Priority Home Lending Mortgage Rates, Fees & Info
WILMINGTON, DELEI: 549300XHPPLC0TBRV021
Tax ID: 46-1836968
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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 a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Seattle, Spokane, Portland, Bremerton, and Olympia among others. We have data for 30 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 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.68% | 4/22/24 |
| 30 Year Conventional Refi | 6.47% | 4/22/24 |
| 30 Year Cash-out Refi | 6.76% | 4/22/24 |
| 30 Year FHA Purchase | 7.18% | 4/22/24 |
| 30 Year VA Purchase | 6.29% | 4/22/24 |
| 15 Year Conventional Purchase | 6.16% | 4/22/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
969Origination Dollar Volume (All Markets)
$412,235,000Top 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) | 446 | $223,580,000 | $501,300 | $6,753 | 3.13% |
| SPOKANE-SPOKANE VALLEY, WA (FHA|USDA|VA) | 218 | $73,700,000 | $338,073 | $6,783 | 3.15% |
| PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) | 144 | $58,140,000 | $403,750 | $6,350 | 3.18% |
| BREMERTON-SILVERDALE-PORT ORCHARD, WA (FHA|USDA|VA) | 74 | $24,480,000 | $330,811 | $5,570 | 3.20% |
| OLYMPIA-LACEY-TUMWATER, WA (FHA|USDA|VA) | 11 | $4,185,000 | $380,455 | $10,127 | 3.15% |
| Outside of Metro Areas | 10 | $3,140,000 | $314,000 | $6,218 | 3.15% |
| BEND, OR (FHA|USDA|VA) | 7 | $2,885,000 | $412,143 | $7,614 | 3.18% |
| WENATCHEE, WA (FHA|USDA|VA) | 5 | $2,035,000 | $407,000 | $4,396 | 3.35% |
| Centralia, WA (FHA|USDA|VA) | 5 | $1,895,000 | $379,000 | $7,818 | 3.05% |
| Shelton, WA (FHA|USDA|VA) | 4 | $1,810,000 | $452,500 | $6,046 | 3.41% |
| Outside of Metro Areas | 5 | $1,665,000 | $333,000 | $5,577 | 3.10% |
| BELLINGHAM, WA (FHA|USDA|VA) | 5 | $1,555,000 | $311,000 | $5,081 | 3.03% |
| MOUNT VERNON-ANACORTES, WA (FHA|USDA|VA) | 4 | $1,500,000 | $375,000 | $8,407 | 3.34% |
| EUGENE-SPRINGFIELD, OR (FHA|USDA|VA) | 4 | $1,430,000 | $357,500 | $6,808 | 3.47% |
| Aberdeen, WA (FHA|USDA|VA) | 4 | $1,420,000 | $355,000 | $5,039 | 2.94% |
| SALEM, OR (FHA|USDA|VA) | 3 | $1,225,000 | $408,333 | $11,317 | 3.29% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 3 | $1,135,000 | $378,333 | $7,219 | 3.13% |
| Oak Harbor, WA (FHA|USDA|VA) | 3 | $1,015,000 | $338,333 | $3,956 | 2.96% |
| KENNEWICK-RICHLAND, WA (FHA|USDA|VA) | 3 | $955,000 | $318,333 | $5,198 | 3.13% |
| Moses Lake, WA (FHA|USDA|VA) | 1 | $625,000 | $625,000 | $9,479 | 3.25% |
| BOISE CITY, ID (FHA|USDA|VA) | 1 | $605,000 | $605,000 | $0 | 3.88% |
| Astoria, OR (FHA|USDA|VA) | 1 | $545,000 | $545,000 | $6,541 | 3.13% |
| NAPA, CA (FHA|USDA|VA) | 1 | $475,000 | $475,000 | $5,294 | 3.13% |
| TUCSON, AZ (FHA|USDA|VA) | 1 | $465,000 | $465,000 | $2,461 | 3.38% |
| YAKIMA, WA (FHA|USDA|VA) | 1 | $405,000 | $405,000 | $14,036 | 3.25% |
| WALLA WALLA, WA (FHA|USDA|VA) | 1 | $375,000 | $375,000 | $9,160 | 3.38% |
| SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $5,782 | 3.00% |
| Hermiston-Pendleton, OR (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $5,669 | 2.88% |
| Newport, OR (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $3,332 | 3.25% |
| Othello, WA (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $5,128 | 2.75% |
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.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 860 | $368,800,000 | $428,837 | $6,108 | 3.15% |
| VA | 57 | $24,235,000 | $425,175 | $9,447 | 2.98% |
| FHA | 52 | $19,200,000 | $369,231 | $11,923 | 3.27% |
For 2021, Priority Home Lending's most frequently originated type of loan was Conventional, with 860 originations. Their 2nd most popular type was VA, with 57 originations.
Loan Reason
For 2021, Priority Home Lending's most frequently cited loan purpose was Home Purchase, with 638 originations. The 2nd most popular reason was Refi, with 193 originations.
Loan Duration/Length
For 2021, Priority Home Lending's most frequently cited loan duration was 30 Year, with 920 originations. The 2nd most popular length was 15 Year, with 33 originations.
Origination Fees/Closing Costs
Priority Home Lending's average total fees were $6,722, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 407 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 583 | $249,765,000 | $428,413 |
| 2.5-3% | 342 | $145,420,000 | $425,205 |
| <2.5% | 26 | $9,700,000 | $373,077 |
| 4-5% | 17 | $7,085,000 | $416,765 |
| 5-6% | 1 | $265,000 | $265,000 |
During 2021, Priority Home Lending's average interest rate for loans was 3.17%, while their most frequently originated rate bucket for loans was 3-4%, with 583 originations.
Loan Sizing
2021 saw Priority Home Lending place emphasis on $200k-400k loans with 423 originations, totaling $130,475,000 in origination value.
Applicant Income
Priority Home Lending lent most frequently to those with incomes in the $100k-150k range, with 253 originations. The second most popular income band? $150k-250k, with 191 originations.
Applicant Debt to Income Ratio
Priority Home Lending lent most frequently to those with DTI ratios of 30-36%, with 194 originations. The next most common DTI ratio? 20-30%, with 172 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications98.25%
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 origination89.68%
Priority Home Lending has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 969 | $412,235,000 | $425,423 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2021 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Priority Financial Services | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 100.0% |