OwnersChoice Funding Mortgage Interest Rate and Cost Review

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

Review ItemOwnersChoice Funding
Interest Ratelower than other lenders (-0.13%)
Loan Related Closing Costssimilar to other lenders (-$14)
National Rate and Closing Cost Star Rating(4)

On average, OwnersChoice Funding’s interest rates were lower than those of other lenders (-0.13%). On the other hand, its loan related closing costs were similar to those of other lenders, with a difference of -$14. Overall, combining interest rates and closing costs we estimate that OwnersChoice Funding tends to be a cheap lender, and give it a National Rate and Closing Costs Rating of 4 out of 5 stars.

We maintain our independence by not accepting any money from the mortgage lenders we review. To visit OwnersChoice Funding, check out its website at: https://www.ownerschoice.com.

OwnersChoice Funding’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 OwnersChoice Funding was most active in:

  1. Buffalo, NY
  2. New York, NY
  3. Utica, NY
  4. Syracuse, NY
  5. Albany, NY

OwnersChoice Funding’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, OwnersChoice Funding originated Conforming 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 MortgagesConforming
Interest Rate Difference-0.06%
Loan Related Closing Cost Difference+$88
Cost Adjusted Rate Difference-0.06%
National Star Rating(4)
Refinance MortgagesConforming
Interest Rate Difference-0.22%
Loan Related Closing Cost Difference-$139
Cost Adjusted Rate Difference-0.24%
Average Star Rating(4.5)

As a summary, OwnersChoice Funding is cheap for Conforming purchase mortgages. For refinancing, OwnersChoice Funding is cheap 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 OwnersChoice Funding:

Registered name: OwnersChoice Funding, Inc
Registered city and state: Albany, NY, 12205
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 OwnersChoice Funding’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.