North State Bank Mortgage Interest Rate and Cost Review

Is North State Bank a cheap or expensive mortgage lender? To help you shop for a mortgage, we compare the interest rates and closing costs charged by North State Bank to those of other lenders for a comparable set of borrowers. Here is our review of North State Bank nationally:

Review ItemNorth State Bank
Interest Ratesimilar to other lenders (-0.09%)
Loan Related Closing Costslower than other lenders (-$722)
National Rate and Closing Cost Star Rating(4)

On average, North State Bank’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 -$722. Overall, combining interest rates and closing costs we estimate that North State 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 North State Bank, check out its website at:

North State 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 North State Bank was most active in:

  1. Raleigh, NC
  2. Wilmington, NC
  3. Greensboro, NC
  4. Fayetteville, NC
  5. Washington, DC

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

  1. Raleigh, NC, for FHA mortgages
  2. Wilmington, NC, for Conforming mortgages

North State 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, North State 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 MortgagesConformingFHAJumboUSDAVA
Interest Rate Difference-0.12%-0.10%+0.05%-0.08%+0.02%
Loan Related Closing Cost Difference-$665-$1128-$347-$977-$571
Cost Adjusted Rate Difference-0.15%-0.18%+0.04%-0.15%-0.01%
National Star Rating(4.5)(4.5)(3.5)(4.5)(3.5)
Refinance MortgagesConformingFHAJumboVA
Interest Rate Difference-0.10%-0.02%+0.04%-0.04%
Loan Related Closing Cost Difference-$794-$88-$32-$482
Cost Adjusted Rate Difference-0.15%-0.03%+0.04%-0.07%
Average Star Rating(4)(3.5)(3.5)(4)

As a summary, North State Bank is cheap for Conforming, FHA and USDA purchase mortgages. It is similar to other lenders for Jumbo and VA purchase mortgages. For refinancing mortgages, North State Bank is cheap for Conforming and VA mortgage refinance. It is similar to other lenders for FHA and 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 North State Bank:

Registered name: North State Bank
Registered city and state: RALEIGH, NC, 27609
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 North State 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.