MidFirst Bank Mortgage Interest Rate and Cost Review

Is MidFirst Bank a cheap or expensive mortgage lender? We compare the interest rates and closing costs charged by MidFirst Bank with other lenders for comparable mortgages. Nationally, here is what we find:

Interest Ratesimilar to average (-0.07%)
Loan Related Closing Costslower than average (-$344)
National Rate and Closing Cost Rating(4.0)

On average, MidFirst Bank’s interest rates were similar to those of other lenders (-0.07%) for a comparable set of borrowers. Its average total loan related closing cost was lower than those of other lenders, with a difference of -$344. Overall, combining interest rates and closing costs we estimate that MidFirst Bank tends to be a cheap lender, and give it a National Rate and Closing Costs Rating of 4.0 out of 5.0 stars.

MidFirst Bank’s Rates by Area

Mortgage lenders often set different rates in different geographical markets. In particular, among the markets we track MidFirst Bank was most active in:

  1. Oklahoma City, OK
  2. Phoenix, AZ
  3. Tulsa, OK
  4. Denver, CO
  5. Dallas, TX

Furthermore, MidFirst Bank is our top ranked mortgage lender in terms of interest rate and closing costs in:

  1. Oklahoma City, OK, for FHA, and Jumbo mortgages
  2. Tulsa, OK, for Jumbo mortgages

You can click through to check out MidFirst Bank’s mortgage rate competitiveness by area. Or, for our data driven ranking of all the top mortgage lenders by area, click here.

MidFirst Bank’s Rates by Mortgage Type

Mortgage lenders also tend to charge different interest rates and closing costs depending on the type of mortgage. In our data, MidFirst Bank originated Conforming, FHA, Jumbo, USDA and VA mortgages for new home purchases. It also originated Conforming, FHA, Jumbo and VA mortgages for refinances. We breakdown its interest rate and total loan related closing cost difference relative to other lenders for comparable mortgages by type in the table below.

New Purchase MortgagesConformingFHAJumboUSDAVA
Interest Rate Difference-0.13%-0.25%-0.04%-0.06%-0.08%
Loan Related Closing Cost Difference-$293-$271-$136-$15+$11
Cost Adjusted Rate Difference-0.16%-0.28%-0.04%-0.06%-0.08%
Star Rating(4.5)(5.0)(3.5)(4.0)(4.0)
Refinance MortgagesConformingFHAJumboVA
Interest Rate Difference+0.04%-0.04%-0.05%-0.00%
Loan Related Closing Cost Difference-$553-$31-$163-$20
Cost Adjusted Rate Difference-0.04%-0.05%-0.05%-0.01%
Star Rating(3.5)(3.5)(3.5)(3.5)

As a summary, MidFirst Bank is cheap for Conforming, FHA, USDA and VA purchase mortgages. It is similar to other lenders for Jumbo purchase mortgages. For refinancing mortgages, MidFirst Bank is similar to other lenders for Conforming, FHA, Jumbo and VA mortgage refinance. Nevertheless, individual circumstances can matter, and we always recommend shopping among several lenders in your area before signing.

Other information about MidFirst Bank:

Registered name: MidFirst Bank
Registered city and state: Oklahoma City, OK, 73118
Regulator: Consumer Financial Protection Bureau (CFPB)

* 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 MidFirst 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.