First Federal Savings Bank of Rochester, IN Mortgage Interest Rate and Cost Review

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

Review ItemFirst Federal Savings Bank of Rochester, IN
Interest Ratesimilar to other lenders (-0.02%)
Loan Related Closing Costshigher than other lenders (+$265)
National Rate and Closing Cost Star Rating(3.5)

On average, First Federal Savings Bank of Rochester, IN’s interest rates were similar to those of other lenders (-0.02%). On the other hand, its loan related closing costs were higher than those of other lenders, with a difference of +$265. Overall, combining interest rates and closing costs we estimate that First Federal Savings Bank of Rochester, IN 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 First Federal Savings Bank of Rochester, IN, its website is located at: https://www.firstfederalbanking.com.

First Federal Savings Bank of Rochester, IN’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 First Federal Savings Bank of Rochester, IN was most active in:

  1. South Bend, IN
  2. Winona Lake, IN
  3. Indianapolis, IN
  4. Valparaiso, IN
  5. Fort Wayne, IN

First Federal Savings Bank of Rochester, IN’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, First Federal Savings Bank of Rochester, IN originated Conforming, FHA, Jumbo and USDA mortgages for new home purchases. It also originated Conforming and Jumbo 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.

Purchase/Refinance:
New Purchase MortgagesConformingFHAJumboUSDA
Interest Rate Difference-0.01%+0.09%+0.00%+0.02%
Loan Related Closing Cost Difference+$206-$62+$85-$18
Cost Adjusted Rate Difference-0.01%+0.08%+0.01%+0.02%
National Star Rating(3.5)(3)(3.5)(3.5)
Refinance MortgagesConformingJumbo
Interest Rate Difference-0.04%+0.02%
Loan Related Closing Cost Difference+$399-$62
Cost Adjusted Rate Difference+0.00%+0.01%
Average Star Rating(3.5)(3.5)

As a summary, First Federal Savings Bank of Rochester, IN is similar to other lenders for Conforming, Jumbo and USDA purchase mortgages. It is more expensive than other lenders for FHA purchase mortgages. For refinancing mortgages, First Federal Savings Bank of Rochester, IN is similar to other lenders for Conforming and 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 First Federal Savings Bank of Rochester, IN:

Registered name: First Federal Savings Bank
Registered city and state: Rochester, IN, 46975
Regulator: Office of the Comptroller of the Currency (OCC)
Top holder: AMERICAN MIDWEST FINANCIAL CORPORATION

* 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 First Federal Savings Bank of Rochester, IN’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.