Southern Michigan Bank & Trust Mortgage Rates, Fees & Info

Coldwater, MI

LEI: 2549006ONI6N95VKB649

Tax ID: 38-1053740

5 stars - out of 5 stars, based on 15 reviews

Latest/2022 | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

  • SimulatedRates™
  • Originations
  • Relative Rates
  • Relative Fees
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Southern 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.

    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% 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.


    Originations

    235

    Origination Dollar Volume (All Markets)

    $106,115,000

    Awards

    Southern Michigan Bank & Trust 30 Year Conventional Loans silver Southern Michigan Bank & Trust 30 Year Conventional Loans silver
    Show all (2) awards

    Relative Rate

    Southern Michigan Bank & Trust's average 30 year fixed mortgage rate was 5.36%.

    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.

    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
    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%
    Southern Michigan Bank & Trust's top markets include Kalamazoo, Jackson, Coldwater, Battle Creek, and Hillsdale among others.

    Their top states include:
  • Michigan (FHA|USDA|VA)
  • Indiana (FHA|USDA|VA)
  • Alabama (FHA|USDA|VA)
  • Illinois (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.

    KALSEE CREDIT UNION
    Similarity Rank: 120
    First State Bank of Middlebury
    Similarity Rank: 189
    Farmers State Bank
    Similarity Rank: 340
    INTERRA CREDIT UNION
    Similarity Rank: 420
    SUMMIT HOME MORTGAGE, LLC
    Similarity Rank: 456
    County National Bank
    Similarity Rank: 546
    Kellogg Community Credit Union
    Similarity Rank: 752
    MORTGAGE CENTER L.C
    Similarity Rank: 1024
    OMNI Community Credit Union
    Similarity Rank: 1040
    OAK MORTGAGE, LLC
    Similarity Rank: 1080

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 234 $106,040,000 $453,162 $2,668 5.25%
    VA 1 $75,000 $75,000 $0 4.50%

    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.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 111 $67,385,000 $607,072 $3,037 5.43%
    Refi 59 $31,005,000 $525,508 $2,424 4.85%
    Cash Out Refi 29 $4,165,000 $143,621 $3,065 4.20%
    Home Improvement 22 $1,790,000 $81,364 $1,447 6.06%
    Other 14 $1,770,000 $126,429 $2,032 6.41%

    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.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 69 $15,665,000 $227,029 $2,929 5.36%
    15 Year 63 $7,545,000 $119,762 $2,444 5.09%
    5 Year 40 $10,400,000 $260,000 $0 5.37%
    10 Year 31 $62,085,000 $2,002,742 $1,844 5.26%
    Other 16 $2,430,000 $151,875 $1,451 5.63%
    20 Year 9 $3,035,000 $337,222 $4,098 4.86%
    30+ year 4 $4,130,000 $1,032,500 $6,300 4.34%
    1 Year 3 $825,000 $275,000 $0 4.94%

    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
    $<1k 124 $20,790,000 $167,661
    $1k-2k 24 $4,700,000 $195,833
    $2k-3k 9 $2,385,000 $265,000
    $3k-4k 8 $1,090,000 $136,250

    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.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 60 $11,620,000 $193,667
    4-5% 59 $55,505,000 $940,763
    6-7% 47 $14,145,000 $300,957
    3-4% 42 $22,260,000 $530,000
    7-8% 14 $990,000 $70,714
    2.5-3% 7 $1,145,000 $163,571
    Over 8% 5 $235,000 $47,000
    <2.5% 1 $215,000 $215,000

    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.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 80 $4,810,000 $60,125 $1,934 5.73%
    $100k-200k 76 $10,960,000 $144,211 $2,833 5.07%
    $200k-400k 43 $12,035,000 $279,884 $3,447 4.93%
    $400k-600k 24 $11,520,000 $480,000 $3,135 5.12%
    $1MM+ 7 $62,915,000 $8,987,857 $6,099 4.57%
    $600k-1MM 5 $3,875,000 $775,000 $5,127 4.77%

    2022 saw Southern Michigan Bank & Trust place emphasis on $100,000 or less loans with 80 originations, totaling $4,810,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 51 $7,035,000 $137,941 $2,567 5.40%
    $50k or less 46 $4,700,000 $102,174 $2,305 5.26%
    $100k-150k 33 $6,205,000 $188,030 $2,817 5.34%
    $75k-100k 30 $4,110,000 $137,000 $2,489 5.47%
    $150k-250k 14 $4,300,000 $307,143 $3,200 4.72%
    $250k+ 13 $8,415,000 $647,308 $3,597 4.91%

    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

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 47 $7,745,000 $164,787 $2,596 5.15%
    20-30% 39 $6,375,000 $163,462 $2,627 5.14%
    <20% 13 $1,445,000 $111,154 $2,097 4.65%
    39% 9 $1,725,000 $191,667 $2,581 5.79%
    36% 8 $1,330,000 $166,250 $2,306 5.42%
    37% 7 $1,875,000 $267,857 $3,109 5.38%
    44% 7 $855,000 $122,143 $3,062 5.41%
    38% 5 $855,000 $171,000 $2,179 6.33%
    43% 5 $965,000 $193,000 $3,013 5.38%
    50-60% 5 $935,000 $187,000 $2,923 5.43%
    42% 4 $430,000 $107,500 $2,111 6.22%
    48% 4 $500,000 $125,000 $3,221 4.28%
    49% 3 $1,245,000 $415,000 $3,951 5.33%
    40% 3 $1,105,000 $368,333 $2,687 6.08%
    47% 2 $470,000 $235,000 $2,563 5.00%
    41% 2 $550,000 $275,000 $5,416 4.31%
    45% 1 $455,000 $455,000 $3,011 6.75%
    >60% 1 $105,000 $105,000 $2,382 5.25%

    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.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 42 $70,730,000 $1,684,048 $0 5.13%
    White 176 $31,700,000 $180,114 $2,648 5.29%
    Not provided 10 $2,240,000 $224,000 $3,236 5.01%
    Asian 4 $580,000 $145,000 $2,459 5.13%
    Asian Indian 1 $525,000 $525,000 $4,690 4.38%
    Black 2 $340,000 $170,000 $1,512 6.25%

    Approval Rates

    Total approvals of all applications
    85.13%

    Southern Michigan Bank & Trust has an average approval rate.

    Pick Rate

    Approvals leading to origination
    77.87%

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

    Points and Fees

    Points Originations Total Value Average Loan
    NA 235 $106,115,000 $451,553

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    235 $106,115,000 $451,553

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 43 $6,755,000 $157,093 $1,863 5.26%
    40-60% 40 $6,650,000 $166,250 $2,842 4.85%
    60-80% 78 $37,240,000 $477,436 $3,059 5.04%
    80-100% 39 $50,895,000 $1,305,000 $3,136 5.27%
    Over 100% 1 $115,000 $115,000 $0 4.00%
    Under 20% 31 $3,565,000 $115,000 $953 6.29%