Is International Bank of Commerce a cheap or expensive mortgage lender? We compare the interest rates and closing costs charged by International Bank of Commerce with other lenders for comparable mortgages. Nationally, here is what we find:
|Interest Rate||higher than average (+0.32%)|
|Loan Related Closing Costs||lower than average (-$296)|
|National Rate and Closing Cost Rating||(2.5)|
On average, International Bank of Commerce’s interest rates were higher than those of other lenders (+0.32%) for a comparable set of borrowers. Its average total loan related closing cost was lower than those of other lenders, with a difference of -$296. Overall, combining interest rates and closing costs we estimate that International Bank of Commerce tends to be an expensive lender, and give it a National Rate and Closing Costs Rating of 2.5 out of 5.0 stars.
International Bank of Commerce’s Rates by Area
Mortgage lenders often set different rates in different geographical markets. In particular, among the markets we track International Bank of Commerce was most active in:
Furthermore, International Bank of Commerce is our top ranked mortgage lender in terms of interest rate and closing costs in Laredo, TX, for Jumbo mortgages.
You can click through to check out International Bank of Commerce’s mortgage rate competitiveness by area. Or, for our data driven ranking of all the top mortgage lenders by area, click here.
International Bank of Commerce’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, International Bank of Commerce originated Conforming, FHA, Jumbo, USDA and VA mortgages for new home purchases. It also originated Conforming and Jumbo 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||+0.45%||-0.04%||+0.01%||-0.01%||-0.01%|
|Loan Related Closing Cost Difference||-$367||-$30||+$2||-$4||+$5|
|Cost Adjusted Rate Difference||+0.35%||-0.04%||+0.01%||-0.01%||-0.01%|
|Interest Rate Difference||+0.23%||+0.00%|
|Loan Related Closing Cost Difference||-$282||+$0|
|Cost Adjusted Rate Difference||+0.15%||+0.00%|
As a summary, International Bank of Commerce is similar to other lenders for FHA, Jumbo, USDA and VA purchase mortgages. It is more expensive than other lenders for Conforming purchase mortgages. For refinancing mortgages, International Bank of Commerce is similar to other lenders for Jumbo mortgage refinance. It is more expensive than other lenders for Conforming mortgage refinance. Nevertheless, individual circumstances can matter, and we always recommend shopping among several lenders in your area before signing.
Other information about International Bank of Commerce:
Registered city and state: Laredo, TX, 78040
Regulator: Federal Deposit Insurance Corporation (FDIC)
Top holder: INTERNATIONAL BANCSHARES CORPORATION
* 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 International Bank of Commerce’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.