We compare mortgage interest rate and loan related closing costs at Draper and Kramer Mortgage Corp. with other lenders for mortgages with similar borrower characteristics:
Interest Rate: similar to average (+0.01%)
Loan Related Closing Costs: similar to average (-$77)
Assessment: this lender tends to be a average cost lender.
This scoreboard is based on data reported to FFIEC. In the data, Draper and Kramer Mortgage Corp. originated 5387 mortgages, a national market share of 0.1%. It was most active in IL (1.3% market share), DC (0.5% market share), and DE (0.3% market share).
On average, Draper and Kramer Mortgage Corp.’s interest rates were similar to those of comparable mortgages at other lenders (+0.01%).1The comparable mortgages control for Draper and Kramer Mortgage Corp.’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 $4931, which was similar to those of comparable mortgages at $5008, with a difference of -$77. Overall, we estimate that Draper and Kramer Mortgage Corp. tends to be an average cost lender, with a cost-adjusted-rate difference of +0.01% 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 Draper and Kramer Mortgage Corp..
Draper and Kramer Mortgage Corp. originated Conforming, FHA, Jumbo, USDA and VA mortgages for new home purchases. It also originated Conforming 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 Draper and Kramer Mortgage Corp. compared to other lenders
|Interest Rate Difference||+0.01%||-0.01%||+0.18%||+0.08%||+0.02%|
|Loan related Closing Cost Difference||-$22||-$24||-$299||+$230||+$81|
|Cost Adjusted Rate Difference||+0.01%||-0.01%||+0.17%||+0.10%||+0.03%|
Based on the table above, Draper and Kramer Mortgage Corp. is similar to other lenders for Conforming, FHA and VA purchase mortgages. It is more expensive than other lenders for Jumbo and USDA purchase mortgages.
Mortgage Refinancing from Draper and Kramer Mortgage Corp. compared to other lenders
|Interest Rate Difference||-0.07%|
|Loan Related Closing Cost Difference||-$736|
|Cost Adjusted Rate Difference||-0.12%|
Based on the table above, Draper and Kramer Mortgage Corp. is cheap for Conforming mortgage refinance.
Other information about Draper and Kramer Mortgage Corp.:
Regulator: United States Department of Housing and Urban Development (HUD)
Registered city and state: DOWNERS GROVE, IL, 60515