1st State Financial Ltd. Mortgage Rates, Fees & InfoSaginaw, MI
Tax ID: 20-0851456
Latest/2022 | 2021 Data | 2020 Data | 2019 Data | 2018 Data
Review & Overview1st State Financial Ltd. is a smaller mortgage company specializing in loans. 1st State Financial Ltd. has a high proportion of conventional loans. Their top markets by origination volume include: Saginaw, Bay City, Midland, Grand Rapids, and Traverse City among others. We have data for 21 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 about average rates.
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|Simulated Rate||Simulation Date|
|30 Year Conventional Purchase||6.37%||3/23/23|
|30 Year Conventional Refi||6.28%||3/23/23|
|30 Year Cash-out Refi||6.42%||3/23/23|
|30 Year USDA Purchase||6.27%||3/23/23|
|15 Year Conventional Purchase||5.99%||3/23/23|
|15 Year Conventional Refi||5.78%||3/23/23|
|15 Year Cash-out Refi||5.78%||3/23/23|
|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)$42,200,000
1st State Financial Ltd.'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 -0.05%.
Relative Fees (Closing Costs)
1st State Financial Ltd.'s average total fees/closing costs for a 30 year fixed rate
mortgage were $2,428.
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|
|SAGINAW, MI (FHA|USDA|VA)||116||$17,200,000||$148,276||$2,168||4.65%|
|BAY CITY, MI (FHA|USDA|VA)||59||$7,725,000||$130,932||$2,130||4.74%|
|MIDLAND, MI (FHA|USDA|VA)||35||$7,305,000||$208,714||$2,466||4.19%|
|Outside of Metro Areas||25||$4,045,000||$161,800||$2,346||4.57%|
|GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA)||5||$1,135,000||$227,000||$4,157||4.90%|
|Traverse City, MI (FHA|USDA|VA)||2||$770,000||$385,000||$5,628||4.60%|
|Detroit-Warren-Dearborn, MI (FHA|USDA|VA)||3||$575,000||$191,667||$1,557||5.13%|
|FLINT, MI (FHA|USDA|VA)||4||$530,000||$132,500||$2,032||3.53%|
|NAPLES-MARCO ISLAND, FL (FHA|USDA|VA)||1||$415,000||$415,000||$4,237||3.75%|
|ST. GEORGE, UT (FHA|USDA|VA)||1||$415,000||$415,000||$3,201||5.75%|
|Adrian, MI (FHA|USDA|VA)||1||$295,000||$295,000||$2,430||5.50%|
|INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA)||1||$295,000||$295,000||$1,839||3.50%|
|ANN ARBOR, MI (FHA|USDA|VA)||1||$285,000||$285,000||$2,608||4.50%|
|Mount Pleasant, MI (FHA|USDA|VA)||2||$270,000||$135,000||$2,143||3.38%|
|LANSING-EAST LANSING, MI (FHA|USDA|VA)||1||$235,000||$235,000||$3,859||7.00%|
|YOUNGSTOWN-WARREN-BOARDMAN, OH-PA (FHA|USDA|VA)||2||$220,000||$110,000||$0||4.25%|
|Escanaba, MI (FHA|USDA|VA)||1||$205,000||$205,000||$4,204||5.75%|
|Cadillac, MI (FHA|USDA|VA)||1||$95,000||$95,000||$1,895||4.75%|
|Alma, MI (FHA|USDA|VA)||1||$75,000||$75,000||$1,897||3.00%|
|NILES, MI (FHA|USDA|VA)||1||$65,000||$65,000||$1,392||4.50%|
|Sault Ste. Marie, MI (FHA|USDA|VA)||1||$45,000||$45,000||$1,658||3.00%|
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.
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|Loan Type||Originations||Total Value||Avg. Loan||Avg. Fees||Avg. Rate|
For 2022, 1st State Financial Ltd.'s most frequently originated type of loan was Conventional, with 264 originations.
For 2022, 1st State Financial Ltd.'s most frequently cited loan purpose was Home Purchase, with 162 originations. The 2nd most popular reason was Refi, with 47 originations.
For 2022, 1st State Financial Ltd.'s most frequently cited loan duration was 30 Year, with 193 originations. The 2nd most popular length was 15 Year, with 30 originations.
Origination Fees/Closing Costs
|Origination Fee/Closing Cost||Originations||Total Value||Average Loan|
1st State Financial Ltd.'s average total fees were $2,428, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 160 originations.
|Loan Rate||Originations||Total Value||Average Loan|
During 2022, 1st State Financial Ltd.'s average interest rate for loans was 4.71%, while their most frequently originated rate bucket for loans was 5-6%, with 78 originations.
2022 saw 1st State Financial Ltd. place emphasis on $100k-200k loans with 101 originations, totaling $14,585,000 in origination value.
1st State Financial Ltd. lent most frequently to those with incomes in the $100k-150k range, with 60 originations. The second most popular income band? $50k-75k, with 60 originations.
Applicant Debt to Income Ratio
1st State Financial Ltd. lent most frequently to those with DTI ratios of 20-30%, with 78 originations. The next most common DTI ratio? 30-36%, with 52 originations.
Approval RatesTotal approvals of all applications
1st State Financial Ltd. has an average approval rate.
Pick RateApprovals leading to origination
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|