Standard Mortgage Interest Rate and Cost Review

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

Interest Ratelower than average (-0.13%)
Loan Related Closing Costslower than average (-$322)
National Rate and Closing Cost Rating(4.5)
Websitehttps://www.stanmor.com

On average, Standard Mortgage’s interest rates were lower than those of other lenders (-0.13%) for a comparable set of borrowers. Its average total loan related closing cost was lower than those of other lenders, with a difference of -$322. Overall, combining interest rates and closing costs we estimate that Standard Mortgage tends to be a cheap lender, and give it a National Rate and Closing Costs Rating of 4.5 out of 5.0 stars.

Standard Mortgage’s Rates by Area

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

  1. New Orleans, LA
  2. Baton Rouge, LA
  3. Shreveport, LA
  4. Lafayette, LA
  5. Lake Charles, LA

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

  1. New Orleans, LA, overall
  2. Shreveport, LA, for FHA mortgages

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

Standard Mortgage’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, Standard Mortgage originated Conforming, FHA, Jumbo, USDA and VA mortgages for new home purchases. It also originated Conforming, FHA 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.

Purchase/Refinance:
New Purchase MortgagesConformingFHAJumboUSDAVA
Interest Rate Difference-0.08%-0.24%+0.01%-0.16%-0.08%
Loan Related Closing Cost Difference-$147-$415-$8-$457-$127
Cost Adjusted Rate Difference-0.09%-0.27%+0.01%-0.20%-0.08%
Star Rating(4.0)(5.0)(3.5)(4.5)(4.0)
Refinance MortgagesConformingFHAVA
Interest Rate Difference-0.14%-0.12%-0.04%
Loan Related Closing Cost Difference-$494-$322-$167
Cost Adjusted Rate Difference-0.19%-0.16%-0.05%
Star Rating(4.5)(4.5)(4.0)

As a summary, Standard Mortgage is cheap for Conforming, FHA, USDA and VA purchase mortgages. It is similar to other lenders for Jumbo purchase mortgages. For refinancing mortgages, Standard Mortgage is cheap for Conforming, FHA 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 Standard Mortgage:

Registered name: Standard Mortgage Corporation
Registered city and state: NEW ORLEANS, LA, 70139
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 Standard Mortgage’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.