Synergy Home Mortgage Rates, Fees & Info
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Mortgage Data
Review & Overview
Synergy Home Mortgage is a smaller mortgage company specializing in Home Purchase loans. Synergy Home Mortgage 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: Reno, Gardnerville Ranchos, Carson City, Fernley, and Sacramento among others. We have data for 10 markets. (Some data included below & more in-depth data is available with an active subscription.)Synergy Home Mortgage 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. Synergy Home 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 Conventional Purchase | 6.75% | 4/28/24 |
| 30 Year Conventional Refi | 6.61% | 4/28/24 |
| 30 Year Cash-out Refi | 6.82% | 4/28/24 |
| 30 Year FHA Purchase | 7.49% | 4/28/24 |
| 30 Year VA Purchase | 6.46% | 4/28/24 |
| 15 Year Conventional Purchase | 5.67% | 4/28/24 |
| 15 Year Conventional Refi | 5.86% | 4/28/24 |
| 15 Year Cash-out Refi | 5.86% | 4/28/24 |
| 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. | ||
Synergy Home Mortgage Mortgage Calculator
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This is not an official calculator from Synergy Home Mortgage. It uses our SimulatedRate™
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
158Origination Dollar Volume (All Markets)
$70,420,000Top 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 |
|---|---|---|---|---|---|
| RENO, NV (FHA|USDA|VA) | 137 | $61,175,000 | $446,533 | $6,016 | 4.76% |
| Gardnerville Ranchos, NV (FHA|USDA|VA) | 5 | $3,525,000 | $705,000 | $5,548 | 4.55% |
| CARSON CITY, NV (FHA|USDA|VA) | 5 | $1,775,000 | $355,000 | $5,194 | 5.68% |
| Fernley, NV (FHA|USDA|VA) | 3 | $935,000 | $311,667 | $6,104 | 4.00% |
| SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) | 2 | $850,000 | $425,000 | $6,151 | 4.18% |
| Winnemucca, NV (FHA|USDA|VA) | 2 | $610,000 | $305,000 | $11,138 | 6.06% |
| Truckee-Grass Valley, CA (FHA|USDA|VA) | 1 | $605,000 | $605,000 | $6,139 | 6.75% |
| SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) | 1 | $405,000 | $405,000 | $6,521 | 3.63% |
| LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) | 1 | $335,000 | $335,000 | $5,093 | 4.50% |
| Outside of Metro Areas | 1 | $205,000 | $205,000 | $4,378 | 3.75% |
Similar Lenders
We use machine learning to identify the top lenders compared against SYNERGY HOME 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 |
|---|---|---|---|---|---|
| Conventional | 149 | $66,765,000 | $448,087 | $5,753 | 4.75% |
| FHA | 7 | $2,505,000 | $357,857 | $12,027 | 5.25% |
| VA | 2 | $1,150,000 | $575,000 | $5,744 | 4.69% |
For 2022, Synergy Home Mortgage's most frequently originated type of loan was Conventional, with 149 originations. Their 2nd most popular type was FHA, with 7 originations.
Loan Reason
For 2022, Synergy Home Mortgage's most frequently cited loan purpose was Home Purchase, with 124 originations. The 2nd most popular reason was Cash Out Refi, with 26 originations.
Loan Duration/Length
For 2022, Synergy Home Mortgage's most frequently cited loan duration was 30 Year, with 150 originations. The 2nd most popular length was 15 Year, with 5 originations.
Origination Fees/Closing Costs
Synergy Home Mortgage's average total fees were $6,115, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 59 originations.
Interest Rates
During 2022, Synergy Home Mortgage's average interest rate for loans was 4.86%, while their most frequently originated rate bucket for loans was 3-4%, with 46 originations.
Loan Sizing
2022 saw Synergy Home Mortgage place emphasis on $200k-400k loans with 67 originations, totaling $20,645,000 in origination value.
Applicant Income
| Applicant Income | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $50k or less | 158 | $70,420,000 | $445,696 | $6,031 | 4.77% |
Synergy Home Mortgage lent most frequently to those with incomes in the $50k or less range, with 158 originations.
Applicant Debt to Income Ratio
Synergy Home Mortgage lent most frequently to those with DTI ratios of 30-36%, with 31 originations. The next most common DTI ratio? 20-30%, with 25 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications98.61%
Synergy Home 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 origination68.35%
Synergy Home Mortgage has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 158 | $70,420,000 | $445,696 |