Patriot Bank Mortgage Interest Rate and Cost Review

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

Interest Ratelower than average (-0.18%)
Loan Related Closing Costslower than average (-$531)
National Rate and Closing Cost Rating(4.5)

On average, Patriot Bank’s interest rates were lower than those of other lenders (-0.18%) for a comparable set of borrowers. Its average total loan related closing cost was lower than those of other lenders, with a difference of -$531. Overall, combining interest rates and closing costs we estimate that Patriot 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.

Patriot Bank’s Rates by Area

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

  1. Memphis, TN
  2. Jackson, TN
  3. Dyersburg, TN
  4. New Albany, MS
  5. Nashville, TN

Furthermore, Patriot Bank is our top ranked mortgage lender in terms of interest rate and closing costs in Memphis, TN, overall.

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

Patriot 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, Patriot Bank originated Conforming, FHA, USDA and VA 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.

New Purchase MortgagesConformingFHAUSDAVA
Interest Rate Difference-0.16%-0.29%-0.19%-0.16%
Loan Related Closing Cost Difference-$426-$432-$164-$150
Cost Adjusted Rate Difference-0.19%-0.33%-0.21%-0.17%
Star Rating(4.5)(5.0)(4.5)(4.5)
Refinance MortgagesConformingFHAUSDAVA
Interest Rate Difference-0.20%-0.07%-0.01%-0.09%
Loan Related Closing Cost Difference-$1149-$175+$3-$465
Cost Adjusted Rate Difference-0.29%-0.08%-0.01%-0.12%
Star Rating(5.0)(4.0)(3.5)(4.0)

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

Other information about Patriot Bank:

Registered name: Patriot Bank
Registered city and state: MILLINGTON, TN, 38053
Regulator: Federal Reserve System (FRS)

* 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 Patriot 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.