Is Shelter Lending Services a cheap or expensive mortgage lender? We compare the interest rates and closing costs charged by Shelter Lending Services with other lenders for comparable mortgages. Nationally, here is what we find:
|Interest Rate||similar to average (+0.02%)|
|Loan Related Closing Costs||similar to average (+$49)|
|National Rate and Closing Cost Rating||(3.5)|
On average, Shelter Lending Services’s interest rates were similar to those of other lenders (+0.02%) for a comparable set of borrowers. Its average total loan related closing cost was similar to those of other lenders, with a difference of +$49. Overall, combining interest rates and closing costs we estimate that Shelter Lending Services tends to be an average cost lender, and give it a National Rate and Closing Costs Rating of 3.5 out of 5.0 stars.
Shelter Lending Services’s Rates by Area
Mortgage lenders often set different rates in different geographical markets. In particular, among the markets we track Shelter Lending Services was most active in:
You can click through to check out Shelter Lending Services’s mortgage rate competitiveness by area. Or, for our data driven ranking of all the top mortgage lenders by area, click here.
Shelter Lending Services’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, Shelter Lending Services 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 Mortgages||Conforming||FHA||Jumbo||USDA||VA|
|Interest Rate Difference||+0.00%||+0.05%||+0.05%||-0.01%||+0.02%|
|Loan Related Closing Cost Difference||+$144||-$125||+$118||+$5||-$102|
|Cost Adjusted Rate Difference||+0.01%||+0.04%||+0.06%||-0.00%||+0.02%|
|Interest Rate Difference||+0.04%||+0.02%||+0.01%||-0.02%|
|Loan Related Closing Cost Difference||-$163||-$27||+$91||-$67|
|Cost Adjusted Rate Difference||+0.03%||+0.01%||+0.01%||-0.03%|
As a summary, Shelter Lending Services is similar to other lenders for Conforming, FHA, USDA and VA purchase mortgages. It is more expensive than other lenders for Jumbo purchase mortgages. For refinancing mortgages, Shelter Lending Services 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 Shelter Lending Services:
Registered city and state: FORT WASHINGTON, PA, 19034
Regulator: United States Department of Housing and Urban Development (HUD)
* 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 Shelter Lending Services’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.