We compare mortgage interest rate and loan related closing costs at Fidelity Bank with other lenders for mortgages with similar borrower characteristics:
Interest Rate: lower than average (-0.07%)
Loan Related Closing Costs: similar to average (+$209)
Assessment: this lender tends to be a cheap lender.
This scoreboard is based on data reported to FFIEC. In the data, Fidelity Bank originated 10545 mortgages, a national market share of 0.2%. It was most active in GA (2.8% market share), VA (0.5% market share), and MD (0.4% market share).
On average, Fidelity Bank’s interest rates were lower than those of comparable mortgages at other lenders (-0.07%).1The comparable mortgages control for Fidelity Bank’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 $5147, which was similar to those of comparable mortgages at $4939, with a difference of +$209. Overall, we estimate that Fidelity Bank tends to be an cheap lender, with a cost-adjusted-rate difference of -0.06% 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. Nevertheless, we recommend comparing your rate and fees with at least a few other lenders before signing with Fidelity Bank.
Fidelity Bank 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 on by each of the mortgage types it originated below:
Home Purchase Mortgages from Fidelity Bank compared to other lenders
|Interest Rate Difference||-0.06%||-0.11%||+0.00%||-0.14%||-0.02%|
|Loan related Closing Cost Difference||+$294||-$28||+$658||+$475||+$611|
|Cost Adjusted Rate Difference||-0.05%||-0.12%||+0.02%||-0.10%||+0.01%|
Based on the table above, Fidelity Bank is cheap for FHA and USDA purchase mortgages. It is similar to other lenders for Conforming, Jumbo and VA purchase mortgages.
Mortgage Refinancing from Fidelity Bank compared to other lenders
|Interest Rate Difference||-0.08%||-0.07%||-0.01%||-0.03%|
|Loan Related Closing Cost Difference||-$380||-$543||-$488||-$1047|
|Cost Adjusted Rate Difference||-0.11%||-0.14%||-0.03%||-0.12%|
Based on the table above, Fidelity Bank is cheap for Conforming, FHA and VA mortgage refinance. It is similar to other lenders for Jumbo mortgage refinance.
Other information about Fidelity Bank:
Regulator: Federal Deposit Insurance Corporation (FDIC)
Top holder: FIDELITY SOUTHERN CORPORATION
Registered city and state: Atlanta, GA, 30329