Southern Michigan Bank & Trust Mortgage Rates, Fees & Info

Coldwater, MI

LEI: 2549006ONI6N95VKB649

Tax ID: 38-1053740

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Mortgage Data

Review & Overview

Southern Michigan Bank & Trust is a smaller bank specializing in Home Purchase loans. Southern Michigan Bank & Trust has a high proportion of conventional loans. Their top markets by origination volume include: Detroit, Coldwater, Hillsdale, Battle Creek, and Jackson among others. We have data for 21 markets. (Some data included below & more in-depth data is available with an active subscription.)

Southern Michigan Bank & Trust has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders.

We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 7.47% 10/7/24
30 Year Conventional Refi 7.16% 10/7/24
30 Year Cash-out Refi 7.15% 10/7/24
15 Year Conventional Purchase 6.58% 10/7/24
15 Year Conventional Refi 7.50% 10/7/24
15 Year Cash-out Refi 7.50% 10/7/24
These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

Southern Michigan Bank & Trust Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Southern Michigan Bank & Trust. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.


Originations

203

Origination Dollar Volume (All Markets)

$50,575,000

Top Markets

Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.

Market Originations Total Value Average Loan Average Fees Average Rate
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 2 $15,260,000 $7,630,000 $0 0.00%
Coldwater, MI (FHA|USDA|VA) 61 $9,985,000 $163,689 $0 0.00%
Hillsdale, MI (FHA|USDA|VA) 59 $7,715,000 $130,763 $0 0.00%
BATTLE CREEK, MI (FHA|USDA|VA) 22 $3,260,000 $148,182 $0 0.00%
JACKSON, MI (FHA|USDA|VA) 12 $3,080,000 $256,667 $0 0.00%
Adrian, MI (FHA|USDA|VA) 3 $2,065,000 $688,333 $0 0.00%
Sturgis, MI (FHA|USDA|VA) 18 $1,730,000 $96,111 $0 0.00%
Angola, IN (FHA|USDA|VA) 4 $1,150,000 $287,500 $0 0.00%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $1,005,000 $1,005,000 $0 0.00%
LAKE HAVASU CITY-KINGMAN, AZ (FHA|USDA|VA) 1 $875,000 $875,000 $0 0.00%
GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 2 $820,000 $410,000 $0 0.00%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $625,000 $625,000 $0 0.00%
Outside of Metro Areas 3 $515,000 $171,667 $0 0.00%
ANN ARBOR, MI (FHA|USDA|VA) 1 $505,000 $505,000 $0 0.00%
Key West, FL (FHA|USDA|VA) 1 $485,000 $485,000 $0 0.00%
KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 4 $400,000 $100,000 $0 0.00%
Mount Pleasant, MI (FHA|USDA|VA) 2 $380,000 $190,000 $0 0.00%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 1 $295,000 $295,000 $0 0.00%
SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 2 $260,000 $130,000 $0 0.00%
ELKHART-GOSHEN, IN (FHA|USDA|VA) 2 $150,000 $75,000 $0 0.00%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 1 $15,000 $15,000 $0 0.00%
Southern Michigan Bank & Trust's top markets include Detroit, Coldwater, Hillsdale, Battle Creek, and Jackson among others.

Their top states include:
  • Michigan (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Indiana (FHA|USDA|VA)
  • Arizona (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against Southern Michigan Bank & Trust based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    County National Bank
    Similarity Rank: 40
    ARBOR FINANCIAL CREDIT UNION
    Similarity Rank: 84
    MARSHALL COMMUNITY CREDIT UNION
    Similarity Rank: 90
    FIRST CHOICE MH LLC
    Similarity Rank: 252
    Kellogg Community Credit Union
    Similarity Rank: 294
    SUMMIT HOME MORTGAGE, LLC
    Similarity Rank: 315
    OAK MORTGAGE, LLC
    Similarity Rank: 396
    MORTGAGE CENTER L.C
    Similarity Rank: 520
    OMNI Community Credit Union
    Similarity Rank: 592
    Independent Bank
    Similarity Rank: 627

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 203 $50,575,000 $249,138 $0 0.00%

    For 2023, Southern Michigan Bank & Trust's most frequently originated type of loan was Conventional, with 203 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 121 $41,035,000 $339,132 $0 0.00%
    Refi 36 $5,740,000 $159,444 $0 0.00%
    Home Improvement 26 $1,830,000 $70,385 $0 0.00%
    Other 13 $1,205,000 $92,692 $0 0.00%
    Cash Out Refi 7 $765,000 $109,286 $0 0.00%

    For 2023, Southern Michigan Bank & Trust's most frequently cited loan purpose was Home Purchase, with 121 originations. The 2nd most popular reason was Refi, with 36 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 203 $50,575,000 $249,138 $0 0.00%

    For 2023, Southern Michigan Bank & Trust's most frequently cited loan duration was Other, with 203 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 79 $4,135,000 $52,342 $0 0.00%
    $100k-200k 63 $9,045,000 $143,571 $0 0.00%
    $200k-400k 42 $12,060,000 $287,143 $0 0.00%
    $400k-600k 13 $6,215,000 $478,077 $0 0.00%
    $1MM+ 3 $16,965,000 $5,655,000 $0 0.00%
    $600k-1MM 3 $2,155,000 $718,333 $0 0.00%

    2023 saw Southern Michigan Bank & Trust place emphasis on $100,000 or less loans with 79 originations, totaling $4,135,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 44 $8,320,000 $189,091 $0 0.00%
    $50k or less 35 $3,295,000 $94,143 $0 0.00%
    $150k-250k 32 $7,400,000 $231,250 $0 0.00%
    $50k-75k 31 $3,095,000 $99,839 $0 0.00%
    $75k-100k 28 $3,720,000 $132,857 $0 0.00%
    $250k+ 11 $3,955,000 $359,545 $0 0.00%

    Southern Michigan Bank & Trust lent most frequently to those with incomes in the $100k-150k range, with 44 originations. The second most popular income band? $50k or less, with 35 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 203 $50,575,000 $249,138 $0 0.00%

    Southern Michigan Bank & Trust lent most frequently to those with DTI ratios of Exempt%, with 203 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 172 $27,930,000 $162,384 $0 0.00%
    Not applicable 20 $20,510,000 $1,025,500 $0 0.00%
    Not provided 7 $1,395,000 $199,286 $0 0.00%
    Asian 2 $700,000 $350,000 $0 0.00%
    American Indian 1 $35,000 $35,000 $0 0.00%
    Black 1 $5,000 $5,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    80.71%

    Southern Michigan Bank & Trust has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    69.95%

    Southern Michigan Bank & Trust has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 203 $50,575,000 $249,138

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    203 $50,575,000 $249,138