State Financial Network Mortgage Rates, Fees & Info

Chadds Ford, PA

LEI: 5493000SW5GLNL7VNX12

Tax ID: 80-0873092

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)

    • Review & Overview

    State Financial Network is a smaller mortgage company specializing in Refi, Home Purchase, and Cash Out Refi loans. State Financial Network has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Philadelphia, Pittsburgh, Reading, Ocean City, and New York among others. We have data for 36 markets. (Some data included below & more in-depth data is available with an active subscription.)

    State Financial Network 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. State Financial Network 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 6.53% 12/16/24
    30 Year Conventional Refi 6.52% 12/16/24
    30 Year Cash-out Refi 6.55% 12/16/24
    15 Year Conventional Purchase 5.98% 12/16/24
    15 Year Conventional Refi 5.78% 12/16/24
    15 Year Cash-out Refi 5.78% 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.

    State Financial Network Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from State Financial Network. 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

    1,087

    Origination Dollar Volume (All Markets)

    $243,725,000
    Show all (5) 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
    Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 640 $156,630,000 $244,734 $3,239 3.17%
    PITTSBURGH, PA (FHA|USDA|VA) 259 $43,835,000 $169,247 $3,081 3.30%
    READING, PA (FHA|USDA|VA) 39 $7,195,000 $184,487 $3,768 3.51%
    OCEAN CITY, NJ (FHA|USDA|VA) 23 $6,435,000 $279,783 $3,054 3.14%
    New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 18 $4,920,000 $273,333 $3,781 3.58%
    SALISBURY, MD-DE (FHA|USDA|VA) 13 $3,825,000 $294,231 $2,875 3.27%
    TRENTON-PRINCETON, NJ (FHA|USDA|VA) 10 $3,130,000 $313,000 $2,576 3.13%
    Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 5 $2,585,000 $517,000 $3,745 2.98%
    ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) 9 $1,825,000 $202,778 $2,775 3.11%
    BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 4 $1,820,000 $455,000 $2,861 3.25%
    LANCASTER, PA (FHA|USDA|VA) 8 $1,360,000 $170,000 $3,106 3.08%
    LEBANON, PA (FHA|USDA|VA) 8 $1,300,000 $162,500 $3,413 3.27%
    ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 6 $1,100,000 $183,333 $3,510 3.21%
    VINELAND-BRIDGETON, NJ (FHA|USDA|VA) 6 $1,070,000 $178,333 $2,546 3.15%
    Outside of Metro Areas 6 $1,010,000 $168,333 $2,699 3.27%
    HARRISBURG-CARLISLE, PA (FHA|USDA|VA) 5 $785,000 $157,000 $2,766 3.40%
    SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) 3 $525,000 $175,000 $3,038 3.46%
    New Castle, PA (FHA|USDA|VA) 2 $440,000 $220,000 $3,259 3.38%
    Oil City, PA (FHA|USDA|VA) 3 $385,000 $128,333 $2,734 3.25%
    VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 1 $365,000 $365,000 $3,747 3.50%
    YOUNGSTOWN-WARREN-BOARDMAN, OH-PA (FHA|USDA|VA) 3 $325,000 $108,333 $2,715 3.63%
    YORK-HANOVER, PA (FHA|USDA|VA) 2 $300,000 $150,000 $2,605 2.88%
    ASHEVILLE, NC (FHA|USDA|VA) 1 $295,000 $295,000 $2,940 3.13%
    BINGHAMTON, NY (FHA|USDA|VA) 1 $295,000 $295,000 $3,335 3.13%
    Cambridge, MD (FHA|USDA|VA) 1 $265,000 $265,000 $2,252 2.88%
    NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $265,000 $265,000 $2,169 2.63%
    STATE COLLEGE, PA (FHA|USDA|VA) 1 $255,000 $255,000 $3,145 3.00%
    NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 1 $225,000 $225,000 $3,798 2.88%
    DOVER, DE (FHA|USDA|VA) 1 $175,000 $175,000 $2,582 3.88%
    DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 1 $155,000 $155,000 $2,279 3.00%
    EAST STROUDSBURG, PA (FHA|USDA|VA) 1 $125,000 $125,000 $2,928 3.38%
    KANKAKEE, IL (FHA|USDA|VA) 1 $125,000 $125,000 $3,177 4.00%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $115,000 $115,000 $1,696 3.13%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $105,000 $105,000 $2,168 3.00%
    ELMIRA, NY (FHA|USDA|VA) 1 $95,000 $95,000 $1,633 2.88%
    Lewistown, PA (FHA|USDA|VA) 1 $65,000 $65,000 $2,101 3.13%
    State Financial Network's top markets include Philadelphia, Pittsburgh, Reading, Ocean City, and New York among others.

    Their top states include:
  • Pennsylvania (FHA|USDA|VA)
  • New Jersey (FHA|USDA|VA)
  • Delaware (FHA|USDA|VA)
  • Maryland (FHA|USDA|VA)
  • Virginia (FHA|USDA|VA)

    • Similar Lenders

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

    The First National Bank of Long Island
    Similarity Rank: 134
    First Commonwealth Federal Credit Union
    Similarity Rank: 210
    M. S. Flynn, Inc.
    Similarity Rank: 236
    North Jersey Federal Credit Union
    Similarity Rank: 247
    TRI BORO
    Similarity Rank: 264
    BELLCO
    Similarity Rank: 354
    WELCOME HOME FINANCE, L.P.
    Similarity Rank: 456
    N C P D Federal Credit Union
    Similarity Rank: 482
    MOUNTAIN MORTGAGE CORP.
    Similarity Rank: 538
    First Citizens Community Bank
    Similarity Rank: 589

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,085 $243,345,000 $224,281 $3,189 3.22%
    USDA 2 $380,000 $190,000 $5,302 4.00%

    For 2020, State Financial Network's most frequently originated type of loan was Conventional, with 1,085 originations. Their 2nd most popular type was USDA, with 2 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 505 $113,545,000 $224,842 $2,936 3.04%
    Home Purchase 310 $63,410,000 $204,548 $3,409 3.44%
    Cash Out Refi 265 $65,555,000 $247,377 $3,415 3.29%
    Home Improvement 4 $590,000 $147,500 $3,424 4.09%
    Other 3 $625,000 $208,333 $4,021 3.29%

    For 2020, State Financial Network's most frequently cited loan purpose was Refi, with 505 originations. The 2nd most popular reason was Home Purchase, with 310 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 617 $144,325,000 $233,914 $3,366 3.40%
    15 Year 306 $62,170,000 $203,170 $2,915 2.90%
    20 Year 133 $30,795,000 $231,541 $3,101 3.20%
    10 Year 26 $5,080,000 $195,385 $2,793 2.86%
    Other 5 $1,355,000 $271,000 $3,288 3.25%

    For 2020, State Financial Network's most frequently cited loan duration was 30 Year, with 617 originations. The 2nd most popular length was 15 Year, with 306 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 983 $216,235,000 $219,975
    $1k-2k 67 $16,485,000 $246,045
    $2k-3k 17 $4,345,000 $255,588
    $3k-4k 8 $2,270,000 $283,750
    $4k-5k 8 $2,760,000 $345,000
    $5k+ 4 $1,630,000 $407,500

    State Financial Network's average total fees were $3,366, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 983 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 614 $143,620,000 $233,909
    2.5-3% 416 $90,250,000 $216,947
    4-5% 36 $4,830,000 $134,167
    <2.5% 18 $4,820,000 $267,778
    5-6% 3 $205,000 $68,333

    During 2020, State Financial Network's average interest rate for loans was 3.40%, while their most frequently originated rate bucket for loans was 3-4%, with 614 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 453 $122,485,000 $270,386 $3,422 3.20%
    $100k-200k 444 $66,870,000 $150,608 $2,815 3.21%
    $100,000 or less 100 $7,650,000 $76,500 $2,547 3.41%
    $400k-600k 69 $32,155,000 $466,014 $4,413 3.20%
    $600k-1MM 21 $14,565,000 $693,571 $5,285 3.16%

    2020 saw State Financial Network place emphasis on $200k-400k loans with 453 originations, totaling $122,485,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 276 $63,340,000 $229,493 $3,220 3.23%
    $50k-75k 227 $37,595,000 $165,617 $2,945 3.30%
    $75k-100k 211 $38,655,000 $183,199 $3,042 3.20%
    $150k-250k 210 $66,010,000 $314,333 $3,654 3.17%
    $50k or less 89 $10,775,000 $121,067 $2,676 3.30%
    $250k+ 61 $23,605,000 $386,967 $3,802 3.09%

    State Financial Network lent most frequently to those with incomes in the $100k-150k range, with 276 originations. The second most popular income band? $50k-75k, with 227 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 330 $75,740,000 $229,515 $3,158 3.15%
    30-36% 232 $51,650,000 $222,629 $3,315 3.23%
    <20% 121 $26,635,000 $220,124 $3,077 3.05%
    38% 41 $9,865,000 $240,610 $3,359 3.32%
    40% 38 $8,240,000 $216,842 $3,140 3.31%
    39% 34 $6,760,000 $198,824 $3,087 3.32%
    44% 33 $6,795,000 $205,909 $3,144 3.43%
    37% 33 $5,985,000 $181,364 $2,893 3.27%
    41% 33 $7,535,000 $228,333 $3,167 3.31%
    43% 31 $7,505,000 $242,097 $3,207 3.38%
    36% 30 $6,470,000 $215,667 $3,199 3.47%
    42% 27 $6,365,000 $235,741 $3,115 3.44%
    45% 24 $5,840,000 $243,333 $3,425 3.35%
    48% 23 $5,695,000 $247,609 $3,131 3.22%
    49% 19 $4,335,000 $228,158 $3,648 3.25%
    46% 15 $3,175,000 $211,667 $2,948 3.08%
    47% 14 $3,340,000 $238,571 $3,206 3.25%
    50-60% 9 $1,795,000 $199,444 $3,219 3.29%

    State Financial Network lent most frequently to those with DTI ratios of 20-30%, with 330 originations. The next most common DTI ratio? 30-36%, with 232 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 952 $211,660,000 $222,332 $3,188 3.22%
    Not provided 59 $12,745,000 $216,017 $3,087 3.21%
    Asian 26 $8,520,000 $327,692 $3,976 3.16%
    Black 42 $8,450,000 $201,190 $2,913 3.39%
    Asian Indian 4 $1,790,000 $447,500 $4,350 3.00%
    American Indian 3 $385,000 $128,333 $2,525 3.58%
    Other Asian 1 $175,000 $175,000 $2,627 2.75%

    Approval Rates

    Total approvals of all applications
    95.50%

    State Financial Network has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    96.04%

    State Financial Network 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 1,087 $243,725,000 $224,218

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 10 $1,410,000 $141,000
    Single Family (1-4 Units):Site-Built 1,077 $242,315,000 $224,991

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 48 $6,600,000 $137,500 $2,555 2.92%
    40-60% 217 $43,645,000 $201,129 $2,893 3.05%
    60-80% 527 $131,135,000 $248,833 $3,279 3.22%
    80-100% 289 $61,765,000 $213,720 $3,367 3.40%
    Over 100% 1 $195,000 $195,000 $5,442 4.00%
    Under 20% 5 $385,000 $77,000 $2,658 2.88%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    STATE FARM BANK, FSB Conventional home mortgage Closing on a mortgage 3 15.8%
    STATE FARM BANK, FSB Conventional home mortgage Struggling to pay mortgage 2 10.5%
    STATE FARM BANK, FSB Conventional home mortgage Trouble during payment process 11 57.9%
    STATE FARM BANK, FSB Home equity loan or line of credit (HELOC) Struggling to pay mortgage 2 10.5%
    STATE FARM BANK, FSB Home equity loan or line of credit (HELOC) Trouble during payment process 1 5.3%