Is American Mortgage & Equity Consultants Inc. An Expensive Mortgage Lender?

We compare mortgage interest rate and loan related closing costs at American Mortgage & Equity Consultants Inc. with other lenders for mortgages with similar borrower characteristics:

Interest Rate: similar to average (+0.05%)
Loan Related Closing Costs: higher than average (+$261)
Assessment: this lender tends to be a expensive lender.

This scoreboard is based on data reported to FFIEC. In the data, American Mortgage & Equity Consultants Inc. originated 7490 mortgages, a national market share of 0.1%. It was most active in MN (4.1% market share), WI (1.1% market share), and SD (0.4% market share).

On average, American Mortgage & Equity Consultants Inc.’s interest rates were similar to those of comparable mortgages at other lenders (+0.05%).1The comparable mortgages control for American Mortgage & Equity Consultants Inc.’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 $4974, which was higher than those of comparable mortgages at $4713, with a difference of +$261. Overall, we estimate that American Mortgage & Equity Consultants Inc. 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 American Mortgage & Equity Consultants Inc..

American Mortgage & Equity Consultants Inc. originated Conforming, FHA, Jumbo, USDA and VA mortgages for new home purchases. It also originated Conforming, FHA and Jumbo 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 American Mortgage & Equity Consultants Inc. compared to other lenders

Conforming FHA Jumbo USDA VA
Interest Rate Difference +0.04% +0.03% +0.12% +0.10% +0.09%
Loan related Closing Cost Difference +$542 -$209 +$639 +$399 -$815
Cost Adjusted Rate Difference +0.09% +0.00% +0.13% +0.14% +0.03%

Based on the table above, American Mortgage & Equity Consultants Inc. is similar to other lenders for FHA and VA purchase mortgages. It is more expensive than other lenders for Conforming, Jumbo and USDA purchase mortgages.

Mortgage Refinancing from American Mortgage & Equity Consultants Inc. compared to other lenders

Conforming FHA Jumbo
Interest Rate Difference +0.02% +0.05% +0.16%
Loan Related Closing Cost Difference +$122 +$25 -$1361
Cost Adjusted Rate Difference +0.04% +0.05% +0.13%

Based on the table above, American Mortgage & Equity Consultants Inc. is similar to other lenders for Conforming mortgage refinance. It is more expensive than other lenders for FHA and Jumbo mortgage refinance.

Other information about American Mortgage & Equity Consultants Inc.:

Regulator: United States Department of Housing and Urban Development (HUD) 
Registered city and state: BLOOMINGTON, MN, 55435
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Footnotes   [ + ]

1. The comparable mortgages control for American Mortgage & Equity Consultants Inc.’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.