Great Western Financial Services Mortgage Interest Rate and Cost Review

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

Interest Ratesimilar to average (+0.04%)
Loan Related Closing Costssimilar to average (-$231)
National Rate and Closing Cost Rating(3.5)

On average, Great Western Financial Services’s interest rates were similar to those of other lenders (+0.04%) for a comparable set of borrowers. Its average total loan related closing cost was similar to those of other lenders, with a difference of -$231. Overall, combining interest rates and closing costs we estimate that Great Western Financial Services tends to be an average cost lender, and give it a National Rate and Closing Costs Rating of 3.5 out of 5.0 stars.

Great Western Financial Services’s Rates by Area

Mortgage lenders often set different rates in different geographical markets. In particular, among the markets we track Great Western Financial Services was most active in:

  1. Dallas, TX
  2. Fort Worth, TX
  3. Frisco, TX
  4. Houston, TX
  5. Austin, TX

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

Great Western Financial Services’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, Great Western Financial Services 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 difference relative to other lenders for comparable mortgages by type in the table below.

New Purchase MortgagesConformingFHAJumboUSDAVA
Interest Rate Difference+0.05%+0.00%+0.02%+0.01%+0.07%
Loan Related Closing Cost Difference-$230-$138-$54-$8+$88
Cost Adjusted Rate Difference+0.03%-0.01%+0.02%+0.01%+0.08%
Star Rating(3.5)(3.5)(3.5)(3.5)(3.0)
Refinance MortgagesConformingFHAJumboVA
Interest Rate Difference+0.04%+0.00%+0.02%+0.03%
Loan Related Closing Cost Difference-$436+$33-$48+$39
Cost Adjusted Rate Difference+0.02%+0.00%+0.02%+0.03%
Star Rating(3.5)(3.5)(3.5)(3.5)

As a summary, Great Western Financial Services is similar to other lenders for Conforming, FHA, Jumbo and USDA purchase mortgages. It is more expensive than other lenders for VA purchase mortgages. For refinancing mortgages, Great Western Financial Services is similar to other lenders for Conforming, FHA, Jumbo 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 Great Western Financial Services:

Registered name: Great Western Financial Services Inc
Registered city and state: PLANO, TX, 75093
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 Great Western Financial Services’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.