We compare mortgage interest rate and loan related closing costs at Fidelity Bank with other lenders for mortgages with similar borrower characteristics:
Interest Rate: similar to average (+0.01%)
Loan Related Closing Costs: higher than average (+$342)
Assessment: this lender tends to be a average cost lender.
This scoreboard is based on data reported to FFIEC. In the data, Fidelity Bank originated 3159 mortgages, a national market share of 0.1%. It was most active in LA (3.5% market share), MS (1.1% market share), and FL (0.1% market share).
On average, Fidelity Bank’s interest rates were similar to those of comparable mortgages at other lenders (+0.01%).3The comparable mortgages control for Fidelity Bank’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 $4877, which was higher than those of comparable mortgages at $4534, with a difference of +$342. Overall, we estimate that Fidelity Bank tends to be an average cost lender, with a cost-adjusted-rate difference of +0.04% 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 Fidelity Bank.
Fidelity Bank originated Conforming, FHA, USDA 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 Fidelity Bank compared to other lenders
|Interest Rate Difference||-0.02%||+0.06%||+0.10%||+0.02%|
|Loan related Closing Cost Difference||+$499||+$649||+$699||-$666|
|Cost Adjusted Rate Difference||+0.02%||+0.12%||+0.17%||-0.04%|
Based on the table above, Fidelity Bank is similar to other lenders for Conforming and VA purchase mortgages. It is more expensive than other lenders for FHA and USDA purchase mortgages.
Mortgage Refinancing from Fidelity Bank compared to other lenders
|Interest Rate Difference||-0.03%|
|Loan Related Closing Cost Difference||-$18|
|Cost Adjusted Rate Difference||-0.04%|
Based on the table above, Fidelity Bank is similar to other lenders for Conforming mortgage refinance.
Other information about Fidelity Bank:
Regulator: Federal Deposit Insurance Corporation (FDIC)
Registered city and state: New Orleans, LA, 70170