Is Elmira 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 Elmira Savings Bank to those of other lenders for a comparable set of borrowers. Here is our review of Elmira Savings Bank nationally:
| Review Item | Elmira Savings Bank |
|---|---|
| Interest Rate | lower than other lenders (-0.11%) |
| Loan Related Closing Costs | similar to other lenders (-$94) |
| National Rate and Closing Cost Star Rating | (4) |
On average, Elmira Savings Bank’s interest rates were lower than those of other lenders (-0.11%). On the other hand, its loan related closing costs were similar to those of other lenders, with a difference of -$94. Overall, combining interest rates and closing costs we estimate that Elmira Savings Bank tends to be a cheap lender, and give it a National Rate and Closing Costs Rating of 4 out of 5 stars.
We maintain our independence by not accepting any money from the mortgage lenders we review. To visit Elmira Savings Bank, check out its website at: https://www.elmirasavingsbank.com.
Elmira Savings Bank’s Rate Review by City
Mortgage lenders often set different rates in different geographical markets. For our list of the top mortgage lenders by city, click here. In particular, among the cities we track Elmira Savings Bank was most active in:
In addition, Elmira Savings Bank is our top ranked/best mortgage lender in terms of interest rate and closing costs in:
- Elmira, NY, overall
- Binghamton, NY, for VA mortgages
Elmira 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, Elmira 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.
| New Purchase Mortgages | Conforming | FHA | Jumbo | USDA | VA |
|---|---|---|---|---|---|
| Interest Rate Difference | -0.08% | -0.14% | +0.01% | -0.03% | -0.02% |
| Loan Related Closing Cost Difference | -$104 | +$8 | -$19 | +$34 | -$37 |
| Cost Adjusted Rate Difference | -0.09% | -0.14% | +0.01% | -0.02% | -0.03% |
| National Star Rating |
| Refinance Mortgages | Conforming | FHA | Jumbo | VA |
|---|---|---|---|---|
| Interest Rate Difference | -0.17% | -0.01% | +0.00% | -0.01% |
| Loan Related Closing Cost Difference | -$175 | +$15 | +$17 | -$31 |
| Cost Adjusted Rate Difference | -0.21% | -0.00% | +0.00% | -0.01% |
| Average Star Rating |
As a summary, Elmira Savings Bank is cheap for Conforming and FHA purchase mortgages. It is similar to other lenders for Jumbo, USDA and VA purchase mortgages. For refinancing mortgages, Elmira Savings Bank is cheap for Conforming mortgage refinance. It is similar to other lenders for FHA, Jumbo 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 Elmira Savings Bank:
Registered city and state: ELMIRA, NY, 14901
Regulator: Federal Reserve System (FRS)
* 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 Elmira 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.