We compare mortgage interest rate and loan related closing costs at The Home Loan Expert with other lenders for mortgages with similar borrower characteristics:
Interest Rate: similar to average (-0.02%)
Loan Related Closing Costs: higher than average (+$1004)
Assessment: this lender tends to be a expensive lender.
This scoreboard is based on data reported to FFIEC. In the data, The Home Loan Expert originated 476 mortgages, a national market share of 0.0%. It was most active in MO (0.2% market share), IN (0.1% market share), and IL (0.0% market share).
On average, The Home Loan Expert’s interest rates were similar to those of comparable mortgages at other lenders (-0.02%).1The comparable mortgages control for The Home Loan Expert’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 $5621, which was higher than those of comparable mortgages at $4617, with a difference of +$1004. Overall, we estimate that The Home Loan Expert tends to be an expensive lender, with a cost-adjusted-rate difference of +0.07% 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. Therefore, we recommend comparing your rate and fees with at least a few other lenders before signing with The Home Loan Expert.
The Home Loan Expert originated Conforming, FHA and VA 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 on by each of the mortgage types it originated below:
Home Purchase Mortgages from The Home Loan Expert compared to other lenders
|Interest Rate Difference||+0.09%||-0.07%||+0.10%|
|Loan related Closing Cost Difference||+$1299||+$1069||+$753|
|Cost Adjusted Rate Difference||+0.19%||+0.03%||+0.16%|
Based on the table above, The Home Loan Expert is similar to other lenders for FHA purchase mortgages. It is more expensive than other lenders for Conforming and VA purchase mortgages.
Mortgage Refinancing from The Home Loan Expert compared to other lenders
|Interest Rate Difference||-0.02%||-0.16%|
|Loan Related Closing Cost Difference||+$1131||+$483|
|Cost Adjusted Rate Difference||+0.08%||-0.12%|
Based on the table above, The Home Loan Expert is cheap for FHA mortgage refinance. It is more expensive than other lenders for Conforming mortgage refinance.
Other information about The Home Loan Expert:
Regulator: United States Department of Housing and Urban Development (HUD)
Registered city and state: St. Louis, MO, 63144