Homeowners Advantage Mortgage Interest Rate and Cost Review

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

Interest Ratelower than average (-0.15%)
Loan Related Closing Costssimilar to average (-$113)
National Rate and Closing Cost Rating(4.5)

On average, Homeowners Advantage’s interest rates were lower than those of other lenders (-0.15%) for a comparable set of borrowers. Its average total loan related closing cost was 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 5.0 stars.

Homeowners Advantage’s Rates by Area

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

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

Furthermore, Homeowners Advantage is our top ranked mortgage lender in terms of interest rate and closing costs in Utica, NY, overall.

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

Homeowners Advantage’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, Homeowners Advantage originated Conforming and FHA mortgages for new home purchases and 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 MortgagesConformingFHA
Interest Rate Difference-0.11%-0.18%
Loan Related Closing Cost Difference-$109+$142
Cost Adjusted Rate Difference-0.12%-0.17%
Star Rating(4.0)(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%
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, and we always recommend shopping among several 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.