AMEC Home Loans Mortgage Interest Rate and Cost Review

Is AMEC Home Loans a cheap or expensive mortgage lender? To help you shop for a mortgage, we compare the interest rates and closing costs charged by AMEC Home Loans to those of other lenders for a comparable set of borrowers. Here is our review of AMEC Home Loans nationally:

Review ItemAMEC Home Loans
Interest Ratesimilar to other lenders (+0.01%)
Loan Related Closing Costssimilar to other lenders (+$142)

On average, AMEC Home Loans’s interest rates were similar to those of other lenders (+0.01%). Its loan related closing costs were also similar to those of other lenders, with a difference of +$142. We maintain our independence by not accepting any money from the mortgage lenders we review. To visit AMEC Home Loans, its website is located at: https://www.amechomeloans.com/.

AMEC Home Loans’s Rate Review by City

Mortgage lenders often set different rates in different geographical markets. For our list of the top mortgage lenders in your area, click here. In particular, among the cities we track AMEC Home Loans was most active in:

  1. Minneapolis, MN
  2. Elk River, MN
  3. Green Bay, WI
  4. Owatonna, MN
  5. Osceola, WI

In addition, AMEC Home Loans is our top ranked/best mortgage lender in terms of interest rate and closing costs in:

  1. Hutchinson, MN, for Jumbo mortgages
  2. Mankato, MN, for FHA mortgages
  3. Pine City, MN, for FHA mortgages

AMEC Home Loans’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, AMEC Home Loans originated Conforming, FHA, Jumbo, USDA and VA mortgages for new home purchases and refinances. Its average interest rate and total loan related closing cost difference relative to other lenders by mortgages type is as follows.

Purchase/Refinance:
New Purchase MortgagesConformingFHAJumboUSDAVA
Interest Rate Difference+0.03%+0.03%+0.07%+0.05%+0.05%
Loan Related Closing Cost Difference+$380+$92+$690+$92-$42
Cost Adjusted Rate Difference+0.05%+0.04%+0.08%+0.06%+0.05%
National Star Rating(3)(3.5)(3)(3)(3.5)
Refinance MortgagesConformingFHAJumboUSDAVA
Interest Rate Difference-0.04%-0.04%+0.03%+0.00%-0.02%
Loan Related Closing Cost Difference-$84-$716+$230-$18-$554
Cost Adjusted Rate Difference-0.05%-0.08%+0.04%-0.00%-0.05%
Average Star Rating(4)(4)(3.5)(3.5)(3.5)

As a summary, AMEC Home Loans is similar to other lenders for FHA and VA purchase mortgages. It is more expensive than other lenders for Conforming, Jumbo and USDA purchase mortgages. For refinancing, AMEC Home Loans is cheap for Conforming and FHA mortgage refinance. It is similar to other lenders for Jumbo, USDA and VA 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 AMEC Home Loans:

Registered name: American Mortgage & Equity Consultants Inc
Registered city and state: EDINA, MN, 55439
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 AMEC 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.