We compare mortgage interest rate and loan related closing costs at Midwest Equity Mortgage LLC with other lenders for mortgages with similar borrower characteristics:
Interest Rate: similar to average (+0.03%)
Loan Related Closing Costs: similar to average (-$250)
Assessment: this lender tends to be a average cost lender.
This scoreboard is based on data reported to FFIEC. In the data, Midwest Equity Mortgage LLC originated 1701 mortgages, a national market share of 0.0%. It was most active in MO (0.2% market share), IL (0.2% market share), and CA (0.1% market share).
On average, Midwest Equity Mortgage LLC’s interest rates were similar to those of comparable mortgages at other lenders (+0.03%).1The comparable mortgages control for Midwest Equity Mortgage LLC’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 $5245, which was similar to those of comparable mortgages at $5495, with a difference of -$250. Overall, we estimate that Midwest Equity Mortgage LLC tends to be an average cost lender, with a cost-adjusted-rate difference of +0.03% 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 Midwest Equity Mortgage LLC.
Midwest Equity Mortgage LLC originated Conforming, FHA and Jumbo mortgages for new home purchases. It also originated Conforming, FHA and Jumbo 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 Midwest Equity Mortgage LLC compared to other lenders
|Interest Rate Difference||+0.09%||-0.03%||+0.02%|
|Loan related Closing Cost Difference||-$47||+$309||+$60|
|Cost Adjusted Rate Difference||+0.11%||-0.00%||+0.03%|
Based on the table above, Midwest Equity Mortgage LLC is similar to other lenders for FHA and Jumbo purchase mortgages. It is more expensive than other lenders for Conforming purchase mortgages.
Mortgage Refinancing from Midwest Equity Mortgage LLC compared to other lenders
|Interest Rate Difference||+0.04%||-0.06%||-0.03%|
|Loan Related Closing Cost Difference||-$758||-$255||-$455|
|Cost Adjusted Rate Difference||+0.01%||-0.08%||-0.04%|
Based on the table above, Midwest Equity Mortgage LLC is cheap for FHA mortgage refinance. It is similar to other lenders for Conforming and Jumbo mortgage refinance.
Other information about Midwest Equity Mortgage LLC:
Regulator: United States Department of Housing and Urban Development (HUD)
Registered city and state: Oakbrook Terrace, IL, 60181