Homestar Mortgage Rates, Fees & Info

PROVIDENCE, RI

LEI: 549300XSSWN02I2YO728

Tax ID: 05-0490825

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

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Homestar Mortgage is a smaller mortgage company specializing in Home Purchase loans. They have a a high proportion of FHA loans. Homestar Mortgage has a low ratio of conventional loans. Their top two markets are Providence and Worcester .

    Homestar Mortgage has an average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar 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 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 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

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

    This is not an official calculator from Homestar Mortgage. 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

    93

    Origination Dollar Volume (All Markets)

    $25,285,000

    Awards

    Homestar Mortgage FHA Loans gold
    Show all (1) awards

    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
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 92 $24,990,000 $271,630 $6,537 5.58%
    WORCESTER, MA-CT (FHA|USDA|VA) 1 $295,000 $295,000 $11,390 3.25%
    Homestar Mortgage's top markets include Providence and Worcester among others.

    Their top states include:
  • Rhode Island (FHA|USDA|VA)
  • Massachusetts (FHA|USDA|VA)

    • 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.

    Bridgewater Savings Bank
    Similarity Rank: 138
    Homestar Mortgage, Inc.
    Similarity Rank: 166
    SOMERSET
    Similarity Rank: 169
    OCEAN STATE CREDIT UNION
    Similarity Rank: 252
    Poli Mortgage Group, Inc.
    Similarity Rank: 352
    Beeline Loans, Inc.
    Similarity Rank: 430
    Sharon & Crescent United Credit Union
    Similarity Rank: 460
    Rhode Island Credit Union
    Similarity Rank: 510
    Bristol County Savings Bank
    Similarity Rank: 592
    CONWAY FINANCIAL SERVICES, LLC
    Similarity Rank: 660

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    FHA 91 $24,895,000 $273,571 $6,683 5.60%
    Conventional 2 $390,000 $195,000 $2,319 3.25%

    For 2020, Homestar Mortgage's most frequently originated type of loan was FHA, with 91 originations. Their 2nd most popular type was Conventional, with 2 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 77 $21,305,000 $276,688 $6,446 6.03%
    Refi 13 $3,115,000 $239,615 $6,938 3.17%
    Cash Out Refi 3 $865,000 $288,333 $8,738 3.67%

    For 2020, Homestar Mortgage's most frequently cited loan purpose was Home Purchase, with 77 originations. The 2nd most popular reason was Refi, with 13 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 93 $25,285,000 $271,882 $6,589 5.55%

    For 2020, Homestar Mortgage's most frequently cited loan duration was 30 Year, with 93 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 56 $15,560,000 $277,857
    $1k-2k 30 $8,020,000 $267,333
    $2k-3k 5 $1,065,000 $213,000
    $3k-4k 1 $345,000 $345,000
    $5k+ 1 $295,000 $295,000

    Homestar Mortgage's average total fees were $6,589, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 56 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 59 $15,245,000 $258,390
    2.5-3% 14 $4,080,000 $291,429
    4-5% 14 $4,050,000 $289,286
    <2.5% 4 $1,470,000 $367,500
    Over 8% 2 $440,000 $220,000

    During 2020, Homestar Mortgage's average interest rate for loans was 5.55%, while their most frequently originated rate bucket for loans was 3-4%, with 59 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 74 $20,710,000 $279,865 $6,565 4.86%
    $100k-200k 14 $2,590,000 $185,000 $5,590 10.12%
    $400k-600k 4 $1,890,000 $472,500 $11,645 3.00%
    $100,000 or less 1 $95,000 $95,000 $2,106 3.63%

    2020 saw Homestar Mortgage place emphasis on $200k-400k loans with 74 originations, totaling $20,710,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 47 $12,535,000 $266,702 $6,518 7.58%
    $75k-100k 22 $5,870,000 $266,818 $6,138 3.32%
    $100k-150k 13 $4,515,000 $347,308 $8,025 3.72%
    $50k or less 9 $1,775,000 $197,222 $5,752 3.53%
    $150k-250k 2 $590,000 $295,000 $7,637 3.63%

    Homestar Mortgage lent most frequently to those with incomes in the $50k-75k range, with 47 originations. The second most popular income band? $75k-100k, with 22 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    50-60% 22 $5,910,000 $268,636 $6,713 3.59%
    30-36% 11 $3,465,000 $315,000 $7,294 12.05%
    45% 8 $2,060,000 $257,500 $6,130 3.31%
    47% 8 $2,430,000 $303,750 $6,474 15.50%
    20-30% 6 $1,550,000 $258,333 $5,548 3.48%
    42% 4 $1,160,000 $290,000 $6,532 3.19%
    40% 4 $960,000 $240,000 $8,043 3.38%
    41% 4 $900,000 $225,000 $5,988 3.84%
    37% 4 $1,030,000 $257,500 $6,495 3.66%
    43% 4 $830,000 $207,500 $4,281 3.44%
    39% 4 $1,080,000 $270,000 $6,439 3.69%
    46% 3 $885,000 $295,000 $6,780 3.00%
    36% 2 $540,000 $270,000 $5,569 3.63%
    48% 2 $650,000 $325,000 $8,735 3.63%
    49% 2 $660,000 $330,000 $10,787 3.38%
    38% 1 $175,000 $175,000 $3,909 3.63%
    44% 1 $285,000 $285,000 $5,482 4.50%

    Homestar Mortgage lent most frequently to those with DTI ratios of 50-60%, with 22 originations. The next most common DTI ratio? 30-36%, with 11 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 76 $20,670,000 $271,974 $6,560 4.75%
    Black 13 $3,455,000 $265,769 $6,650 10.94%
    Not provided 3 $885,000 $295,000 $7,377 3.21%
    Asian 1 $275,000 $275,000 $5,651 3.63%

    Approval Rates

    Total approvals of all applications
    87.50%

    Homestar Mortgage has an average approval rate.

    Pick Rate

    Approvals leading to origination
    95.70%

    Homestar Mortgage has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 93 $25,285,000 $271,882

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 93 $25,285,000 $271,882

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    60-80% 5 $1,275,000 $255,000 $7,422 3.20%
    80-100% 88 $24,010,000 $272,841 $6,542 5.69%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    HOMESTAR FINANCIAL CORPORATION Conventional home mortgage Trouble during payment process 3 75.0%
    HOMESTAR FINANCIAL CORPORATION Other type of mortgage Struggling to pay mortgage 1 25.0%