Central Pacific Bank Mortgage Interest Rate and Cost Review

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

Interest Ratesimilar to average (-0.09%)
Loan Related Closing Costssimilar to average (+$72)
National Rate and Closing Cost Rating(4.0)
Websitehttps://www.cpb.bank

On average, Central Pacific Bank’s interest rates were similar to those of other lenders (-0.09%) for a comparable set of borrowers. Its average total loan related closing cost was similar to those of other lenders, with a difference of +$72. Overall, combining interest rates and closing costs we estimate that Central Pacific Bank tends to be an average cost lender, and give it a National Rate and Closing Costs Rating of 4.0 out of 5.0 stars.

Central Pacific Bank’s Rates by Area

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

  1. Urban Honolulu, HI
  2. Lihue, HI

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

Central Pacific Bank’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, Central Pacific Bank originated Conforming, FHA, Jumbo, USDA and VA mortgages for new home purchases. It also originated Conforming, 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.

Purchase/Refinance:
New Purchase MortgagesConformingFHAJumboUSDAVA
Interest Rate Difference-0.10%-0.11%-0.00%-0.01%-0.15%
Loan Related Closing Cost Difference+$162-$16+$304+$81+$314
Cost Adjusted Rate Difference-0.10%-0.11%+0.00%-0.01%-0.14%
Star Rating(4.0)(4.0)(3.5)(3.5)(4.0)
Refinance MortgagesConformingJumboVA
Interest Rate Difference-0.10%-0.04%+0.01%
Loan Related Closing Cost Difference-$152-$65+$180
Cost Adjusted Rate Difference-0.13%-0.04%+0.01%
Star Rating(4.0)(3.5)(3.5)

As a summary, Central Pacific Bank is cheap for Conforming, FHA and VA purchase mortgages. It is similar to other lenders for Jumbo and USDA purchase mortgages. For refinancing mortgages, Central Pacific Bank is cheap for Conforming mortgage refinance. It is similar to other lenders for 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 Central Pacific Bank:

Registered name: Central Pacific Bank
Registered city and state: Honolulu, HI, 96811
Regulator: Federal Deposit Insurance Corporation (FDIC)
Top holder: CENTRAL PACIFIC FINANCIAL CORP.

* 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 Central Pacific Bank’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.