The Garrett State Bank Mortgage Rates, Fees & Info
Garrett, INLEI: 549300I3BPURP4WOHN47
Tax ID: 35-0328710
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 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
197Origination Dollar Volume (All Markets)
$28,675,000Top 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% |
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.
Similarity Rank: 85
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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
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
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
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
Approval Rates
Total approvals of all applications94.50%
The Garrett State Bank has an average approval rate.
Pick Rate
Approvals leading to origination95.43%
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 |