Homestar Mortgage Rates, Fees & Info
PROVIDENCE, RILEI: 549300XSSWN02I2YO728
Tax ID: 05-0490825
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Mortgage Data
Review & Overview
Homestar Mortgage is a smaller mortgage company specializing in Home Purchase loans. They have a a high proportion of FHA loans. Their top (well, only) market is Providence.Homestar Mortgage has an average approval rate when compared to the average across all lenders. Homestar Mortgage 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 FHA Purchase | 7.10% | 4/21/24 |
| 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. | ||
Homestar Mortgage 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
4Origination Dollar Volume (All Markets)
$930,000Top 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 |
|---|---|---|---|---|---|
| PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) | 4 | $930,000 | $232,500 | $5,271 | 4.38% |
Their top states include:
Similar Lenders
We use machine learning to identify the top lenders compared against Homestar Mortgage 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 |
|---|---|---|---|---|---|
| FHA | 4 | $930,000 | $232,500 | $5,271 | 4.38% |
For 2019, Homestar Mortgage's most frequently originated type of loan was FHA, with 4 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 4 | $930,000 | $232,500 | $5,271 | 4.38% |
For 2019, Homestar Mortgage's most frequently cited loan purpose was Home Purchase, with 4 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 4 | $930,000 | $232,500 | $5,271 | 4.38% |
For 2019, Homestar Mortgage's most frequently cited loan duration was 30 Year, with 4 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 2 | $460,000 | $230,000 |
| $1k-2k | 1 | $255,000 | $255,000 |
Homestar Mortgage's average total fees were $5,271, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 2 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 3 | $725,000 | $241,667 |
| 3-4% | 1 | $205,000 | $205,000 |
During 2019, Homestar Mortgage's average interest rate for loans was 4.38%, while their most frequently originated rate bucket for loans was 4-5%, with 3 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $200k-400k | 4 | $930,000 | $232,500 | $5,271 | 4.38% |
2019 saw Homestar Mortgage place emphasis on $200k-400k loans with 4 originations, totaling $930,000 in origination value.
Applicant Income
| Applicant Income | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $50k-75k | 2 | $470,000 | $235,000 | $5,784 | 4.50% |
| $75k-100k | 2 | $460,000 | $230,000 | $4,246 | 4.25% |
Homestar Mortgage lent most frequently to those with incomes in the $50k-75k range, with 2 originations. The second most popular income band? $75k-100k, with 2 originations.
Applicant Debt to Income Ratio
Homestar Mortgage lent most frequently to those with DTI ratios of 20-30%, with 1 originations. The next most common DTI ratio? 43%, with 1 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 3 | $675,000 | $225,000 | $4,967 | 4.38% |
| Not provided | 1 | $255,000 | $255,000 | $5,879 | 4.38% |
Approval Rates
Total approvals of all applications80.00%
Homestar Mortgage has a below average approval rate.
Pick Rate
Approvals leading to originationPoints and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 4 | $930,000 | $232,500 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 4 | $930,000 | $232,500 |
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 80-100% | 4 | $930,000 | $232,500 | $5,271 | 4.38% |
Complaints
| Bank Name | Product | Issue | 2019 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| HOMESTEAD FUNDING CORPORATION | Reverse mortgage | Closing on a mortgage | 1 | 100.0% |