Success Mortgage Partners Interest Rate and Cost Review

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

Interest Ratesimilar to average (+0.05%)
Loan Related Closing Costshigher than average (+$430)
National Rate and Closing Cost Rating(3.0)
Websitehttps://www.successmortgagepartners.com

On average, Success Mortgage Partners’s interest rates were similar to those of other lenders (+0.05%) for a comparable set of borrowers. Its average total loan related closing cost was higher than those of other lenders, with a difference of +$430. Overall, combining interest rates and closing costs we estimate that Success Mortgage Partners tends to be an average cost lender, and give it a National Rate and Closing Costs Rating of 3.0 out of 5.0 stars.

Success Mortgage Partners’s Rates by Area

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

  1. Atlanta, GA
  2. Sterling Heights, MI
  3. Portage, MI
  4. Grand Rapids, MI
  5. Philadelphia, PA

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

Success Mortgage Partners’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, Success Mortgage Partners originated Conforming, FHA, Jumbo, USDA and VA 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.

Purchase/Refinance:
New Purchase MortgagesConformingFHAJumboUSDAVA
Interest Rate Difference+0.05%+0.10%+0.01%+0.02%+0.05%
Loan Related Closing Cost Difference+$518+$709+$42+$336+$2
Cost Adjusted Rate Difference+0.10%+0.17%+0.01%+0.06%+0.05%
Star Rating(3.0)(2.5)(3.5)(3.0)(3.0)
Refinance MortgagesConformingFHAJumboUSDAVA
Interest Rate Difference-0.00%-0.01%+0.00%-0.00%+0.00%
Loan Related Closing Cost Difference+$69+$29+$89+$14+$10
Cost Adjusted Rate Difference+0.00%-0.00%+0.01%-0.00%+0.00%
Star Rating(3.5)(3.5)(3.5)(3.5)(3.5)

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

Registered name: Success Mortgage Partners Inc
Registered city and state: PLYMOUTH, MI, 48170
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 Success Mortgage Partners’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.