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. Freeport State Bank has a high proportion of conventional loans. Their top (well, only) market is St. Cloud.

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

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    Originations

    18

    Origination Dollar Volume (All Markets)

    $2,300,000

    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) 13 $1,425,000 $109,615 $1,510 5.75%
    Outside of Metro Areas 5 $875,000 $175,000 $3,620 5.88%
    Freeport State Bank's top markets include and St. Cloud among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 10 $1,330,000 $133,000 $2,213 5.80%
    Conventional 8 $970,000 $121,250 $0 0.00%

    For 2018, Freeport State Bank's most frequently originated type of loan was Conventional, with 10 originations. Their 2nd most popular type was Conventional, with 8 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 7 $1,265,000 $180,714 $3,389 5.92%
    Home Improvement 5 $285,000 $57,000 $1,224 5.75%
    Other 2 $110,000 $55,000 $1,129 5.75%
    Refi 2 $260,000 $130,000 $1,002 5.75%
    Cash Out Refi 2 $380,000 $190,000 $4,046 5.75%

    For 2018, Freeport State Bank's most frequently cited loan purpose was Home Purchase, with 7 originations. The 2nd most popular reason was Home Improvement, with 5 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 18 $2,300,000 $127,778 $2,213 5.80%

    For 2018, Freeport State Bank's most frequently cited loan duration was Other, with 18 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 5 $255,000 $51,000
    $1k-2k 2 $340,000 $170,000
    $2k-3k 1 $265,000 $265,000
    $3k-4k 1 $285,000 $285,000

    Freeport State Bank's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 5 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 9 $1,045,000 $116,111
    6-7% 1 $285,000 $285,000

    During 2018, Freeport State Bank's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 5-6%, with 9 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 9 $455,000 $50,556 $1,217 5.75%
    $200k-400k 5 $1,305,000 $261,000 $3,991 5.92%
    $100k-200k 4 $540,000 $135,000 $1,864 5.75%

    2018 saw Freeport State Bank place emphasis on $100,000 or less loans with 9 originations, totaling $455,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 4 $210,000 $52,500 $1,317 5.75%
    $100k-150k 3 $445,000 $148,333 $2,459 5.75%
    $50k-75k 3 $455,000 $151,667 $1,002 5.75%
    $75k-100k 3 $305,000 $101,667 $1,548 5.75%
    $150k-250k 2 $560,000 $280,000 $5,812 6.25%
    $250k+ 2 $140,000 $70,000 $0 0.00%

    Freeport State Bank lent most frequently to those with incomes in the $50k or less range, with 4 originations. The second most popular income band? $100k-150k, with 3 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 8 $970,000 $121,250 $0 0.00%
    20-30% 3 $175,000 $58,333 $1,150 5.75%
    36% 1 $235,000 $235,000 $2,114 5.75%
    40% 1 $75,000 $75,000 $2,241 5.75%
    42% 1 $285,000 $285,000 $5,812 6.25%
    43% 1 $265,000 $265,000 $4,046 5.75%
    >60% 1 $105,000 $105,000 $1,864 5.75%
    30-36% 1 $5,000 $5,000 $393 5.75%

    Freeport State Bank lent most frequently to those with DTI ratios of Exempt%, with 8 originations. The next most common DTI ratio? 20-30%, with 3 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 17 $2,115,000 $124,412 $2,213 5.81%
    Not applicable 1 $185,000 $185,000 $0 5.75%

    Approval Rates

    Total approvals of all applications
    86.67%

    Freeport State Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    55.56%

    Freeport State Bank has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 8 $970,000 $121,250
    NA 10 $1,330,000 $133,000

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 18 $2,300,000 $127,778

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 2 $180,000 $90,000 $1,665 5.75%
    40-60% 2 $310,000 $155,000 $2,178 5.75%
    60-80% 4 $810,000 $202,500 $3,620 5.88%
    Under 20% 2 $30,000 $15,000 $687 5.75%