On Q Financial Mortgage Interest Rate and Cost Review

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

Interest Ratesimilar to average (+0.01%)
Loan Related Closing Costssimilar to average (+$73)
National Rate and Closing Cost Rating(3.5)

On average, On Q Financial’s interest rates were similar to those of other lenders (+0.01%) for a comparable set of borrowers. Its average total loan related closing cost was similar to those of other lenders, with a difference of +$73. Overall, combining interest rates and closing costs we estimate that On Q Financial tends to be an average cost lender, and give it a National Rate and Closing Costs Rating of 3.5 out of 5.0 stars.

On Q Financial’s Rates by Area

Mortgage lenders often set different rates in different geographical markets. In particular, among the markets we track On Q Financial was most active in:

  1. Seattle, WA
  2. Simpsonville, SC
  3. Phoenix, AZ
  4. Wilmington, NC
  5. Portland, OR

Furthermore, On Q Financial is our top ranked mortgage lender in terms of interest rate and closing costs in Jacksonville, NC, for Conforming mortgages.

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

On Q Financial’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, On Q Financial originated Conforming, FHA, Jumbo 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 MortgagesConformingFHAJumboVA
Interest Rate Difference-0.02%+0.04%+0.02%+0.13%
Loan Related Closing Cost Difference+$110-$21+$222+$151
Cost Adjusted Rate Difference-0.01%+0.04%+0.03%+0.13%
Star Rating(3.5)(3.5)(3.5)(3.0)
Refinance MortgagesConformingFHAJumboVA
Interest Rate Difference-0.01%+0.02%+0.00%+0.01%
Loan Related Closing Cost Difference-$14+$49+$32-$25
Cost Adjusted Rate Difference-0.02%+0.02%+0.00%+0.01%
Star Rating(3.5)(3.5)(3.5)(3.5)

As a summary, On Q Financial is similar to other lenders for Conforming, FHA and Jumbo purchase mortgages. It is more expensive than other lenders for VA purchase mortgages. For refinancing, On Q Financial is similar to other lenders for Conforming, FHA, 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 On Q Financial:

Registered name: On Q Financial Inc
Registered city and state: TEMPE, AZ, 85281
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 On Q Financial’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.