Is Centerstate Bank N.A. An Expensive Mortgage Lender?

We compare mortgage interest rate and loan related closing costs at Centerstate Bank N.A. with other lenders for mortgages with similar borrower characteristics:

Interest Rate: similar to average (-0.02%)
Loan Related Closing Costs: similar to average (-$113)
Assessment: this lender tends to be a average cost lender.

This scoreboard is based on data reported to FFIEC. In the data, Centerstate Bank N.A. originated 3215 mortgages, a national market share of 0.1%. It was most active in FL (0.5% market share), GA (0.3% market share), and AL (0.0% market share).

On average, Centerstate Bank N.A.’s interest rates were similar to those of comparable mortgages at other lenders (-0.02%).1The comparable mortgages control for Centerstate Bank N.A.’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 $4301, which was similar to those of comparable mortgages at $4415, with a difference of -$113. Overall, we estimate that Centerstate Bank N.A. 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 Centerstate Bank N.A..

Centerstate Bank N.A. originated Conforming, FHA, Jumbo, 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 Centerstate Bank N.A. compared to other lenders

Conforming FHA Jumbo USDA VA
Interest Rate Difference +0.00% -0.20% +0.02% +0.01% -0.04%
Loan related Closing Cost Difference -$57 -$290 -$788 -$25 +$65
Cost Adjusted Rate Difference -0.00% -0.24% -0.00% -0.00% -0.03%

Based on the table above, Centerstate Bank N.A. is cheap for FHA purchase mortgages. It is similar to other lenders for Conforming, Jumbo, USDA and VA purchase mortgages.

Mortgage Refinancing from Centerstate Bank N.A. compared to other lenders

Conforming
Interest Rate Difference -0.01%
Loan Related Closing Cost Difference -$196
Cost Adjusted Rate Difference -0.03%

Based on the table above, Centerstate Bank N.A. is similar to other lenders for Conforming mortgage refinance.

Other information about Centerstate Bank N.A.:

Regulator: Office of the Comptroller of the Currency (OCC) 
Top holder: CENTERSTATE BANK CORPORATION
Registered city and state: WINTER HAVEN, FL, 33880
FB Comments

Lender Reviews:

Subscribe
Notify of
guest
Closed on time?
Did the lender have difficulty closing the loan on time?
Rating
What's your rating for the lender
0 Reviews
Inline Feedbacks
View all comments

Footnotes   [ + ]

1. The comparable mortgages control for Centerstate Bank N.A.’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.