Bank 34 Mortgage Interest Rate and Cost Review

Is Bank 34 a cheap or expensive mortgage lender? We compare the interest rates and closing costs charged by Bank 34 with other lenders for comparable mortgages. Nationally, here is what we find:

Interest Ratehigher than average (+0.11%)
Loan Related Closing Costssimilar to average (+$53)
National Rate and Closing Cost Rating(3.0)

On average, Bank 34’s interest rates were higher than those of other lenders (+0.11%) for a comparable set of borrowers. Its average total loan related closing cost was similar to those of other lenders, with a difference of +$53. Overall, combining interest rates and closing costs we estimate that Bank 34 tends to be an expensive lender, and give it a National Rate and Closing Costs Rating of 3.0 out of 5.0 stars.

Bank 34’s Rates by Area

Mortgage lenders often set different rates in different geographical markets. In particular, among the markets we track Bank 34 was most active in:

  1. Seattle, WA
  2. El Paso, TX
  3. Phoenix, AZ
  4. Albuquerque, NM
  5. Alamogordo, NM

You can click through to check out Bank 34’s mortgage rate competitiveness by area. Or, for our data driven ranking of all the top mortgage lenders by area, click here.

Bank 34’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 34 originated Conforming, FHA, Jumbo, USDA and VA mortgages for new home purchases. It also originated Conforming, FHA, 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 MortgagesConformingFHAJumboUSDAVA
Interest Rate Difference+0.13%+0.13%+0.01%+0.01%+0.05%
Loan Related Closing Cost Difference+$57+$73+$27+$87+$34
Cost Adjusted Rate Difference+0.13%+0.13%+0.01%+0.01%+0.06%
Star Rating(3.0)(3.0)(3.5)(3.5)(3.0)
Refinance MortgagesConformingFHAJumboVA
Interest Rate Difference+0.08%+0.12%+0.01%+0.02%
Loan Related Closing Cost Difference+$28+$29+$11-$23
Cost Adjusted Rate Difference+0.08%+0.12%+0.01%+0.02%
Star Rating(3.0)(3.0)(3.5)(3.5)

As a summary, Bank 34 is similar to other lenders for Jumbo and USDA purchase mortgages. It is more expensive than other lenders for Conforming, FHA and VA purchase mortgages. For refinancing mortgages, Bank 34 is similar to other lenders for Jumbo and VA mortgage refinance. It is more expensive than other lenders for Conforming and FHA mortgage refinance. Nevertheless, individual circumstances can matter, and we always recommend shopping among several lenders in your area before signing.

Other information about Bank 34:

Registered name: Bank 34
Registered city and state: ALAMOGORDO, NM, 88310
Regulator: Office of the Comptroller of the Currency (OCC)
Top holder: BANCORP 34, 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 Bank 34’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.