Is Funding Resources Mortgage Corp a cheap or expensive mortgage lender? To help you shop for a mortgage, we compare the interest rates and closing costs charged by Funding Resources Mortgage Corp to those of other lenders for a comparable set of borrowers. Here is our review of Funding Resources Mortgage Corp nationally:
|Review Item||Funding Resources Mortgage Corp|
|Interest Rate||lower than other lenders (-0.12%)|
|Loan Related Closing Costs||similar to other lenders (-$215)|
|National Rate and Closing Cost Star Rating||(4)|
On average, Funding Resources Mortgage Corp’s interest rates were lower than those of other lenders (-0.12%). On the other hand, its loan related closing costs were similar to those of other lenders, with a difference of -$215. Overall, combining interest rates and closing costs we estimate that Funding Resources Mortgage Corp 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 Funding Resources Mortgage Corp, check out its website at: https://fundingresourcesmortgagecorp.proiwebsites.com.
Funding Resources Mortgage Corp’s Rate Review by City
Mortgage lenders often set different rates in different geographical markets. For our list of the top mortgage lenders by city, click here. In particular, among the cities we track Funding Resources Mortgage Corp was most active in:
Funding Resources Mortgage Corp’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, Funding Resources Mortgage Corp originated Conforming mortgages for new home purchases and refinances. Its average interest rate and total loan related closing cost difference relative to other lenders by mortgages type is as follows.
|New Purchase Mortgages||Conforming|
|Interest Rate Difference||-0.06%|
|Loan Related Closing Cost Difference||+$35|
|Cost Adjusted Rate Difference||-0.06%|
|National Star Rating|
|Interest Rate Difference||-0.14%|
|Loan Related Closing Cost Difference||-$291|
|Cost Adjusted Rate Difference||-0.16%|
|Average Star Rating|
As a summary, Funding Resources Mortgage Corp is cheap for Conforming purchase mortgages. For refinancing, Funding Resources Mortgage Corp is cheap for Conforming 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 Funding Resources Mortgage Corp:
Registered city and state: CLIFTON, NJ, 07012
Regulator: United States Department of Housing and Urban Development (HUD)
* 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 Funding Resources 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 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.