Is Provident Bank California a cheap or expensive mortgage lender? To help you shop for a mortgage, we compare the interest rates and closing costs charged by Provident Bank California to those of other lenders for a comparable set of borrowers. Here is our review of Provident Bank California nationally:
|Review Item||Provident Bank California|
|Interest Rate||higher than other lenders (+0.21%)|
|Loan Related Closing Costs||similar to other lenders (+$91)|
|National Rate and Closing Cost Star Rating||(2.5)|
On average, Provident Bank California’s interest rates were higher than those of other lenders (+0.21%). On the other hand, its loan related closing costs were similar to those of other lenders, with a difference of +$91. Overall, combining interest rates and closing costs we estimate that Provident Bank California tends to be an expensive lender, and give it a National Rate and Closing Costs Rating of 2.5 out of 5 stars.
We maintain our independence by not accepting any money from the mortgage lenders we review. To visit Provident Bank California, check out its website at: https://www.myprovident.com.
Provident Bank California’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 Provident Bank California was most active in:
Provident Bank California’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, Provident Bank California originated Conforming, FHA, Jumbo and VA 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 Mortgages||Conforming||FHA||Jumbo||VA|
|Interest Rate Difference||+0.25%||+0.09%||+0.07%||+0.08%|
|Loan Related Closing Cost Difference||+$169||+$23||+$36||+$53|
|Cost Adjusted Rate Difference||+0.26%||+0.09%||+0.07%||+0.08%|
|National Star Rating|
|Interest Rate Difference||+0.30%||+0.05%||+0.01%||+0.02%|
|Loan Related Closing Cost Difference||+$35||-$11||+$100||-$34|
|Cost Adjusted Rate Difference||+0.30%||+0.05%||+0.02%||+0.02%|
|Average Star Rating|
As a summary, Provident Bank California is more expensive than other lenders for Conforming, FHA, Jumbo and VA purchase mortgages. For refinancing, Provident Bank California is similar to other lenders for FHA, Jumbo and VA mortgage refinance. It is more expensive than other lenders for Conforming 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 Provident Bank California:
Registered city and state: RIVERSIDE, CA, 92506
Regulator: Office of the Comptroller of the Currency (OCC)
Top holder: PROVIDENT FINANCIAL HOLDINGS, INC.
* 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 Provident Bank California’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.