We compare mortgage interest rate and loan related closing costs at Fairport Savings Bank with other lenders for mortgages with similar borrower characteristics:
Interest Rate: lower than average (-0.06%)
Loan Related Closing Costs: lower than average (-$467)
Assessment: this lender tends to be a cheap lender.
This scoreboard is based on data reported to FFIEC. In the data, Fairport Savings Bank originated 506 mortgages, a national market share of 0.0%. It was primarily active in NY, with a 0.2% market share.
On average, Fairport Savings Bank’s interest rates were lower than those of comparable mortgages at other lenders (-0.06%).1The comparable mortgages control for Fairport Savings 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 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 $3430, which was lower than those of comparable mortgages at $3897, with a difference of -$467. Overall, we estimate that Fairport Savings Bank tends to be an cheap lender, with a cost-adjusted-rate difference of -0.11% 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 Fairport Savings Bank.
Fairport Savings Bank originated Conforming and FHA mortgages for new home purchases. 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 Fairport Savings Bank compared to other lenders
|Interest Rate Difference||-0.07%||-0.02%|
|Loan related Closing Cost Difference||-$533||-$247|
|Cost Adjusted Rate Difference||-0.12%||-0.06%|
Based on the table above, Fairport Savings Bank is cheap for Conforming and FHA purchase mortgages.
Other information about Fairport Savings Bank:
Regulator: Federal Deposit Insurance Corporation (FDIC)
Top holder: FSB BANCORP, INC.
Registered city and state: FAIRPORT, NY, 14450