We compare mortgage interest rate and loan related closing costs at Credit Union of Georgia with other lenders for mortgages with similar borrower characteristics:
Interest Rate: similar to average (+0.01%)
Loan Related Closing Costs: higher than average (+$1546)
Assessment: this lender tends to be a expensive lender.
This scoreboard is based on data reported to FFIEC. In the data, Credit Union of Georgia originated 78 mortgages, a national market share of 0.0%. It was most active in GA (0.0% market share), AL (0.0% market share), and TN (0.0% market share).
On average, Credit Union of Georgia’s interest rates were similar to those of comparable mortgages at other lenders (+0.01%).1The comparable mortgages control for Credit Union of Georgia’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 $5202, which was higher than those of comparable mortgages at $3656, with a difference of +$1546. Overall, we estimate that Credit Union of Georgia tends to be an expensive 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. Therefore, we recommend comparing your rate and fees with at least a few other lenders before signing with Credit Union of Georgia.
Credit Union of Georgia 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 Credit Union of Georgia compared to other lenders
|Interest Rate Difference||+0.01%|
|Loan related Closing Cost Difference||+$1546|
|Cost Adjusted Rate Difference||+0.13%|
Based on the table above, Credit Union of Georgia is more expensive than other lenders for Conforming purchase mortgages.
Other information about Credit Union of Georgia:
Regulator: National Credit Union Administration (NCUA)
Registered city and state: WOODSTOCK, GA, 30189