Residential Mortgage Interest Rate and Cost Review

Is Residential Mortgage a cheap or expensive mortgage lender? To help you shop for a mortgage, we compare the interest rates and closing costs charged by Residential Mortgage to those of other lenders for a comparable set of borrowers. Here is our review of Residential Mortgage nationally:

Review ItemResidential Mortgage
Interest Ratesimilar to other lenders (-0.06%)
Loan Related Closing Costshigher than other lenders (+$553)

On average, Residential Mortgage’s interest rates were similar to those of other lenders (-0.06%). On the other hand, its loan related closing costs were higher than those of other lenders, with a difference of +$553. We maintain our independence by not accepting any money from the mortgage lenders we review. To visit Residential Mortgage, its website is located at: https://www.residentialmtg.com.

Residential Mortgage’s Rate Review by City

Mortgage lenders often set different rates in different geographical markets. For our list of the top mortgage lenders in your area, click here. In particular, among the cities we track Residential Mortgage was most active in:

  1. Anchorage, AK
  2. Badger, AK
  3. Juneau, AK
  4. Phoenix, AZ
  5. Denver, CO

In addition, Residential Mortgage is our top ranked/best mortgage lender in terms of interest rate and closing costs in:

Residential 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, Residential Mortgage originated Conforming, FHA, Jumbo, USDA and VA mortgages for new home purchases. It also originated Conforming, FHA, Jumbo and VA mortgages for refinances. Its average interest rate and total loan related closing cost difference relative to other lenders for comparable borrowers by mortgages type is as follows.

Purchase/Refinance:
New Purchase MortgagesConformingFHAJumboUSDAVA
Interest Rate Difference-0.09%-0.06%+0.01%-0.05%+0.04%
Loan Related Closing Cost Difference+$707+$512+$504+$329+$579
Cost Adjusted Rate Difference-0.05%-0.04%+0.02%-0.03%+0.06%
National Star Rating(4)(3.5)(3.5)(3.5)(3)
Refinance MortgagesConformingFHAJumboVA
Interest Rate Difference-0.10%-0.04%+0.00%+0.01%
Loan Related Closing Cost Difference+$25+$182+$0+$283
Cost Adjusted Rate Difference-0.10%-0.03%+0.00%+0.02%
Average Star Rating(4)(3.5)(3.5)(3.5)

As a summary, Residential Mortgage is cheap for Conforming purchase mortgages. It is similar to other lenders for FHA, Jumbo and USDA purchase mortgages. It is more expensive than other lenders for VA purchase mortgages. For refinancing mortgages, Residential Mortgage is cheap for Conforming mortgage refinance. It is similar to other lenders for FHA, Jumbo and VA 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 Residential Mortgage:

Registered name: Residential Mortgage
Registered city and state: Anchorage, AK, 99503
Regulator: Federal Deposit Insurance Corporation (FDIC)
Top holder: NORTHRIM BANCORP, INC.

* 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 Residential 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.