Edgewater Bank Mortgage Rates, Fees & Info
Saint Joseph, MILEI: 549300KM534EBXZB8F72
Tax ID: 38-0381552
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Mortgage Data
Review & Overview
Edgewater Bank is a smaller bank specializing in Refi and Home Purchase loans. Edgewater Bank has a high proportion of conventional loans. Edgewater Bank has a low ratio of conventional loans. Their top markets by origination volume include: Niles, South Bend, Grand Rapids, Naples, and Detroit among others. We have data for 11 markets. (Some data included below & more in-depth data is available with an active subscription.)Edgewater 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. Edgewater 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 about average 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
96Origination Dollar Volume (All Markets)
$21,040,000Awards
Edgewater Bank - 2021
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For 2021, less than of lenders were eligible for this award.
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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 |
|---|---|---|---|---|---|
| NILES, MI (FHA|USDA|VA) | 70 | $14,480,000 | $206,857 | $2,043 | 2.88% |
| SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) | 8 | $2,110,000 | $263,750 | $1,736 | 2.88% |
| GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) | 7 | $1,675,000 | $239,286 | $2,119 | 2.77% |
| Outside of Metro Areas | 4 | $860,000 | $215,000 | $2,317 | 2.91% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 1 | $525,000 | $525,000 | $5,703 | 2.88% |
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $1,746 | 2.75% |
| Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $3,309 | 3.13% |
| TUCSON, AZ (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $2,191 | 2.75% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $3,228 | 2.88% |
| MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $2,003 | 3.25% |
| KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $2,769 | 2.25% |
Similar Lenders
We use machine learning to identify the top lenders compared against Edgewater Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 94 | $20,550,000 | $218,617 | $2,112 | 2.87% |
| Conventional | 2 | $490,000 | $245,000 | $0 | 0.00% |
For 2021, Edgewater Bank's most frequently originated type of loan was Conventional, with 94 originations. Their 2nd most popular type was Conventional, with 2 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Refi | 74 | $16,280,000 | $220,000 | $2,100 | 2.78% |
| Home Purchase | 22 | $4,760,000 | $216,364 | $2,160 | 3.19% |
For 2021, Edgewater Bank's most frequently cited loan purpose was Refi, with 74 originations. The 2nd most popular reason was Home Purchase, with 22 originations.
Loan Duration/Length
For 2021, Edgewater Bank's most frequently cited loan duration was 30 Year, with 63 originations. The 2nd most popular length was 15 Year, with 27 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 78 | $16,770,000 | $215,000 |
| $1k-2k | 10 | $2,270,000 | $227,000 |
Edgewater Bank's average total fees were $2,202, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 78 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 2.5-3% | 50 | $11,720,000 | $234,400 |
| <2.5% | 22 | $4,120,000 | $187,273 |
| 3-4% | 16 | $3,410,000 | $213,125 |
| 4-5% | 5 | $1,285,000 | $257,000 |
| 5-6% | 1 | $15,000 | $15,000 |
During 2021, Edgewater Bank's average interest rate for loans was 2.88%, while their most frequently originated rate bucket for loans was 2.5-3%, with 50 originations.
Loan Sizing
2021 saw Edgewater Bank place emphasis on $100k-200k loans with 43 originations, totaling $6,065,000 in origination value.
Applicant Income
Edgewater Bank lent most frequently to those with incomes in the $50k-75k range, with 23 originations. The second most popular income band? $150k-250k, with 16 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 2 | $490,000 | $245,000 | $0 | 0.00% |
Edgewater Bank lent most frequently to those with DTI ratios of Exempt%, with 2 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications95.33%
Edgewater Bank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination93.75%
Edgewater Bank has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 2 | $490,000 | $245,000 |
| NA | 94 | $20,550,000 | $218,617 |