Monroe Bank And Trust Mortgage Rates, Fees & Info
Monroe, MILEI: 549300SQ5O8V8IIQOP16
Tax ID: 38-0847680
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Mortgage Data
Review & Overview
Monroe Bank And Trust is a smaller bank specializing in Refi and Home Purchase loans. Monroe Bank And Trust has a high proportion of conventional loans. Their top markets by origination volume include: Detroit, Monroe, Toledo, Jackson, and Ann Arbor among others. We have data for 9 markets. (Some data included below & more in-depth data is available with an active subscription.)Monroe Bank And Trust 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. Monroe Bank And Trust 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 relatively high rates.
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Originations
305Origination Dollar Volume (All Markets)
$31,265,000Top 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 |
---|---|---|---|---|---|
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 99 | $14,745,000 | $148,939 | $3,472 | 5.62% |
MONROE, MI (FHA|USDA|VA) | 169 | $12,345,000 | $73,047 | $827 | 5.59% |
TOLEDO, OH (FHA|USDA|VA) | 21 | $1,475,000 | $70,238 | $0 | 5.93% |
JACKSON, MI (FHA|USDA|VA) | 2 | $940,000 | $470,000 | $2,748 | 4.88% |
Outside of Metro Areas | 4 | $730,000 | $182,500 | $0 | 5.37% |
ANN ARBOR, MI (FHA|USDA|VA) | 7 | $605,000 | $86,429 | $295 | 5.76% |
Hillsdale, MI (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $0 | 6.04% |
GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $0 | 5.50% |
Adrian, MI (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $0 | 5.50% |
Similar Lenders
We use machine learning to identify the top lenders compared against Monroe Bank and Trust 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 |
---|---|---|---|---|---|
HELOC | 161 | $13,905,000 | $86,366 | n/a | 5.63% |
Conventional | 144 | $17,360,000 | $120,556 | $1,580 | 5.60% |
For 2019, Monroe Bank And Trust's most frequently originated type of loan was HELOC, with 161 originations. Their 2nd most popular type was Conventional, with 144 originations.
Loan Reason
For 2019, Monroe Bank And Trust's most frequently cited loan purpose was Refi, with 93 originations. The 2nd most popular reason was Home Improvement, with 81 originations.
Loan Duration/Length
For 2019, Monroe Bank And Trust's most frequently cited loan duration was 30 Year, with 150 originations. The 2nd most popular length was 5 Year, with 75 originations.
Origination Fees/Closing Costs
Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
---|---|---|---|
$<1k | 36 | $2,650,000 | $73,611 |
$2k-3k | 8 | $2,400,000 | $300,000 |
$1k-2k | 5 | $1,175,000 | $235,000 |
$5k+ | 1 | $805,000 | $805,000 |
Monroe Bank And Trust's average total fees were $4,623, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 36 originations.
Interest Rates
During 2019, Monroe Bank And Trust's average interest rate for loans was 5.50%, while their most frequently originated rate bucket for loans was 5-6%, with 223 originations.
Loan Sizing
2019 saw Monroe Bank And Trust place emphasis on $100,000 or less loans with 200 originations, totaling $9,210,000 in origination value.
Applicant Income
Monroe Bank And Trust lent most frequently to those with incomes in the $100k-150k range, with 50 originations. The second most popular income band? $50k or less, with 49 originations.
Applicant Debt to Income Ratio
Monroe Bank And Trust lent most frequently to those with DTI ratios of 20-30%, with 59 originations. The next most common DTI ratio? 30-36%, with 39 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications82.57%
Monroe Bank And Trust has a below average approval rate.
Pick Rate
Approvals leading to origination88.52%
Monroe Bank And Trust has an average pick rate.
Points and Fees
Points | Originations | Total Value | Average Loan |
---|---|---|---|
NA | 305 | $31,265,000 | $102,508 |