We compare mortgage interest rate and loan related closing costs at Low VA Rates with other lenders for mortgages with similar borrower characteristics:
Interest Rate: similar to average (+0.03%)
Loan Related Closing Costs: lower than average (-$461)
Assessment: this lender tends to be a average cost lender.
This scoreboard is based on data reported to FFIEC. In the data, Low VA Rates originated 2218 mortgages, a national market share of 0.0%. It was most active in NV (0.2% market share), UT (0.1% market share), and WY (0.1% market share).
On average, Low VA Rates’s interest rates were similar to those of comparable mortgages at other lenders (+0.03%).1The comparable mortgages control for Low VA Rates’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 $6624, which was lower than those of comparable mortgages at $7085, with a difference of -$461. Overall, we estimate that Low VA Rates tends to be an average cost lender, with a cost-adjusted-rate difference of -0.02% 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 Low VA Rates.
Low VA Rates specialized in mortgage refinancing, and originated Conforming and VA refinances. We breakdown its interest rate and total loan related closing cost on by each of the mortgage types it originated below:
Mortgage Refinancing from Low VA Rates compared to other lenders
| Conforming | VA | |
|---|---|---|
| Interest Rate Difference | +0.04% | +0.02% |
| Loan Related Closing Cost Difference | -$683 | -$428 |
| Cost Adjusted Rate Difference | -0.12% | -0.01% |
Based on the table above, Low VA Rates is cheap for Conforming mortgage refinance. It is similar to other lenders for VA mortgage refinance.
Other information about Low VA Rates:
Regulator: United States Department of Housing and Urban Development (HUD)
Registered city and state: LINDON, UT, 84042