Homestead Savings Bank Mortgage Rates, Fees & Info

Albion, MI

LEI: 5493002MNKV62JMMPU16

Tax ID: 38-0660120

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Mortgage Data

Review & Overview

Homestead Savings Bank is a smaller bank specializing in Home Purchase and Cash Out Refi loans. Homestead Savings Bank has a high proportion of conventional loans. Their top markets by origination volume include: Battle Creek, Lansing, Jackson, Hillsdale, and Ann Arbor among others. We have data for 10 markets. (Some data included below & more in-depth data is available with an active subscription.)

Homestead Savings Bank has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders.

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Originations

84

Origination Dollar Volume (All Markets)

$12,380,000

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
BATTLE CREEK, MI (FHA|USDA|VA) 35 $4,315,000 $123,286 $0 0.00%
LANSING-EAST LANSING, MI (FHA|USDA|VA) 15 $2,275,000 $151,667 $0 0.00%
JACKSON, MI (FHA|USDA|VA) 16 $1,990,000 $124,375 $0 0.00%
Hillsdale, MI (FHA|USDA|VA) 8 $1,380,000 $172,500 $0 0.00%
Outside of Metro Areas 3 $965,000 $321,667 $0 0.00%
ANN ARBOR, MI (FHA|USDA|VA) 1 $565,000 $565,000 $0 0.00%
GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 2 $320,000 $160,000 $0 0.00%
Holland, MI (FHA|USDA|VA) 1 $255,000 $255,000 $0 0.00%
Coldwater, MI (FHA|USDA|VA) 2 $200,000 $100,000 $0 0.00%
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 1 $115,000 $115,000 $0 0.00%
Homestead Savings Bank's top markets include Battle Creek, Lansing, Jackson, Hillsdale, and Ann Arbor among others.

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

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 84 $12,380,000 $147,381 $0 0.00%

    For 2022, Homestead Savings Bank's most frequently originated type of loan was Conventional, with 84 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 42 $7,880,000 $187,619 $0 0.00%
    Cash Out Refi 24 $3,100,000 $129,167 $0 0.00%
    Home Improvement 7 $245,000 $35,000 $0 0.00%
    Refi 6 $790,000 $131,667 $0 0.00%
    Other 5 $365,000 $73,000 $0 0.00%

    For 2022, Homestead Savings Bank's most frequently cited loan purpose was Home Purchase, with 42 originations. The 2nd most popular reason was Cash Out Refi, with 24 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 84 $12,380,000 $147,381 $0 0.00%

    For 2022, Homestead Savings Bank's most frequently cited loan duration was Other, with 84 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 34 $1,780,000 $52,353 $0 0.00%
    $100k-200k 30 $4,130,000 $137,667 $0 0.00%
    $200k-400k 15 $3,895,000 $259,667 $0 0.00%
    $400k-600k 5 $2,575,000 $515,000 $0 0.00%

    2022 saw Homestead Savings Bank place emphasis on $100,000 or less loans with 34 originations, totaling $1,780,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 21 $4,075,000 $194,048 $0 0.00%
    $50k or less 19 $1,165,000 $61,316 $0 0.00%
    $50k-75k 16 $1,820,000 $113,750 $0 0.00%
    $75k-100k 10 $1,320,000 $132,000 $0 0.00%
    $150k-250k 8 $2,640,000 $330,000 $0 0.00%
    $250k+ 2 $530,000 $265,000 $0 0.00%

    Homestead Savings Bank lent most frequently to those with incomes in the $100k-150k range, with 21 originations. The second most popular income band? $50k or less, with 19 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 84 $12,380,000 $147,381 $0 0.00%

    Homestead Savings Bank lent most frequently to those with DTI ratios of Exempt%, with 84 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 75 $11,505,000 $153,400 $0 0.00%
    Not provided 3 $485,000 $161,667 $0 0.00%
    Not applicable 4 $310,000 $77,500 $0 0.00%
    Black 2 $80,000 $40,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    88.10%

    Homestead Savings Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    72.62%

    Homestead Savings Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 84 $12,380,000 $147,381

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    84 $12,380,000 $147,381