Trustco Bank Mortgage Interest Rate and Cost Review

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

Interest Ratelower than average (-0.17%)
Loan Related Closing Costssimilar to average (-$146)
National Rate and Closing Cost Rating(4.5)
Websitehttps://www.trustcobank.com

On average, Trustco Bank’s interest rates were lower than those of other lenders (-0.17%) for a comparable set of borrowers. Its average total loan related closing cost was similar to those of other lenders, with a difference of -$146. Overall, combining interest rates and closing costs we estimate that Trustco 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.

Trustco Bank’s Rates by Area

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

  1. Albany, NY
  2. Orlando, FL
  3. Yonkers, NY
  4. North Port, FL
  5. Tampa, FL

Furthermore, Trustco Bank is our top ranked mortgage lender in terms of interest rate and closing costs in Pittsfield, MA, overall.

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

Trustco 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, Trustco Bank originated Conforming and Jumbo 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.

Purchase/Refinance:
New Purchase MortgagesConformingJumbo
Interest Rate Difference-0.12%-0.01%
Loan Related Closing Cost Difference+$0+$91
Cost Adjusted Rate Difference-0.12%-0.01%
Star Rating(4.0)(3.5)
Refinance MortgagesConformingJumbo
Interest Rate Difference-0.24%-0.02%
Loan Related Closing Cost Difference-$314+$25
Cost Adjusted Rate Difference-0.27%-0.02%
Star Rating(5.0)(3.5)

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

Other information about Trustco Bank:

Registered name: Trustco Bank
Registered city and state: Albany, NY, 12205
Regulator: Office of the Comptroller of the Currency (OCC)
Top holder: TRUSTCO BANK CORP NY

* 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 Trustco 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.