Essex Mortgage Interest Rate and Cost Review

Is Essex Mortgage a cheap or expensive mortgage lender? To help you shop for a mortgage, we compare the interest rates and closing costs charged by Essex Mortgage to those of other lenders for a comparable set of borrowers. We maintain our independence by not accepting any money from the mortgage lenders we review. Going by historical data, here is our review of Essex Mortgage nationally:

Review ItemEssex Mortgage
Interest Ratesimilar to other lenders (+0.04%)
Loan Related Closing Costssimilar to other lenders (+$172)
National Rate and Closing Cost Star Rating(3.5)

On average, Essex Mortgage’s interest rates were similar to those of other lenders (+0.04%) for a comparable set of borrowers. Its loan related closing costs were also similar to those of other lenders, with a difference of +$172. Overall, combining interest rates and closing costs we estimate that Essex Mortgage tends to be an average cost lender, and give it a National Rate and Closing Costs Rating of 3.5 out of 5 stars. To visit Essex Mortgage, its website is located at: https://www.essexmortgage.com.

Essex Mortgage’s Rate Review by City

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

  1. Los Angeles, CA
  2. Las Vegas, NV
  3. Sacramento, CA
  4. Phoenix, AZ
  5. San Francisco, CA

You can click through to check out Essex Mortgage’s mortgage rate relative to those of other lenders within each city. Or, for our entire list of the top mortgage lenders by city, click here.

Essex Mortgage’s Rate Review by Mortgage Type

Mortgage lenders also tend to charge different interest rates and closing costs depending on the type of mortgage. In our data, Essex Mortgage originated Conforming, FHA, Jumbo, USDA and VA mortgages for new home purchases. It also originated Conforming, FHA, Jumbo and VA mortgages for refinances. Its average interest rate and total loan related closing cost difference relative to other lenders for comparable borrowers by mortgages type is as follows.

Purchase/Refinance:
New Purchase MortgagesConformingFHAJumboUSDAVA
Interest Rate Difference+0.04%+0.04%+0.08%-0.00%+0.05%
Loan Related Closing Cost Difference+$174+$240+$333-$57+$20
Cost Adjusted Rate Difference-0.02%+0.05%+0.09%-0.01%+0.05%
National Star Rating(3.5)(3)(3)(3.5)(3)
Refinance MortgagesConformingFHAJumboVA
Interest Rate Difference+0.05%-0.03%+0.06%-0.01%
Loan Related Closing Cost Difference+$244-$194+$71-$201
Cost Adjusted Rate Difference+0.06%-0.04%+0.07%-0.01%
Average Star Rating(3)(3.5)(3)(3.5)

As a summary, Essex Mortgage is similar to other lenders for Conforming and USDA purchase mortgages. It is more expensive than other lenders for FHA, Jumbo and VA purchase mortgages. For refinancing mortgages, Essex Mortgage is similar to other lenders for FHA and VA mortgage refinance. It is more expensive than other lenders for Conforming and Jumbo mortgage refinance. Nevertheless, individual circumstances can matter a lot for mortgage rates, and we always recommend shopping among several of our top mortgage lenders in your area before signing.

Other information about Essex Mortgage:

Registered name: Essex Mortgage
Registered city and state: ORANGE, CA, 92868
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 Essex Mortgage’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.