Priority Home Lending Mortgage Rates, Fees & Info

WILMINGTON, DE

LEI: 549300XHPPLC0TBRV021

Tax ID: 46-1836968

2 stars - Updated: 7/11/24 - out of 5 stars, based on 19 reviews

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

Review & Overview

Priority Home Lending is a smaller mortgage company specializing in Home Purchase loans. Priority Home Lending has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets by origination volume include: Seattle, Portland, Bremerton, Sandpoint, and Bend among others. We have data for 29 markets. (Some data included below & more in-depth data is available with an active subscription.)

Priority Home Lending 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. Priority Home Lending is typically a high 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 relatively high 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
30 Year Conventional Purchase 6.68% 7/11/24
30 Year Conventional Refi 6.47% 7/11/24
30 Year Cash-out Refi 6.76% 7/11/24
30 Year FHA Purchase 7.18% 7/11/24
30 Year VA Purchase 6.29% 7/11/24
15 Year Conventional Purchase 6.16% 7/11/24
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.

Priority Home Lending Mortgage Calculator






Your Estimates

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

This is not an official calculator from Priority Home Lending. 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

348

Origination Dollar Volume (All Markets)

$170,510,000

Awards

PRIORITY HOME LENDING FHA Loans silver PRIORITY HOME LENDING FHA Loans gold PRIORITY HOME LENDING FHA Loans gold PRIORITY HOME LENDING VA Loans bronze
Show all (4) awards

Relative Rate

Priority Home Lending's average 30 year fixed mortgage rate was 6.62%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of 0.14%.

Relative Fees (Closing Costs)

Priority Home Lending's average total fees/closing costs for a 30 year fixed rate mortgage were $11,672.

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 $9,089.

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
Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 179 $103,045,000 $575,670 $11,689 6.80%
PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 66 $27,040,000 $409,697 $13,466 6.28%
Outside of Metro Areas 20 $7,770,000 $388,500 $10,249 6.46%
BREMERTON-SILVERDALE-PORT ORCHARD, WA (FHA|USDA|VA) 15 $6,345,000 $423,000 $7,610 7.15%
Sandpoint, ID (FHA|USDA|VA) 10 $4,100,000 $410,000 $8,642 6.52%
BEND, OR (FHA|USDA|VA) 7 $3,455,000 $493,571 $14,795 6.48%
Outside of Metro Areas 8 $2,780,000 $347,500 $12,847 6.55%
SPOKANE-SPOKANE VALLEY, WA (FHA|USDA|VA) 8 $2,690,000 $336,250 $6,765 6.75%
Oak Harbor, WA (FHA|USDA|VA) 3 $1,875,000 $625,000 $4,820 7.63%
SALEM, OR (FHA|USDA|VA) 5 $1,865,000 $373,000 $14,494 6.53%
OLYMPIA-LACEY-TUMWATER, WA (FHA|USDA|VA) 5 $1,455,000 $291,000 $8,470 5.75%
LONGVIEW, WA (FHA|USDA|VA) 2 $880,000 $440,000 $7,345 6.75%
The Dalles, OR (FHA|USDA|VA) 2 $680,000 $340,000 $10,036 5.13%
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 1 $645,000 $645,000 $20,203 7.38%
Pullman, WA (FHA|USDA|VA) 2 $630,000 $315,000 $9,140 6.06%
Centralia, WA (FHA|USDA|VA) 2 $530,000 $265,000 $9,620 7.06%
MOUNT VERNON-ANACORTES, WA (FHA|USDA|VA) 1 $515,000 $515,000 $17,236 6.99%
Shelton, WA (FHA|USDA|VA) 1 $485,000 $485,000 $20,281 6.13%
MISSOULA, MT (FHA|USDA|VA) 1 $465,000 $465,000 $14,285 6.88%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 1 $455,000 $455,000 $7,923 6.49%
COLORADO SPRINGS, CO (FHA|USDA|VA) 1 $425,000 $425,000 $1,598 5.99%
BOISE CITY, ID (FHA|USDA|VA) 1 $405,000 $405,000 $18,418 5.13%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 1 $375,000 $375,000 $13,721 7.25%
Aberdeen, WA (FHA|USDA|VA) 1 $355,000 $355,000 $16,206 6.75%
Port Angeles, WA (FHA|USDA|VA) 1 $315,000 $315,000 $9,628 7.00%
Moscow, ID (FHA|USDA|VA) 1 $275,000 $275,000 $12,288 6.99%
Hermiston-Pendleton, OR (FHA|USDA|VA) 1 $255,000 $255,000 $5,054 6.63%
LEWISTON, ID-WA (FHA|USDA|VA) 1 $225,000 $225,000 $5,858 6.63%
TUCSON, AZ (FHA|USDA|VA) 1 $175,000 $175,000 $8,531 6.88%
Priority Home Lending's top markets include Seattle, Portland, Bremerton, Sandpoint, and Bend among others.

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

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

    INROADS
    Similarity Rank: 238
    KITSAP Credit Union
    Similarity Rank: 238
    LO, INC.
    Similarity Rank: 492
    CU HOME MORTGAGE SOLUTIONS, LLC
    Similarity Rank: 693
    Clackamas Federal Credit Union
    Similarity Rank: 776
    COLUMBIA COMMUNITY CREDIT UNION
    Similarity Rank: 988
    FIBRE FEDERAL CREDIT UNION
    Similarity Rank: 1281
    ADVANTIS
    Similarity Rank: 1288

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 283 $139,835,000 $494,117 $10,525 6.77%
    FHA 50 $23,040,000 $460,800 $17,384 6.04%
    VA 15 $7,635,000 $509,000 $10,594 6.21%

    For 2023, Priority Home Lending's most frequently originated type of loan was Conventional, with 283 originations. Their 2nd most popular type was FHA, with 50 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 340 $167,140,000 $491,588 $11,578 6.63%
    Other 3 $1,425,000 $475,000 $8,421 7.50%
    Refi 2 $1,270,000 $635,000 $14,584 6.50%
    Cash Out Refi 2 $420,000 $210,000 $11,143 6.43%
    Home Improvement 1 $255,000 $255,000 $5,786 8.25%

    For 2023, Priority Home Lending's most frequently cited loan purpose was Home Purchase, with 340 originations. The 2nd most popular reason was Other, with 3 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 342 $169,540,000 $495,731 $11,672 6.62%
    15 Year 5 $955,000 $191,000 $4,192 7.30%
    10 Year 1 $15,000 $15,000 $275 9.63%

    For 2023, Priority Home Lending's most frequently cited loan duration was 30 Year, with 342 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
    $5k+ 190 $102,150,000 $537,632
    $1k-2k 45 $25,365,000 $563,667
    $<1k 33 $11,905,000 $360,758
    $4k-5k 26 $9,190,000 $353,462
    $3k-4k 23 $8,755,000 $380,652
    $2k-3k 19 $8,065,000 $424,474

    Priority Home Lending's average total fees were $11,672, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 190 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 145 $73,865,000 $509,414
    7-8% 102 $54,620,000 $535,490
    5-6% 70 $30,380,000 $434,000
    Over 8% 19 $8,755,000 $460,789
    4-5% 7 $2,815,000 $402,143
    <2.5% 5 $75,000 $15,000

    During 2023, Priority Home Lending's average interest rate for loans was 6.62%, while their most frequently originated rate bucket for loans was 6-7%, with 145 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $400k-600k 134 $65,680,000 $490,149 $12,281 6.66%
    $200k-400k 104 $33,250,000 $319,712 $9,397 6.60%
    $600k-1MM 82 $59,880,000 $730,244 $14,534 7.00%
    $100k-200k 14 $2,310,000 $165,000 $6,045 6.60%
    $100,000 or less 8 $110,000 $13,750 $247 3.50%
    $1MM+ 6 $9,280,000 $1,546,667 $19,352 6.48%

    2023 saw Priority Home Lending place emphasis on $400k-600k loans with 134 originations, totaling $65,680,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 96 $54,680,000 $569,583 $12,273 6.88%
    $100k-150k 93 $40,645,000 $437,043 $11,536 6.59%
    $75k-100k 67 $23,315,000 $347,985 $11,218 6.35%
    $250k+ 58 $42,350,000 $730,172 $12,527 7.17%
    $50k-75k 28 $7,400,000 $264,286 $8,565 5.73%
    $50k or less 6 $2,120,000 $353,333 $8,956 6.08%

    Priority Home Lending lent most frequently to those with incomes in the $150k-250k range, with 96 originations. The second most popular income band? $100k-150k, with 93 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 48 $22,540,000 $469,583 $10,057 6.87%
    30-36% 46 $24,580,000 $534,348 $11,079 6.87%
    49% 33 $13,095,000 $396,818 $10,282 6.33%
    50-60% 23 $11,275,000 $490,217 $18,862 5.93%
    45% 21 $10,295,000 $490,238 $11,828 6.35%
    43% 21 $10,525,000 $501,190 $9,423 6.95%
    44% 20 $9,450,000 $472,500 $12,107 6.99%
    47% 18 $8,410,000 $467,222 $11,089 6.73%
    48% 18 $7,760,000 $431,111 $10,914 6.01%
    41% 16 $7,720,000 $482,500 $12,516 6.59%
    46% 14 $5,090,000 $363,571 $10,559 6.61%
    38% 14 $10,390,000 $742,143 $15,680 6.83%
    40% 13 $5,785,000 $445,000 $12,162 6.86%
    36% 12 $5,930,000 $494,167 $10,561 6.75%
    37% 10 $4,840,000 $484,000 $10,150 6.60%
    42% 9 $6,235,000 $692,778 $9,795 6.96%
    39% 6 $3,130,000 $521,667 $13,633 6.29%
    <20% 5 $2,785,000 $557,000 $9,507 6.93%
    >60% 1 $675,000 $675,000 $0 7.25%

    Priority Home Lending lent most frequently to those with DTI ratios of 20-30%, with 48 originations. The next most common DTI ratio? 30-36%, with 46 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 239 $113,485,000 $474,833 $11,383 6.68%
    Not provided 43 $22,385,000 $520,581 $11,630 6.58%
    Asian 27 $16,435,000 $608,704 $12,296 6.77%
    Black 16 $7,790,000 $486,875 $13,084 6.23%
    American Indian 10 $3,550,000 $355,000 $13,641 6.42%
    Chinese 3 $1,605,000 $535,000 $6,798 5.79%
    Native Hawaiian or Islander 3 $1,545,000 $515,000 $10,041 6.96%
    Other Asian 2 $1,050,000 $525,000 $12,552 6.75%
    Other Pacific Islander 2 $1,030,000 $515,000 $2,848 7.63%
    Korean 1 $675,000 $675,000 $21,714 6.38%
    Japanese 1 $495,000 $495,000 $11,516 6.50%
    Asian Indian 1 $465,000 $465,000 $9,317 6.49%

    Approval Rates

    Total approvals of all applications
    97.91%

    Priority Home Lending 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
    78.74%

    Priority Home Lending has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 348 $170,510,000 $489,971

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    348 $170,510,000 $489,971

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 19 $4,755,000 $250,263 $6,336 7.22%
    40-60% 42 $21,270,000 $506,429 $10,972 6.77%
    60-80% 81 $45,905,000 $566,728 $11,401 6.86%
    80-100% 192 $95,550,000 $497,656 $12,519 6.62%
    Over 100% 5 $2,775,000 $555,000 $17,244 6.20%
    Under 20% 9 $255,000 $28,333 $1,296 3.75%