Is Googain Inc. An Expensive Mortgage Lender?

We compare mortgage interest rate and loan related closing costs at Googain Inc. with other lenders for mortgages with similar borrower characteristics:

Interest Rate: similar to average (+0.04%)
Loan Related Closing Costs: lower than average (-$1104)
Assessment: this lender tends to be a average cost lender.

This scoreboard is based on data reported to FFIEC. In the data, Googain Inc. originated 1392 mortgages, a national market share of 0.0%. It was primarily active in CA, with a 0.2% market share.

On average, Googain Inc.’s interest rates were similar to those of comparable mortgages at other lenders (+0.04%).1The comparable mortgages control for Googain 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 $3766, which was lower than those of comparable mortgages at $4870, with a difference of -$1104. Overall, we estimate that Googain Inc. tends to be an average cost lender, with a cost-adjusted-rate difference of -0.01% 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 Googain Inc..

Googain Inc. originated Conforming and Jumbo 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 Googain Inc. compared to other lenders

Conforming Jumbo
Interest Rate Difference +0.04% +0.24%
Loan related Closing Cost Difference -$659 -$54
Cost Adjusted Rate Difference +0.01% +0.24%

Based on the table above, Googain Inc. is similar to other lenders for Conforming purchase mortgages. It is more expensive than other lenders for Jumbo purchase mortgages.

Mortgage Refinancing from Googain Inc. compared to other lenders

Conforming
Interest Rate Difference +0.01%
Loan Related Closing Cost Difference -$1813
Cost Adjusted Rate Difference -0.07%

Based on the table above, Googain Inc. is cheap for Conforming mortgage refinance.

Other information about Googain Inc.:

Regulator: United States Department of Housing and Urban Development (HUD) 
Registered city and state: SUNNYVALE, CA, 94086

Footnotes   [ + ]

1. The comparable mortgages control for Googain 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.

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