Howard Bank Mortgage Interest Rate and Cost Review

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

Interest Ratelower than average (-0.13%)
Loan Related Closing Costslower than average (-$388)
National Rate and Closing Cost Rating(4.5)

On average, Howard Bank’s interest rates were lower than those of other lenders (-0.13%) for a comparable set of borrowers. Its average total loan related closing cost was lower than those of other lenders, with a difference of -$388. Overall, combining interest rates and closing costs we estimate that Howard Bank tends to be a cheap lender, and give it a National Rate and Closing Costs Rating of 4.5 out of 5.0 stars.

Howard Bank’s Rates by Area

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

  1. Baltimore, MD
  2. Washington, DC
  3. Frederick, MD
  4. Middletown, DE
  5. Easton, MD

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

Howard Bank’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, Howard Bank originated Conforming, FHA, Jumbo, USDA and VA mortgages for new home purchases and 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 MortgagesConformingFHAJumboUSDAVA
Interest Rate Difference-0.09%-0.27%+0.04%-0.02%-0.07%
Loan Related Closing Cost Difference-$260-$313+$54-$62-$304
Cost Adjusted Rate Difference-0.11%-0.29%+0.04%-0.02%-0.08%
Star Rating(4.0)(5.0)(3.5)(3.5)(4.0)
Refinance MortgagesConformingFHAJumboUSDAVA
Interest Rate Difference-0.07%-0.12%+0.02%-0.01%-0.04%
Loan Related Closing Cost Difference-$768-$447-$40-$24-$466
Cost Adjusted Rate Difference-0.11%-0.15%+0.02%-0.01%-0.06%
Star Rating(4.0)(4.0)(3.5)(3.5)(4.0)

As a summary, Howard Bank is cheap for Conforming, FHA and VA purchase mortgages. It is similar to other lenders for Jumbo and USDA purchase mortgages. For refinancing, Howard Bank is cheap for Conforming, FHA and VA mortgage refinance. It is similar to other lenders for Jumbo and USDA mortgage refinance. Nevertheless, individual circumstances can matter, and we always recommend shopping among several lenders in your area before signing.

Other information about Howard Bank:

Registered name: Howard Bank
Registered city and state: BALTIMORE, MD, 21224
Regulator: Federal Deposit Insurance Corporation (FDIC)

* 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 Howard 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.