Is First Federal Lakewood a cheap or expensive mortgage lender? To help you shop for a mortgage, we compare the interest rates and closing costs charged by First Federal Lakewood to those of other lenders for a comparable set of borrowers. Here is our review of First Federal Lakewood nationally:
| Review Item | First Federal Lakewood |
|---|---|
| Interest Rate | similar to other lenders (-0.09%) |
| Loan Related Closing Costs | lower than other lenders (-$260) |
| National Rate and Closing Cost Star Rating | (4) |
On average, First Federal Lakewood’s interest rates were similar to those of other lenders (-0.09%). On the other hand, its loan related closing costs were lower than those of other lenders, with a difference of -$260. Overall, combining interest rates and closing costs we estimate that First Federal Lakewood 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 First Federal Lakewood, check out its website at: https://www.ffl.net.
First Federal Lakewood’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 First Federal Lakewood was most active in:
First Federal Lakewood’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, First Federal Lakewood 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 | -0.05% | -0.20% | -0.02% | +0.00% | -0.05% |
| Loan Related Closing Cost Difference | -$138 | -$217 | -$10 | -$22 | -$119 |
| Cost Adjusted Rate Difference | -0.06% | -0.22% | -0.03% | -0.00% | -0.06% |
| National Star Rating |
| Refinance Mortgages | Conforming | FHA | Jumbo | VA |
|---|---|---|---|---|
| Interest Rate Difference | -0.15% | -0.00% | -0.05% | +0.00% |
| Loan Related Closing Cost Difference | -$522 | -$38 | +$4 | -$40 |
| Cost Adjusted Rate Difference | -0.21% | -0.01% | -0.05% | -0.00% |
| Average Star Rating |
As a summary, First Federal Lakewood is cheap for Conforming, FHA and VA purchase mortgages. It is similar to other lenders for Jumbo and USDA purchase mortgages. For refinancing mortgages, First Federal Lakewood 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 First Federal Lakewood:
Registered city and state: LAKEWOOD, OH, 44107
Regulator: Office of the Comptroller of the Currency (OCC)
Top holder: FIRST MUTUAL HOLDING CO.
* 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 First Federal Lakewood’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.