The Garrett State Bank Mortgage Rates, Fees & Info

Garrett, IN

LEI: 549300I3BPURP4WOHN47

Tax ID: 35-0328710

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

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Mortgage Data

Review & Overview

The Garrett State Bank is a smaller bank specializing in Home Purchase and Refi loans. The Garrett State Bank has a high proportion of conventional loans. Their top markets by origination volume include: Fort Wayne, Auburn, Kendallville, Angola, and Indianapolis among others. We have data for 7 markets. (Some data included below & more in-depth data is available with an active subscription.)

The Garrett 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.

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Originations

197

Origination Dollar Volume (All Markets)

$28,675,000

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
FORT WAYNE, IN (FHA|USDA|VA) 82 $14,110,000 $172,073 $0 0.00%
Auburn, IN (FHA|USDA|VA) 74 $8,790,000 $118,784 $0 0.00%
Kendallville, IN (FHA|USDA|VA) 22 $2,780,000 $126,364 $0 0.00%
Angola, IN (FHA|USDA|VA) 13 $2,035,000 $156,538 $0 0.00%
Outside of Metro Areas 3 $495,000 $165,000 $0 0.00%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 1 $345,000 $345,000 $0 0.00%
Bluffton, IN (FHA|USDA|VA) 2 $120,000 $60,000 $0 0.00%
The Garrett State Bank's top markets include Fort Wayne, Auburn, Kendallville, Angola, and Indianapolis among others.

Their top states include:
  • Indiana (FHA|USDA|VA)
  • Similar Lenders

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

    Crossroads Bank
    Similarity Rank: 85
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    Similarity Rank: 285
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 197 $28,675,000 $145,558 $0 0.00%

    For 2023, The Garrett State Bank's most frequently originated type of loan was Conventional, with 197 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 97 $18,345,000 $189,124 $0 0.00%
    Refi 55 $7,405,000 $134,636 $0 0.00%
    Other 24 $1,680,000 $70,000 $0 0.00%
    Home Improvement 21 $1,245,000 $59,286 $0 0.00%

    For 2023, The Garrett State Bank's most frequently cited loan purpose was Home Purchase, with 97 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
    Other 197 $28,675,000 $145,558 $0 0.00%

    For 2023, The Garrett State Bank's most frequently cited loan duration was Other, with 197 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 88 $5,060,000 $57,500 $0 0.00%
    $100k-200k 63 $8,985,000 $142,619 $0 0.00%
    $200k-400k 34 $8,880,000 $261,176 $0 0.00%
    $400k-600k 12 $5,750,000 $479,167 $0 0.00%

    2023 saw The Garrett State Bank place emphasis on $100,000 or less loans with 88 originations, totaling $5,060,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 39 $6,695,000 $171,667 $0 0.00%
    $50k-75k 35 $3,715,000 $106,143 $0 0.00%
    $75k-100k 34 $4,590,000 $135,000 $0 0.00%
    $150k-250k 22 $5,400,000 $245,455 $0 0.00%
    $50k or less 21 $1,665,000 $79,286 $0 0.00%
    $250k+ 13 $2,595,000 $199,615 $0 0.00%

    The Garrett State Bank lent most frequently to those with incomes in the $100k-150k range, with 39 originations. The second most popular income band? $50k-75k, with 35 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 197 $28,675,000 $145,558 $0 0.00%

    The Garrett State Bank lent most frequently to those with DTI ratios of Exempt%, with 197 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 158 $23,520,000 $148,861 $0 0.00%
    Not applicable 31 $3,765,000 $121,452 $0 0.00%
    Black 4 $710,000 $177,500 $0 0.00%
    Asian 3 $455,000 $151,667 $0 0.00%
    Not provided 1 $225,000 $225,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    94.50%

    The Garrett State Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    95.43%

    The Garrett State Bank has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 197 $28,675,000 $145,558

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    197 $28,675,000 $145,558