Synovus Bank Mortgage Interest Rate and Cost Review

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

Interest Ratesimilar to average (-0.04%)
Loan Related Closing Costssimilar to average (+$169)
National Rate and Closing Cost Rating(3.5)
Websitehttps://www.synovus.com

On average, Synovus Bank’s interest rates were similar to those of other lenders (-0.04%) for a comparable set of borrowers. Its average total loan related closing cost was similar to those of other lenders, with a difference of +$169. Overall, combining interest rates and closing costs we estimate that Synovus Bank 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.

Synovus Bank’s Rates by Area

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

  1. Atlanta, GA
  2. Birmingham, AL
  3. Nashville, TN
  4. Charleston, SC
  5. Columbus, GA

Furthermore, Synovus Bank is our top ranked mortgage lender in terms of interest rate and closing costs in:

  1. Columbus, GA, for Jumbo mortgages
  2. Augusta, GA, for Jumbo mortgages
  3. Huntsville, AL, for Jumbo mortgages
  4. Savannah, GA, for Jumbo mortgages
  5. Montgomery, AL, for Jumbo mortgages
  6. Tallahassee, FL, for Jumbo mortgages

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

Synovus Bank’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, Synovus Bank originated Conforming and Jumbo mortgages for new home purchases and 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.

Purchase/Refinance:
New Purchase MortgagesConformingJumbo
Interest Rate Difference-0.03%-0.08%
Loan Related Closing Cost Difference+$187+$175
Cost Adjusted Rate Difference-0.02%-0.07%
Star Rating(3.5)(4.0)
Refinance MortgagesConformingJumbo
Interest Rate Difference-0.03%-0.04%
Loan Related Closing Cost Difference+$27+$133
Cost Adjusted Rate Difference-0.03%-0.04%
Star Rating(3.5)(3.5)

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

Other information about Synovus Bank:

Registered name: Synovus Bank
Registered city and state: Columbus, GA, 31901
Regulator: Federal Reserve System (FRS)
Top holder: SYNOVUS FINANCIAL CORP.

* 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 Synovus Bank’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.