We compare mortgage interest rate and loan related closing costs at Premier Home Mortgage Inc. with other lenders for mortgages with similar borrower characteristics:
Interest Rate: higher than average (+0.11%)
Loan Related Closing Costs: lower than average (-$724)
Assessment: this lender tends to be a average cost lender.
This scoreboard is based on data reported to FFIEC. In the data, Premier Home Mortgage Inc. originated 1735 mortgages, a national market share of 0.0%. It was most active in WY (7.4% market share), SD (3.2% market share), and MT (0.4% market share).
On average, Premier Home Mortgage Inc.’s interest rates were higher than those of comparable mortgages at other lenders (+0.11%).1The comparable mortgages control for Premier Home Mortgage Inc.’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 $3791, which was lower than those of comparable mortgages at $4514, with a difference of -$724. Overall, we estimate that Premier Home Mortgage Inc. tends to be an average cost lender, with a cost-adjusted-rate difference of +0.03% 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 Premier Home Mortgage Inc..
Premier Home Mortgage Inc. originated Conforming, FHA, USDA and VA mortgages for new home purchases. It also originated Conforming and FHA 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 Premier Home Mortgage Inc. compared to other lenders
|Interest Rate Difference||+0.07%||+0.17%||+0.20%||+0.08%|
|Loan related Closing Cost Difference||-$639||-$1155||-$1098||-$620|
|Cost Adjusted Rate Difference||+0.02%||+0.04%||+0.04%||+0.02%|
Based on the table above, Premier Home Mortgage Inc. is similar to other lenders for Conforming, FHA, USDA and VA purchase mortgages.
Mortgage Refinancing from Premier Home Mortgage Inc. compared to other lenders
|Interest Rate Difference||+0.03%||-0.01%|
|Loan Related Closing Cost Difference||+$150||-$198|
|Cost Adjusted Rate Difference||+0.05%||-0.04%|
Based on the table above, Premier Home Mortgage Inc. is similar to other lenders for FHA mortgage refinance. It is more expensive than other lenders for Conforming mortgage refinance.
Other information about Premier Home Mortgage Inc.:
Regulator: United States Department of Housing and Urban Development (HUD)
Registered city and state: RAPID CITY, SD, 57701