We compare mortgage interest rate and loan related closing costs at Logan Bank and Trust Company with other lenders for mortgages with similar borrower characteristics:
Interest Rate: similar to average (+0.02%)
Loan Related Closing Costs: lower than average (-$310)
Assessment: this lender tends to be a cheap lender.
This scoreboard is based on data reported to FFIEC. In the data, Logan Bank and Trust Company originated 114 mortgages, a national market share of 0.0%. It was primarily active in WV (0.5% market share) and KY (0.0% market share).
On average, Logan Bank and Trust Company’s interest rates were similar to those of comparable mortgages at other lenders (+0.02%).3The comparable mortgages control for Logan Bank and Trust Company’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 $1080, which was lower than those of comparable mortgages at $1389, with a difference of -$310. Overall, we estimate that Logan Bank and Trust Company tends to be an cheap lender, with a cost-adjusted-rate difference of -0.06% compared to comparable mortgages at other lenders.4Cost 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 Logan Bank and Trust Company.
Logan Bank and Trust Company originated Conforming 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 Logan Bank and Trust Company compared to other lenders
|Interest Rate Difference||+0.02%|
|Loan related Closing Cost Difference||-$310|
|Cost Adjusted Rate Difference||-0.06%|
Based on the table above, Logan Bank and Trust Company is cheap for Conforming purchase mortgages.
Other information about Logan Bank and Trust Company:
Regulator: Federal Reserve System (FRS)
Top holder: LOGAN COUNTY BANCSHARES, INC.
Registered city and state: Logan, WV, 25601