Priority Home Lending Mortgage Interest Rate and Cost Review

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

Interest Ratesimilar to average (-0.02%)
Loan Related Closing Costshigher than average (+$357)
National Rate and Closing Cost Rating(3.5)

On average, Priority Home Lending’s interest rates were similar to those of other lenders (-0.02%) for a comparable set of borrowers. Its average total loan related closing cost was higher than those of other lenders, with a difference of +$357. Overall, combining interest rates and closing costs we estimate that Priority Home Lending 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.

Priority Home Lending’s Rates by Area

Mortgage lenders often set different rates in different geographical markets. In particular, among the markets we track Priority Home Lending was most active in:

  1. Seattle, WA
  2. Spokane, WA
  3. Portland, OR
  4. Bremerton, WA
  5. Lacey, WA

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

Priority Home Lending’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, Priority Home Lending originated Conforming, FHA and Jumbo mortgages for new home purchases. It also originated Conforming and FHA 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 MortgagesConformingFHAJumbo
Interest Rate Difference-0.02%-0.03%-0.01%
Loan Related Closing Cost Difference+$484+$139+$50
Cost Adjusted Rate Difference-0.00%-0.03%-0.01%
Star Rating(3.5)(3.5)(3.5)
Refinance MortgagesConformingFHA
Interest Rate Difference-0.02%+0.01%
Loan Related Closing Cost Difference+$168+$131
Cost Adjusted Rate Difference-0.02%+0.02%
Star Rating(3.5)(3.5)

As a summary, Priority Home Lending is similar to other lenders for Conforming, FHA and Jumbo purchase mortgages. For refinancing mortgages, Priority Home Lending is similar to other lenders for Conforming and FHA mortgage refinance. Nevertheless, individual circumstances can matter, and we always recommend shopping among several lenders in your area before signing.

Other information about Priority Home Lending:

Registered name: Priority Home Lending
Registered city and state: HOUSTON, TX, 77027
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 Priority Home Lending’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.