Which mortgage lender in the Lincoln, AL area typically has the best rates? To help you narrow down where to shop for a mortgage, MortgageWaldo.com provides an objective and data driven ranking of mortgage lenders operating in the Lincoln, AL area by interest rate and market share. We maintain our independence by not accepting any compensation from the mortgage lenders we rank, and use data on all fixed rate mortgages that were closed in the past year to generate our rankings.
Going by historical data, the best mortgage lender in the Lincoln, AL area in terms of interest rate is Fairway Independent Mortgage Corporation, with an average “Rate Difference” of -0.05%. This means that, comparing similar borrowers, Fairway Independent Mortgage Corporation provided a -0.05% lower interest rate for its customers than other lenders in the area. Fairway Independent Mortgage Corporation has a market share of 29.8%. On the other hand, the most popular lender in the Lincoln, AL area is Quicken Loans, with a larger market share of 36.7%. Quicken Loans is an average lender in terms of the interest rate it offers, with a “Rate Difference” of +0.05% compared to those of other lenders in this area.
Our detailed ranking of mortgage lenders in the Lincoln, AL area is shown in the table below. In the table, we also give our assessment of whether they are, on average, a cheap/expensive lender through a star rating system. You can choose to tailor our ranking table to a specific mortgage type (Conventional/Jumbo/FHA/VA) and purpose (purchase/refinance) through the drop-down menu. For example, going by historical data, the cheapest lender for Conventional mortgages in Lincoln, AL is Renasant Bank. If you want to take out a loan that is above conforming limits (above $548,250 or $822,375 depending on the area in 2021), the cheapest Jumbo mortgage provider is Wells Fargo Bank. If on the other hand, you want lower down payment or credit score requirements, the cheapest FHA mortgage provider is Fairway Independent Mortgage Corporation. The cheapest VA mortgage provider is Regions Bank. Note that as a consumer advocate we always recommend shopping among several of our top ranked lenders in order to get the best rates and fees.
* Data is compiled for the Lincoln, AL commuting zone area, which comprises of counties of Clay County, AL, Coosa County, AL, Talladega County, AL, and Tallapoosa County, AL. This includes cities/towns/communities of Lincoln, AL as well as Jacksons Gap, AL, Oxford, AL, Sylacauga, AL, Talladega, AL, Alexander City, AL, Our Town, AL, Childersburg, AL, Hissop, AL, Reeltown, AL, Mount Olive, AL, Bon Air, AL, Lineville, AL, Oak Grove, AL, New Site, AL, Hackneyville, AL, Millerville, AL, Hollins, AL, Kellyton, AL, Ashland, AL, Camp Hill, AL, and Mignon, AL. Lenders must have made at least 30 loans in the area to be included. Source of the data is Federal Financial Institutions Examination Council (FFIEC). Rate Difference (the average difference of interest rates relative to those of other lenders) were computed by subtracting the rate at origination from the average predicted rate conditional on the commuting zone, borrower LTV, DTI, Loan Amount, Loan Type, and Loan Purpose, and then regularized based on a Bayesian approach to account for smaller sample sizes. Above-average mortgage closing costs were then added to the rate difference at a rate of +0.15/point. Star ratings were determined in intervals of 0.10% in rate difference per half star.