We compare mortgage interest rate and loan related closing costs at Quik Fund, Inc with other lenders for mortgages with similar borrower characteristics:
Interest Rate: higher than average (+0.11%)
Loan Related Closing Costs: higher than average (+$1485)
Assessment: this lender tends to be a expensive lender.
This scoreboard is based on data reported to FFIEC. In the data, Quik Fund, Inc originated 221 mortgages, a national market share of 0.0%. It was most active in NY (0.1% market share), NJ (0.0% market share), and CT (0.0% market share).
On average, Quik Fund, Inc’s interest rates were higher than those of comparable mortgages at other lenders (+0.11%).1The comparable mortgages control for Quik Fund, Inc’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 $15502, which was higher than those of comparable mortgages at $14017, with a difference of +$1485. Overall, we estimate that Quik Fund, Inc tends to be an expensive lender, with a cost-adjusted-rate difference of +0.17% 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. Therefore, we recommend comparing your rate and fees with at least a few other lenders before signing with Quik Fund, Inc.
Quik Fund, Inc 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 Quik Fund, Inc compared to other lenders
| Conforming | FHA | |
|---|---|---|
| Interest Rate Difference | +0.29% | +0.04% |
| Loan related Closing Cost Difference | +$1908 | +$1312 |
| Cost Adjusted Rate Difference | +0.39% | +0.09% |
Based on the table above, Quik Fund, Inc is more expensive than other lenders for Conforming and FHA purchase mortgages.
Other information about Quik Fund, Inc:
Regulator: United States Department of Housing and Urban Development (HUD)
Registered city and state: Garden City, NY, 11530