Is Synergy Home Mortgage, Llc An Expensive Mortgage Lender?

We compare mortgage interest rate and loan related closing costs at Synergy Home Mortgage, Llc with other lenders for mortgages with similar borrower characteristics:

Interest Rate: higher than average (+0.12%)
Loan Related Closing Costs: lower than average (-$769)
Assessment: this lender tends to be a expensive lender.

This scoreboard is based on data reported to FFIEC. In the data, Synergy Home Mortgage, Llc originated 242 mortgages, a national market share of 0.0%. It was primarily active in NV, with a 0.3% market share.

On average, Synergy Home Mortgage, Llc’s interest rates were higher than those of comparable mortgages at other lenders (+0.12%).1The comparable mortgages control for Synergy Home Mortgage, Llc’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 $3626, which was lower than those of comparable mortgages at $4395, with a difference of -$769. Overall, we estimate that Synergy Home Mortgage, Llc tends to be an expensive 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. Therefore, we recommend comparing your rate and fees with at least a few other lenders before signing with Synergy Home Mortgage, Llc.

Synergy Home Mortgage, Llc originated Conforming 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 Synergy Home Mortgage, Llc compared to other lenders

Conforming
Interest Rate Difference +0.11%
Loan related Closing Cost Difference -$791
Cost Adjusted Rate Difference +0.06%

Based on the table above, Synergy Home Mortgage, Llc is more expensive than other lenders for Conforming purchase mortgages.

Mortgage Refinancing from Synergy Home Mortgage, Llc compared to other lenders

Conforming
Interest Rate Difference +0.16%
Loan Related Closing Cost Difference -$706
Cost Adjusted Rate Difference +0.12%

Based on the table above, Synergy Home Mortgage, Llc is more expensive than other lenders for Conforming mortgage refinance.

Other information about Synergy Home Mortgage, Llc:

Regulator: United States Department of Housing and Urban Development (HUD) 
Registered city and state: PLYMOUTH MEETING, PA, 19462
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Footnotes   [ + ]

1. The comparable mortgages control for Synergy Home Mortgage, Llc’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.
2. Cost 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.