We compare mortgage interest rate and loan related closing costs at The Money Source Inc. with other lenders for mortgages with similar borrower characteristics:
Interest Rate: lower than average (-0.09%)
Loan Related Closing Costs: lower than average (-$855)
Assessment: this lender tends to be a cheap lender.
This scoreboard is based on data reported to FFIEC. In the data, The Money Source Inc. originated 6626 mortgages, a national market share of 0.1%. It was most active in CA (0.3% market share), AZ (0.3% market share), and NM (0.3% market share).
On average, The Money Source Inc.’s interest rates were lower than those of comparable mortgages at other lenders (-0.09%).3The comparable mortgages control for The Money Source 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 $4876, which was lower than those of comparable mortgages at $5731, with a difference of -$855. Overall, we estimate that The Money Source Inc. tends to be an cheap lender, with a cost-adjusted-rate difference of -0.15% 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 The Money Source Inc..
The Money Source Inc. originated Conforming, FHA, USDA and VA mortgages for new home purchases. It also originated Conforming, FHA and VA 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 The Money Source Inc. compared to other lenders
|Interest Rate Difference||-0.02%||-0.18%||-0.12%||+0.03%|
|Loan related Closing Cost Difference||+$744||-$2466||+$367||-$678|
|Cost Adjusted Rate Difference||+0.03%||-0.36%||-0.05%||+0.00%|
Based on the table above, The Money Source Inc. is cheap for FHA and USDA purchase mortgages. It is similar to other lenders for Conforming and VA purchase mortgages.
Mortgage Refinancing from The Money Source Inc. compared to other lenders
|Interest Rate Difference||-0.07%||-0.10%||-0.17%|
|Loan Related Closing Cost Difference||+$710||-$2756||-$3155|
|Cost Adjusted Rate Difference||-0.01%||-0.31%||-0.38%|
Based on the table above, The Money Source Inc. is cheap for FHA and VA mortgage refinance. It is similar to other lenders for Conforming mortgage refinance.
Other information about The Money Source Inc.:
Regulator: United States Department of Housing and Urban Development (HUD)
Registered city and state: MELVILLE, NY, 11747