Is Clear Mountain Bank a cheap or expensive mortgage lender? To help you shop for a mortgage, we compare the interest rates and closing costs charged by Clear Mountain Bank to those of other lenders for a comparable set of borrowers. Here is our review of Clear Mountain Bank nationally:
|Review Item||Clear Mountain Bank|
|Interest Rate||similar to other lenders (-0.09%)|
|Loan Related Closing Costs||similar to other lenders (-$210)|
|National Rate and Closing Cost Star Rating||(4)|
On average, Clear Mountain Bank’s interest rates were similar to those of other lenders (-0.09%). Its loan related closing costs were also similar to those of other lenders, with a difference of -$210. Overall, combining interest rates and closing costs we estimate that Clear Mountain Bank tends to be a cheap lender, and give it a National Rate and Closing Costs Rating of 4 out of 5 stars. We maintain our independence by not accepting any money from the mortgage lenders we review. To visit Clear Mountain Bank, its website is located at: https://www.clearmountainbank.com.
Clear Mountain Bank’s Rate Review by City
Mortgage lenders often set different rates in different geographical markets. For our list of the top mortgage lenders in your area, click here. In particular, among the cities we track Clear Mountain Bank was most active in:
Clear Mountain Bank’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, Clear Mountain Bank originated Conforming, USDA and VA mortgages for new home purchases. It also originated Conforming and Jumbo 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||USDA||VA|
|Interest Rate Difference||-0.11%||-0.04%||+0.00%|
|Loan Related Closing Cost Difference||-$49||-$7||+$11|
|Cost Adjusted Rate Difference||-0.11%||-0.04%||+0.00%|
|National Star Rating|
|Interest Rate Difference||-0.09%||+0.00%|
|Loan Related Closing Cost Difference||-$391||+$0|
|Cost Adjusted Rate Difference||-0.13%||+0.00%|
|Average Star Rating|
As a summary, Clear Mountain Bank is cheap for Conforming purchase mortgages. It is similar to other lenders for USDA and VA purchase mortgages. For refinancing mortgages, Clear Mountain Bank is cheap for Conforming mortgage refinance. It is similar to other lenders for Jumbo 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 Clear Mountain Bank:
Registered city and state: BRUCETON MILLS, WV, 26525
Regulator: Federal Reserve System (FRS)
Top holder: STATE BANCORP, INC.
* 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 Clear Mountain 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.