Southern Michigan Bank & Trust Mortgage Rates, Fees & InfoColdwater, MI
Tax ID: 38-1053740
Latest/2022 | 2021 Data | 2020 Data | 2019 Data | 2018 Data
Review & OverviewSouthern Michigan Bank & Trust is a smaller bank specializing in Home Purchase and Refi loans. Southern Michigan Bank & Trust has a high proportion of conventional loans. Their top markets by origination volume include: Kalamazoo, Jackson, Coldwater, Battle Creek, and Hillsdale among others. We have data for 18 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. Southern Michigan Bank & Trust is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have relatively high rates.
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.
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|Simulated Rate||Simulation Date|
|30 Year Conventional Purchase||7.47%||3/24/23|
|30 Year Conventional Refi||7.16%||3/24/23|
|30 Year Cash-out Refi||7.15%||3/24/23|
|15 Year Conventional Purchase||6.58%||3/24/23|
|15 Year Conventional Refi||7.50%||3/24/23|
|15 Year Cash-out Refi||7.50%||3/24/23|
|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.|
Origination Dollar Volume (All Markets)$106,115,000
Southern Michigan Bank & Trust's average 30 year fixed mortgage rate was
The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.
This yields a difference of 0.6%.
Relative Fees (Closing Costs)
Southern Michigan Bank & Trust's average total fees/closing costs for a 30 year fixed rate
mortgage were $2,929.
The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $4,750.
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|
|KALAMAZOO-PORTAGE, MI (FHA|USDA|VA)||26||$48,310,000||$1,858,077||$2,660||5.30%|
|JACKSON, MI (FHA|USDA|VA)||11||$15,625,000||$1,420,455||$2,436||5.67%|
|Coldwater, MI (FHA|USDA|VA)||67||$10,715,000||$159,925||$2,654||5.23%|
|BATTLE CREEK, MI (FHA|USDA|VA)||36||$7,020,000||$195,000||$2,750||5.32%|
|Hillsdale, MI (FHA|USDA|VA)||38||$6,030,000||$158,684||$2,694||5.22%|
|Detroit-Warren-Dearborn, MI (FHA|USDA|VA)||1||$5,705,000||$5,705,000||$0||6.85%|
|Outside of Metro Areas||10||$3,750,000||$375,000||$3,328||4.83%|
|Sturgis, MI (FHA|USDA|VA)||20||$2,550,000||$127,500||$2,824||5.24%|
|LANSING-EAST LANSING, MI (FHA|USDA|VA)||5||$1,775,000||$355,000||$2,883||4.83%|
|Angola, IN (FHA|USDA|VA)||9||$1,635,000||$181,667||$1,961||5.46%|
|NILES, MI (FHA|USDA|VA)||4||$1,380,000||$345,000||$0||4.66%|
|Adrian, MI (FHA|USDA|VA)||2||$660,000||$330,000||$3,413||4.44%|
|SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA)||1||$445,000||$445,000||$0||4.75%|
|DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA)||1||$195,000||$195,000||$1,944||3.38%|
|Warsaw, IN (FHA|USDA|VA)||1||$155,000||$155,000||$0||5.10%|
|INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA)||1||$85,000||$85,000||$1,934||6.63%|
|ELKHART-GOSHEN, IN (FHA|USDA|VA)||1||$45,000||$45,000||$963||6.75%|
|Holland, MI (FHA|USDA|VA)||1||$35,000||$35,000||$399||6.88%|
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.
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|Loan Type||Originations||Total Value||Avg. Loan||Avg. Fees||Avg. Rate|
For 2022, Southern Michigan Bank & Trust's most frequently originated type of loan was Conventional, with 234 originations. Their 2nd most popular type was VA, with 1 originations.
For 2022, Southern Michigan Bank & Trust's most frequently cited loan purpose was Home Purchase, with 111 originations. The 2nd most popular reason was Refi, with 59 originations.
For 2022, Southern Michigan Bank & Trust's most frequently cited loan duration was 30 Year, with 69 originations. The 2nd most popular length was 15 Year, with 63 originations.
Origination Fees/Closing Costs
|Origination Fee/Closing Cost||Originations||Total Value||Average Loan|
Southern Michigan Bank & Trust's average total fees were $2,929, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 124 originations.
During 2022, Southern Michigan Bank & Trust's average interest rate for loans was 5.36%, while their most frequently originated rate bucket for loans was 5-6%, with 60 originations.
2022 saw Southern Michigan Bank & Trust place emphasis on $100,000 or less loans with 80 originations, totaling $4,810,000 in origination value.
Southern Michigan Bank & Trust lent most frequently to those with incomes in the $50k-75k range, with 51 originations. The second most popular income band? $50k or less, with 46 originations.
Applicant Debt to Income Ratio
Southern Michigan Bank & Trust lent most frequently to those with DTI ratios of 30-36%, with 47 originations. The next most common DTI ratio? 20-30%, with 39 originations.
Approval RatesTotal approvals of all applications
Southern Michigan Bank & Trust has an average approval rate.
Pick RateApprovals leading to origination
Southern Michigan Bank & Trust has a below average pick rate.
Points and Fees
|Points||Originations||Total Value||Average Loan|