We compare mortgage interest rate and loan related closing costs at Homestar Mortgage Inc. with other lenders for mortgages with similar borrower characteristics:
Interest Rate: higher than average (+0.07%)
Loan Related Closing Costs: lower than average (-$1471)
Assessment: this lender tends to be a average cost lender.
This scoreboard is based on data reported to FFIEC. In the data, Homestar Mortgage Inc. originated 152 mortgages, a national market share of 0.0%. It was most active in RI (0.6% market share), CT (0.0% market share), and MA (0.0% market share).
On average, Homestar Mortgage Inc.’s interest rates were higher than those of comparable mortgages at other lenders (+0.07%).1The comparable mortgages control for Homestar Mortgage Inc.’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 county. Interest rate and loan related closing costs are estimated based on fixed rate mortgages only, whereas market shares include all purchase or refinance mortgages. Its average total loan related closing cost was $6224, which was lower than those of comparable mortgages at $7695, with a difference of -$1471. Overall, we estimate that Homestar Mortgage Inc. tends to be an average cost lender, with a cost-adjusted-rate difference of -0.05% compared to comparable mortgages at other lenders.2Cost adjusted rates were computed based on each percent of the loan amount in loan related closing costs being worth 1/6 of a percentage point in interest rate. Nevertheless, we recommend comparing your rate and fees with at least a few other lenders before signing with Homestar Mortgage Inc..
Homestar Mortgage Inc. originated FHA mortgages for new home purchases. We breakdown its interest rate and total loan related closing cost on by each of the mortgage types it originated below:
Home Purchase Mortgages from Homestar Mortgage Inc. compared to other lenders
|Interest Rate Difference||+0.07%|
|Loan related Closing Cost Difference||-$1471|
|Cost Adjusted Rate Difference||-0.05%|
Based on the table above, Homestar Mortgage Inc. is similar to other lenders for FHA purchase mortgages.
Other information about Homestar Mortgage Inc.:
Regulator: United States Department of Housing and Urban Development (HUD)
Registered city and state: Providence, RI, 02908