We compare mortgage interest rate and loan related closing costs at Cortland Savings & Banking Co with other lenders for mortgages with similar borrower characteristics:
Interest Rate: lower than average (-0.08%)
Loan Related Closing Costs: similar to average (+$38)
Assessment: this lender tends to be a cheap lender.
This scoreboard is based on data reported to FFIEC. In the data, Cortland Savings & Banking Co originated 458 mortgages, a national market share of 0.0%. It was most active in OH (0.2% market share), WV (0.0% market share), and MN (0.0% market share).
On average, Cortland Savings & Banking Co’s interest rates were lower than those of comparable mortgages at other lenders (-0.08%).1The comparable mortgages control for Cortland Savings & Banking Co’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 $3432, which was similar to those of comparable mortgages at $3394, with a difference of +$38. Overall, we estimate that Cortland Savings & Banking Co tends to be an cheap lender, with a cost-adjusted-rate difference of -0.07% 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 Cortland Savings & Banking Co.
Cortland Savings & Banking Co originated Conforming and FHA 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 Cortland Savings & Banking Co compared to other lenders
|Interest Rate Difference||-0.07%||-0.17%|
|Loan related Closing Cost Difference||-$1||-$187|
|Cost Adjusted Rate Difference||-0.06%||-0.20%|
Based on the table above, Cortland Savings & Banking Co is cheap for Conforming and FHA purchase mortgages.
Mortgage Refinancing from Cortland Savings & Banking Co compared to other lenders
|Interest Rate Difference||-0.09%|
|Loan Related Closing Cost Difference||+$390|
|Cost Adjusted Rate Difference||-0.01%|
Based on the table above, Cortland Savings & Banking Co is similar to other lenders for Conforming mortgage refinance.
Other information about Cortland Savings & Banking Co:
Regulator: Federal Reserve System (FRS)
Top holder: CORTLAND BANCORP
Registered city and state: Cortland, OH, 44410-0098