Homeowners Advantage Mortgage Interest Rate and Cost Review

Is Homeowners Advantage a cheap or expensive mortgage lender? To help you shop for a mortgage, we compare the interest rates and closing costs charged by Homeowners Advantage to those of other lenders for a comparable set of borrowers. Here is our review of Homeowners Advantage nationally:

Review ItemHomeowners Advantage
Interest Ratelower than other lenders (-0.15%)
Loan Related Closing Costssimilar to other lenders (-$113)
National Rate and Closing Cost Star Rating(4.5)

On average, Homeowners Advantage’s interest rates were lower than those of other lenders (-0.15%). On the other hand, its loan related closing costs were similar to those of other lenders, with a difference of -$113. Overall, combining interest rates and closing costs we estimate that Homeowners Advantage tends to be a cheap lender, and give it a National Rate and Closing Costs Rating of 4.5 out of 5 stars. This is an excellent rating and places it among the top 15% of lenders nationwide.

We maintain our independence by not accepting any money from the mortgage lenders we review. To visit Homeowners Advantage, check out its website at: https://www.homeownersadvantage.com.

Homeowners Advantage’s Rate Review by City

Mortgage lenders often set different rates in different geographical markets. For our list of the top mortgage lenders by city, click here. In particular, among the cities we track Homeowners Advantage was most active in:

  1. Albany, NY
  2. Utica, NY
  3. Johnstown, NY
  4. Yonkers, NY
  5. Oneonta, NY

In addition, Homeowners Advantage is our top ranked/best mortgage lender in terms of interest rate and closing costs in:

Homeowners Advantage’s Rate Review by Mortgage Type

Mortgage lenders also tend to charge different interest rates and closing costs depending on the type of mortgage. In our data, Homeowners Advantage originated Conforming and FHA mortgages for new home purchases and refinances. Its average interest rate and total loan related closing cost difference relative to other lenders by mortgages type is as follows.

New Purchase MortgagesConformingFHA
Interest Rate Difference-0.11%-0.18%
Loan Related Closing Cost Difference-$109+$142
Cost Adjusted Rate Difference-0.12%-0.17%
National Star Rating(4)(4.5)
Refinance MortgagesConformingFHA
Interest Rate Difference-0.20%-0.01%
Loan Related Closing Cost Difference-$356-$31
Cost Adjusted Rate Difference-0.23%-0.02%
Average Star Rating(4.5)(3.5)

As a summary, Homeowners Advantage is cheap for Conforming and FHA purchase mortgages. For refinancing, Homeowners Advantage is cheap for Conforming mortgage refinance. It is similar to other lenders for FHA mortgage refinance. Nevertheless, individual circumstances can matter a lot for mortgage rates, and we always recommend shopping among several of our top mortgage lenders in your area before signing.

Other information about Homeowners Advantage:

Registered name: Homeowners Advantage
Registered city and state: Albany, NY, 12205
Regulator: National Credit Union Administration (NCUA)

* 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 Homeowners Advantage’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.