1st State Financial Ltd. Mortgage Rates, Fees & Info

Saginaw, MI

LEI: 254900N51OM1EJ4TQZ22

Tax ID: 20-0851456

5 stars - Updated: 11/21/24 - out of 5 stars, based on 13 reviews

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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • 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

    1st State Financial Ltd. is a smaller mortgage company specializing in Home Purchase and Refi loans. 1st State Financial Ltd. has a high proportion of conventional loans. Their top markets by origination volume include: Saginaw, Midland, Bay City, Traverse City, and Detroit among others. We have data for 17 markets. (Some data included below & more in-depth data is available with an active subscription.)

    1st State Financial Ltd. has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. 1st State Financial Ltd. 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 6.37% 11/21/24
    30 Year Conventional Refi 6.28% 11/21/24
    30 Year Cash-out Refi 6.42% 11/21/24
    30 Year USDA Purchase 6.27% 11/21/24
    15 Year Conventional Purchase 5.99% 11/21/24
    15 Year Conventional Refi 5.78% 11/21/24
    15 Year Cash-out Refi 5.78% 11/21/24
    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.

    1st State Financial Ltd. Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from 1st State Financial Ltd.. 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

    176

    Origination Dollar Volume (All Markets)

    $31,450,000
    Show all (8) awards

    Relative Rate

    1st State Financial Ltd.'s average 30 year fixed mortgage rate was 6.45%.

    The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

    This yields a difference of -0.03%.

    Relative Fees (Closing Costs)

    1st State Financial Ltd.'s average total fees/closing costs for a 30 year fixed rate mortgage were $2,602.

    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 $9,089.

    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
    SAGINAW, MI (FHA|USDA|VA) 72 $11,380,000 $158,056 $1,992 6.53%
    MIDLAND, MI (FHA|USDA|VA) 22 $5,640,000 $256,364 $2,585 6.55%
    BAY CITY, MI (FHA|USDA|VA) 42 $5,120,000 $121,905 $2,040 6.74%
    Outside of Metro Areas 15 $3,145,000 $209,667 $2,668 6.70%
    Traverse City, MI (FHA|USDA|VA) 3 $1,005,000 $335,000 $2,504 7.29%
    Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 3 $995,000 $331,667 $3,499 6.79%
    Mount Pleasant, MI (FHA|USDA|VA) 5 $865,000 $173,000 $2,064 6.95%
    FLINT, MI (FHA|USDA|VA) 4 $690,000 $172,500 $2,075 6.09%
    COLUMBIA, SC (FHA|USDA|VA) 1 $655,000 $655,000 $4,060 6.60%
    GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 1 $405,000 $405,000 $3,992 7.88%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $325,000 $325,000 $3,835 6.88%
    Adrian, MI (FHA|USDA|VA) 1 $305,000 $305,000 $4,257 6.50%
    LANSING-EAST LANSING, MI (FHA|USDA|VA) 2 $290,000 $145,000 $3,226 7.06%
    MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 1 $275,000 $275,000 $3,936 7.00%
    VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 1 $215,000 $215,000 $0 8.00%
    Alma, MI (FHA|USDA|VA) 1 $75,000 $75,000 $745 7.25%
    Sault Ste. Marie, MI (FHA|USDA|VA) 1 $65,000 $65,000 $1,618 6.25%
    1st State Financial Ltd.'s top markets include Saginaw, Midland, Bay City, Traverse City, and Detroit among others.

    Their top states include:
  • Michigan (FHA|USDA|VA)
  • South Carolina (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Virginia (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against 1st State Financial Ltd. based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    FinancialEdge Community Credit Union
    Similarity Rank: 64
    HEALTH ADVANTAGE FEDERAL CREDIT UNION
    Similarity Rank: 66
    SUNRISE FAMILY CREDIT UNION
    Similarity Rank: 68
    Wildfire Credit Union
    Similarity Rank: 130
    Isabella Bank
    Similarity Rank: 220
    FINANCIAL PLUS CREDIT UNION
    Similarity Rank: 221
    1st State Financial, Ltd.
    Similarity Rank: 221
    Mercantile Bank of Michigan
    Similarity Rank: 550
    The State Bank
    Similarity Rank: 759
    Frankenmuth Credit Union
    Similarity Rank: 901

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 176 $31,450,000 $178,693 $2,265 6.65%

    For 2023, 1st State Financial Ltd.'s most frequently originated type of loan was Conventional, with 176 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 133 $22,375,000 $168,233 $2,594 6.60%
    Refi 20 $7,390,000 $369,500 $1,636 6.69%
    Other 13 $1,115,000 $85,769 $1,029 7.05%
    Home Improvement 6 $160,000 $26,667 $335 6.98%
    Cash Out Refi 4 $410,000 $102,500 $2,004 6.22%

    For 2023, 1st State Financial Ltd.'s most frequently cited loan purpose was Home Purchase, with 133 originations. The 2nd most popular reason was Refi, with 20 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 135 $23,165,000 $171,593 $2,602 6.45%
    Other 24 $1,510,000 $62,917 $413 7.30%
    5 Year 14 $6,030,000 $430,714 $0 7.31%
    3 Year 2 $500,000 $250,000 $0 7.88%
    15 Year 1 $245,000 $245,000 $1,991 6.00%

    For 2023, 1st State Financial Ltd.'s most frequently cited loan duration was 30 Year, with 135 originations. The 2nd most popular length was Other, with 24 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 117 $16,785,000 $143,462
    $1k-2k 16 $4,210,000 $263,125
    $2k-3k 4 $1,500,000 $375,000
    $4k-5k 1 $395,000 $395,000

    1st State Financial Ltd.'s average total fees were $2,602, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 117 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 86 $17,700,000 $205,814
    5-6% 43 $6,225,000 $144,767
    7-8% 43 $6,905,000 $160,581
    Over 8% 4 $620,000 $155,000

    During 2023, 1st State Financial Ltd.'s average interest rate for loans was 6.45%, while their most frequently originated rate bucket for loans was 6-7%, with 86 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 72 $10,510,000 $145,972 $2,306 6.57%
    $100,000 or less 61 $3,395,000 $55,656 $1,360 6.59%
    $200k-400k 36 $10,160,000 $282,222 $2,972 6.89%
    $400k-600k 3 $1,475,000 $491,667 $4,370 7.29%
    $1MM+ 2 $4,360,000 $2,180,000 $0 6.70%
    $600k-1MM 2 $1,550,000 $775,000 $6,234 6.23%

    2023 saw 1st State Financial Ltd. place emphasis on $100k-200k loans with 72 originations, totaling $10,510,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 44 $5,410,000 $122,955 $2,103 6.47%
    $50k or less 29 $2,365,000 $81,552 $1,802 6.34%
    $100k-150k 28 $4,630,000 $165,357 $2,420 6.82%
    $150k-250k 25 $5,175,000 $207,000 $2,388 6.87%
    $75k-100k 19 $2,645,000 $139,211 $2,164 6.41%
    $250k+ 17 $4,815,000 $283,235 $3,466 6.78%

    1st State Financial Ltd. lent most frequently to those with incomes in the $50k-75k range, with 44 originations. The second most popular income band? $50k or less, with 29 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 43 $5,145,000 $119,651 $1,881 6.49%
    30-36% 33 $5,695,000 $172,576 $2,563 6.55%
    <20% 17 $2,395,000 $140,882 $1,997 6.68%
    37% 14 $2,420,000 $172,857 $2,361 6.53%
    42% 6 $1,080,000 $180,000 $2,685 6.25%
    38% 6 $970,000 $161,667 $2,420 6.23%
    43% 6 $1,220,000 $203,333 $2,042 6.90%
    44% 5 $735,000 $147,000 $2,626 6.75%
    36% 4 $520,000 $130,000 $2,204 6.31%
    39% 4 $380,000 $95,000 $1,702 6.22%
    46% 4 $910,000 $227,500 $2,717 6.66%
    49% 4 $640,000 $160,000 $2,066 6.84%
    41% 3 $555,000 $185,000 $2,360 6.79%
    45% 3 $715,000 $238,333 $2,802 7.08%
    50-60% 2 $420,000 $210,000 $1,893 6.25%
    47% 2 $490,000 $245,000 $2,662 7.00%
    >60% 1 $305,000 $305,000 $4,257 6.50%

    1st State Financial Ltd. lent most frequently to those with DTI ratios of 20-30%, with 43 originations. The next most common DTI ratio? 30-36%, with 33 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 138 $22,000,000 $159,420 $2,280 6.61%
    Not applicable 12 $6,130,000 $510,833 $0 7.26%
    Not provided 12 $1,470,000 $122,500 $2,000 6.73%
    Asian 7 $945,000 $135,000 $2,316 6.13%
    Black 5 $695,000 $139,000 $2,591 6.55%
    Native Hawaiian or Islander 1 $105,000 $105,000 $250 7.25%
    American Indian 1 $105,000 $105,000 $2,798 6.88%

    Approval Rates

    Total approvals of all applications
    92.04%

    1st State Financial Ltd. has an average approval rate.

    Pick Rate

    Approvals leading to origination
    98.30%

    1st State Financial Ltd. has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 176 $31,450,000 $178,693

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    176 $31,450,000 $178,693

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 16 $1,610,000 $100,625 $1,146 6.98%
    40-60% 17 $7,135,000 $419,706 $2,230 6.33%
    60-80% 64 $10,940,000 $170,938 $2,614 6.79%
    80-100% 64 $11,090,000 $173,281 $2,712 6.43%
    Under 20% 14 $480,000 $34,286 $567 6.94%