Lake Elmo Bank Mortgage Rates, Fees & Info

Lake Elmo, MN

LEI: 549300B934MYWT57IX38

Tax ID: 41-0557070

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
  • 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

    Lake Elmo Bank is a smaller bank specializing in Home Purchase loans. Lake Elmo Bank has a high proportion of conventional loans. Their top markets by origination volume include: Minneapolis, Philadelphia, North Port, Brainerd, and Eau Claire among others. We have data for 7 markets. (Some data included below & more in-depth data is available with an active subscription.)

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

    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

    122

    Origination Dollar Volume (All Markets)

    $28,570,000

    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
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 108 $25,080,000 $232,222 $0 0.00%
    Outside of Metro Areas 9 $1,925,000 $213,889 $0 0.00%
    Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 1 $725,000 $725,000 $0 0.00%
    North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $395,000 $395,000 $0 0.00%
    Brainerd, MN (FHA|USDA|VA) 1 $245,000 $245,000 $0 0.00%
    EAU CLAIRE, WI (FHA|USDA|VA) 1 $175,000 $175,000 $0 0.00%
    ROCHESTER, MN (FHA|USDA|VA) 1 $25,000 $25,000 $0 0.00%
    Lake Elmo Bank's top markets include Minneapolis, Philadelphia, North Port, Brainerd, and Eau Claire among others.

    Their top states include:
  • Minnesota (FHA|USDA|VA)
  • Wisconsin (FHA|USDA|VA)
  • Pennsylvania (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 122 $28,570,000 $234,180 $0 0.00%

    For 2023, Lake Elmo Bank's most frequently originated type of loan was Conventional, with 122 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 60 $22,590,000 $376,500 $0 0.00%
    Home Improvement 30 $2,490,000 $83,000 $0 0.00%
    Refi 21 $2,895,000 $137,857 $0 0.00%
    Other 11 $595,000 $54,091 $0 0.00%

    For 2023, Lake Elmo Bank's most frequently cited loan purpose was Home Purchase, with 60 originations. The 2nd most popular reason was Home Improvement, with 30 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 122 $28,570,000 $234,180 $0 0.00%

    For 2023, Lake Elmo Bank's most frequently cited loan duration was Other, with 122 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 47 $2,045,000 $43,511 $0 0.00%
    $200k-400k 36 $11,290,000 $313,611 $0 0.00%
    $100k-200k 20 $3,200,000 $160,000 $0 0.00%
    $400k-600k 14 $6,970,000 $497,857 $0 0.00%
    $1MM+ 3 $3,495,000 $1,165,000 $0 0.00%
    $600k-1MM 2 $1,570,000 $785,000 $0 0.00%

    2023 saw Lake Elmo Bank place emphasis on $100,000 or less loans with 47 originations, totaling $2,045,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 28 $4,860,000 $173,571 $0 0.00%
    $150k-250k 25 $5,525,000 $221,000 $0 0.00%
    $250k+ 16 $8,290,000 $518,125 $0 0.00%
    $75k-100k 15 $1,915,000 $127,667 $0 0.00%
    $50k-75k 13 $1,455,000 $111,923 $0 0.00%
    $50k or less 3 $185,000 $61,667 $0 0.00%

    Lake Elmo Bank lent most frequently to those with incomes in the $100k-150k range, with 28 originations. The second most popular income band? $150k-250k, with 25 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 122 $28,570,000 $234,180 $0 0.00%

    Lake Elmo Bank lent most frequently to those with DTI ratios of Exempt%, with 122 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 96 $22,540,000 $234,792 $0 0.00%
    Not applicable 20 $5,390,000 $269,500 $0 0.00%
    Not provided 6 $640,000 $106,667 $0 0.00%

    Approval Rates

    Total approvals of all applications
    93.15%

    Lake Elmo Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    89.34%

    Lake Elmo Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 122 $28,570,000 $234,180

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    122 $28,570,000 $234,180