of loans were 30 Year, with 4,314 originations. The 2nd most popular length of loans were 15 Year, with 360 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 2,591 $1,022,345,000 $394,575
$1k-2k 2,261 $669,435,000 $296,079
$3k-4k 60 $20,350,000 $339,167
$5k+ 32 $11,620,000 $363,125
$2k-3k 14 $2,960,000 $211,429

$4,836 of loans were Megastar Financial Corp.'s average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 2,591 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 2,242 $787,260,000 $351,142
2.5-3% 2,217 $781,125,000 $352,334
<2.5% 442 $142,060,000 $321,403
4-5% 57 $16,265,000 $285,351

During 2021, Megastar Financial Corp.'s average interest rate of loans were 3.09%, while their most frequently originated rate bucket of loans were 3-4%, with 2,242 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 2,594 $768,890,000 $296,411 $4,625 3.05%
$400k-600k 1,245 $606,315,000 $487,000 $4,816 3.03%
$100k-200k 790 $126,150,000 $159,684 $3,645 3.04%
$600k-1MM 212 $156,440,000 $737,925 $7,511 3.07%
$100,000 or less 68 $5,620,000 $82,647 $3,103 3.07%
$1MM+ 49 $63,295,000 $1,291,735 $7,575 3.08%

2021 saw Megastar Financial Corp. place emphasis on $200k-400k loans with 2,594 originations, totaling $768,890,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 1,243 $459,025,000 $369,288 $4,773 3.05%
$50k-75k 1,080 $286,690,000 $265,454 $4,471 3.05%
$75k-100k 932 $294,150,000 $315,612 $4,694 3.08%
$150k-250k 857 $372,225,000 $434,335 $4,648 3.02%
$50k or less 387 $72,335,000 $186,912 $4,262 3.04%
$250k+ 385 $218,885,000 $568,532 $5,095 3.06%

Megastar Financial Corp. lent most frequently to those with incomes in the $100k-150k range, with 1,243 originations. The second most popular income band? $50k-75k, with 1,080 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 1,149 $408,085,000 $355,165 $4,292 3.03%
30-36% 918 $324,510,000 $353,497 $4,426 3.06%
<20% 481 $157,895,000 $328,264 $3,912 2.88%
43% 189 $65,285,000 $345,423 $5,059 3.10%
44% 186 $61,930,000 $332,957 $5,006 3.12%
42% 181 $66,785,000 $368,978 $4,565 3.08%
39% 179 $64,185,000 $358,575 $4,695 3.10%
36% 177 $63,225,000 $357,203 $4,700 3.11%
37% 174 $59,680,000 $342,989 $4,602 3.08%
40% 170 $63,830,000 $375,471 $5,237 3.06%
38% 167 $57,915,000 $346,796 $4,602 3.04%
49% 165 $57,705,000 $349,727 $4,993 3.08%
41% 162 $55,370,000 $341,790 $4,869 3.07%
46% 151 $48,715,000 $322,616 $5,261 3.08%
45% 136 $47,050,000 $345,956 $5,028 3.09%
48% 124 $41,490,000 $334,597 $4,996 3.10%
47% 120 $39,190,000 $326,583 $4,599 3.09%
50-60% 113 $38,165,000 $337,743 $8,898 2.86%
>60% 16 $5,700,000 $356,250 $3,668 2.94%

Megastar Financial Corp. lent most frequently to those with DTI ratios of 20-30%, with 1,149 originations. The next most common DTI ratio? 30-36%, with 918 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 4,260 $1,473,300,000 $345,845 $4,558 3.04%
Not provided 413 $153,765,000 $372,312 $4,996 3.06%
Asian 126 $50,270,000 $398,968 $5,002 3.05%
Black 121 $37,775,000 $312,190 $6,088 3.04%
American Indian 32 $9,760,000 $305,000 $5,534 3.16%
Native Hawaiian 6 $1,840,000 $306,667 $3,944 3.25%

Approval Rates

Total approvals of all applications
98.57%

Megastar Financial Corp. 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
82.54%

Megastar Financial Corp. has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 4,958 $1,726,710,000 $348,267

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
4,958 $1,726,710,000 $348,267

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 288 $61,880,000 $214,861 $3,332 2.85%
40-60% 961 $295,525,000 $307,518 $3,702 2.96%
60-80% 1,803 $665,915,000 $369,337 $4,284 3.14%
80-100% 1,875 $698,305,000 $372,429 $5,703 3.03%
Over 100% 7 $1,905,000 $272,143 $6,006 2.82%
Under 20% 24 $3,180,000 $132,500 $2,980 2.83%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
MEGASTAR FINANCIAL CORP Conventional home mortgage Closing on a mortgage 1 14.3%
MEGASTAR FINANCIAL CORP Conventional home mortgage Trouble during payment process 2 28.6%
MEGASTAR FINANCIAL CORP FHA mortgage Closing on a mortgage 1 14.3%
MEGASTAR FINANCIAL CORP FHA mortgage Struggling to pay mortgage 2 28.6%
MEGASTAR FINANCIAL CORP VA mortgage Trouble during payment process 1 14.3%