We compare mortgage interest rate and loan related closing costs at Self Reliance (NY) FCU with other lenders for mortgages with similar borrower characteristics:
Interest Rate: lower than average (-0.46%)
Loan Related Closing Costs: similar to average (-$12)
Assessment: this lender tends to be a cheap lender.
This scoreboard is based on data reported to FFIEC. In the data, Self Reliance (NY) FCU originated 143 mortgages, a national market share of 0.0%. It was most active in NY (0.0% market share), NJ (0.0% market share), and CT (0.0% market share).
On average, Self Reliance (NY) FCU’s interest rates were lower than those of comparable mortgages at other lenders (-0.46%).3The comparable mortgages control for Self Reliance (NY) FCU’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 $5384, which was similar to those of comparable mortgages at $5396, with a difference of -$12. Overall, we estimate that Self Reliance (NY) FCU tends to be an cheap lender, with a cost-adjusted-rate difference of -0.47% 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 Self Reliance (NY) FCU.
Self Reliance (NY) FCU originated Conforming mortgages for new home purchases. 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 Self Reliance (NY) FCU compared to other lenders
|Interest Rate Difference||-0.46%|
|Loan related Closing Cost Difference||-$12|
|Cost Adjusted Rate Difference||-0.47%|
Based on the table above, Self Reliance (NY) FCU is cheap for Conforming purchase mortgages.
Other information about Self Reliance (NY) FCU:
Regulator: National Credit Union Administration (NCUA)
Registered city and state: NEW YORK, NY, 10003