Security Financial Bank Mortgage Rates, Fees & Info
Durand, WILEI: 5493002T397LUNQ31179
Tax ID: 39-0605225
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Mortgage Data
Review & Overview
Security Financial Bank is a smaller bank specializing in Home Purchase and Refi loans. Security Financial Bank has a high proportion of conventional loans. Their top markets by origination volume include: Eau Claire, Minneapolis, Menomonie, Dubuque, and Green Bay among others. We have data for 11 markets. (Some data included below & more in-depth data is available with an active subscription.)Security Financial 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. Security Financial 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.57% | 11/21/24 |
| 30 Year Conventional Refi | 6.60% | 11/21/24 |
| 30 Year Cash-out Refi | 6.28% | 11/21/24 |
| 15 Year Conventional Purchase | 6.17% | 11/21/24 |
| 15 Year Conventional Refi | 6.62% | 11/21/24 |
| 15 Year Cash-out Refi | 6.62% | 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. | ||
Security Financial Bank Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
160Origination Dollar Volume (All Markets)
$43,090,000Awards
Security Financial Bank - 2022
Security Financial Bank is a 2022 , due to their low .
For 2022, less than of lenders were eligible for this award.
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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 |
|---|---|---|---|---|---|
| EAU CLAIRE, WI (FHA|USDA|VA) | 53 | $14,035,000 | $264,811 | $1,604 | 4.71% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 18 | $11,150,000 | $619,444 | $1,780 | 4.68% |
| Outside of Metro Areas | 76 | $10,280,000 | $135,263 | $1,610 | 4.57% |
| Menomonie, WI (FHA|USDA|VA) | 5 | $5,175,000 | $1,035,000 | $1,908 | 4.91% |
| DUBUQUE, IA (FHA|USDA|VA) | 1 | $1,105,000 | $1,105,000 | $0 | 5.14% |
| GREEN BAY, WI (FHA|USDA|VA) | 2 | $440,000 | $220,000 | $1,273 | 4.44% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $4,490 | 5.50% |
| APPLETON, WI (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $0 | 5.05% |
| Stevens Point, WI (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $2,022 | 4.00% |
| ROCHESTER, MN (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 5.76% |
| MADISON, WI (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $2,083 | 5.38% |
Similar Lenders
We use machine learning to identify the top lenders compared against Security Financial Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 160 | $43,090,000 | $269,313 | $1,661 | 4.66% |
For 2022, Security Financial Bank's most frequently originated type of loan was Conventional, with 160 originations.
Loan Reason
For 2022, Security Financial Bank's most frequently cited loan purpose was Home Purchase, with 88 originations. The 2nd most popular reason was Refi, with 38 originations.
Loan Duration/Length
For 2022, Security Financial Bank's most frequently cited loan duration was 30 Year, with 75 originations. The 2nd most popular length was 10 Year, with 27 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 122 | $21,110,000 | $173,033 |
| $1k-2k | 2 | $490,000 | $245,000 |
| $2k-3k | 2 | $420,000 | $210,000 |
Security Financial Bank's average total fees were $2,082, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 122 originations.
Interest Rates
During 2022, Security Financial Bank's average interest rate for loans was 4.68%, while their most frequently originated rate bucket for loans was 4-5%, with 53 originations.
Loan Sizing
2022 saw Security Financial Bank place emphasis on $100k-200k loans with 57 originations, totaling $7,895,000 in origination value.
Applicant Income
Security Financial Bank lent most frequently to those with incomes in the $50k-75k range, with 35 originations. The second most popular income band? $50k or less, with 30 originations.
Applicant Debt to Income Ratio
Security Financial Bank lent most frequently to those with DTI ratios of 20-30%, with 36 originations. The next most common DTI ratio? 30-36%, with 33 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications80.93%
Security Financial Bank has a below average approval rate.
Pick Rate
Approvals leading to origination83.13%
Security Financial Bank has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 160 | $43,090,000 | $269,313 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2022 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Security National Financial Corp | Conventional home mortgage | Problem with a credit reporting company's investigation into an existing problem | 1 | 100.0% |