Mutual Savings Bank Mortgage Rates, Fees & Info

Franklin, IN

LEI: 549300MOTRV68OSXM837

Tax ID: 35-0536745

5 stars - Updated: 2/26/24 - out of 5 stars, based on 10 reviews

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

Jump to:

Mortgage Data

Review & Overview

Mutual Savings Bank is a smaller bank specializing in Home Purchase loans. Mutual Savings Bank has a high proportion of conventional loans. Their top two markets are Indianapolis and Columbus .

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

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 6.21% 2/26/24
30 Year Conventional Refi 6.53% 2/26/24
30 Year Cash-out Refi 7.05% 2/26/24
30 Year FHA Purchase 6.27% 2/26/24
15 Year Conventional Purchase 5.96% 2/26/24
15 Year Conventional Refi 6.44% 2/26/24
15 Year Cash-out Refi 6.44% 2/26/24
These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

Mutual Savings Bank Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Mutual Savings Bank. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.


Originations

104

Origination Dollar Volume (All Markets)

$25,520,000

Awards

Mutual Savings Bank 30 Year Conventional Loans gold Mutual Savings Bank 30 Year Conventional Loans gold
Show all (2) awards

Relative Rate

Mutual Savings Bank's average 30 year fixed mortgage rate was 4.82%.

The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.

This yields a difference of 0.06%.

Relative Fees (Closing Costs)

Mutual Savings Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $3,625.

The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $4,750.

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
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 102 $25,090,000 $245,980 $3,339 4.76%
COLUMBUS, IN (FHA|USDA|VA) 2 $430,000 $215,000 $1,579 5.88%
Mutual Savings Bank's top markets include Indianapolis and Columbus among others.

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

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

    Mutual Savings Bank
    Similarity Rank: 176
    The Riddell National Bank
    Similarity Rank: 378
    Independent Federal Credit Union
    Similarity Rank: 420
    OCEANSIDE MORTGAGE COMPANY
    Similarity Rank: 700
    The Peoples State Bank
    Similarity Rank: 864
    LOANFLIGHT LENDING, LLC
    Similarity Rank: 1014
    INDIANA UNIVERSITY CREDIT UNION
    Similarity Rank: 1463
    FORUM Credit Union
    Similarity Rank: 2070
    Home Bank SB
    Similarity Rank: 2270

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 104 $25,520,000 $245,385 $3,303 4.78%

    For 2022, Mutual Savings Bank's most frequently originated type of loan was Conventional, with 104 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 68 $18,170,000 $267,206 $3,824 5.08%
    Cash Out Refi 19 $3,645,000 $191,842 $2,361 4.52%
    Refi 17 $3,705,000 $217,941 $2,197 3.84%

    For 2022, Mutual Savings Bank's most frequently cited loan purpose was Home Purchase, with 68 originations. The 2nd most popular reason was Cash Out Refi, with 19 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 69 $19,165,000 $277,754 $3,625 4.82%
    15 Year 15 $1,985,000 $132,333 $2,304 4.31%
    10 Year 7 $1,325,000 $189,286 $1,878 3.55%
    Other 7 $1,575,000 $225,000 $4,476 6.03%
    20 Year 6 $1,470,000 $245,000 $1,732 5.47%

    For 2022, Mutual Savings Bank's most frequently cited loan duration was 30 Year, with 69 originations. The 2nd most popular length was 15 Year, with 15 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 58 $11,620,000 $200,345
    $1k-2k 11 $2,645,000 $240,455
    $2k-3k 8 $2,040,000 $255,000
    $5k+ 8 $3,990,000 $498,750
    $3k-4k 6 $1,460,000 $243,333
    $4k-5k 6 $2,150,000 $358,333

    Mutual Savings Bank's average total fees were $3,625, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 58 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 41 $12,215,000 $297,927
    3-4% 22 $4,490,000 $204,091
    5-6% 21 $4,575,000 $217,857
    6-7% 11 $2,585,000 $235,000
    2.5-3% 5 $825,000 $165,000
    <2.5% 2 $250,000 $125,000
    7-8% 2 $580,000 $290,000

    During 2022, Mutual Savings Bank's average interest rate for loans was 4.82%, while their most frequently originated rate bucket for loans was 4-5%, with 41 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 41 $11,235,000 $274,024 $3,394 4.97%
    $100k-200k 33 $5,125,000 $155,303 $2,474 4.88%
    $100,000 or less 14 $1,030,000 $73,571 $1,786 3.99%
    $400k-600k 12 $5,590,000 $465,833 $5,012 4.79%
    $600k-1MM 4 $2,540,000 $635,000 $9,227 4.74%

    2022 saw Mutual Savings Bank place emphasis on $200k-400k loans with 41 originations, totaling $11,235,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 26 $6,950,000 $267,308 $3,231 4.76%
    $75k-100k 19 $4,695,000 $247,105 $2,867 4.88%
    $50k-75k 18 $3,490,000 $193,889 $3,545 4.53%
    $50k or less 16 $2,140,000 $133,750 $2,071 4.77%
    $150k-250k 14 $5,350,000 $382,143 $5,534 4.55%
    $250k+ 6 $1,670,000 $278,333 $2,142 4.54%

    Mutual Savings Bank lent most frequently to those with incomes in the $100k-150k range, with 26 originations. The second most popular income band? $75k-100k, with 19 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 23 $5,625,000 $244,565 $3,041 4.59%
    20-30% 20 $4,000,000 $200,000 $2,713 4.74%
    <20% 13 $2,645,000 $203,462 $2,211 4.23%
    39% 6 $1,380,000 $230,000 $1,994 5.06%
    45% 4 $1,440,000 $360,000 $4,363 4.13%
    46% 4 $1,070,000 $267,500 $5,975 5.47%
    41% 4 $870,000 $217,500 $3,360 5.19%
    38% 4 $1,200,000 $300,000 $5,328 4.77%
    50-60% 3 $675,000 $225,000 $2,370 5.08%
    37% 3 $945,000 $315,000 $4,018 5.13%
    44% 3 $615,000 $205,000 $3,085 4.96%
    42% 2 $340,000 $170,000 $3,493 3.86%
    36% 2 $1,060,000 $530,000 $10,038 4.76%
    40% 2 $720,000 $360,000 $6,355 4.72%
    47% 2 $420,000 $210,000 $1,939 3.06%
    48% 1 $235,000 $235,000 $4,889 4.89%
    43% 1 $175,000 $175,000 $2,156 6.88%
    >60% 1 $645,000 $645,000 $3,531 4.69%

    Mutual Savings Bank lent most frequently to those with DTI ratios of 30-36%, with 23 originations. The next most common DTI ratio? 20-30%, with 20 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 98 $24,250,000 $247,449 $3,333 4.76%
    Not applicable 4 $900,000 $225,000 $0 6.11%
    Black 1 $305,000 $305,000 $1,893 2.88%
    American Indian 1 $65,000 $65,000 $1,803 3.38%

    Approval Rates

    Total approvals of all applications
    96.20%

    Mutual Savings 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 origination
    84.62%

    Mutual Savings Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 104 $25,520,000 $245,385

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    104 $25,520,000 $245,385

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 9 $955,000 $106,111 $2,579 4.48%
    40-60% 21 $3,025,000 $144,048 $2,289 4.54%
    60-80% 38 $10,590,000 $278,684 $3,220 4.80%
    80-100% 36 $10,950,000 $304,167 $4,096 4.97%