We compare mortgage interest rate and loan related closing costs at South Pacific Financial Corporation with other lenders for mortgages with similar borrower characteristics:
Interest Rate: higher than average (+0.10%)
Loan Related Closing Costs: higher than average (+$422)
Assessment: this lender tends to be a expensive lender.
This scoreboard is based on data reported to FFIEC. In the data, South Pacific Financial Corporation originated 1773 mortgages, a national market share of 0.0%. It was most active in NV (0.3% market share), CA (0.2% market share), and AZ (0.1% market share).
On average, South Pacific Financial Corporation’s interest rates were higher than those of comparable mortgages at other lenders (+0.10%).1The comparable mortgages control for South Pacific Financial Corporation’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 county. Interest rate and loan related closing costs are estimated based on fixed rate mortgages only, whereas market shares include all purchase or refinance mortgages. Its average total loan related closing cost was $6165, which was higher than those of comparable mortgages at $5743, with a difference of +$422. Overall, we estimate that South Pacific Financial Corporation tends to be an expensive lender, with a cost-adjusted-rate difference of +0.10% compared to comparable mortgages at other lenders.2Cost adjusted rates were computed based on each percent of the loan amount in loan related closing costs being worth 1/6 of a percentage point in interest rate. Therefore, we recommend comparing your rate and fees with at least a few other lenders before signing with South Pacific Financial Corporation.
South Pacific Financial Corporation originated Conforming, FHA and VA mortgages for new home purchases. It also originated Conforming mortgages for refinances. We breakdown its interest rate and total loan related closing cost on by each of the mortgage types it originated below:
Home Purchase Mortgages from South Pacific Financial Corporation compared to other lenders
| Conforming | FHA | VA | |
|---|---|---|---|
| Interest Rate Difference | +0.05% | +0.20% | +0.27% |
| Loan related Closing Cost Difference | +$97 | +$1107 | +$593 |
| Cost Adjusted Rate Difference | +0.01% | +0.27% | +0.30% |
Based on the table above, South Pacific Financial Corporation is similar to other lenders for Conforming purchase mortgages. It is more expensive than other lenders for FHA and VA purchase mortgages.
Mortgage Refinancing from South Pacific Financial Corporation compared to other lenders
| Conforming | |
|---|---|
| Interest Rate Difference | +0.09% |
| Loan Related Closing Cost Difference | +$573 |
| Cost Adjusted Rate Difference | +0.11% |
Based on the table above, South Pacific Financial Corporation is more expensive than other lenders for Conforming mortgage refinance.
Other information about South Pacific Financial Corporation:
Regulator: United States Department of Housing and Urban Development (HUD)
Registered city and state: Ontario, CA, 91761