First State Bank Mortgage Rates, Fees & Info

Mendota, IL

LEI: 549300CQG2T7TCGY8Q67

Tax ID: 36-1465165

5 stars - Updated: 3/29/24 - out of 5 stars, based on 21 reviews

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

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Mortgage Data

Review & Overview

First State Bank is a smaller bank specializing in Home Purchase loans. First State Bank has a high proportion of conventional loans. Their top markets by origination volume include: Chicago, Ottawa, Bloomington, Champaign, and Daphne among others. We have data for 27 markets. (Some data included below & more in-depth data is available with an active subscription.)

First State 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. First State 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
30 Year Conventional Purchase 6.62% 3/29/24
30 Year Conventional Refi 6.51% 3/29/24
30 Year Cash-out Refi 6.49% 3/29/24
15 Year Conventional Purchase 5.94% 3/29/24
15 Year Conventional Refi 5.73% 3/29/24
15 Year Cash-out Refi 5.73% 3/29/24
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.

First State Bank Mortgage Calculator






Your Estimates

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

This is not an official calculator from First State 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

422

Origination Dollar Volume (All Markets)

$110,670,000
Show all (5) awards

Relative Rate

First State Bank's average 30 year fixed mortgage rate was 6.54%.

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

This yields a difference of 0.06%.

Relative Fees (Closing Costs)

First State Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $2,079.

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
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 69 $49,485,000 $717,174 $2,536 6.93%
Ottawa, IL (FHA|USDA|VA) 155 $19,395,000 $125,129 $1,791 6.88%
BLOOMINGTON, IL (FHA|USDA|VA) 92 $15,240,000 $165,652 $1,959 7.23%
CHAMPAIGN-URBANA, IL (FHA|USDA|VA) 21 $7,205,000 $343,095 $1,947 7.02%
DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) 1 $4,005,000 $4,005,000 $0 6.88%
Rochelle, IL (FHA|USDA|VA) 21 $2,665,000 $126,905 $2,045 6.96%
Outside of Metro Areas 5 $2,385,000 $477,000 $2,600 6.46%
Dixon, IL (FHA|USDA|VA) 15 $1,925,000 $128,333 $1,814 7.39%
NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 4 $1,700,000 $425,000 $3,168 6.88%
PEORIA, IL (FHA|USDA|VA) 10 $1,600,000 $160,000 $2,060 7.08%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 2 $910,000 $455,000 $0 6.88%
Pontiac, IL (FHA|USDA|VA) 6 $700,000 $116,667 $2,014 6.94%
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 1 $675,000 $675,000 $0 5.88%
Shelbyville, TN (FHA|USDA|VA) 1 $655,000 $655,000 $3,693 6.63%
SHEBOYGAN, WI (FHA|USDA|VA) 1 $415,000 $415,000 $1,874 5.88%
DANVILLE, IL (FHA|USDA|VA) 5 $375,000 $75,000 $0 7.17%
KANKAKEE, IL (FHA|USDA|VA) 1 $245,000 $245,000 $0 6.25%
Lincoln, IL (FHA|USDA|VA) 2 $190,000 $95,000 $0 7.75%
CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 1 $165,000 $165,000 $0 6.16%
Sterling, IL (FHA|USDA|VA) 2 $120,000 $60,000 $0 7.88%
SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 1 $115,000 $115,000 $0 6.75%
TUCSON, AZ (FHA|USDA|VA) 1 $115,000 $115,000 $2,924 5.88%
CARBONDALE-MARION, IL (FHA|USDA|VA) 1 $105,000 $105,000 $0 6.50%
ROCKFORD, IL (FHA|USDA|VA) 1 $105,000 $105,000 $0 6.88%
DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) 1 $75,000 $75,000 $0 7.50%
Charleston-Mattoon, IL (FHA|USDA|VA) 1 $75,000 $75,000 $0 7.20%
Taylorville, IL (FHA|USDA|VA) 1 $25,000 $25,000 $0 7.50%
First State Bank's top markets include Chicago, Ottawa, Bloomington, Champaign, and Daphne among others.

Their top states include:
  • Illinois (FHA|USDA|VA)
  • Alabama (FHA|USDA|VA)
  • Tennessee (FHA|USDA|VA)
  • Arizona (FHA|USDA|VA)
  • New York (FHA|USDA|VA)
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 422 $110,670,000 $262,251 $1,969 7.00%

    For 2023, First State Bank's most frequently originated type of loan was Conventional, with 422 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 307 $94,555,000 $307,997 $2,194 6.90%
    Refi 55 $9,485,000 $172,455 $1,410 7.02%
    Home Improvement 41 $3,365,000 $82,073 $1,022 7.56%
    Other 13 $1,995,000 $153,462 $1,097 7.54%
    Cash Out Refi 6 $1,270,000 $211,667 $2,963 6.63%

    For 2023, First State Bank's most frequently cited loan purpose was Home Purchase, with 307 originations. The 2nd most popular reason was Refi, with 55 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 122 $24,540,000 $201,148 $2,079 6.54%
    5 Year 116 $47,730,000 $411,466 $676 7.15%
    20 Year 93 $23,225,000 $249,731 $2,475 7.01%
    Other 35 $8,575,000 $245,000 $1,049 8.08%
    15 Year 22 $2,690,000 $122,273 $2,039 6.72%
    1 Year 20 $3,020,000 $151,000 $0 7.30%
    10 Year 14 $890,000 $63,571 $1,318 6.86%

    For 2023, First State Bank's most frequently cited loan duration was 30 Year, with 122 originations. The 2nd most popular length was 5 Year, with 116 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 162 $28,170,000 $173,889
    $1k-2k 14 $3,040,000 $217,143
    $2k-3k 1 $105,000 $105,000
    $5k+ 1 $315,000 $315,000

    First State Bank's average total fees were $2,079, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 162 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 205 $66,215,000 $323,000
    7-8% 162 $33,390,000 $206,111
    5-6% 35 $9,465,000 $270,429
    Over 8% 20 $1,600,000 $80,000

    During 2023, First State Bank's average interest rate for loans was 6.54%, while their most frequently originated rate bucket for loans was 6-7%, with 205 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 155 $9,345,000 $60,290 $1,454 7.15%
    $100k-200k 152 $21,150,000 $139,145 $2,066 6.96%
    $200k-400k 85 $23,565,000 $277,235 $2,419 6.88%
    $1MM+ 12 $46,080,000 $3,840,000 $3,183 6.90%
    $400k-600k 11 $5,475,000 $497,727 $1,978 6.67%
    $600k-1MM 7 $5,055,000 $722,143 $4,065 6.48%

    2023 saw First State Bank place emphasis on $100,000 or less loans with 155 originations, totaling $9,345,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 63 $8,935,000 $141,825 $1,993 7.02%
    $75k-100k 57 $7,515,000 $131,842 $1,924 6.99%
    $50k-75k 47 $4,625,000 $98,404 $1,678 6.96%
    $150k-250k 42 $10,210,000 $243,095 $2,307 6.67%
    $50k or less 39 $3,345,000 $85,769 $1,612 7.08%
    $250k+ 25 $7,695,000 $307,800 $2,735 6.87%

    First State Bank lent most frequently to those with incomes in the $100k-150k range, with 63 originations. The second most popular income band? $75k-100k, with 57 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 51 $9,665,000 $189,510 $2,050 6.56%
    20-30% 43 $7,025,000 $163,372 $1,995 6.73%
    42% 15 $1,935,000 $129,000 $1,575 6.83%
    38% 14 $2,510,000 $179,286 $2,072 6.54%
    <20% 9 $1,595,000 $177,222 $1,494 6.88%
    40% 9 $1,815,000 $201,667 $2,080 6.69%
    41% 7 $1,375,000 $196,429 $1,532 7.16%
    36% 7 $1,715,000 $245,000 $1,961 7.16%
    39% 5 $885,000 $177,000 $1,548 6.33%
    37% 5 $755,000 $151,000 $2,470 6.65%
    >60% 2 $430,000 $215,000 $1,746 8.13%
    44% 2 $400,000 $200,000 $2,629 7.06%
    45% 2 $180,000 $90,000 $2,205 6.06%
    46% 2 $260,000 $130,000 $3,743 6.50%
    48% 2 $590,000 $295,000 $2,782 8.00%
    43% 2 $220,000 $110,000 $1,783 6.63%
    50-60% 1 $145,000 $145,000 $1,431 7.13%
    49% 1 $195,000 $195,000 $1,670 6.38%

    First State Bank lent most frequently to those with DTI ratios of 30-36%, with 51 originations. The next most common DTI ratio? 20-30%, with 43 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 135 $66,625,000 $493,519 $0 7.13%
    White 271 $41,915,000 $154,668 $1,982 6.93%
    Not provided 6 $650,000 $108,333 $2,108 6.31%
    Asian 3 $585,000 $195,000 $1,696 7.24%
    American Indian 2 $480,000 $240,000 $1,380 7.00%
    Other Asian 1 $245,000 $245,000 $1,342 6.63%
    Native Hawaiian or Islander 1 $105,000 $105,000 $0 8.00%
    Black 3 $65,000 $21,667 $1,481 7.69%

    Approval Rates

    Total approvals of all applications
    94.71%

    First State Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    91.23%

    First State Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 422 $110,670,000 $262,251

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    422 $110,670,000 $262,251

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 43 $5,785,000 $134,535 $1,461 7.01%
    40-60% 47 $7,545,000 $160,532 $1,750 6.90%
    60-80% 191 $73,565,000 $385,157 $2,326 7.01%
    80-100% 114 $21,050,000 $184,649 $2,056 6.79%
    Under 20% 27 $2,725,000 $100,926 $743 7.95%