We compare mortgage interest rate and loan related closing costs at Southpoint Financial Services with other lenders for mortgages with similar borrower characteristics:
Interest Rate: similar to average (+0.03%)
Loan Related Closing Costs: similar to average (+$159)
Assessment: this lender tends to be a average cost lender.
This scoreboard is based on data reported to FFIEC. In the data, Southpoint Financial Services originated 797 mortgages, a national market share of 0.0%. It was most active in GA (0.1% market share), SC (0.1% market share), and FL (0.0% market share).
On average, Southpoint Financial Services’s interest rates were similar to those of comparable mortgages at other lenders (+0.03%).1The comparable mortgages control for Southpoint Financial Services’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 $5751, which was similar to those of comparable mortgages at $5592, with a difference of +$159. Overall, we estimate that Southpoint Financial Services tends to be an average cost lender, with a cost-adjusted-rate difference of +0.02% 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 Southpoint Financial Services.
Southpoint Financial Services 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 Southpoint Financial Services compared to other lenders
|Interest Rate Difference||+0.23%||+0.14%||+0.08%||+0.12%|
|Loan related Closing Cost Difference||+$394||-$1488||-$1326||+$802|
|Cost Adjusted Rate Difference||+0.24%||-0.04%||-0.12%||+0.18%|
Based on the table above, Southpoint Financial Services is cheap for USDA purchase mortgages. It is similar to other lenders for FHA purchase mortgages. It is more expensive than other lenders for Conforming and VA purchase mortgages.
Mortgage Refinancing from Southpoint Financial Services compared to other lenders
|Interest Rate Difference||-0.06%||-0.11%||-0.07%|
|Loan Related Closing Cost Difference||+$1164||+$793||+$951|
|Cost Adjusted Rate Difference||+0.04%||-0.04%||+0.01%|
Based on the table above, Southpoint Financial Services is similar to other lenders for Conforming, FHA and VA mortgage refinance.
Other information about Southpoint Financial Services:
Regulator: United States Department of Housing and Urban Development (HUD)
Registered city and state: ALPHARETTA, GA, 30005