The State Bank Of Faribault Mortgage Rates, Fees & Info

Faribault, MN

LEI: 549300VE85K2XTVRSG76

Tax ID: 41-0246420

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

Jump to:

Mortgage Data

Review & Overview

The State Bank Of Faribault is a smaller bank specializing in Home Purchase and Refi loans. The State Bank Of Faribault has a high proportion of conventional loans. Their top markets by origination volume include: Minneapolis, Faribault, Bremerton, Owatonna, and Palm Bay among others. We have data for 15 markets. (Some data included below & more in-depth data is available with an active subscription.)

The State Bank Of Faribault 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.

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.


Originations

107

Origination Dollar Volume (All Markets)

$31,805,000

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
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 32 $13,220,000 $413,125 $0 0.00%
Faribault-Northfield, MN (FHA|USDA|VA) 44 $10,210,000 $232,045 $0 0.00%
Outside of Metro Areas 7 $1,705,000 $243,571 $0 0.00%
BREMERTON-SILVERDALE-PORT ORCHARD, WA (FHA|USDA|VA) 4 $1,480,000 $370,000 $0 0.00%
Owatonna, MN (FHA|USDA|VA) 5 $985,000 $197,000 $0 0.00%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 2 $900,000 $450,000 $0 0.00%
Red Wing, MN (FHA|USDA|VA) 4 $680,000 $170,000 $0 0.00%
ROCHESTER, MN (FHA|USDA|VA) 1 $485,000 $485,000 $0 0.00%
Whitewater, WI (FHA|USDA|VA) 1 $465,000 $465,000 $0 0.00%
Brainerd, MN (FHA|USDA|VA) 2 $370,000 $185,000 $0 0.00%
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 1 $325,000 $325,000 $0 0.00%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $305,000 $305,000 $0 0.00%
North Wilkesboro, NC (FHA|USDA|VA) 1 $295,000 $295,000 $0 0.00%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $215,000 $215,000 $0 0.00%
Winona, MN (FHA|USDA|VA) 1 $165,000 $165,000 $0 0.00%
The State Bank Of Faribault's top markets include Minneapolis, Faribault, Bremerton, Owatonna, and Palm Bay among others.

Their top states include:
  • Minnesota (FHA|USDA|VA)
  • Wisconsin (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Washington (FHA|USDA|VA)
  • North Carolina (FHA|USDA|VA)
  • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 107 $31,805,000 $297,243 $0 0.00%

    For 2022, The State Bank Of Faribault's most frequently originated type of loan was Conventional, with 107 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 63 $17,955,000 $285,000 $0 0.00%
    Refi 34 $10,780,000 $317,059 $0 0.00%
    Cash Out Refi 9 $2,945,000 $327,222 $0 0.00%
    Home Improvement 1 $125,000 $125,000 $0 0.00%

    For 2022, The State Bank Of Faribault's most frequently cited loan purpose was Home Purchase, with 63 originations. The 2nd most popular reason was Refi, with 34 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 107 $31,805,000 $297,243 $0 0.00%

    For 2022, The State Bank Of Faribault's most frequently cited loan duration was Other, with 107 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 39 $11,515,000 $295,256 $0 0.00%
    $100k-200k 37 $5,715,000 $154,459 $0 0.00%
    $400k-600k 16 $7,730,000 $483,125 $0 0.00%
    $100,000 or less 8 $540,000 $67,500 $0 0.00%
    $600k-1MM 5 $3,775,000 $755,000 $0 0.00%
    $1MM+ 2 $2,530,000 $1,265,000 $0 0.00%

    2022 saw The State Bank Of Faribault place emphasis on $200k-400k loans with 39 originations, totaling $11,515,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 20 $6,080,000 $304,000 $0 0.00%
    $150k-250k 19 $5,905,000 $310,789 $0 0.00%
    $75k-100k 15 $3,605,000 $240,333 $0 0.00%
    $50k or less 13 $1,705,000 $131,154 $0 0.00%
    $50k-75k 12 $2,300,000 $191,667 $0 0.00%
    $250k+ 7 $3,555,000 $507,857 $0 0.00%

    The State Bank Of Faribault lent most frequently to those with incomes in the $100k-150k range, with 20 originations. The second most popular income band? $150k-250k, with 19 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 107 $31,805,000 $297,243 $0 0.00%

    The State Bank Of Faribault lent most frequently to those with DTI ratios of Exempt%, with 107 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 78 $21,190,000 $271,667 $0 0.00%
    Not applicable 19 $8,035,000 $422,895 $0 0.00%
    Not provided 7 $1,975,000 $282,143 $0 0.00%
    Black 1 $285,000 $285,000 $0 0.00%
    Vietnamese 1 $175,000 $175,000 $0 0.00%
    American Indian 1 $145,000 $145,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    90.24%

    The State Bank Of Faribault has an average approval rate.

    Pick Rate

    Approvals leading to origination
    96.26%

    The State Bank Of Faribault 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 107 $31,805,000 $297,243

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    107 $31,805,000 $297,243