Park National Bank Mortgage Interest Rate and Cost Review

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

Interest Ratesimilar to average (-0.04%)
Loan Related Closing Costssimilar to average (-$209)
National Rate and Closing Cost Rating(4.0)
Websitehttps://parknationalbank.com

On average, Park National Bank’s interest rates were similar to those of other lenders (-0.04%) for a comparable set of borrowers. Its average total loan related closing cost was similar to those of other lenders, with a difference of -$209. Overall, combining interest rates and closing costs we estimate that Park National Bank 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.

Park National Bank’s Rates by Area

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

  1. Columbus, OH
  2. Kettering, OH
  3. Mansfield, OH
  4. Canton, OH
  5. Cincinnati, OH

Furthermore, Park National Bank is our top ranked mortgage lender in terms of interest rate and closing costs in Mansfield, OH, for VA mortgages.

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

Park National 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, Park National Bank originated Conforming, FHA, Jumbo, USDA and VA mortgages for new home purchases. It also originated Conforming, 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-0.02%+0.04%+0.00%-0.03%-0.09%
Loan Related Closing Cost Difference-$171+$33-$6-$22+$12
Cost Adjusted Rate Difference-0.05%+0.05%+0.00%-0.03%-0.09%
Star Rating(3.5)(3.5)(3.5)(3.5)(4.0)
Refinance MortgagesConformingJumboVA
Interest Rate Difference-0.05%+0.03%-0.01%
Loan Related Closing Cost Difference-$271+$13-$57
Cost Adjusted Rate Difference-0.09%+0.03%-0.01%
Star Rating(4.0)(3.5)(3.5)

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

Registered name: The Park National Bank
Registered city and state: Newark, OH, 43055
Regulator: Office of the Comptroller of the Currency (OCC)
Top holder: PARK NATIONAL CORPORATION

* 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 Park National 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.