Stearns Home Loans Mortgage Interest Rate and Cost Review

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

Review ItemStearns Home Loans
Interest Ratesimilar to other lenders (+0.02%)
Loan Related Closing Costslower than other lenders (-$266)

On average, Stearns Home Loans’s interest rates were similar to those of other lenders (+0.02%). On the other hand, its loan related closing costs were lower than those of other lenders, with a difference of -$266. We maintain our independence by not accepting any money from the mortgage lenders we review. To visit Stearns Home Loans, its website is located at: https://www.stearns.com.

Stearns Home Loans’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 Stearns Home Loans was most active in:

  1. Los Angeles, CA
  2. Chicago, IL
  3. San Francisco, CA
  4. San Jose, CA
  5. Houston, TX

In addition, Stearns Home Loans is our top ranked/best mortgage lender in terms of interest rate and closing costs in:

  1. Providence, RI, for FHA mortgages
  2. Williamsport, PA, for FHA, and VA mortgages
  3. Yuma, AZ, overall
  4. Pleasant Gap, PA, for FHA mortgages
  5. Ellijay, GA, for VA mortgages
  6. Lincoln City, OR, for VA mortgages
  7. Lima, OH, for VA mortgages

Stearns Home Loans’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, Stearns Home Loans originated Conforming, FHA, Jumbo, USDA and VA 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.

Purchase/Refinance:
New Purchase MortgagesConformingFHAJumboUSDAVA
Interest Rate Difference+0.07%-0.03%+0.09%+0.01%+0.03%
Loan Related Closing Cost Difference-$61-$470+$248-$50-$219
Cost Adjusted Rate Difference+0.04%-0.06%+0.09%+0.01%+0.02%
National Star Rating(3.5)(4)(3)(3.5)(3.5)
Refinance MortgagesConformingFHAJumboUSDAVA
Interest Rate Difference+0.03%-0.02%+0.05%-0.00%-0.03%
Loan Related Closing Cost Difference-$265-$371+$264-$30-$557
Cost Adjusted Rate Difference+0.01%-0.04%+0.06%-0.00%-0.05%
Average Star Rating(3.5)(3.5)(3)(3.5)(3.5)

As a summary, Stearns Home Loans is cheap for FHA purchase mortgages. It is similar to other lenders for Conforming, USDA and VA purchase mortgages. It is more expensive than other lenders for Jumbo purchase mortgages. For refinancing, Stearns Home Loans is similar to other lenders for Conforming, FHA, USDA and VA mortgage refinance. It is more expensive than other lenders for 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 Stearns Home Loans:

Registered name: Stearns Lending
Registered city and state: Lewisville, TX, 75057
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 Stearns Home Loans’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.