Is Town & Country Federal Credit An Expensive Mortgage Lender?

We compare mortgage interest rate and loan related closing costs at Town & Country Federal Credit with other lenders for mortgages with similar borrower characteristics:

Interest Rate: higher than average (+0.15%)
Loan Related Closing Costs: lower than average (-$678)
Assessment: this lender tends to be a expensive lender.

This scoreboard is based on data reported to FFIEC. In the data, Town & Country Federal Credit originated 233 mortgages, a national market share of 0.0%. It was primarily active in ME, with a 0.9% market share.

On average, Town & Country Federal Credit’s interest rates were higher than those of comparable mortgages at other lenders (+0.15%).1The comparable mortgages control for Town & Country Federal Credit’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 $2836, which was lower than those of comparable mortgages at $3515, with a difference of -$678. Overall, we estimate that Town & Country Federal Credit tends to be an expensive lender, with a cost-adjusted-rate difference of +0.11% 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 Town & Country Federal Credit.

Town & Country Federal Credit originated Conforming 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 Town & Country Federal Credit compared to other lenders

Conforming
Interest Rate Difference +0.17%
Loan related Closing Cost Difference -$531
Cost Adjusted Rate Difference +0.14%

Based on the table above, Town & Country Federal Credit is more expensive than other lenders for Conforming purchase mortgages.

Mortgage Refinancing from Town & Country Federal Credit compared to other lenders

Conforming
Interest Rate Difference +0.11%
Loan Related Closing Cost Difference -$973
Cost Adjusted Rate Difference +0.04%

Based on the table above, Town & Country Federal Credit is similar to other lenders for Conforming mortgage refinance.

Other information about Town & Country Federal Credit:

Regulator: National Credit Union Administration (NCUA) 
Registered city and state: SOUTH PORTLAND, ME, 04116-9420
FB Comments

Lender Reviews:

Subscribe
Notify of
guest
Closed on time?
Did the lender have difficulty closing the loan on time?
Rating
What's your rating for the lender
0 Reviews
Inline Feedbacks
View all comments

Footnotes   [ + ]

1. The comparable mortgages control for Town & Country Federal Credit’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.