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. Homestar Mortgage has an average proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Providence, Worcester, and Norwich among others. We have data for 3 markets. (Some data included below & more in-depth data is available with an active subscription.)Homestar Mortgage has an above 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 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.
Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.
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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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
73Origination Dollar Volume (All Markets)
$22,855,000Awards
Homestar Mortgage - 2021
Homestar Mortgage is a 2021 , due to their low .
For 2021, less than of lenders were eligible for this award.
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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) | 70 | $21,950,000 | $313,571 | $7,468 | 2.96% |
| WORCESTER, MA-CT (FHA|USDA|VA) | 2 | $740,000 | $370,000 | $5,728 | 2.88% |
| NORWICH-NEW LONDON, CT (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $2,871 | 3.00% |
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.
Similarity Rank: 87
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| FHA | 67 | $21,145,000 | $315,597 | $7,683 | 2.95% |
| Conventional | 5 | $1,345,000 | $269,000 | $3,004 | 3.08% |
| USDA | 1 | $365,000 | $365,000 | $7,345 | 2.88% |
For 2021, Homestar Mortgage's most frequently originated type of loan was FHA, with 67 originations. Their 2nd most popular type was Conventional, with 5 originations.
Loan Reason
For 2021, Homestar Mortgage's most frequently cited loan purpose was Home Purchase, with 56 originations. The 2nd most popular reason was Refi, with 10 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 71 | $22,535,000 | $317,394 | $7,529 | 2.96% |
| 15 Year | 1 | $15,000 | $15,000 | $0 | 3.13% |
| 20 Year | 1 | $305,000 | $305,000 | $2,546 | 2.38% |
For 2021, Homestar Mortgage's most frequently cited loan duration was 30 Year, with 71 originations. The 2nd most popular length was 15 Year, with 1 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $1k-2k | 38 | $11,980,000 | $315,263 |
| $<1k | 33 | $10,305,000 | $312,273 |
| $2k-3k | 2 | $570,000 | $285,000 |
Homestar Mortgage's average total fees were $7,529, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 38 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 2.5-3% | 38 | $11,510,000 | $302,895 |
| 3-4% | 30 | $9,580,000 | $319,333 |
| <2.5% | 5 | $1,765,000 | $353,000 |
During 2021, Homestar Mortgage's average interest rate for loans was 2.96%, while their most frequently originated rate bucket for loans was 2.5-3%, with 38 originations.
Loan Sizing
2021 saw Homestar Mortgage place emphasis on $200k-400k loans with 58 originations, totaling $18,020,000 in origination value.
Applicant Income
Homestar Mortgage lent most frequently to those with incomes in the $50k-75k range, with 30 originations. The second most popular income band? $75k-100k, with 22 originations.
Applicant Debt to Income Ratio
Homestar Mortgage lent most frequently to those with DTI ratios of 50-60%, with 15 originations. The next most common DTI ratio? 45%, with 8 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications97.56%
Homestar Mortgage has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination93.15%
Homestar Mortgage has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 73 | $22,855,000 | $313,082 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2021 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| HOMESTAR FINANCIAL CORPORATION | Conventional home mortgage | Trouble during payment process | 3 | 37.5% |
| HOMESTAR FINANCIAL CORPORATION | FHA mortgage | Applying for a mortgage or refinancing an existing mortgage | 2 | 25.0% |
| HOMESTAR FINANCIAL CORPORATION | FHA mortgage | Closing on a mortgage | 1 | 12.5% |
| HOMESTAR FINANCIAL CORPORATION | VA mortgage | Closing on a mortgage | 1 | 12.5% |
| HOMESTAR FINANCIAL CORPORATION | VA mortgage | Trouble during payment process | 1 | 12.5% |