ESSA Bank & Trust Mortgage Interest Rate and Cost Review

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

Review ItemESSA Bank & Trust
Interest Ratelower than other lenders (-0.15%)
Loan Related Closing Costslower than other lenders (-$451)
National Rate and Closing Cost Star Rating(4.5)

On average, ESSA Bank & Trust’s interest rates were lower than those of other lenders (-0.15%). Its loan related closing costs were also lower than those of other lenders, with a difference of -$451. Overall, combining interest rates and closing costs we estimate that ESSA Bank & Trust tends to be a cheap lender, and give it a National Rate and Closing Costs Rating of 4.5 out of 5 stars. We maintain our independence by not accepting any money from the mortgage lenders we review. To visit ESSA Bank & Trust, its website is located at: https://www.essabank.com.

ESSA Bank & Trust’s Rate Review by City

Mortgage lenders often set different rates in different geographical markets. For our list of the top mortgage lenders in your area, click here. In particular, among the cities we track ESSA Bank & Trust was most active in:

  1. Scranton, PA
  2. Allentown, PA
  3. Philadelphia, PA
  4. Ocean City, NJ
  5. Bloomsburg, PA

ESSA Bank & Trust’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, ESSA Bank & Trust originated Conforming and Jumbo 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.

Purchase/Refinance:
New Purchase MortgagesConformingJumbo
Interest Rate Difference-0.14%-0.01%
Loan Related Closing Cost Difference-$399+$2
Cost Adjusted Rate Difference-0.18%-0.01%
National Star Rating(4.5)(3.5)
Refinance MortgagesConformingJumbo
Interest Rate Difference-0.16%+0.00%
Loan Related Closing Cost Difference-$535-$25
Cost Adjusted Rate Difference-0.25%+0.00%
Average Star Rating(4.5)(3.5)

As a summary, ESSA Bank & Trust is cheap for Conforming purchase mortgages. It is similar to other lenders for Jumbo purchase mortgages. For refinancing, ESSA Bank & Trust is cheap for Conforming mortgage refinance. It is similar to other lenders for Jumbo 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 ESSA Bank & Trust:

Registered name: ESSA Bank & Trust
Registered city and state: Stroudsburg, PA, 18301
Regulator: Federal Deposit Insurance Corporation (FDIC)
Top holder: ESSA BANCORP, 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 ESSA Bank & Trust’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.