Piedmont Federal Savings Bank Mortgage Interest Rate and Cost Review

Is Piedmont 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 Piedmont Federal Savings Bank to those of other lenders for a comparable set of borrowers. Here is our review of Piedmont Federal Savings Bank nationally:

Review ItemPiedmont Federal Savings Bank
Interest Ratelower than other lenders (-0.21%)
Loan Related Closing Costssimilar to other lenders (-$63)
National Rate and Closing Cost Star Rating(4.5)

On average, Piedmont Federal Savings Bank’s interest rates were lower than those of other lenders (-0.21%). On the other hand, its loan related closing costs were similar to those of other lenders, with a difference of -$63. Overall, combining interest rates and closing costs we estimate that Piedmont Federal Savings Bank tends to be a cheap lender, and give it a National Rate and Closing Costs Rating of 4.5 out of 5 stars. This is an excellent rating and places it among the top 15% of lenders nationwide.

We maintain our independence by not accepting any money from the mortgage lenders we review. To visit Piedmont Federal Savings Bank, check out its website at: https://www.piedmontfederal.bank.

Piedmont Federal 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 Piedmont Federal Savings Bank was most active in:

  1. Winston-Salem, NC
  2. Greensboro, NC
  3. Boone, NC
  4. Raleigh, NC
  5. Charlotte, NC

In addition, Piedmont Federal Savings Bank is our top ranked/best mortgage lender in terms of interest rate and closing costs in:

  1. Winston-Salem, NC, overall
  2. Boone, NC, overall

Piedmont 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, Piedmont Federal Savings Bank originated Conforming and Jumbo 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.

New Purchase MortgagesConformingJumbo
Interest Rate Difference-0.17%+0.00%
Loan Related Closing Cost Difference-$12+$141
Cost Adjusted Rate Difference-0.19%+0.01%
National Star Rating(4.5)(3.5)
Refinance MortgagesConformingJumbo
Interest Rate Difference-0.29%+0.00%
Loan Related Closing Cost Difference-$139+$44
Cost Adjusted Rate Difference-0.32%+0.00%
Average Star Rating(5)(3.5)

As a summary, Piedmont Federal Savings Bank is cheap for Conforming purchase mortgages. It is similar to other lenders for Jumbo purchase mortgages. For refinancing, Piedmont Federal Savings Bank is cheap for Conforming mortgage refinance. It is similar to other lenders for 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 Piedmont Federal Savings Bank:

Registered name: Piedmont Federal Savings Bank
Registered city and state: WINSTON SALEM, NC, 27103
Regulator: Office of the Comptroller of the Currency (OCC)

* 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 Piedmont 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.