Veritas Funding Mortgage Interest Rate and Cost Review

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

Interest Ratehigher than average (+0.11%)
Loan Related Closing Costssimilar to average (+$1)
National Rate and Closing Cost Rating(3.0)

On average, Veritas Funding’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 +$1. Overall, combining interest rates and closing costs we estimate that Veritas Funding tends to be an expensive lender, and give it a National Rate and Closing Costs Rating of 3.0 out of 5.0 stars.

Veritas Funding’s Rates by Area

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

  1. West Jordan, UT
  2. Lehi, UT
  3. St. George, UT
  4. Logan, UT
  5. Vernal, UT

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

Veritas Funding’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, Veritas Funding originated Conforming, FHA, Jumbo, USDA and VA mortgages for new home purchases. It also originated Conforming, FHA 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+0.18%+0.14%+0.01%+0.01%+0.03%
Loan Related Closing Cost Difference+$239+$513-$9-$20-$14
Cost Adjusted Rate Difference+0.20%+0.17%+0.01%+0.01%+0.03%
Star Rating(2.5)(2.5)(3.5)(3.5)(3.5)
Refinance MortgagesConformingFHAVA
Interest Rate Difference+0.03%+0.02%+0.06%
Loan Related Closing Cost Difference-$565-$169-$245
Cost Adjusted Rate Difference-0.01%+0.01%+0.04%
Star Rating(3.5)(3.5)(3.5)

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

Registered name: Veritas Funding
Registered city and state: Midvale, UT, 84047
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 Veritas Funding’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.