We compare mortgage interest rate and loan related closing costs at GOM – Main Office with other lenders for mortgages with similar borrower characteristics:
Interest Rate: similar to average (-0.04%)
Loan Related Closing Costs: higher than average (+$304)
Assessment: this lender tends to be a average cost lender.
This scoreboard is based on data reported to FFIEC. In the data, GOM – Main Office originated 714 mortgages, a national market share of 0.0%. It was primarily active in FL, with a 0.2% market share.
On average, GOM – Main Office’s interest rates were similar to those of comparable mortgages at other lenders (-0.04%).1The comparable mortgages control for GOM – Main Office’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 $5684, which was higher than those of comparable mortgages at $5380, with a difference of +$304. Overall, we estimate that GOM – Main Office tends to be an average cost lender, with a cost-adjusted-rate difference of -0.02% 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 GOM – Main Office.
GOM – Main Office originated Conforming, FHA 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 GOM – Main Office compared to other lenders
|Interest Rate Difference||-0.03%||-0.11%||+0.03%|
|Loan related Closing Cost Difference||+$395||+$281||+$1097|
|Cost Adjusted Rate Difference||-0.00%||-0.09%||+0.12%|
Based on the table above, GOM – Main Office is cheap for FHA purchase mortgages. It is similar to other lenders for Conforming purchase mortgages. It is more expensive than other lenders for VA purchase mortgages.
Mortgage Refinancing from GOM – Main Office compared to other lenders
|Interest Rate Difference||+0.03%|
|Loan Related Closing Cost Difference||-$443|
|Cost Adjusted Rate Difference||-0.01%|
Based on the table above, GOM – Main Office is similar to other lenders for Conforming mortgage refinance.
Other information about GOM – Main Office:
Regulator: United States Department of Housing and Urban Development (HUD)
Registered city and state: Jupiter, FL, 33477