We compare mortgage interest rate and loan related closing costs at Monticello Banking Company with other lenders for mortgages with similar borrower characteristics:
Interest Rate: similar to average (-0.04%)
Loan Related Closing Costs: similar to average (-$249)
Assessment: this lender tends to be a cheap lender.
This scoreboard is based on data reported to FFIEC. In the data, Monticello Banking Company originated 263 mortgages, a national market share of 0.0%. It was most active in KY (0.3% market share), TN (0.0% market share), and SC (0.0% market share).
On average, Monticello Banking Company’s interest rates were similar to those of comparable mortgages at other lenders (-0.04%).1The comparable mortgages control for Monticello Banking Company’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 county. Interest rate and loan related closing costs are estimated based on fixed rate mortgages only, whereas market shares include all purchase or refinance mortgages. Its average total loan related closing cost was $2071, which was similar to those of comparable mortgages at $2320, with a difference of -$249. Overall, we estimate that Monticello Banking Company tends to be an cheap lender, with a cost-adjusted-rate difference of -0.08% compared to comparable mortgages at other lenders.2Cost adjusted rates were computed based on each percent of the loan amount in loan related closing costs being worth 1/6 of a percentage point in interest rate. Nevertheless, we recommend comparing your rate and fees with at least a few other lenders before signing with Monticello Banking Company.
Monticello Banking Company originated Conforming mortgages for new home purchases. It also originated Conforming mortgages for refinances. We breakdown its interest rate and total loan related closing cost on by each of the mortgage types it originated below:
Home Purchase Mortgages from Monticello Banking Company compared to other lenders
|Interest Rate Difference||-0.05%|
|Loan related Closing Cost Difference||-$267|
|Cost Adjusted Rate Difference||-0.08%|
Based on the table above, Monticello Banking Company is cheap for Conforming purchase mortgages.
Mortgage Refinancing from Monticello Banking Company compared to other lenders
|Interest Rate Difference||-0.04%|
|Loan Related Closing Cost Difference||-$233|
|Cost Adjusted Rate Difference||-0.07%|
Based on the table above, Monticello Banking Company is cheap for Conforming mortgage refinance.
Other information about Monticello Banking Company:
Regulator: Federal Reserve System (FRS)
Top holder: MONTICELLO BANKSHARES, INC.
Registered city and state: MONTICELLO, KY, 42633