Security Federal Savings Bank Mortgage Rates, Fees & Info

Logansport, IN

LEI: 254900FWMAL9Q1TY2667

Tax ID: 35-0309780

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • 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

    Security Federal Savings Bank is a smaller bank specializing in Home Purchase and Cash Out Refi loans. Security Federal Savings Bank has a high proportion of conventional loans. Their top markets by origination volume include: Lafayette, Logansport, Kokomo, Indianapolis, and Peru among others. We have data for 13 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Security Federal Savings Bank has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Security Federal Savings Bank 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 6.86% 12/16/24
    30 Year Conventional Refi 6.59% 12/16/24
    30 Year Cash-out Refi 6.80% 12/16/24
    15 Year Conventional Purchase 6.54% 12/16/24
    15 Year Conventional Refi 6.54% 12/16/24
    15 Year Cash-out Refi 6.54% 12/16/24
    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.

    Security Federal Savings Bank Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Security Federal Savings Bank. 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

    307

    Origination Dollar Volume (All Markets)

    $51,855,000

    Awards

    Security Federal Savings Bank 30 Year Conventional Loans gold Security Federal Savings Bank 30 Year Conventional Loans gold Security Federal Savings Bank 30 Year Conventional Loans bronze Security Federal Savings Bank 30 Year Conventional Loans gold
    Show all (4) awards

    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
    LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) 97 $22,235,000 $229,227 $2,333 5.17%
    Logansport, IN (FHA|USDA|VA) 129 $16,975,000 $131,589 $1,932 5.34%
    KOKOMO, IN (FHA|USDA|VA) 31 $4,125,000 $133,065 $1,942 5.16%
    Outside of Metro Areas 16 $2,900,000 $181,250 $2,674 4.51%
    INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 12 $2,700,000 $225,000 $1,963 4.83%
    Peru, IN (FHA|USDA|VA) 11 $1,245,000 $113,182 $1,983 4.98%
    Richmond, IN (FHA|USDA|VA) 3 $555,000 $185,000 $0 5.63%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 2 $550,000 $275,000 $2,220 4.50%
    Frankfort, IN (FHA|USDA|VA) 1 $175,000 $175,000 $2,115 5.63%
    Wabash, IN (FHA|USDA|VA) 2 $150,000 $75,000 $1,717 5.85%
    Bedford, IN (FHA|USDA|VA) 1 $105,000 $105,000 $2,157 6.75%
    COLUMBUS, IN (FHA|USDA|VA) 1 $85,000 $85,000 $1,943 5.25%
    Plymouth, IN (FHA|USDA|VA) 1 $55,000 $55,000 $2,217 4.88%
    Security Federal Savings Bank's top markets include Lafayette, Logansport, Kokomo, Indianapolis, and Peru among others.

    Their top states include:
  • Indiana (FHA|USDA|VA)

    • Similar Lenders

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

    BEACON CREDIT UNION
    Similarity Rank: 124
    Solidarity Community Federal Credit Union
    Similarity Rank: 208
    Mutual Savings Bank
    Similarity Rank: 268
    Independent Federal Credit Union
    Similarity Rank: 318
    The Fountain Trust Company
    Similarity Rank: 425
    Greenfield Banking Company
    Similarity Rank: 476
    Security Federal Savings Bank
    Similarity Rank: 572
    CRANE
    Similarity Rank: 680
    Home Bank SB
    Similarity Rank: 700
    CIBM Bank
    Similarity Rank: 768

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 307 $51,855,000 $168,909 $2,099 5.19%

    For 2022, Security Federal Savings Bank's most frequently originated type of loan was Conventional, with 307 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 203 $38,205,000 $188,202 $2,203 5.37%
    Cash Out Refi 76 $10,900,000 $143,421 $2,089 4.72%
    Refi 15 $2,035,000 $135,667 $2,005 4.17%
    Other 10 $430,000 $43,000 $634 6.66%
    Home Improvement 3 $285,000 $95,000 $0 5.25%

    For 2022, Security Federal Savings Bank's most frequently cited loan purpose was Home Purchase, with 203 originations. The 2nd most popular reason was Cash Out Refi, with 76 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 130 $20,510,000 $157,769 $2,020 5.31%
    15 Year 67 $7,665,000 $114,403 $1,933 5.16%
    Other 59 $14,515,000 $246,017 $3,818 5.02%
    20 Year 35 $4,795,000 $137,000 $2,067 5.10%
    30+ year 9 $4,065,000 $451,667 $4,680 4.67%
    10 Year 5 $255,000 $51,000 $872 6.15%
    5 Year 2 $50,000 $25,000 $494 5.56%

    For 2022, Security Federal Savings Bank's most frequently cited loan duration was 30 Year, with 130 originations. The 2nd most popular length was 15 Year, with 67 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 239 $33,265,000 $139,184
    $2k-3k 10 $4,530,000 $453,000
    $1k-2k 3 $465,000 $155,000

    Security Federal Savings Bank's average total fees were $2,020, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 239 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 109 $15,125,000 $138,761
    4-5% 64 $12,790,000 $199,844
    3-4% 58 $13,980,000 $241,034
    6-7% 39 $5,085,000 $130,385
    7-8% 27 $2,975,000 $110,185
    2.5-3% 9 $1,805,000 $200,556
    Over 8% 1 $95,000 $95,000

    During 2022, Security Federal Savings Bank's average interest rate for loans was 5.31%, while their most frequently originated rate bucket for loans was 5-6%, with 109 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 121 $17,225,000 $142,355 $2,076 5.28%
    $100,000 or less 115 $7,485,000 $65,087 $1,807 5.45%
    $200k-400k 52 $14,520,000 $279,231 $2,422 4.75%
    $400k-600k 13 $6,135,000 $471,923 $3,532 4.16%
    $1MM+ 3 $4,225,000 $1,408,333 $0 3.92%
    $600k-1MM 3 $2,265,000 $755,000 $4,277 5.33%

    2022 saw Security Federal Savings Bank place emphasis on $100k-200k loans with 121 originations, totaling $17,225,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 88 $8,320,000 $94,545 $1,946 5.34%
    $50k-75k 74 $9,210,000 $124,459 $1,992 5.34%
    $100k-150k 40 $8,800,000 $220,000 $2,264 4.86%
    $75k-100k 36 $5,550,000 $154,167 $2,140 5.42%
    $150k-250k 19 $3,885,000 $204,474 $2,796 5.21%
    $250k+ 10 $3,750,000 $375,000 $2,730 4.98%

    Security Federal Savings Bank lent most frequently to those with incomes in the $50k or less range, with 88 originations. The second most popular income band? $50k-75k, with 74 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 93 $12,795,000 $137,581 $2,056 5.27%
    30-36% 48 $7,170,000 $149,375 $2,101 5.31%
    <20% 31 $3,895,000 $125,645 $1,995 5.02%
    40% 12 $1,840,000 $153,333 $1,993 5.53%
    36% 12 $2,920,000 $243,333 $2,676 5.18%
    38% 11 $1,705,000 $155,000 $2,559 5.05%
    41% 10 $1,540,000 $154,000 $1,990 5.04%
    37% 10 $1,650,000 $165,000 $1,989 5.34%
    39% 7 $1,055,000 $150,714 $1,888 4.80%
    42% 6 $850,000 $141,667 $1,903 5.88%
    45% 3 $575,000 $191,667 $2,265 4.79%
    43% 3 $535,000 $178,333 $1,744 5.46%
    48% 2 $780,000 $390,000 $3,289 4.00%
    49% 2 $450,000 $225,000 $2,349 5.25%
    >60% 1 $315,000 $315,000 $1,395 4.00%
    46% 1 $305,000 $305,000 $2,098 5.75%
    47% 1 $55,000 $55,000 $1,761 4.75%

    Security Federal Savings Bank lent most frequently to those with DTI ratios of 20-30%, with 93 originations. The next most common DTI ratio? 30-36%, with 48 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 236 $34,260,000 $145,169 $2,095 5.25%
    Not applicable 36 $11,600,000 $322,222 $0 4.77%
    Not provided 23 $2,935,000 $127,609 $2,047 5.18%
    Black 8 $1,780,000 $222,500 $2,349 5.44%
    Asian Indian 1 $795,000 $795,000 $3,056 4.75%
    Asian 3 $485,000 $161,667 $1,983 5.75%

    Approval Rates

    Total approvals of all applications
    91.47%

    Security Federal Savings Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    88.27%

    Security Federal Savings Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 307 $51,855,000 $168,909

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    307 $51,855,000 $168,909

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 22 $1,870,000 $85,000 $1,789 5.15%
    40-60% 32 $3,510,000 $109,688 $1,983 4.86%
    60-80% 134 $27,290,000 $203,657 $2,079 5.13%
    80-100% 109 $18,535,000 $170,046 $2,273 5.32%
    Under 20% 7 $345,000 $49,286 $1,305 5.86%

    Complaints

    Bank Name Product Issue 2022 CPFB Complaints % of Total Issues
    Security National Financial Corp Conventional home mortgage Problem with a credit reporting company's investigation into an existing problem 1 100.0%