Is Pathfinder Bank a cheap or expensive mortgage lender? To help you shop for a mortgage, we compare the interest rates and closing costs charged by Pathfinder Bank to those of other lenders for a comparable set of borrowers. Here is our review of Pathfinder Bank nationally:
|Review Item||Pathfinder Bank|
|Interest Rate||higher than other lenders (+0.16%)|
|Loan Related Closing Costs||lower than other lenders (-$455)|
|National Rate and Closing Cost Star Rating||(3)|
On average, Pathfinder Bank’s interest rates were higher than those of other lenders (+0.16%). On the other hand, its loan related closing costs were lower than those of other lenders, with a difference of -$455. Overall, combining interest rates and closing costs we estimate that Pathfinder Bank tends to be an average cost lender, and give it a National Rate and Closing Costs Rating of 3 out of 5 stars.
We maintain our independence by not accepting any money from the mortgage lenders we review. To visit Pathfinder Bank, check out its website at: https://www.pathfinderbank.com.
Pathfinder Bank’s Rate Review by City
Mortgage lenders often set different rates in different geographical markets. For our list of the top mortgage lenders by city, click here. In particular, among the cities we track Pathfinder Bank was most active in:
Pathfinder Bank’s Rate Review by Mortgage Type
Mortgage lenders also tend to charge different interest rates and closing costs depending on the type of mortgage. In our data, Pathfinder Bank originated Conforming and Jumbo mortgages for new home purchases. It also originated Conforming mortgages for refinances. Its average interest rate and total loan related closing cost difference relative to other lenders for comparable borrowers by mortgages type is as follows.
|New Purchase Mortgages||Conforming||Jumbo|
|Interest Rate Difference||+0.14%||+0.01%|
|Loan Related Closing Cost Difference||-$414||-$33|
|Cost Adjusted Rate Difference||+0.07%||+0.01%|
|National Star Rating|
|Interest Rate Difference||+0.20%|
|Loan Related Closing Cost Difference||-$524|
|Cost Adjusted Rate Difference||+0.08%|
|Average Star Rating|
As a summary, Pathfinder Bank is similar to other lenders for Jumbo purchase mortgages. It is more expensive than other lenders for Conforming purchase mortgages. For refinancing mortgages, Pathfinder Bank is more expensive than other lenders for Conforming mortgage refinance. Nevertheless, individual circumstances can matter a lot for mortgage rates, and we always recommend shopping among several of our top mortgage lenders in your area before signing.
Other information about Pathfinder Bank:
Registered city and state: OSWEGO, NY, 13126
Regulator: Federal Deposit Insurance Corporation (FDIC)
Top holder: PATHFINDER BANCORP, INC.
* Source of the data is Federal Financial Institutions Examination Council (FFIEC) and is for mortgages originated in the past year. Our comparable mortgages analysis controls for Pathfinder Bank’s distribution of loan term (e.g. 30 year vs 15 year), loan-to-value (LTV), debt-to-income (DTI), loan amount, loan program (e.g. Conforming/FHA), loan purpose (e.g. purchase/refinance), and commuting zone. Cost adjusted rates were computed based on each percent of the loan amount in above average loan related closing costs being worth +0.15 of a percentage point in interest rate. Furthermore, the amounts are regularized using a Bayesian approach to control for small samples.