Dearborn Federal Savings Bank Mortgage Rates, Fees & Info

Dearborn, MI

LEI: 254900WTWK93MSDEBV13

Tax ID: 38-0468920

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

    Dearborn Federal Savings Bank is a smaller bank specializing in Home Purchase and Cash Out Refi loans. Dearborn Federal Savings Bank has a high proportion of conventional loans. Their top markets by origination volume include: Detroit, Ann Arbor, Jackson, Lansing, and Kalamazoo among others. We have data for 7 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Dearborn Federal Savings Bank 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. Dearborn Federal Savings Bank 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 5.49% 12/16/24
    30 Year Conventional Refi 5.72% 12/16/24
    30 Year Cash-out Refi 5.63% 12/16/24
    15 Year Conventional Purchase 4.92% 12/16/24
    15 Year Conventional Refi 5.60% 12/16/24
    15 Year Cash-out Refi 5.60% 12/16/24
    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.

    Dearborn Federal Savings Bank Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Dearborn Federal Savings Bank. 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

    137

    Origination Dollar Volume (All Markets)

    $30,835,000

    Awards

    Dearborn Federal Savings Bank 30 Year Conventional Loans silver Dearborn Federal Savings Bank 30 Year Conventional Loans silver Dearborn Federal Savings Bank 30 Year Conventional Loans bronze
    Show all (3) 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
    Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 125 $28,035,000 $224,280 $2,760 4.28%
    ANN ARBOR, MI (FHA|USDA|VA) 6 $1,290,000 $215,000 $1,882 4.38%
    JACKSON, MI (FHA|USDA|VA) 1 $465,000 $465,000 $12,382 1.75%
    Outside of Metro Areas 2 $400,000 $200,000 $2,393 3.50%
    LANSING-EAST LANSING, MI (FHA|USDA|VA) 1 $235,000 $235,000 $2,561 5.00%
    KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 1 $205,000 $205,000 $2,168 4.50%
    MONROE, MI (FHA|USDA|VA) 1 $205,000 $205,000 $2,438 5.00%
    Dearborn Federal Savings Bank's top markets include Detroit, Ann Arbor, Jackson, Lansing, and Kalamazoo among others.

    Their top states include:
  • Michigan (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against Dearborn Federal Savings Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Polish-American Federal Credit Union
    Similarity Rank: 57
    St James Mortgage Corporation
    Similarity Rank: 93
    Zeal Credit Union
    Similarity Rank: 108
    Total Community Credit Union
    Similarity Rank: 340
    NEW ENGLAND FEDERAL CREDIT UNION
    Similarity Rank: 340
    Dearborn Federal Savings Bank
    Similarity Rank: 413
    Extra
    Similarity Rank: 528
    Michigan Legacy Credit Union
    Similarity Rank: 630
    SECURITY CREDIT UNION
    Similarity Rank: 696
    ADVANTAGE ONE Credit Union
    Similarity Rank: 912

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 137 $30,835,000 $225,073 $2,780 4.27%

    For 2022, Dearborn Federal Savings Bank's most frequently originated type of loan was Conventional, with 137 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 86 $21,750,000 $252,907 $3,350 4.45%
    Cash Out Refi 35 $6,605,000 $188,714 $2,091 3.71%
    Refi 10 $2,140,000 $214,000 $1,748 3.45%
    Other 6 $340,000 $56,667 $706 6.27%

    For 2022, Dearborn Federal Savings Bank's most frequently cited loan purpose was Home Purchase, with 86 originations. The 2nd most popular reason was Cash Out Refi, with 35 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 96 $22,660,000 $236,042 $2,876 4.51%
    Other 20 $5,040,000 $252,000 $2,884 3.36%
    15 Year 11 $1,985,000 $180,455 $2,349 3.41%
    10 Year 6 $890,000 $148,333 $3,257 3.56%
    20 Year 4 $260,000 $65,000 $688 6.44%

    For 2022, Dearborn Federal Savings Bank's most frequently cited loan duration was 30 Year, with 96 originations. The 2nd most popular length was Other, with 20 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 112 $23,820,000 $212,679
    $5k+ 8 $4,340,000 $542,500
    $2k-3k 3 $455,000 $151,667
    $4k-5k 3 $645,000 $215,000

    Dearborn Federal Savings Bank's average total fees were $2,876, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 112 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 51 $14,025,000 $275,000
    3-4% 24 $4,390,000 $182,917
    5-6% 24 $5,180,000 $215,833
    2.5-3% 19 $3,615,000 $190,263
    <2.5% 11 $2,745,000 $249,545
    6-7% 8 $880,000 $110,000

    During 2022, Dearborn Federal Savings Bank's average interest rate for loans was 4.51%, while their most frequently originated rate bucket for loans was 4-5%, with 51 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 49 $13,245,000 $270,306 $3,062 4.16%
    $100k-200k 46 $7,110,000 $154,565 $1,990 4.29%
    $100,000 or less 26 $1,730,000 $66,538 $1,412 4.41%
    $400k-600k 13 $5,865,000 $451,154 $5,153 4.28%
    $600k-1MM 2 $1,250,000 $625,000 $2,631 4.44%
    $1MM+ 1 $1,635,000 $1,635,000 $21,904 4.50%

    2022 saw Dearborn Federal Savings Bank place emphasis on $200k-400k loans with 49 originations, totaling $13,245,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 31 $7,835,000 $252,742 $2,424 4.35%
    $75k-100k 29 $5,275,000 $181,897 $2,475 4.56%
    $50k-75k 24 $3,900,000 $162,500 $2,598 4.00%
    $150k-250k 19 $5,665,000 $298,158 $3,195 4.08%
    $50k or less 17 $1,285,000 $75,588 $1,568 4.50%
    $250k+ 11 $5,745,000 $522,273 $5,951 4.00%

    Dearborn Federal Savings Bank lent most frequently to those with incomes in the $100k-150k range, with 31 originations. The second most popular income band? $75k-100k, with 29 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 39 $9,365,000 $240,128 $2,922 4.48%
    30-36% 30 $6,160,000 $205,333 $2,450 4.35%
    <20% 26 $6,900,000 $265,385 $3,362 3.98%
    40% 6 $1,340,000 $223,333 $2,332 3.90%
    41% 4 $1,400,000 $350,000 $2,601 4.56%
    45% 3 $685,000 $228,333 $4,380 3.33%
    36% 3 $385,000 $128,333 $2,682 3.46%
    44% 3 $585,000 $195,000 $2,098 4.13%
    37% 3 $295,000 $98,333 $1,230 5.00%
    39% 3 $575,000 $191,667 $2,068 5.13%
    38% 2 $570,000 $285,000 $2,482 5.25%
    50-60% 1 $175,000 $175,000 $2,168 2.88%
    42% 1 $165,000 $165,000 $1,680 3.25%
    43% 1 $255,000 $255,000 $2,230 6.25%
    47% 1 $405,000 $405,000 $2,614 3.38%

    Dearborn Federal Savings Bank lent most frequently to those with DTI ratios of 20-30%, with 39 originations. The next most common DTI ratio? 30-36%, with 30 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 103 $23,715,000 $230,243 $2,678 4.40%
    Not provided 16 $4,180,000 $261,250 $3,731 4.07%
    Black 8 $1,280,000 $160,000 $2,322 3.95%
    Not applicable 6 $1,130,000 $188,333 $0 3.94%
    Asian 3 $445,000 $148,333 $2,195 2.92%
    American Indian 1 $85,000 $85,000 $1,556 2.25%

    Approval Rates

    Total approvals of all applications
    91.77%

    Dearborn Federal Savings Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    94.16%

    Dearborn Federal Savings Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 137 $30,835,000 $225,073

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    137 $30,835,000 $225,073

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 14 $1,150,000 $82,143 $1,216 4.83%
    40-60% 14 $2,710,000 $193,571 $2,282 4.18%
    60-80% 65 $16,575,000 $255,000 $3,350 4.03%
    80-100% 43 $10,375,000 $241,279 $2,786 4.46%
    Under 20% 1 $25,000 $25,000 $625 5.38%