Is Unifirst Mortgage Corporation An Expensive Mortgage Lender?

We compare mortgage interest rate and loan related closing costs at Unifirst Mortgage Corporation with other lenders for mortgages with similar borrower characteristics:

Interest Rate: similar to average (-0.01%)
Loan Related Closing Costs: lower than average (-$1433)
Assessment: this lender tends to be a cheap lender.

This scoreboard is based on data reported to FFIEC. In the data, Unifirst Mortgage Corporation originated 258 mortgages, a national market share of 0.0%. It was most active in CO (0.1% market share), PA (0.0% market share), and NJ (0.0% market share).

On average, Unifirst Mortgage Corporation’s interest rates were similar to those of comparable mortgages at other lenders (-0.01%).1The comparable mortgages control for Unifirst Mortgage Corporation’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 $3162, which was lower than those of comparable mortgages at $4595, with a difference of -$1433. Overall, we estimate that Unifirst Mortgage Corporation tends to be an cheap lender, with a cost-adjusted-rate difference of -0.18% 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 Unifirst Mortgage Corporation.

Unifirst Mortgage Corporation originated Conforming and FHA mortgages for new home purchases. 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 Unifirst Mortgage Corporation compared to other lenders

Conforming FHA
Interest Rate Difference -0.02% -0.00%
Loan related Closing Cost Difference -$1160 -$1859
Cost Adjusted Rate Difference -0.13% -0.25%

Based on the table above, Unifirst Mortgage Corporation is cheap for Conforming and FHA purchase mortgages.

Other information about Unifirst Mortgage Corporation:

Regulator: United States Department of Housing and Urban Development (HUD) 
Registered city and state: JOHNSTOWN, PA, 15905

Footnotes   [ + ]

1. The comparable mortgages control for Unifirst Mortgage Corporation’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.
2. Cost 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.

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