Homestar Bank And Financial Services Mortgage Rates, Fees & Info

Manteno, IL

LEI: 549300AVPHLU4B5OCA51

Tax ID: 36-2045921

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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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

    Homestar Bank And Financial Services is a smaller bank specializing in Home Purchase and Refi loans. Homestar Bank And Financial Services has a high proportion of conventional loans. Their top markets by origination volume include: Kankakee, Chicago, Des Moines, Lafayette, and Nashville among others. We have data for 9 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Homestar Bank And Financial Services 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. Homestar Bank And Financial Services 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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    Originations

    390

    Origination Dollar Volume (All Markets)

    $55,140,000

    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
    KANKAKEE, IL (FHA|USDA|VA) 315 $36,375,000 $115,476 $2,433 4.77%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 56 $15,830,000 $282,679 $2,706 4.77%
    Outside of Metro Areas 13 $2,005,000 $154,231 $2,456 5.04%
    DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) 1 $305,000 $305,000 $3,875 4.88%
    LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) 1 $155,000 $155,000 $2,491 4.38%
    NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 1 $155,000 $155,000 $2,895 4.50%
    CHAMPAIGN-URBANA, IL (FHA|USDA|VA) 1 $145,000 $145,000 $2,536 4.50%
    DECATUR, IL (FHA|USDA|VA) 1 $125,000 $125,000 $3,006 4.75%
    CARBONDALE-MARION, IL (FHA|USDA|VA) 1 $45,000 $45,000 $2,264 4.25%
    Homestar Bank And Financial Services's top markets include Kankakee, Chicago, Des Moines, Lafayette, and Nashville among others.

    Their top states include:
  • Illinois (FHA|USDA|VA)
  • Iowa (FHA|USDA|VA)
  • Indiana (FHA|USDA|VA)
  • Kentucky (FHA|USDA|VA)
  • Tennessee (FHA|USDA|VA)

    • Similar Lenders

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

    UNITED
    Similarity Rank: 28
    Liberty Bank for Savings
    Similarity Rank: 104
    PACIFIC GLOBAL BANK
    Similarity Rank: 408
    The Equitable Bank, S.S.B.
    Similarity Rank: 533
    HANCOCK MORTGAGE PARTNERS, LLC
    Similarity Rank: 576
    TECH Credit Union
    Similarity Rank: 759
    DuPage Credit Union
    Similarity Rank: 852
    First Financial Credit Union
    Similarity Rank: 870
    Third Federal Savings and Loan Association of Cleveland
    Similarity Rank: 921
    Community State Bank
    Similarity Rank: 1032

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 390 $55,140,000 $141,385 $2,481 4.77%

    For 2018, Homestar Bank And Financial Services's most frequently originated type of loan was Conventional, with 390 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 205 $32,975,000 $160,854 $3,140 4.69%
    Refi 93 $15,495,000 $166,613 $1,624 4.80%
    Cash Out Refi 39 $4,905,000 $125,769 $3,142 4.53%
    Home Improvement 29 $975,000 $33,621 $597 5.37%
    Other 24 $790,000 $32,917 $615 5.07%

    For 2018, Homestar Bank And Financial Services's most frequently cited loan purpose was Home Purchase, with 205 originations. The 2nd most popular reason was Refi, with 93 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 202 $33,930,000 $167,970 $3,104 4.71%
    10 Year 71 $3,445,000 $48,521 $815 5.31%
    15 Year 43 $7,075,000 $164,535 $2,583 4.32%
    20 Year 43 $5,805,000 $135,000 $3,035 4.63%
    5 Year 21 $405,000 $19,286 $472 4.75%
    Other 10 $4,480,000 $448,000 $2,670 4.86%

    For 2018, Homestar Bank And Financial Services's most frequently cited loan duration was 30 Year, with 202 originations. The 2nd most popular length was 10 Year, with 71 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 181 $18,375,000 $101,519
    $1k-2k 96 $14,300,000 $148,958
    $2k-3k 44 $7,560,000 $171,818
    $3k-4k 10 $2,510,000 $251,000
    $4k-5k 3 $715,000 $238,333

    Homestar Bank And Financial Services's average total fees were $3,104, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 181 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 255 $35,295,000 $138,412
    5-6% 84 $8,510,000 $101,310
    3-4% 42 $11,090,000 $264,048
    6-7% 9 $245,000 $27,222

    During 2018, Homestar Bank And Financial Services's average interest rate for loans was 4.71%, while their most frequently originated rate bucket for loans was 4-5%, with 255 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 188 $9,830,000 $52,287 $1,631 4.88%
    $100k-200k 135 $19,415,000 $143,815 $3,035 4.69%
    $200k-400k 57 $14,685,000 $257,632 $3,495 4.71%
    $400k-600k 6 $2,940,000 $490,000 $4,649 4.36%
    $1MM+ 4 $8,270,000 $2,067,500 $5,926 4.22%

    2018 saw Homestar Bank And Financial Services place emphasis on $100,000 or less loans with 188 originations, totaling $9,830,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 85 $9,445,000 $111,118 $2,423 4.76%
    $75k-100k 77 $8,915,000 $115,779 $2,560 4.85%
    $100k-150k 68 $8,940,000 $131,471 $2,496 4.77%
    $50k or less 65 $5,005,000 $77,000 $2,337 4.66%
    $150k-250k 48 $8,220,000 $171,250 $2,510 4.84%
    $250k+ 11 $3,785,000 $344,091 $3,073 4.65%

    Homestar Bank And Financial Services lent most frequently to those with incomes in the $50k-75k range, with 85 originations. The second most popular income band? $75k-100k, with 77 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 102 $13,230,000 $129,706 $2,561 4.69%
    30-36% 74 $9,020,000 $121,892 $2,539 4.88%
    <20% 32 $2,980,000 $93,125 $2,250 4.67%
    39% 17 $2,025,000 $119,118 $2,156 5.07%
    50-60% 14 $2,230,000 $159,286 $2,424 4.61%
    43% 14 $2,410,000 $172,143 $2,531 4.75%
    40% 12 $1,700,000 $141,667 $2,955 4.96%
    44% 12 $1,300,000 $108,333 $2,640 4.61%
    42% 11 $1,195,000 $108,636 $2,516 4.88%
    >60% 10 $1,100,000 $110,000 $1,390 4.92%
    38% 8 $670,000 $83,750 $1,395 4.66%
    41% 7 $1,475,000 $210,714 $2,999 4.52%
    46% 6 $950,000 $158,333 $2,354 4.83%
    45% 6 $890,000 $148,333 $3,071 4.65%
    37% 6 $600,000 $100,000 $2,337 4.99%
    36% 5 $1,245,000 $249,000 $3,507 4.60%
    47% 5 $725,000 $145,000 $3,047 4.63%
    48% 4 $310,000 $77,500 $1,242 5.29%
    49% 3 $435,000 $145,000 $3,048 4.46%

    Homestar Bank And Financial Services lent most frequently to those with DTI ratios of 20-30%, with 102 originations. The next most common DTI ratio? 30-36%, with 74 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 348 $41,900,000 $120,402 $2,468 4.78%
    Not applicable 23 $8,775,000 $381,522 $0 4.73%
    Not provided 15 $3,615,000 $241,000 $2,750 4.63%
    Black 3 $725,000 $241,667 $2,293 5.02%
    American Indian 1 $125,000 $125,000 $3,006 4.75%

    Approval Rates

    Total approvals of all applications
    89.24%

    Homestar Bank And Financial Services has an average approval rate.

    Pick Rate

    Approvals leading to origination
    87.69%

    Homestar Bank And Financial Services has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 390 $55,140,000 $141,385

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Manufactured 1 $115,000 $115,000
    Multifamily:Site-Built 9 $7,965,000 $885,000
    Single Family (1-4 Units):Site-Built 380 $47,060,000 $123,842

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 49 $3,305,000 $67,449 $1,785 4.88%
    40-60% 38 $6,600,000 $173,684 $2,044 4.59%
    60-80% 122 $21,000,000 $172,131 $3,102 4.66%
    80-100% 122 $22,690,000 $185,984 $3,212 4.68%
    Under 20% 58 $1,480,000 $25,517 $579 5.22%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    HOMESTAR FINANCIAL CORPORATION Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 2 40.0%
    HOMESTAR FINANCIAL CORPORATION Conventional home mortgage Closing on a mortgage 2 40.0%
    HOMESTAR FINANCIAL CORPORATION FHA mortgage Closing on a mortgage 1 20.0%