Inspire Home Loans Mortgage Interest Rate and Cost Review

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

Interest Ratesimilar to average (-0.06%)
Loan Related Closing Costslower than average (-$678)
National Rate and Closing Cost Rating(4.0)
Websitehttps://www.inspirehomeloans.com

On average, Inspire Home Loans’s interest rates were similar to those of other lenders (-0.06%) for a comparable set of borrowers. Its average total loan related closing cost was lower than those of other lenders, with a difference of -$678. Overall, combining interest rates and closing costs we estimate that Inspire Home Loans 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.

Inspire Home Loans’s Rates by Area

Mortgage lenders often set different rates in different geographical markets. In particular, among the markets we track Inspire Home Loans was most active in:

  1. Atlanta, GA
  2. Las Vegas, NV
  3. Denver, CO
  4. Gainesville, GA
  5. Austin, TX

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

Inspire Home Loans’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, Inspire Home Loans originated Conforming, FHA, Jumbo, USDA and VA mortgages for new home purchases. It also originated Conforming, FHA 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.

Purchase/Refinance:
New Purchase MortgagesConformingFHAJumboUSDAVA
Interest Rate Difference-0.06%-0.04%+0.00%+0.00%-0.04%
Loan Related Closing Cost Difference-$796-$668+$45-$91-$215
Cost Adjusted Rate Difference-0.11%-0.09%+0.01%-0.00%-0.05%
Star Rating(4.0)(4.0)(3.5)(3.5)(3.5)
Refinance MortgagesConformingFHAJumbo
Interest Rate Difference-0.01%-0.01%+0.01%
Loan Related Closing Cost Difference-$91-$64+$54
Cost Adjusted Rate Difference-0.02%-0.02%+0.01%
Star Rating(3.5)(3.5)(3.5)

As a summary, Inspire Home Loans is cheap for Conforming and FHA purchase mortgages. It is similar to other lenders for Jumbo, USDA and VA purchase mortgages. For refinancing mortgages, Inspire Home Loans is similar to other lenders for Conforming, FHA and Jumbo mortgage refinance. Nevertheless, individual circumstances can matter, and we always recommend shopping among several lenders in your area before signing.

Other information about Inspire Home Loans:

Registered name: Inspire Home Loans Inc
Registered city and state: Newport Beach, CA, 92660
Regulator: United States Department of Housing and Urban Development (HUD)

* 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 Inspire Home Loans’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.