We compare mortgage interest rate and loan related closing costs at OakStar Bank with other lenders for mortgages with similar borrower characteristics:
Interest Rate: lower than average (-0.12%)
Loan Related Closing Costs: lower than average (-$301)
Assessment: this lender tends to be a cheap lender.
This scoreboard is based on data reported to FFIEC. In the data, OakStar Bank originated 1303 mortgages, a national market share of 0.0%. It was most active in MO (0.9% market share), KS (0.1% market share), and HI (0.0% market share).
On average, OakStar Bank’s interest rates were lower than those of comparable mortgages at other lenders (-0.12%).1The comparable mortgages control for OakStar Bank’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 $2972, which was lower than those of comparable mortgages at $3273, with a difference of -$301. Overall, we estimate that OakStar Bank tends to be an cheap lender, with a cost-adjusted-rate difference of -0.16% 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 OakStar Bank.
OakStar Bank originated Conforming, FHA, USDA and VA 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 OakStar Bank compared to other lenders
|Interest Rate Difference||-0.10%||-0.27%||-0.05%||-0.17%|
|Loan related Closing Cost Difference||-$283||-$250||-$255||+$7|
|Cost Adjusted Rate Difference||-0.13%||-0.31%||-0.10%||-0.19%|
Based on the table above, OakStar Bank is cheap for Conforming, FHA, USDA and VA purchase mortgages.
Mortgage Refinancing from OakStar Bank compared to other lenders
|Interest Rate Difference||-0.13%|
|Loan Related Closing Cost Difference||-$600|
|Cost Adjusted Rate Difference||-0.20%|
Based on the table above, OakStar Bank is cheap for Conforming mortgage refinance.
Other information about OakStar Bank:
Regulator: Federal Reserve System (FRS)
Top holder: OAKSTAR BANCSHARES, INC.
Registered city and state: SPRINGFIELD, MO, 65807