Bank of the Pacific Mortgage Interest Rate and Cost Review

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

Interest Ratelower than average (-0.12%)
Loan Related Closing Costslower than average (-$550)
National Rate and Closing Cost Rating(4.5)

On average, Bank of the Pacific’s interest rates were lower than those of other lenders (-0.12%) for a comparable set of borrowers. Its average total loan related closing cost was lower than those of other lenders, with a difference of -$550. Overall, combining interest rates and closing costs we estimate that Bank of the Pacific tends to be a cheap lender, and give it a National Rate and Closing Costs Rating of 4.5 out of 5.0 stars.

Bank of the Pacific’s Rates by Area

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

  1. Seattle, WA
  2. Longview, WA
  3. Portland, OR
  4. Lacey, WA
  5. Bremerton, WA

Furthermore, Bank of the Pacific is our top ranked mortgage lender in terms of interest rate and closing costs in Longview, WA, for FHA mortgages.

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

Bank of the Pacific’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, Bank of the Pacific originated Conforming, FHA, Jumbo, 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 MortgagesConformingFHAJumboUSDAVA
Interest Rate Difference-0.10%-0.21%+0.03%-0.08%-0.17%
Loan Related Closing Cost Difference-$551-$589+$2-$109-$431
Cost Adjusted Rate Difference-0.13%-0.25%+0.03%-0.08%-0.19%
Star Rating(4.0)(4.5)(3.5)(4.0)(4.5)
Refinance MortgagesConformingFHAJumboUSDAVA
Interest Rate Difference-0.13%-0.02%+0.05%-0.01%-0.04%
Loan Related Closing Cost Difference-$687-$48+$12-$29-$325
Cost Adjusted Rate Difference-0.18%-0.03%+0.05%-0.01%-0.06%
Star Rating(4.5)(3.5)(3.0)(3.5)(4.0)

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

Other information about Bank of the Pacific:

Registered name: Bank of the Pacific
Registered city and state: Aberdeen, WA, 98520
Regulator: Federal Deposit Insurance Corporation (FDIC)

* 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 Bank of the Pacific’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.