MLB Residential Lending Mortgage Interest Rate and Cost Review

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

Interest Ratehigher than average (+0.15%)
Loan Related Closing Costshigher than average (+$1347)
National Rate and Closing Cost Rating(2.5)

On average, MLB Residential Lending’s interest rates were higher than those of other lenders (+0.15%) for a comparable set of borrowers. Its average total loan related closing cost was higher than those of other lenders, with a difference of +$1347. Overall, combining interest rates and closing costs we estimate that MLB Residential Lending tends to be an expensive lender, and give it a National Rate and Closing Costs Rating of 2.5 out of 5.0 stars.

MLB Residential Lending’s Rates by Area

Mortgage lenders often set different rates in different geographical markets. In particular, among the markets we track MLB Residential Lending was most active in:

  1. Jersey City, NJ
  2. Orlando, FL
  3. New York, NY
  4. Philadelphia, PA
  5. Albany, NY

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

MLB Residential Lending’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, MLB Residential Lending originated Conforming, FHA, Jumbo and VA mortgages for new home purchases. It also originated Conforming, FHA 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.

New Purchase MortgagesConformingFHAJumboVA
Interest Rate Difference+0.22%+0.18%+0.00%+0.03%
Loan Related Closing Cost Difference+$1503+$1698+$9+$125
Cost Adjusted Rate Difference+0.31%+0.28%+0.00%+0.04%
Star Rating(2.0)(2.0)(3.5)(3.5)
Refinance MortgagesConformingFHAVA
Interest Rate Difference+0.06%+0.03%-0.00%
Loan Related Closing Cost Difference+$1043+$478-$56
Cost Adjusted Rate Difference+0.13%+0.06%-0.00%
Star Rating(3.0)(3.0)(3.5)

As a summary, MLB Residential Lending is similar to other lenders for Jumbo and VA purchase mortgages. It is more expensive than other lenders for Conforming and FHA purchase mortgages. For refinancing mortgages, MLB Residential Lending is similar to other lenders for VA mortgage refinance. It is more expensive than other lenders for Conforming and FHA mortgage refinance. Nevertheless, individual circumstances can matter, and we always recommend shopping among several lenders in your area before signing.

Other information about MLB Residential Lending:

Registered name: MLB Residential Lending
Registered city and state: Springfield, NJ, 07081
Regulator: United States Department of Housing and Urban Development (HUD)

* 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 MLB Residential Lending’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.