We compare mortgage interest rate and loan related closing costs at Synovus Mortgage Corp with other lenders for mortgages with similar borrower characteristics:
Interest Rate: similar to average (-0.03%)
Loan Related Closing Costs: higher than average (+$1243)
Assessment: this lender tends to be a expensive lender.
This scoreboard is based on data reported to FFIEC. In the data, Synovus Mortgage Corp originated 2737 mortgages, a national market share of 0.0%. It was most active in AL (0.6% market share), GA (0.6% market share), and SC (0.2% market share).
On average, Synovus Mortgage Corp’s interest rates were similar to those of comparable mortgages at other lenders (-0.03%).1The comparable mortgages control for Synovus Mortgage Corp’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 county. Interest rate and loan related closing costs are estimated based on fixed rate mortgages only, whereas market shares include all purchase or refinance mortgages. Its average total loan related closing cost was $5621, which was higher than those of comparable mortgages at $4378, with a difference of +$1243. Overall, we estimate that Synovus Mortgage Corp tends to be an expensive lender, with a cost-adjusted-rate difference of +0.08% compared to comparable mortgages at other lenders.2Cost adjusted rates were computed based on each percent of the loan amount in loan related closing costs being worth 1/6 of a percentage point in interest rate. Therefore, we recommend comparing your rate and fees with at least a few other lenders before signing with Synovus Mortgage Corp.
Synovus Mortgage Corp originated Conforming, FHA, USDA and VA mortgages for new home purchases. It also originated Conforming mortgages for refinances. We breakdown its interest rate and total loan related closing cost on by each of the mortgage types it originated below:
Home Purchase Mortgages from Synovus Mortgage Corp compared to other lenders
|Interest Rate Difference||-0.01%||-0.08%||-0.14%||-0.03%|
|Loan related Closing Cost Difference||+$1339||+$1315||+$1260||+$1062|
|Cost Adjusted Rate Difference||+0.11%||+0.04%||-0.00%||+0.05%|
Based on the table above, Synovus Mortgage Corp is similar to other lenders for FHA, USDA and VA purchase mortgages. It is more expensive than other lenders for Conforming purchase mortgages.
Mortgage Refinancing from Synovus Mortgage Corp compared to other lenders
|Interest Rate Difference||-0.02%|
|Loan Related Closing Cost Difference||+$940|
|Cost Adjusted Rate Difference||+0.06%|
Based on the table above, Synovus Mortgage Corp is more expensive than other lenders for Conforming mortgage refinance.
Other information about Synovus Mortgage Corp:
Regulator: Federal Reserve System (FRS)
Registered city and state: Birmingham, AL, 35209