We compare mortgage interest rate and loan related closing costs at Sun American Mortgage Company with other lenders for mortgages with similar borrower characteristics:
Interest Rate: similar to average (-0.01%)
Loan Related Closing Costs: lower than average (-$1347)
Assessment: this lender tends to be a cheap lender.
This scoreboard is based on data reported to FFIEC. In the data, Sun American Mortgage Company originated 758 mortgages, a national market share of 0.0%. It was most active in AZ (0.3% market share), UT (0.1% market share), and NM (0.0% market share).
On average, Sun American Mortgage Company’s interest rates were similar to those of comparable mortgages at other lenders (-0.01%).1The comparable mortgages control for Sun American Mortgage Company’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 $3311, which was lower than those of comparable mortgages at $4658, with a difference of -$1347. Overall, we estimate that Sun American Mortgage Company tends to be an cheap lender, with a cost-adjusted-rate difference of -0.13% 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 Sun American Mortgage Company.
Sun American Mortgage Company 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 Sun American Mortgage Company compared to other lenders
|Interest Rate Difference||+0.01%||-0.11%||-0.06%||-0.03%|
|Loan related Closing Cost Difference||-$1349||-$1865||-$1475||-$823|
|Cost Adjusted Rate Difference||-0.11%||-0.31%||-0.26%||-0.08%|
Based on the table above, Sun American Mortgage Company is cheap for Conforming, FHA, USDA and VA purchase mortgages.
Mortgage Refinancing from Sun American Mortgage Company compared to other lenders
|Interest Rate Difference||+0.14%|
|Loan Related Closing Cost Difference||-$811|
|Cost Adjusted Rate Difference||+0.06%|
Based on the table above, Sun American Mortgage Company is more expensive than other lenders for Conforming mortgage refinance.
Other information about Sun American Mortgage Company:
Regulator: United States Department of Housing and Urban Development (HUD)
Registered city and state: MESA, AZ, 85206