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 a low 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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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% |