Central Bank Mortgage Rates, Fees & Info

Lexington, KY

LEI: 549300C5GU86M1X2DG56

Tax ID: 61-0153605

5 stars - Updated: 11/17/24 - out of 5 stars, based on 33 reviews

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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Relative Rates
  • Relative Fees
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • 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

    Central Bank is a smaller bank specializing in Home Purchase loans. Central Bank has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) They have a low ratio of USDA loans. Their top markets by origination volume include: Lexington, Cincinnati, Louisville, Richmond, and Frankfort among others. We have data for 28 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Central Bank 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. Central 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 relatively high 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.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    Home Equity Line of Credit (HELOC) 5.85% 11/17/24
    30 Year Conventional Purchase 6.39% 11/17/24
    30 Year Conventional Refi 6.47% 11/17/24
    30 Year Cash-out Refi 6.48% 11/17/24
    30 Year FHA Purchase 7.04% 11/17/24
    30 Year FHA Refi 6.39% 11/17/24
    30 Year VA Purchase 5.72% 11/17/24
    30 Year USDA Purchase 6.53% 11/17/24
    15 Year Conventional Purchase 5.84% 11/17/24
    15 Year Conventional Refi 5.97% 11/17/24
    15 Year Cash-out Refi 5.97% 11/17/24
    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.

    Central Bank Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Central Bank. 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

    1,078

    Origination Dollar Volume (All Markets)

    $287,490,000
    Show all (10) awards

    Relative Rate

    Central Bank's average 30 year fixed mortgage rate was 6.48%.

    The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

    This yields a difference of -0.01%.

    Relative Fees (Closing Costs)

    Central Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $3,106.

    The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $9,089.

    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
    LEXINGTON-FAYETTE, KY (FHA|USDA|VA) 621 $141,625,000 $228,060 $2,740 7.18%
    CINCINNATI, OH-KY-IN (FHA|USDA|VA) 103 $76,105,000 $738,883 $2,948 7.19%
    LOUISVILLE, KY (FHA|USDA|VA) 194 $38,390,000 $197,887 $2,958 7.33%
    Richmond-Berea, KY (FHA|USDA|VA) 77 $13,785,000 $179,026 $2,911 7.22%
    Outside of Metro Areas 39 $6,725,000 $172,436 $3,599 7.01%
    Frankfort, KY (FHA|USDA|VA) 7 $1,845,000 $263,571 $3,588 6.34%
    ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 1 $1,705,000 $1,705,000 $7,101 5.75%
    TOLEDO, OH (FHA|USDA|VA) 2 $1,020,000 $510,000 $0 6.75%
    NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 2 $910,000 $455,000 $4,679 5.81%
    BOWLING GREEN, KY (FHA|USDA|VA) 3 $865,000 $288,333 $2,901 6.58%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $725,000 $725,000 $6,865 6.75%
    Urbana, OH (FHA|USDA|VA) 1 $585,000 $585,000 $0 6.75%
    Mount Sterling, KY (FHA|USDA|VA) 8 $530,000 $66,250 $2,765 7.26%
    Bardstown, KY (FHA|USDA|VA) 3 $525,000 $175,000 $6,374 6.50%
    INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 2 $380,000 $190,000 $2,272 6.68%
    Somerset, KY (FHA|USDA|VA) 1 $345,000 $345,000 $12,152 5.88%
    PORT ST. LUCIE, FL (FHA|USDA|VA) 1 $335,000 $335,000 $4,081 6.13%
    MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 1 $215,000 $215,000 $3,186 6.75%
    Maysville, KY (FHA|USDA|VA) 2 $160,000 $80,000 $3,832 6.75%
    EVANSVILLE, IN-KY (FHA|USDA|VA) 1 $155,000 $155,000 $2,086 6.13%
    DAYTON-KETTERING, OH (FHA|USDA|VA) 1 $115,000 $115,000 $0 6.50%
    Danville, KY (FHA|USDA|VA) 1 $105,000 $105,000 $0 8.00%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $95,000 $95,000 $0 6.99%
    Scottsburg, IN (FHA|USDA|VA) 1 $65,000 $65,000 $0 6.99%
    OWENSBORO, KY (FHA|USDA|VA) 1 $65,000 $65,000 $0 6.99%
    HUNTINGTON-ASHLAND, WV-KY-OH (FHA|USDA|VA) 1 $65,000 $65,000 $0 6.99%
    London, KY (FHA|USDA|VA) 1 $25,000 $25,000 $0 7.99%
    ELIZABETHTOWN-FORT KNOX, KY (FHA|USDA|VA) 1 $25,000 $25,000 $0 6.99%
    Central Bank's top markets include Lexington, Cincinnati, Louisville, Richmond, and Frankfort among others.

    Their top states include:
  • Kentucky (FHA|USDA|VA)
  • Ohio (FHA|USDA|VA)
  • Indiana (FHA|USDA|VA)
  • Georgia (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)

    • Similar Lenders

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

    The North Side Bank & Trust Company
    Similarity Rank: 168
    City National Bank of West Virginia
    Similarity Rank: 220
    Whitaker Bank
    Similarity Rank: 221
    The Peoples Bank
    Similarity Rank: 270
    Peoples Exchange Bank
    Similarity Rank: 333
    Abound Federal Credit Union
    Similarity Rank: 420
    CINFED Federal Credit Union
    Similarity Rank: 483
    Eagle Savings Bank
    Similarity Rank: 484
    LCNB National Bank
    Similarity Rank: 486
    Wilson & Muir Bank & Trust Company
    Similarity Rank: 532

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 621 $76,365,000 $122,971 n/a 7.50%
    Conventional 422 $203,530,000 $482,299 $2,612 6.79%
    FHA 24 $5,180,000 $215,833 $5,978 6.42%
    USDA 6 $1,110,000 $185,000 $4,469 6.13%
    VA 5 $1,305,000 $261,000 $7,501 6.20%

    For 2023, Central Bank's most frequently originated type of loan was HELOC, with 621 originations. Their 2nd most popular type was Conventional, with 422 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 408 $194,410,000 $476,495 $3,052 6.84%
    Refi 256 $41,010,000 $160,195 $1,936 7.91%
    Other 242 $30,570,000 $126,322 $2,997 7.08%
    Home Improvement 145 $15,985,000 $110,241 $3,809 7.19%
    Cash Out Refi 27 $5,515,000 $204,259 $2,390 6.36%

    For 2023, Central Bank's most frequently cited loan purpose was Home Purchase, with 408 originations. The 2nd most popular reason was Refi, with 256 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    10 Year 531 $45,745,000 $86,149 $0 7.39%
    30 Year 312 $116,510,000 $373,429 $3,106 6.48%
    5 Year 137 $85,275,000 $622,445 $0 7.85%
    1 Year 31 $10,645,000 $343,387 $1,991 8.19%
    15 Year 29 $15,575,000 $537,069 $2,709 6.20%
    Other 29 $12,025,000 $414,655 $605 7.90%
    3 Year 5 $795,000 $159,000 $12 7.58%
    20 Year 4 $920,000 $230,000 $2,326 6.78%

    For 2023, Central Bank's most frequently cited loan duration was 10 Year, with 531 originations. The 2nd most popular length was 30 Year, with 312 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 339 $132,505,000 $390,870
    $1k-2k 11 $2,245,000 $204,091
    $2k-3k 9 $2,285,000 $253,889
    $4k-5k 4 $1,830,000 $457,500
    $3k-4k 2 $500,000 $250,000

    Central Bank's average total fees were $3,106, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 339 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 349 $142,235,000 $407,550
    7-8% 334 $57,770,000 $172,964
    5-6% 201 $50,445,000 $250,970
    Over 8% 191 $36,695,000 $192,120
    4-5% 2 $230,000 $115,000
    3-4% 1 $115,000 $115,000

    During 2023, Central Bank's average interest rate for loans was 6.48%, while their most frequently originated rate bucket for loans was 6-7%, with 349 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 374 $19,900,000 $53,209 $1,851 7.33%
    $100k-200k 303 $42,575,000 $140,512 $2,621 7.23%
    $200k-400k 256 $69,840,000 $272,813 $2,908 7.08%
    $400k-600k 79 $37,975,000 $480,696 $3,464 7.03%
    $600k-1MM 42 $30,970,000 $737,381 $3,163 6.82%
    $1MM+ 24 $86,230,000 $3,592,917 $4,277 6.53%

    2023 saw Central Bank place emphasis on $100,000 or less loans with 374 originations, totaling $19,900,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $250k+ 225 $99,325,000 $441,444 $2,897 7.23%
    $150k-250k 197 $44,995,000 $228,401 $3,073 7.24%
    $100k-150k 183 $30,045,000 $164,180 $3,035 7.13%
    $50k-75k 160 $18,680,000 $116,750 $2,928 7.07%
    $75k-100k 132 $17,280,000 $130,909 $3,222 7.10%
    $50k or less 92 $7,530,000 $81,848 $2,316 7.08%

    Central Bank lent most frequently to those with incomes in the $250k+ range, with 225 originations. The second most popular income band? $150k-250k, with 197 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    <20% 264 $51,410,000 $194,735 $2,365 7.42%
    20-30% 254 $55,560,000 $218,740 $2,618 7.10%
    30-36% 190 $40,460,000 $212,947 $3,008 7.22%
    44% 32 $6,420,000 $200,625 $3,769 7.00%
    38% 30 $4,800,000 $160,000 $2,739 7.15%
    36% 27 $5,505,000 $203,889 $2,380 7.11%
    37% 26 $5,560,000 $213,846 $3,906 7.06%
    45% 26 $5,740,000 $220,769 $2,808 7.09%
    39% 24 $6,230,000 $259,583 $3,511 6.91%
    42% 23 $5,665,000 $246,304 $2,974 6.91%
    43% 22 $5,540,000 $251,818 $3,268 6.79%
    41% 20 $4,940,000 $247,000 $3,079 7.01%
    40% 20 $4,730,000 $236,500 $3,218 6.80%
    46% 18 $5,620,000 $312,222 $2,700 6.62%
    47% 12 $3,450,000 $287,500 $3,198 6.59%
    48% 9 $3,635,000 $403,889 $2,276 7.05%
    49% 8 $2,700,000 $337,500 $6,784 6.64%
    50-60% 8 $2,230,000 $278,750 $2,377 7.55%
    >60% 2 $1,230,000 $615,000 $0 8.75%

    Central Bank lent most frequently to those with DTI ratios of <20%, with 264 originations. The next most common DTI ratio? 20-30%, with 254 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 826 $184,570,000 $223,450 $2,936 7.16%
    Not applicable 66 $66,920,000 $1,013,939 $0 7.52%
    Not provided 144 $23,880,000 $165,833 $3,116 7.25%
    Black 23 $6,305,000 $274,130 $2,885 6.93%
    Asian 13 $4,465,000 $343,462 $2,257 6.96%
    American Indian 2 $690,000 $345,000 $3,476 6.62%
    Asian Indian 2 $360,000 $180,000 $0 7.12%
    Other Asian 2 $300,000 $150,000 $0 7.75%

    Approval Rates

    Total approvals of all applications
    90.60%

    Central Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    90.17%

    Central Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,078 $287,490,000 $266,688

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,078 $287,490,000 $266,688

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 261 $36,355,000 $139,291 $2,197 7.47%
    40-60% 144 $63,460,000 $440,694 $2,720 7.19%
    60-80% 183 $84,735,000 $463,033 $2,972 7.00%
    80-100% 184 $74,280,000 $403,696 $3,161 6.66%
    Over 100% 2 $820,000 $410,000 $15,809 6.44%
    Under 20% 304 $27,840,000 $91,579 $1,210 7.37%