Is Finance of America Mortgage a cheap or expensive mortgage lender? To help you shop for a mortgage, we compare the interest rates and closing costs charged by Finance of America Mortgage to those of other lenders for a comparable set of borrowers. Here is our review of Finance of America Mortgage nationally:
|Review Item||Finance of America Mortgage|
|Interest Rate||similar to other lenders (+0.06%)|
|Loan Related Closing Costs||similar to other lenders (+$113)|
|National Rate and Closing Cost Star Rating||(3)|
On average, Finance of America Mortgage’s interest rates were similar to those of other lenders (+0.06%). Its loan related closing costs were also similar to those of other lenders, with a difference of +$113. We maintain our independence by not accepting any money from the mortgage lenders we review. To visit Finance of America Mortgage, check out its website at: https://www.foamortgage.com.
Finance of America Mortgage’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 Finance of America Mortgage was most active in:
In addition, Finance of America Mortgage is our top ranked/best mortgage lender in terms of interest rate and closing costs in:
Finance of America Mortgage’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, Finance of America Mortgage originated Conforming, FHA, Jumbo, USDA and VA 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||FHA||Jumbo||USDA||VA|
|Interest Rate Difference||+0.09%||+0.08%||+0.13%||+0.02%||+0.04%|
|Loan Related Closing Cost Difference||+$308||+$262||+$446||+$35||+$54|
|Cost Adjusted Rate Difference||+0.10%||+0.10%||+0.14%||+0.03%||+0.05%|
|National Star Rating|
|Interest Rate Difference||+0.02%||-0.01%||+0.09%||+0.00%||+0.02%|
|Loan Related Closing Cost Difference||-$173||+$97||+$277||-$16||-$241|
|Cost Adjusted Rate Difference||+0.01%||-0.00%||+0.10%||-0.00%||+0.00%|
|Average Star Rating|
As a summary, Finance of America Mortgage is similar to other lenders for USDA and VA purchase mortgages. It is more expensive than other lenders for Conforming, FHA and Jumbo purchase mortgages. For refinancing, Finance of America Mortgage is similar to other lenders for Conforming, FHA, USDA and VA mortgage refinance. It is more expensive than 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 Finance of America Mortgage:
Registered city and state: HORSHAM, PA, 19044
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 Finance of America Mortgage’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.