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:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • 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 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.

    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

    264

    Origination Dollar Volume (All Markets)

    $42,200,000
    Show all (7) 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) 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%
    1st State Financial Ltd.'s top markets include Saginaw, Bay City, Midland, Grand Rapids, and Traverse City among others.

    Their top states include:
  • Michigan (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Utah (FHA|USDA|VA)
  • Indiana (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.

    FinancialEdge Community Credit Union
    Similarity Rank: 96
    Wanigas Credit Union
    Similarity Rank: 165
    MEMBERS FIRST Credit Union
    Similarity Rank: 195
    HEALTH ADVANTAGE FEDERAL CREDIT UNION
    Similarity Rank: 216
    UNITED FINANCIAL Credit Union
    Similarity Rank: 230
    Wildfire Credit Union
    Similarity Rank: 255
    TEAM ONE CREDIT UNION
    Similarity Rank: 330
    1st State Financial, Ltd.
    Similarity Rank: 357
    FINANCIAL PLUS CREDIT UNION
    Similarity Rank: 504
    Isabella Bank
    Similarity Rank: 660

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 264 $42,200,000 $159,848 $2,300 4.58%

    For 2022, 1st State Financial Ltd.'s most frequently originated type of loan was Conventional, with 264 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 162 $26,890,000 $165,988 $2,594 4.82%
    Refi 47 $8,255,000 $175,638 $1,658 4.34%
    Cash Out Refi 35 $4,495,000 $128,429 $2,150 3.61%
    Home Improvement 14 $1,700,000 $121,429 $1,633 5.33%
    Other 6 $860,000 $143,333 $2,075 4.08%

    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.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 193 $30,935,000 $160,285 $2,428 4.71%
    15 Year 30 $5,310,000 $177,000 $2,417 3.38%
    5 Year 21 $3,925,000 $186,905 $0 5.30%
    Other 11 $645,000 $58,636 $575 5.49%
    20 Year 5 $945,000 $189,000 $1,709 3.15%
    10 Year 4 $440,000 $110,000 $1,955 2.81%

    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
    $<1k 160 $25,750,000 $160,938
    $1k-2k 23 $4,505,000 $195,870
    $2k-3k 9 $2,935,000 $326,111
    $5k+ 2 $530,000 $265,000
    $4k-5k 1 $205,000 $205,000

    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.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 78 $11,960,000 $153,333
    3-4% 71 $12,255,000 $172,606
    4-5% 70 $11,160,000 $159,429
    6-7% 20 $2,940,000 $147,000
    2.5-3% 16 $2,610,000 $163,125
    <2.5% 9 $1,275,000 $141,667

    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.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 101 $14,585,000 $144,406 $2,206 4.79%
    $100,000 or less 95 $6,035,000 $63,526 $1,609 4.47%
    $200k-400k 50 $12,810,000 $256,200 $2,987 4.46%
    $400k-600k 15 $6,815,000 $454,333 $3,030 4.42%
    $600k-1MM 3 $1,955,000 $651,667 $6,030 3.94%

    2022 saw 1st State Financial Ltd. place emphasis on $100k-200k loans with 101 originations, totaling $14,585,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 60 $7,990,000 $133,167 $2,524 4.92%
    $50k-75k 60 $8,000,000 $133,333 $2,178 4.49%
    $50k or less 38 $3,700,000 $97,368 $2,088 4.16%
    $150k-250k 29 $7,795,000 $268,793 $2,847 4.03%
    $250k+ 29 $7,065,000 $243,621 $2,481 4.90%
    $75k-100k 28 $3,580,000 $127,857 $1,997 4.43%

    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

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 78 $11,040,000 $141,538 $2,285 4.68%
    30-36% 52 $7,640,000 $146,923 $2,131 4.41%
    <20% 27 $3,965,000 $146,852 $1,854 4.27%
    36% 12 $2,100,000 $175,000 $2,749 5.22%
    40% 10 $2,110,000 $211,000 $2,707 4.33%
    44% 10 $1,270,000 $127,000 $1,822 4.75%
    43% 8 $1,070,000 $133,750 $2,074 4.98%
    39% 8 $1,750,000 $218,750 $2,433 4.16%
    38% 7 $845,000 $120,714 $2,350 4.55%
    42% 6 $670,000 $111,667 $2,725 3.75%
    37% 6 $1,370,000 $228,333 $2,257 3.52%
    45% 5 $735,000 $147,000 $3,614 5.33%
    47% 3 $1,045,000 $348,333 $3,068 4.38%
    48% 3 $1,185,000 $395,000 $4,408 4.19%
    49% 3 $485,000 $161,667 $2,284 4.04%
    46% 2 $690,000 $345,000 $2,273 3.94%
    41% 2 $150,000 $75,000 $2,066 3.81%
    >60% 1 $155,000 $155,000 $1,009 6.50%

    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.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 214 $33,750,000 $157,710 $2,305 4.55%
    Not applicable 17 $3,705,000 $217,941 $0 5.30%
    Not provided 19 $2,465,000 $129,737 $2,075 4.61%
    Black 5 $925,000 $185,000 $2,097 3.85%
    Asian 8 $800,000 $100,000 $2,254 4.06%
    Asian Indian 1 $555,000 $555,000 $4,698 5.63%

    Approval Rates

    Total approvals of all applications
    92.98%

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

    Pick Rate

    Approvals leading to origination
    99.24%

    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 264 $42,200,000 $159,848

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    264 $42,200,000 $159,848

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 13 $1,715,000 $131,923 $2,379 4.14%
    40-60% 35 $5,915,000 $169,000 $1,967 3.90%
    60-80% 136 $21,460,000 $157,794 $2,422 4.58%
    80-100% 72 $12,650,000 $175,694 $2,508 4.89%
    Over 100% 1 $215,000 $215,000 $0 4.25%
    Under 20% 7 $245,000 $35,000 $300 5.61%