We compare mortgage interest rate and loan related closing costs at Homestead Funding Corp. with other lenders for mortgages with similar borrower characteristics:
Interest Rate: similar to average (-0.02%)
Loan Related Closing Costs: lower than average (-$838)
Assessment: this lender tends to be a cheap lender.
This scoreboard is based on data reported to FFIEC. In the data, Homestead Funding Corp. originated 6983 mortgages, a national market share of 0.1%. It was most active in NY (2.3% market share), CT (0.7% market share), and VT (0.5% market share).
On average, Homestead Funding Corp.’s interest rates were similar to those of comparable mortgages at other lenders (-0.02%).1The comparable mortgages control for Homestead Funding Corp.’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 $3621, which was lower than those of comparable mortgages at $4459, with a difference of -$838. Overall, we estimate that Homestead Funding Corp. tends to be an cheap lender, with a cost-adjusted-rate difference of -0.10% 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 Homestead Funding Corp..
Homestead Funding Corp. originated Conforming, FHA, USDA and VA mortgages for new home purchases. It also originated Conforming, FHA and VA 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 Homestead Funding Corp. compared to other lenders
|Interest Rate Difference||-0.04%||+0.04%||+0.09%||+0.01%|
|Loan related Closing Cost Difference||-$608||-$1489||-$923||-$676|
|Cost Adjusted Rate Difference||-0.10%||-0.13%||-0.04%||-0.06%|
Based on the table above, Homestead Funding Corp. is cheap for Conforming, FHA and VA purchase mortgages. It is similar to other lenders for USDA purchase mortgages.
Mortgage Refinancing from Homestead Funding Corp. compared to other lenders
|Interest Rate Difference||-0.09%||-0.08%||-0.19%|
|Loan Related Closing Cost Difference||-$433||-$496||-$1099|
|Cost Adjusted Rate Difference||-0.12%||-0.13%||-0.28%|
Based on the table above, Homestead Funding Corp. is cheap for Conforming, FHA and VA mortgage refinance.
Other information about Homestead Funding Corp.:
Regulator: United States Department of Housing and Urban Development (HUD)
Registered city and state: Albany, NY, 12205