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

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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)

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • Review & Overview

    1st State Financial Ltd. is a smaller mortgage company specializing in Home Purchase, Refi, and Cash Out Refi loans. 1st State Financial Ltd. has a high proportion of conventional loans. Their top markets by origination volume include: Saginaw, Bay City, Midland, Detroit, and Lansing among others. We have data for 22 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.

    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.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.37% 11/22/24
    30 Year Conventional Refi 6.28% 11/22/24
    30 Year Cash-out Refi 6.42% 11/22/24
    30 Year USDA Purchase 6.27% 11/22/24
    15 Year Conventional Purchase 5.99% 11/22/24
    15 Year Conventional Refi 5.78% 11/22/24
    15 Year Cash-out Refi 5.78% 11/22/24
    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

    512

    Origination Dollar Volume (All Markets)

    $100,510,000

    Employee count

    69 Show all (8) 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
    SAGINAW, MI (FHA|USDA|VA) 201 $41,415,000 $206,045 $2,122 2.82%
    BAY CITY, MI (FHA|USDA|VA) 122 $19,460,000 $159,508 $1,985 2.76%
    MIDLAND, MI (FHA|USDA|VA) 71 $14,195,000 $199,930 $2,346 3.15%
    Outside of Metro Areas 53 $10,275,000 $193,868 $2,234 2.65%
    Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 12 $2,580,000 $215,000 $2,377 2.79%
    LANSING-EAST LANSING, MI (FHA|USDA|VA) 9 $2,095,000 $232,778 $2,055 2.84%
    FLINT, MI (FHA|USDA|VA) 10 $1,580,000 $158,000 $2,207 3.04%
    Traverse City, MI (FHA|USDA|VA) 4 $1,530,000 $382,500 $2,465 2.50%
    GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 5 $1,175,000 $235,000 $2,132 2.83%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 3 $1,055,000 $351,667 $4,255 2.96%
    Mount Pleasant, MI (FHA|USDA|VA) 7 $975,000 $139,286 $2,010 2.75%
    Calhoun, GA (FHA|USDA|VA) 1 $775,000 $775,000 $0 2.14%
    JACKSON, MI (FHA|USDA|VA) 3 $725,000 $241,667 $2,034 2.71%
    NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 1 $545,000 $545,000 $4,320 2.88%
    ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 2 $490,000 $245,000 $3,791 2.88%
    NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 2 $360,000 $180,000 $0 4.45%
    HOMOSASSA SPRINGS, FL (FHA|USDA|VA) 1 $345,000 $345,000 $4,170 2.50%
    ST. LOUIS, MO-IL (FHA|USDA|VA) 1 $265,000 $265,000 $2,796 2.88%
    DAYTON-KETTERING, OH (FHA|USDA|VA) 1 $215,000 $215,000 $2,685 2.00%
    ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 1 $205,000 $205,000 $2,875 2.50%
    CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 1 $185,000 $185,000 $0 2.50%
    Alma, MI (FHA|USDA|VA) 1 $65,000 $65,000 $1,835 2.38%
    1st State Financial Ltd.'s top markets include Saginaw, Bay City, Midland, Detroit, and Lansing among others.

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

    SUNRISE FAMILY CREDIT UNION
    Similarity Rank: 54
    FinancialEdge Community Credit Union
    Similarity Rank: 112
    MEMBERS FIRST Credit Union
    Similarity Rank: 204
    Lake Huron Credit Union
    Similarity Rank: 204
    Isabella Bank
    Similarity Rank: 294
    JOLT CREDIT UNION
    Similarity Rank: 360
    Dort Financial Credit Union
    Similarity Rank: 420
    UNITED FINANCIAL Credit Union
    Similarity Rank: 495
    FINANCIAL PLUS CREDIT UNION
    Similarity Rank: 522
    Wanigas Credit Union
    Similarity Rank: 663

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 512 $100,510,000 $196,309 $2,162 2.84%

    For 2021, 1st State Financial Ltd.'s most frequently originated type of loan was Conventional, with 512 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 201 $37,375,000 $185,945 $2,451 3.04%
    Refi 166 $38,730,000 $233,313 $1,830 2.74%
    Cash Out Refi 125 $21,085,000 $168,680 $2,165 2.63%
    Other 11 $2,345,000 $213,182 $2,481 2.77%
    Home Improvement 9 $975,000 $108,333 $1,540 3.31%

    For 2021, 1st State Financial Ltd.'s most frequently cited loan purpose was Home Purchase, with 201 originations. The 2nd most popular reason was Refi, with 166 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 294 $53,580,000 $182,245 $2,297 3.04%
    15 Year 146 $24,990,000 $171,164 $2,024 2.28%
    20 Year 34 $6,070,000 $178,529 $1,884 2.67%
    5 Year 15 $11,965,000 $797,667 $0 4.45%
    10 Year 14 $2,160,000 $154,286 $1,882 2.13%
    Other 9 $1,745,000 $193,889 $1,038 4.15%

    For 2021, 1st State Financial Ltd.'s most frequently cited loan duration was 30 Year, with 294 originations. The 2nd most popular length was 15 Year, with 146 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 371 $67,345,000 $181,523
    $1k-2k 36 $8,000,000 $222,222
    $2k-3k 12 $3,910,000 $325,833
    $3k-4k 1 $485,000 $485,000
    $4k-5k 1 $425,000 $425,000

    1st State Financial Ltd.'s average total fees were $2,297, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 371 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    <2.5% 199 $37,655,000 $189,221
    2.5-3% 198 $32,670,000 $165,000
    3-4% 76 $21,930,000 $288,553
    4-5% 32 $7,700,000 $240,625
    5-6% 7 $555,000 $79,286

    During 2021, 1st State Financial Ltd.'s average interest rate for loans was 3.04%, while their most frequently originated rate bucket for loans was <2.5%, with 199 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 210 $30,740,000 $146,381 $1,971 2.82%
    $100,000 or less 139 $10,015,000 $72,050 $1,723 2.87%
    $200k-400k 131 $35,165,000 $268,435 $2,390 2.75%
    $400k-600k 27 $13,235,000 $490,185 $3,771 3.09%
    $600k-1MM 3 $2,145,000 $715,000 $5,379 3.63%
    $1MM+ 2 $9,210,000 $4,605,000 $0 3.75%

    2021 saw 1st State Financial Ltd. place emphasis on $100k-200k loans with 210 originations, totaling $30,740,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 126 $20,740,000 $164,603 $2,061 2.74%
    $50k-75k 91 $12,765,000 $140,275 $1,953 2.83%
    $75k-100k 82 $14,390,000 $175,488 $2,126 2.74%
    $50k or less 73 $6,915,000 $94,726 $1,856 2.86%
    $150k-250k 72 $16,410,000 $227,917 $2,569 2.82%
    $250k+ 45 $15,025,000 $333,889 $2,901 2.82%

    1st State Financial Ltd. lent most frequently to those with incomes in the $100k-150k range, with 126 originations. The second most popular income band? $50k-75k, with 91 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 167 $28,355,000 $169,790 $1,975 2.72%
    30-36% 89 $16,165,000 $181,629 $2,305 2.94%
    <20% 72 $13,570,000 $188,472 $2,389 2.66%
    37% 18 $3,020,000 $167,778 $2,247 2.84%
    36% 16 $2,700,000 $168,750 $1,924 2.91%
    38% 16 $2,680,000 $167,500 $2,851 3.12%
    40% 16 $2,300,000 $143,750 $1,974 2.64%
    39% 13 $2,655,000 $204,231 $2,084 3.00%
    43% 12 $1,670,000 $139,167 $2,076 2.68%
    42% 11 $3,005,000 $273,182 $2,620 2.50%
    44% 11 $1,775,000 $161,364 $2,053 2.74%
    41% 10 $2,240,000 $224,000 $2,253 2.70%
    45% 9 $1,425,000 $158,333 $1,871 2.75%
    46% 9 $1,465,000 $162,778 $2,147 2.78%
    47% 8 $1,860,000 $232,500 $1,989 2.61%
    48% 7 $1,125,000 $160,714 $2,286 2.64%
    49% 7 $865,000 $123,571 $1,640 2.61%
    50-60% 1 $145,000 $145,000 $1,397 4.75%

    1st State Financial Ltd. lent most frequently to those with DTI ratios of 20-30%, with 167 originations. The next most common DTI ratio? 30-36%, with 89 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 454 $80,870,000 $178,128 $2,154 2.81%
    Not applicable 13 $12,335,000 $948,846 $0 4.38%
    Not provided 24 $3,440,000 $143,333 $2,025 2.65%
    Asian 11 $2,505,000 $227,727 $3,169 2.45%
    Black 9 $1,175,000 $130,556 $2,166 2.92%
    American Indian 1 $185,000 $185,000 $1,921 2.75%

    Approval Rates

    Total approvals of all applications
    94.73%

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

    Pick Rate

    Approvals leading to origination
    98.63%

    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 512 $100,510,000 $196,309

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    512 $100,510,000 $196,309

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 37 $8,385,000 $226,622 $2,012 2.85%
    40-60% 74 $18,280,000 $247,027 $1,965 2.63%
    60-80% 259 $47,315,000 $182,683 $2,097 2.82%
    80-100% 140 $26,480,000 $189,143 $2,398 2.93%
    Under 20% 1 $15,000 $15,000 $200 5.50%

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    Southwest Stage Funding Conventional home mortgage Struggling to pay mortgage 1 14.3%
    Southwest Stage Funding Other type of mortgage Closing on a mortgage 1 14.3%
    Southwest Stage Funding FHA mortgage Trouble during payment process 1 14.3%
    Southwest Stage Funding FHA mortgage Struggling to pay mortgage 3 42.9%
    Southwest Stage Funding FHA mortgage Closing on a mortgage 1 14.3%

    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 $41,637
    1st State Bank 400 Ashman St Midland, MI 48640 Full Service B&M $31,843
    1st State Bank 4800 Fashion Square Boulevard, Suite 100 Saginaw, MI 48604 Full Service B&M $252,432
    1st State Bank 5424 State Street Saginaw, MI 48603 Full Service B&M $31,840
    1st State Bank 601 North Madison Avenue Bay City, MI 48708 Full Service B&M $38,279

    For 2021, 1st State Financial Ltd. had 5 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $14,985
    Net interest income $14,595
    Total noninterest income $2,706
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $320
    Trading account gains and fees $0
    Additional Noninterest Income $2,386
    Pre-tax net operating income $6,869
    Securities gains (or losses, -) $-96
    Income before extraordinary items $5,368
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $5,368
    Minority interest net income $0
    Net income $5,368
    Sale, conversion, retirement of capital stock, net $73
    Net operating income $5,443

    1st State Financial Ltd.'s gross interest income from loans was $14,985,000.
    1st State Financial Ltd.'s net interest income from loans was $14,595,000.
    1st State Financial Ltd.'s fee based income from loans was $320,000.
    1st State Financial Ltd.'s net income from loans was $5,368,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $390
    Provision for credit losses $300
    Total noninterest expense $10,132
    Salaries and employee benefits $6,208
    Premises and equipment expense $668
    Additional noninterest expense $3,256
    Applicable income taxes $1,405
    Net charge-offs $133
    Cash dividends $120

    1st State Financial Ltd.'s interest expense for loans was $390,000.
    1st State Financial Ltd.'s payroll and benefits expense were $6,208,000.
    1st State Financial Ltd.'s property, plant and equipment expenses $668,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 1.0%
    Real Estate loans 3.0%
    Construction & Land Development loans 0.0%
    Nonfarm, nonresidential loans 2.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 4.0%
    HELOC loans 0.0%
    All other family 7.0%
    Commercial & industrial loans 0.0%
    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 $403,161
    Deposits held in domestic offices $403,161
    Deposits by Individuals, partnerships, and corporations $354,093
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $49,068
    Deposits by Commercial banks and other depository institutions in U.S. $0
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $254,309
    Demand deposits $200,504
    Nontransaction accounts $148,852
    Money market deposit accounts (MMDAs) $119,768
    Other savings deposits (excluding MMDAs) $19,044
    Total time deposits $10,039
    Total time and savings deposits $202,657
    Noninterest-bearing deposits $192,649
    Interest-bearing deposits $210,512
    Retail deposits $399,721
    IRAs and Keogh plan accounts $1,211
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $456,542
    Cash & Balances due from depository institutions $124,229
    Interest-bearing balances $119,453
    Total securities $61,634
    Federal funds sold & reverse repurchase $0
    Net loans and leases $244,504
    Loan and leases loss allowance $5,003
    Trading account assets $0
    Bank premises and fixed assets $13,988
    Other real estate owned $23
    Goodwill and other intangibles $2,005
    All other assets $10,159

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $456,542
    Total Liabilities $418,808
    Total deposits $403,161
    Interest-bearing deposits $210,512
    Deposits held in domestic offices $403,161
    % insured (estimated) $48
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $13,500
    Subordinated debt $0
    All other liabilities $2,147

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $244,504
    Loan and leases loss allowance $5,003
    Total loans and leases (domestic) $249,507
    All real estate loans $143,736
    Real estate loans in domestic offices $143,736
    Construction and development loans $6,163
    Residential 1-4 family construction $1,274
    Other construction, all land development and other land $4,889
    Loans secured by nonfarm nonresidential properties $110,355
    Nonfarm nonresidential secured by owner-occupied properties $81,454
    Commercial real estate & other non-farm, non-residential $28,901
    Multifamily residential real estate $2,292
    1-4 family residential loans $24,808
    Farmland loans $118
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $104,949
    To non-U.S. addressees $0
    Loans to individuals $442
    Credit card loans $0
    Related Plans $128
    Consumer Auto Loans $67
    Other loans to individuals $247
    All other loans & leases $438
    Loans to foreign governments and official institutions $0
    Other loans $284
    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 $244,504,000 of loans outstanding in 2021. $143,736,000 of loans were in real estate loans. $6,163,000 of loans were in development loans. $2,292,000 of loans were in multifamily mortgage loans. $24,808,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $67,000 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 287 $64,079 $223,272
    Nonfarm, nonresidential loans - <$100k 62 $3,049 $49,177
    Nonfarm, nonresidential loans - $100-250k 103 $13,165 $127,816
    Nonfarm, nonresidential loans - $250k-1MM 122 $47,865 $392,336
    Commercial & Industrial, US addressed loans - <$1MM 640 $54,503 $85,161
    Commercial & Industrial, US addressed loans - <$100k 354 $10,535 $29,760
    Commercial & Industrial, US addressed loans - $100-250k 148 $11,568 $78,162
    Commercial & Industrial, US addressed loans - $250k-1MM 138 $32,400 $234,783
    Farmland loans - <$1MM 1 $118 $118,000
    Farmland loans - $100-250k 1 $118 $118,000