Minster Bank Mortgage Rates, Fees & Info

Minster, OH

LEI: 549300GED4IYN84L8F67

Tax ID: 34-4306490

5 stars - Updated: 5/19/24 - out of 5 stars, based on 14 reviews

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

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Mortgage Data

Review & Overview

Minster Bank is a smaller bank specializing in Home Purchase loans. Minster Bank has a high proportion of conventional loans. Their top markets by origination volume include: Wapakoneta, Dayton, Sidney, Van Wert, and Celina among others. We have data for 18 markets. (Some data included below & more in-depth data is available with an active subscription.)

Minster 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. Minster 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.

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Originations

193

Origination Dollar Volume (All Markets)

$45,765,000
Show all (7) awards

Relative Rate

Minster Bank's average 30 year fixed mortgage rate was 6.44%.

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

This yields a difference of -0.04%.

Relative Fees (Closing Costs)

Minster Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $2,405.

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
Wapakoneta, OH (FHA|USDA|VA) 68 $13,010,000 $191,324 $1,986 6.40%
DAYTON-KETTERING, OH (FHA|USDA|VA) 42 $11,130,000 $265,000 $2,714 6.55%
Sidney, OH (FHA|USDA|VA) 36 $8,350,000 $231,944 $1,990 6.59%
Van Wert, OH (FHA|USDA|VA) 2 $2,850,000 $1,425,000 $1,972 6.94%
Celina, OH (FHA|USDA|VA) 16 $2,760,000 $172,500 $1,994 6.31%
SPRINGFIELD, OH (FHA|USDA|VA) 9 $1,365,000 $151,667 $2,953 7.20%
PUNTA GORDA, FL (FHA|USDA|VA) 1 $1,345,000 $1,345,000 $8,878 6.13%
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 3 $1,285,000 $428,333 $2,615 6.33%
LIMA, OH (FHA|USDA|VA) 4 $760,000 $190,000 $3,436 6.59%
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 1 $545,000 $545,000 $0 6.38%
Urbana, OH (FHA|USDA|VA) 2 $380,000 $190,000 $0 9.50%
AKRON, OH (FHA|USDA|VA) 1 $365,000 $365,000 $2,279 6.00%
Greenville, OH (FHA|USDA|VA) 2 $360,000 $180,000 $1,781 5.94%
COLUMBUS, OH (FHA|USDA|VA) 2 $360,000 $180,000 $4,196 6.19%
Somerset, KY (FHA|USDA|VA) 1 $315,000 $315,000 $0 7.00%
TOLEDO, OH (FHA|USDA|VA) 1 $225,000 $225,000 $2,905 7.38%
FORT WAYNE, IN (FHA|USDA|VA) 1 $205,000 $205,000 $2,143 6.25%
Richmond, IN (FHA|USDA|VA) 1 $155,000 $155,000 $2,001 6.38%
Minster Bank's top markets include Wapakoneta, Dayton, Sidney, Van Wert, and Celina among others.

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

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

    LCNB National Bank
    Similarity Rank: 135
    First Bank Richmond
    Similarity Rank: 150
    Superior Credit Union, Inc.
    Similarity Rank: 196
    Day Air Credit Union, Inc
    Similarity Rank: 391
    Minster Bank
    Similarity Rank: 432
    1st National Bank
    Similarity Rank: 456
    The Old Fort Banking Company
    Similarity Rank: 598
    GENERAL ELECTRIC CREDIT UNION
    Similarity Rank: 600
    The Farmers & Merchants State Bank
    Similarity Rank: 810

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 193 $45,765,000 $237,124 $2,240 6.54%

    For 2023, Minster Bank's most frequently originated type of loan was Conventional, with 193 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 154 $35,810,000 $232,532 $2,409 6.55%
    Cash Out Refi 18 $3,260,000 $181,111 $1,636 6.46%
    Refi 17 $6,405,000 $376,765 $1,368 6.42%
    Home Improvement 2 $130,000 $65,000 $1,080 7.38%
    Other 2 $160,000 $80,000 $1,051 6.44%

    For 2023, Minster Bank's most frequently cited loan purpose was Home Purchase, with 154 originations. The 2nd most popular reason was Cash Out Refi, with 18 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 126 $29,150,000 $231,349 $2,405 6.44%
    20 Year 22 $3,130,000 $142,273 $2,543 6.85%
    15 Year 21 $2,785,000 $132,619 $1,764 6.09%
    Other 10 $9,490,000 $949,000 $0 6.60%
    10 Year 8 $540,000 $67,500 $1,022 6.86%
    1 Year 4 $570,000 $142,500 $0 9.31%
    5 Year 2 $100,000 $50,000 $844 6.56%

    For 2023, Minster Bank's most frequently cited loan duration was 30 Year, with 126 originations. The 2nd most popular length was 20 Year, with 22 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 135 $26,795,000 $198,481
    $1k-2k 13 $2,655,000 $204,231
    $2k-3k 4 $1,560,000 $390,000
    $3k-4k 2 $510,000 $255,000
    $4k-5k 2 $780,000 $390,000
    $5k+ 1 $355,000 $355,000

    Minster Bank's average total fees were $2,405, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 135 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 129 $32,915,000 $255,155
    5-6% 37 $8,265,000 $223,378
    7-8% 22 $3,930,000 $178,636
    Over 8% 5 $655,000 $131,000

    During 2023, Minster Bank's average interest rate for loans was 6.44%, while their most frequently originated rate bucket for loans was 6-7%, with 129 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 65 $9,835,000 $151,308 $2,149 6.55%
    $200k-400k 63 $16,905,000 $268,333 $2,393 6.41%
    $100,000 or less 48 $3,430,000 $71,458 $1,732 6.75%
    $400k-600k 11 $5,325,000 $484,091 $2,999 6.25%
    $1MM+ 4 $8,820,000 $2,205,000 $8,878 6.47%
    $600k-1MM 2 $1,450,000 $725,000 $2,759 6.56%

    2023 saw Minster Bank place emphasis on $100k-200k loans with 65 originations, totaling $9,835,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 45 $10,165,000 $225,889 $2,425 6.34%
    $50k-75k 42 $6,070,000 $144,524 $2,181 6.54%
    $75k-100k 28 $5,820,000 $207,857 $2,113 6.46%
    $150k-250k 21 $6,015,000 $286,429 $2,162 6.36%
    $50k or less 21 $2,075,000 $98,810 $1,919 6.52%
    $250k+ 4 $2,840,000 $710,000 $4,011 6.53%

    Minster Bank lent most frequently to those with incomes in the $100k-150k range, with 45 originations. The second most popular income band? $50k-75k, with 42 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 54 $10,550,000 $195,370 $2,359 6.41%
    30-36% 35 $8,205,000 $234,429 $2,108 6.39%
    <20% 22 $3,790,000 $172,273 $2,039 6.27%
    36% 6 $920,000 $153,333 $1,758 6.69%
    40% 5 $1,015,000 $203,000 $2,830 6.33%
    37% 5 $725,000 $145,000 $2,014 6.48%
    38% 5 $1,135,000 $227,000 $2,674 6.10%
    39% 5 $1,135,000 $227,000 $2,047 6.53%
    42% 5 $1,505,000 $301,000 $3,118 6.40%
    41% 4 $410,000 $102,500 $1,476 6.84%
    44% 3 $615,000 $205,000 $2,471 6.17%
    45% 3 $1,015,000 $338,333 $2,772 6.67%
    43% 2 $460,000 $230,000 $1,927 7.13%
    47% 2 $450,000 $225,000 $2,238 6.50%
    50-60% 1 $725,000 $725,000 $1,706 6.75%

    Minster Bank lent most frequently to those with DTI ratios of 20-30%, with 54 originations. The next most common DTI ratio? 30-36%, with 35 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 155 $31,285,000 $201,839 $2,206 6.43%
    Not applicable 28 $12,200,000 $435,714 $0 7.10%
    Not provided 6 $1,260,000 $210,000 $2,088 6.69%
    Black 2 $440,000 $220,000 $4,706 6.63%
    Asian 1 $405,000 $405,000 $3,710 5.13%
    Other Asian 1 $175,000 $175,000 $1,763 6.75%

    Approval Rates

    Total approvals of all applications
    94.20%

    Minster Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    90.67%

    Minster Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 193 $45,765,000 $237,124

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    193 $45,765,000 $237,124

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 13 $1,495,000 $115,000 $1,617 6.51%
    40-60% 22 $3,960,000 $180,000 $1,854 6.44%
    60-80% 86 $26,550,000 $308,721 $2,325 6.62%
    80-100% 65 $13,365,000 $205,615 $2,550 6.48%
    Under 20% 7 $395,000 $56,429 $1,242 6.43%