We compare mortgage interest rate and loan related closing costs at The Bank of New Glarus with other lenders for mortgages with similar borrower characteristics:
Interest Rate: similar to average (+0.01%)
Loan Related Closing Costs: lower than average (-$331)
Assessment: this lender tends to be a average cost lender.
This scoreboard is based on data reported to FFIEC. In the data, The Bank of New Glarus originated 221 mortgages, a national market share of 0.0%. It was most active in WI (0.2% market share), IA (0.0% market share), and IL (0.0% market share).
On average, The Bank of New Glarus’s interest rates were similar to those of comparable mortgages at other lenders (+0.01%).1The comparable mortgages control for The Bank of New Glarus’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 $1796, which was lower than those of comparable mortgages at $2127, with a difference of -$331. Overall, we estimate that The Bank of New Glarus tends to be an average cost lender, with a cost-adjusted-rate difference of -0.03% 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. Nevertheless, we recommend comparing your rate and fees with at least a few other lenders before signing with The Bank of New Glarus.
The Bank of New Glarus originated Conforming 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 The Bank of New Glarus compared to other lenders
|Interest Rate Difference||+0.03%|
|Loan related Closing Cost Difference||-$260|
|Cost Adjusted Rate Difference||+0.01%|
Based on the table above, The Bank of New Glarus is similar to other lenders for Conforming purchase mortgages.
Mortgage Refinancing from The Bank of New Glarus compared to other lenders
|Interest Rate Difference||-0.02%|
|Loan Related Closing Cost Difference||-$422|
|Cost Adjusted Rate Difference||-0.07%|
Based on the table above, The Bank of New Glarus is cheap for Conforming mortgage refinance.
Other information about The Bank of New Glarus:
Regulator: Federal Deposit Insurance Corporation (FDIC)
Top holder: BANCORP OF NEW GLARUS, INC.
Registered city and state: NEW GLARUS, WI, 53574