Residential Bancorp Mortgage Interest Rate and Cost Review

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

Review ItemResidential Bancorp
Interest Ratesimilar to other lenders (+0.06%)
Loan Related Closing Costshigher than other lenders (+$435)
National Rate and Closing Cost Star Rating(3.5)

On average, Residential Bancorp’s interest rates were similar to those of other lenders (+0.06%). On the other hand, its loan related closing costs were higher than those of other lenders, with a difference of +$435. Overall, combining interest rates and closing costs we estimate that Residential Bancorp tends to be an average cost lender, and give it a National Rate and Closing Costs Rating of 3.5 out of 5 stars.

We maintain our independence by not accepting any money from the mortgage lenders we review. To visit Residential Bancorp, check out its website at:

Residential Bancorp’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 Residential Bancorp was most active in:

  1. Las Vegas, NV
  2. Los Angeles, CA
  3. Bakersfield, CA
  4. Fresno, CA
  5. Tucson, AZ

Residential Bancorp’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, Residential Bancorp originated Conforming, FHA, USDA and VA mortgages for new home purchases. It also originated Conforming and FHA mortgages for refinances. Its average interest rate and total loan related closing cost difference relative to other lenders for comparable borrowers by mortgages type is as follows.

New Purchase MortgagesConformingFHAUSDAVA
Interest Rate Difference+0.01%+0.11%+0.02%-0.02%
Loan Related Closing Cost Difference+$186+$720+$22+$33
Cost Adjusted Rate Difference-0.18%+0.16%+0.02%-0.02%
National Star Rating(4.5)(2.5)(3.5)(3.5)
Refinance MortgagesConformingFHA
Interest Rate Difference+0.00%+0.01%
Loan Related Closing Cost Difference+$88+$51
Cost Adjusted Rate Difference+0.01%+0.02%
Average Star Rating(3.5)(3.5)

As a summary, Residential Bancorp is cheap for Conforming purchase mortgages. It is similar to other lenders for USDA and VA purchase mortgages. It is more expensive than other lenders for FHA purchase mortgages. For refinancing mortgages, Residential Bancorp is similar to other lenders for Conforming and FHA 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 Residential Bancorp:

Registered name: Residential Bancorp
Registered city and state: NORTH CANTON, OH, 44720
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 Residential Bancorp’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.