Freeport State Bank Mortgage Rates, Fees & Info

Freeport, MN

LEI: 549300J61UYIFWNCZS06

Tax ID: 41-0266460

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

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Mortgage Data

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

    Freeport State Bank is a smaller bank specializing in Home Purchase loans. Freeport State Bank has a high proportion of conventional loans. Their top markets by origination volume include: St. Cloud, Alexandria, Brainerd, and Fergus Falls among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Freeport State Bank has an average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders.

    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

    32

    Origination Dollar Volume (All Markets)

    $6,400,000

    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
    ST. CLOUD, MN (FHA|USDA|VA) 17 $3,455,000 $203,235 $0 0.00%
    Outside of Metro Areas 12 $2,390,000 $199,167 $0 0.00%
    Alexandria, MN (FHA|USDA|VA) 1 $305,000 $305,000 $0 0.00%
    Brainerd, MN (FHA|USDA|VA) 1 $135,000 $135,000 $0 0.00%
    Fergus Falls, MN (FHA|USDA|VA) 1 $115,000 $115,000 $0 0.00%
    Freeport State Bank's top markets include St. Cloud, Alexandria, Brainerd, and Fergus Falls among others.

    Their top states include:
  • Minnesota (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 32 $6,400,000 $200,000 $0 0.00%

    For 2023, Freeport State Bank's most frequently originated type of loan was Conventional, with 32 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 21 $4,615,000 $219,762 $0 0.00%
    Other 4 $630,000 $157,500 $0 0.00%
    Refi 4 $770,000 $192,500 $0 0.00%
    Home Improvement 3 $385,000 $128,333 $0 0.00%

    For 2023, Freeport State Bank's most frequently cited loan purpose was Home Purchase, with 21 originations. The 2nd most popular reason was Other, with 4 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 32 $6,400,000 $200,000 $0 0.00%

    For 2023, Freeport State Bank's most frequently cited loan duration was Other, with 32 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 12 $1,710,000 $142,500 $0 0.00%
    $100,000 or less 8 $550,000 $68,750 $0 0.00%
    $200k-400k 8 $2,000,000 $250,000 $0 0.00%
    $400k-600k 3 $1,335,000 $445,000 $0 0.00%
    $600k-1MM 1 $805,000 $805,000 $0 0.00%

    2023 saw Freeport State Bank place emphasis on $100k-200k loans with 12 originations, totaling $1,710,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 6 $1,360,000 $226,667 $0 0.00%
    $50k-75k 5 $485,000 $97,000 $0 0.00%
    $75k-100k 5 $825,000 $165,000 $0 0.00%
    $150k-250k 3 $755,000 $251,667 $0 0.00%
    $50k or less 3 $365,000 $121,667 $0 0.00%
    $250k+ 2 $1,310,000 $655,000 $0 0.00%

    Freeport State Bank lent most frequently to those with incomes in the $100k-150k range, with 6 originations. The second most popular income band? $50k-75k, with 5 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 32 $6,400,000 $200,000 $0 0.00%

    Freeport State Bank lent most frequently to those with DTI ratios of Exempt%, with 32 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 26 $5,430,000 $208,846 $0 0.00%
    Not applicable 6 $970,000 $161,667 $0 0.00%

    Approval Rates

    Total approvals of all applications
    84.62%

    Freeport State Bank has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    96.88%

    Freeport 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 32 $6,400,000 $200,000

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    32 $6,400,000 $200,000