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

Saginaw, MI

LEI: 254900N51OM1EJ4TQZ22

Tax ID: 20-0851456

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

Jump to:

Mortgage Data

Bank Data

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. They have a low ratio of USDA loans. Their top markets by origination volume include: Saginaw, Bay City, Midland, Traverse City, and Flint among others. We have data for 23 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.

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% 3/28/24
30 Year Conventional Refi 6.28% 3/28/24
30 Year Cash-out Refi 6.42% 3/28/24
30 Year USDA Purchase 6.27% 3/28/24
15 Year Conventional Purchase 5.99% 3/28/24
15 Year Conventional Refi 5.78% 3/28/24
15 Year Cash-out Refi 5.78% 3/28/24
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

302

Origination Dollar Volume (All Markets)

$47,650,000

Employee count

62

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) 117 $16,355,000 $139,786 $0 0.00%
BAY CITY, MI (FHA|USDA|VA) 74 $11,780,000 $159,189 $0 0.00%
Outside of Metro Areas 36 $5,990,000 $166,389 $0 0.00%
MIDLAND, MI (FHA|USDA|VA) 41 $5,945,000 $145,000 $0 0.00%
Traverse City, MI (FHA|USDA|VA) 5 $1,955,000 $391,000 $0 0.00%
FLINT, MI (FHA|USDA|VA) 4 $750,000 $187,500 $0 0.00%
GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 4 $570,000 $142,500 $0 0.00%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 2 $510,000 $255,000 $0 0.00%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 1 $485,000 $485,000 $0 0.00%
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 3 $465,000 $155,000 $0 0.00%
Hutchinson, MN (FHA|USDA|VA) 1 $415,000 $415,000 $0 0.00%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $375,000 $375,000 $0 0.00%
LANSING-EAST LANSING, MI (FHA|USDA|VA) 2 $260,000 $130,000 $0 0.00%
Big Rapids, MI (FHA|USDA|VA) 1 $255,000 $255,000 $0 0.00%
Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 1 $245,000 $245,000 $0 0.00%
Cadillac, MI (FHA|USDA|VA) 2 $240,000 $120,000 $0 0.00%
COLUMBUS, OH (FHA|USDA|VA) 1 $225,000 $225,000 $0 0.00%
DAYTON-KETTERING, OH (FHA|USDA|VA) 1 $225,000 $225,000 $0 0.00%
MADISON, WI (FHA|USDA|VA) 1 $215,000 $215,000 $0 0.00%
ANN ARBOR, MI (FHA|USDA|VA) 1 $125,000 $125,000 $0 0.00%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 1 $125,000 $125,000 $0 0.00%
PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 1 $75,000 $75,000 $0 0.00%
Mount Pleasant, MI (FHA|USDA|VA) 1 $65,000 $65,000 $0 0.00%
1st State Financial Ltd.'s top markets include Saginaw, Bay City, Midland, Traverse City, and Flint among others.

Their top states include:
  • Michigan (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Arizona (FHA|USDA|VA)
  • Ohio (FHA|USDA|VA)
  • Minnesota (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.

    United Bay Community Credit Union
    Similarity Rank: 32
    Lake Huron Credit Union
    Similarity Rank: 120
    MEMBERS FIRST Credit Union
    Similarity Rank: 256
    Isabella Bank
    Similarity Rank: 324
    Wanigas Credit Union
    Similarity Rank: 350
    The State Bank
    Similarity Rank: 620
    DOW CHEMICAL EMPLOYEES'
    Similarity Rank: 1064
    Frankenmuth Credit Union
    Similarity Rank: 1258
    Horizon Bank
    Similarity Rank: 1488

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 299 $47,255,000 $158,043 $0 0.00%
    USDA 3 $395,000 $131,667 $0 0.00%

    For 2019, 1st State Financial Ltd.'s most frequently originated type of loan was Conventional, with 299 originations. Their 2nd most popular type was USDA, with 3 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 158 $25,230,000 $159,684 $0 0.00%
    Refi 85 $16,105,000 $189,471 $0 0.00%
    Cash Out Refi 33 $4,085,000 $123,788 $0 0.00%
    Other 17 $1,595,000 $93,824 $0 0.00%
    Home Improvement 9 $635,000 $70,556 $0 0.00%

    For 2019, 1st State Financial Ltd.'s most frequently cited loan purpose was Home Purchase, with 158 originations. The 2nd most popular reason was Refi, with 85 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 302 $47,650,000 $157,781 $0 0.00%

    For 2019, 1st State Financial Ltd.'s most frequently cited loan duration was Other, with 302 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 120 $7,190,000 $59,917 $0 0.00%
    $100k-200k 95 $13,175,000 $138,684 $0 0.00%
    $200k-400k 75 $20,285,000 $270,467 $0 0.00%
    $400k-600k 8 $3,810,000 $476,250 $0 0.00%
    $600k-1MM 4 $3,190,000 $797,500 $0 0.00%

    2019 saw 1st State Financial Ltd. place emphasis on $100,000 or less loans with 120 originations, totaling $7,190,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 55 $11,055,000 $201,000 $0 0.00%
    $50k-75k 54 $5,300,000 $98,148 $0 0.00%
    $50k or less 53 $4,235,000 $79,906 $0 0.00%
    $100k-150k 47 $8,845,000 $188,191 $0 0.00%
    $75k-100k 46 $6,480,000 $140,870 $0 0.00%
    $250k+ 26 $7,650,000 $294,231 $0 0.00%

    1st State Financial Ltd. lent most frequently to those with incomes in the $150k-250k range, with 55 originations. The second most popular income band? $50k-75k, with 54 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 302 $47,650,000 $157,781 $0 0.00%

    1st State Financial Ltd. lent most frequently to those with DTI ratios of Exempt%, with 302 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 275 $41,635,000 $151,400 $0 0.00%
    Not applicable 13 $3,125,000 $240,385 $0 0.00%
    Asian 3 $1,005,000 $335,000 $0 0.00%
    Not provided 6 $760,000 $126,667 $0 0.00%
    Black 3 $685,000 $228,333 $0 0.00%
    Other Asian 1 $225,000 $225,000 $0 0.00%
    Asian Indian 1 $215,000 $215,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    93.48%

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

    Pick Rate

    Approvals leading to origination

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 302 $47,650,000 $157,781

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 7 $1,605,000 $229,286
    Single Family (1-4 Units):Manufactured 6 $350,000 $58,333
    Single Family (1-4 Units):Site-Built 289 $45,695,000 $158,114

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    Southwest Stage Funding FHA mortgage Closing on a mortgage 1 10.0%
    Southwest Stage Funding Conventional home mortgage Trouble during payment process 4 40.0%
    Southwest Stage Funding Conventional home mortgage Struggling to pay mortgage 1 10.0%
    Southwest Stage Funding Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 10.0%
    Southwest Stage Funding Other type of mortgage Trouble during payment process 2 20.0%
    Southwest Stage Funding Other type of mortgage Closing on a mortgage 1 10.0%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    1st State Bank 3907 Wilder Road Bay City, MI 48706 Full Service B&M $18,206
    1st State Bank 400 Ashman St Midland, MI 48640 Full Service B&M $9,654
    1st State Bank 4800 Fashion Square Boulevard, Suite 100 Saginaw, MI 48604 Full Service B&M $159,255
    1st State Bank 5424 State Street Saginaw, MI 48603 Full Service B&M $22,745
    1st State Bank 601 North Madison Avenue Bay City, MI 48708 Full Service B&M $23,240

    For 2019, 1st State Financial Ltd. had 5 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $13,137
    Net interest income $11,546
    Total noninterest income $1,536
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $219
    Trading account gains and fees $0
    Additional Noninterest Income $1,317
    Pre-tax net operating income $3,715
    Securities gains (or losses, -) $0
    Income before extraordinary items $2,928
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $2,928
    Minority interest net income $0
    Net income $2,928
    Sale, conversion, retirement of capital stock, net $53
    Net operating income $2,928

    1st State Financial Ltd.'s gross interest income from loans was $13,137,000.
    1st State Financial Ltd.'s net interest income from loans was $11,546,000.
    1st State Financial Ltd.'s fee based income from loans was $219,000.
    1st State Financial Ltd.'s net income from loans was $2,928,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $1,591
    Provision for credit losses $995
    Total noninterest expense $8,372
    Salaries and employee benefits $4,863
    Premises and equipment expense $866
    Additional noninterest expense $2,643
    Applicable income taxes $787
    Net charge-offs $698
    Cash dividends $220

    1st State Financial Ltd.'s interest expense for loans was $1,591,000.
    1st State Financial Ltd.'s payroll and benefits expense were $4,863,000.
    1st State Financial Ltd.'s property, plant and equipment expenses $866,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 1.0%
    Real Estate loans 2.0%
    Construction & Land Development loans 0.0%
    Nonfarm, nonresidential loans 2.0%
    Multifamily residential loans 10.0%
    1-4 family residential loans 3.0%
    HELOC loans 0.0%
    All other family 5.0%
    Commercial & industrial loans 1.0%
    Personal loans 0.0%
    Credit card loans 0.0%
    Other individual loans 0.0%
    Auto loans 0.0%
    Other consumer loans 0.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $276,753
    Deposits held in domestic offices $276,753
    Deposits by Individuals, partnerships, and corporations $240,955
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $35,549
    Deposits by Commercial banks and other depository institutions in U.S. $249
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $150,357
    Demand deposits $115,001
    Nontransaction accounts $126,396
    Money market deposit accounts (MMDAs) $101,104
    Other savings deposits (excluding MMDAs) $8,716
    Total time deposits $16,576
    Total time and savings deposits $161,752
    Noninterest-bearing deposits $110,481
    Interest-bearing deposits $166,272
    Retail deposits $272,938
    IRAs and Keogh plan accounts $2,293
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $323,664
    Cash & Balances due from depository institutions $89,551
    Interest-bearing balances $82,937
    Total securities $2,797
    Federal funds sold & reverse repurchase $0
    Net loans and leases $212,850
    Loan and leases loss allowance $3,162
    Trading account assets $0
    Bank premises and fixed assets $14,836
    Other real estate owned $159
    Goodwill and other intangibles $1,072
    All other assets $2,399

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $323,664
    Total Liabilities $294,379
    Total deposits $276,753
    Interest-bearing deposits $166,272
    Deposits held in domestic offices $276,753
    % insured (estimated) $51
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $16,500
    Subordinated debt $0
    All other liabilities $1,126

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $212,850
    Loan and leases loss allowance $3,162
    Total loans and leases (domestic) $216,012
    All real estate loans $114,083
    Real estate loans in domestic offices $114,083
    Construction and development loans $8,387
    Residential 1-4 family construction $2,334
    Other construction, all land development and other land $6,053
    Loans secured by nonfarm nonresidential properties $81,355
    Nonfarm nonresidential secured by owner-occupied properties $58,086
    Commercial real estate & other non-farm, non-residential $23,269
    Multifamily residential real estate $1,354
    1-4 family residential loans $22,987
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $100,907
    To non-U.S. addressees $0
    Loans to individuals $562
    Credit card loans $0
    Related Plans $186
    Consumer Auto Loans $83
    Other loans to individuals $293
    All other loans & leases $473
    Loans to foreign governments and official institutions $0
    Other loans $230
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $0
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $0
    Non 1-4 family restructured loans & leases $0
    Total loans and leases (foreign) $0

    1st State Financial Ltd. had $212,850,000 of loans outstanding in 2019. $114,083,000 of loans were in real estate loans. $8,387,000 of loans were in development loans. $1,354,000 of loans were in multifamily mortgage loans. $22,987,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $83,000 of loans were in the auto loan category.

    Small Business Loans

    Categorization # of Loans in Category $ amount of loans (in 000's) Average $/loan
    Nonfarm, nonresidential loans - <$1MM 254 $52,529 $206,807
    Nonfarm, nonresidential loans - <$100k 62 $2,950 $47,581
    Nonfarm, nonresidential loans - $100-250k 92 $11,956 $129,957
    Nonfarm, nonresidential loans - $250k-1MM 100 $37,623 $376,230
    Commercial & Industrial, US addressed loans - <$1MM 588 $53,095 $90,298
    Commercial & Industrial, US addressed loans - <$100k 312 $8,318 $26,660
    Commercial & Industrial, US addressed loans - $100-250k 143 $11,619 $81,252
    Commercial & Industrial, US addressed loans - $250k-1MM 133 $33,158 $249,308