Is New Wave Lending Group a cheap or expensive mortgage lender? We compare the interest rates and closing costs charged by New Wave Lending Group with other lenders for comparable mortgages. Nationally, here is what we find:
|Interest Rate||similar to average (-0.09%)|
|Loan Related Closing Costs||lower than average (-$858)|
|National Rate and Closing Cost Rating||(4.0)|
On average, New Wave Lending Group’s interest rates were similar to those of other lenders (-0.09%) for a comparable set of borrowers. Its average total loan related closing cost was lower than those of other lenders, with a difference of -$858. Overall, combining interest rates and closing costs we estimate that New Wave Lending Group tends to be a cheap lender, and give it a National Rate and Closing Costs Rating of 4.0 out of 5.0 stars.
New Wave Lending Group’s Rates by Area
Mortgage lenders often set different rates in different geographical markets. In particular, among the markets we track New Wave Lending Group was most active in:
You can click through to check out New Wave Lending Group’s mortgage rate competitiveness by area. Or, for our data driven ranking of all the top mortgage lenders by area, click here.
New Wave Lending Group’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, New Wave Lending Group originated Conforming and FHA mortgages for new home purchases. It also originated Conforming, Jumbo and VA mortgages for 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 Mortgages||Conforming||FHA|
|Interest Rate Difference||-0.08%||-0.00%|
|Loan Related Closing Cost Difference||+$143||-$109|
|Cost Adjusted Rate Difference||-0.08%||-0.01%|
|Interest Rate Difference||-0.09%||+0.03%||-0.00%|
|Loan Related Closing Cost Difference||-$1274||+$39||-$70|
|Cost Adjusted Rate Difference||-0.14%||+0.03%||-0.00%|
As a summary, New Wave Lending Group is cheap for Conforming purchase mortgages. It is similar to other lenders for FHA purchase mortgages. For refinancing mortgages, New Wave Lending Group is cheap for Conforming mortgage refinance. It is similar to other lenders for Jumbo and VA mortgage refinance. Nevertheless, individual circumstances can matter, and we always recommend shopping among several lenders in your area before signing.
Other information about New Wave Lending Group:
Registered city and state: CITY OF INDUSTRY, CA, 91748
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 New Wave Lending Group’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.