We compare mortgage interest rate and loan related closing costs at Parlay Mortgage & Property Inc with other lenders for mortgages with similar borrower characteristics:
Interest Rate: similar to average (-0.01%)
Loan Related Closing Costs: higher than average (+$509)
Assessment: this lender tends to be a average cost lender.
This scoreboard is based on data reported to FFIEC. In the data, Parlay Mortgage & Property Inc originated 78 mortgages, a national market share of 0.0%. It was primarily active in IL (0.0% market share) and IN (0.0% market share).
On average, Parlay Mortgage & Property Inc’s interest rates were similar to those of comparable mortgages at other lenders (-0.01%).1The comparable mortgages control for Parlay Mortgage & Property Inc’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 $5108, which was higher than those of comparable mortgages at $4599, with a difference of +$509. Overall, we estimate that Parlay Mortgage & Property Inc 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 Parlay Mortgage & Property Inc.
Parlay Mortgage & Property Inc 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 Parlay Mortgage & Property Inc compared to other lenders
|Interest Rate Difference||-0.01%|
|Loan related Closing Cost Difference||+$509|
|Cost Adjusted Rate Difference||+0.03%|
Based on the table above, Parlay Mortgage & Property Inc is similar to other lenders for Conforming purchase mortgages.
Other information about Parlay Mortgage & Property Inc:
Regulator: United States Department of Housing and Urban Development (HUD)
Registered city and state: LOCKPORT, IL, 60441