Is Mortgage Equity Partners a cheap or expensive mortgage lender? To help you shop for a mortgage, we compare the interest rates and closing costs charged by Mortgage Equity Partners to those of other lenders for a comparable set of borrowers. Here is our review of Mortgage Equity Partners nationally:
|Review Item||Mortgage Equity Partners|
|Interest Rate||similar to other lenders (+0.04%)|
|Loan Related Closing Costs||similar to other lenders (+$57)|
|National Rate and Closing Cost Star Rating||(3.5)|
On average, Mortgage Equity Partners’s interest rates were similar to those of other lenders (+0.04%). Its loan related closing costs were also similar to those of other lenders, with a difference of +$57. Overall, combining interest rates and closing costs we estimate that Mortgage Equity Partners tends to be an average cost lender, and give it a National Rate and Closing Costs Rating of 3.5 out of 5 stars.
We maintain our independence by not accepting any money from the mortgage lenders we review. To visit Mortgage Equity Partners, check out its website at: https://mortgageequitypartners.com.
Mortgage Equity Partners’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 Mortgage Equity Partners was most active in:
Mortgage Equity Partners’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, Mortgage Equity Partners originated Conforming, FHA, USDA and VA mortgages for new home purchases. It also originated Conforming, FHA 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 Mortgages||Conforming||FHA||USDA||VA|
|Interest Rate Difference||+0.09%||-0.01%||+0.01%||+0.01%|
|Loan Related Closing Cost Difference||+$203||+$119||+$8||-$14|
|Cost Adjusted Rate Difference||+0.10%||-0.01%||+0.01%||+0.01%|
|National Star Rating|
|Interest Rate Difference||+0.04%||-0.03%||-0.01%|
|Loan Related Closing Cost Difference||-$96||-$244||-$273|
|Cost Adjusted Rate Difference||+0.04%||-0.04%||-0.02%|
|Average Star Rating|
As a summary, Mortgage Equity Partners is similar to other lenders for FHA, USDA and VA purchase mortgages. It is more expensive than other lenders for Conforming purchase mortgages. For refinancing mortgages, Mortgage Equity Partners is similar to other lenders for Conforming, FHA and VA 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 Mortgage Equity Partners:
Registered city and state: LYNNFIELD, MA, 01940
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 Mortgage Equity Partners’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.