The Federal Savings Bank Mortgage Interest Rate and Cost Review

Is The Federal Savings Bank a cheap or expensive mortgage lender? To help you shop for a mortgage, we compare the interest rates and closing costs charged by The Federal Savings Bank 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 The Federal Savings Bank nationally:

Review ItemThe Federal Savings Bank
Interest Ratesimilar to other lenders (+0.05%)
Loan Related Closing Costshigher than other lenders (+$955)
National Rate and Closing Cost Star Rating(3)

On average, The Federal Savings Bank’s interest rates were similar to those of other lenders (+0.05%) for a comparable set of borrowers. On the other hand, its loan related closing costs were higher than those of other lenders, with a difference of +$955. Overall, combining interest rates and closing costs we estimate that The Federal Savings Bank tends to be an average cost lender, and give it a National Rate and Closing Costs Rating of 3 out of 5 stars. To visit The Federal Savings Bank, its website is located at: https://www.thefederalsavingsbank.com.

The Federal Savings Bank’s Rate Review by City

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

  1. Chicago, IL
  2. New York, NY
  3. Washington, DC
  4. Phoenix, AZ
  5. Las Vegas, NV

You can click through to check out The Federal Savings Bank’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.

The Federal Savings Bank’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, The Federal Savings Bank 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+0.10%-0.01%+0.02%-0.00%+0.04%
Loan Related Closing Cost Difference+$512+$566+$91+$53+$84
Cost Adjusted Rate Difference+0.13%+0.02%+0.03%+0.00%+0.05%
National Star Rating(3)(3.5)(3.5)(3.5)(3.5)
Refinance MortgagesConformingFHAJumboVA
Interest Rate Difference+0.04%-0.04%+0.04%+0.05%
Loan Related Closing Cost Difference+$516+$593+$151+$1311
Cost Adjusted Rate Difference+0.06%-0.00%+0.04%+0.12%
Average Star Rating(3)(3.5)(3.5)(3)

As a summary, The Federal Savings Bank is similar to other lenders for FHA, Jumbo, USDA and VA purchase mortgages. It is more expensive than other lenders for Conforming purchase mortgages. For refinancing mortgages, The Federal Savings Bank is similar to other lenders for FHA and Jumbo mortgage refinance. It is more expensive than other lenders for Conforming 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 The Federal Savings Bank:

Registered name: The Federal Savings Bank
Registered city and state: Chicago, IL, 60607
Regulator: Office of the Comptroller of the Currency (OCC)
Top holder: NATIONAL BANCORP HOLDINGS, 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 The Federal Savings 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.