Five Star Bank Mortgage Interest Rate and Cost Review

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

Interest Ratelower than average (-0.13%)
Loan Related Closing Costslower than average (-$623)
National Rate and Closing Cost Rating(4.5)
Websitehttps://www.five-starbank.com

On average, Five Star Bank’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 -$623. Overall, combining interest rates and closing costs we estimate that Five Star Bank tends to be a cheap lender, and give it a National Rate and Closing Costs Rating of 4.5 out of 5.0 stars.

Five Star Bank’s Rates by Area

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

  1. Buffalo, NY
  2. Rochester, NY
  3. Elmira, NY
  4. Erie, PA
  5. Syracuse, NY

Furthermore, Five Star Bank is our top ranked mortgage lender in terms of interest rate and closing costs in:

  1. Buffalo, NY, overall
  2. Rochester, NY, overall

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

Five Star 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, Five Star Bank originated Conforming, FHA, Jumbo, USDA and VA mortgages for new home purchases. It also originated Conforming, FHA, 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-0.18%-0.09%+0.01%-0.00%-0.03%
Loan Related Closing Cost Difference-$697-$75-$22-$1+$59
Cost Adjusted Rate Difference-0.30%-0.10%+0.01%-0.00%-0.02%
Star Rating(5.0)(4.0)(3.5)(3.5)(3.5)
Refinance MortgagesConformingFHAJumboVA
Interest Rate Difference+0.02%+0.01%-0.00%+0.00%
Loan Related Closing Cost Difference-$601-$24+$51-$16
Cost Adjusted Rate Difference-0.09%+0.01%-0.00%+0.00%
Star Rating(4.0)(3.5)(3.5)(3.5)

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

Registered name: Five Star Bank
Registered city and state: Warsaw, NY, 14569
Regulator: Federal Reserve System (FRS)
Top holder: FINANCIAL INSTITUTIONS, INC.

* 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 Five Star 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.