Is Power Express Mortgage Bankers a cheap or expensive mortgage lender? To help you shop for a mortgage, we compare the interest rates and closing costs charged by Power Express Mortgage Bankers to those of other lenders for a comparable set of borrowers. Here is our review of Power Express Mortgage Bankers nationally:
| Review Item | Power Express Mortgage Bankers |
|---|---|
| Interest Rate | similar to other lenders (+0.09%) |
| Loan Related Closing Costs | higher than other lenders (+$857) |
| National Rate and Closing Cost Star Rating | (3) |
On average, Power Express Mortgage Bankers’s interest rates were similar to those of other lenders (+0.09%). On the other hand, its loan related closing costs were higher than those of other lenders, with a difference of +$857. Overall, combining interest rates and closing costs we estimate that Power Express Mortgage Bankers tends to be an expensive lender, and give it a National Rate and Closing Costs Rating of 3 out of 5 stars.
We maintain our independence by not accepting any money from the mortgage lenders we review. To visit Power Express Mortgage Bankers, check out its website at: https://www.powerexpressmortgage.com.
Power Express Mortgage Bankers’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 Power Express Mortgage Bankers was most active in:
Power Express Mortgage Bankers’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, Power Express Mortgage Bankers originated Conforming, FHA and Jumbo mortgages for new home purchases. It also originated Conforming and FHA 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 |
|---|---|---|---|
| Interest Rate Difference | +0.12% | +0.04% | +0.06% |
| Loan Related Closing Cost Difference | +$1142 | +$632 | +$218 |
| Cost Adjusted Rate Difference | +0.16% | +0.06% | +0.07% |
| National Star Rating |
| Refinance Mortgages | Conforming | FHA |
|---|---|---|
| Interest Rate Difference | +0.07% | +0.00% |
| Loan Related Closing Cost Difference | +$627 | +$56 |
| Cost Adjusted Rate Difference | +0.09% | +0.00% |
| Average Star Rating |
As a summary, Power Express Mortgage Bankers is more expensive than other lenders for Conforming, FHA and Jumbo purchase mortgages. For refinancing mortgages, Power Express Mortgage Bankers is similar to other lenders for FHA mortgage refinance. It is more expensive than other lenders for Conforming 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 Power Express Mortgage Bankers:
Registered city and state: GREAT NECK, NY, 11021
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 Power Express Mortgage Bankers’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.