First State Bank Mortgage Rates, Fees & Info

Eastpointe, MI

LEI: 549300VIZR4H7AB15496

Tax ID: 38-0541400

5 stars - Updated: 6/9/24 - out of 5 stars, based on 31 reviews

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

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Mortgage Data

Review & Overview

First State Bank is a smaller bank specializing in Home Purchase loans. First State Bank has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Detroit, Flint, Ann Arbor, San Jose, and North Port among others. We have data for 39 markets. (Some data included below & more in-depth data is available with an active subscription.)

First State Bank has an average approval rate when compared to the average across all lenders. They have an average pick rate when compared to similar lenders. First State 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 relatively high 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
Home Equity Line of Credit (HELOC) 5.74% 6/9/24
30 Year Conventional Purchase 6.30% 6/9/24
30 Year Conventional Refi 6.59% 6/9/24
30 Year Cash-out Refi 6.50% 6/9/24
30 Year FHA Purchase 7.48% 6/9/24
30 Year FHA Refi 7.87% 6/9/24
30 Year VA Purchase 6.58% 6/9/24
30 Year VA Refi 6.63% 6/9/24
30 Year USDA Purchase 6.95% 6/9/24
15 Year Conventional Purchase 6.03% 6/9/24
15 Year Conventional Refi 6.30% 6/9/24
15 Year Cash-out Refi 6.30% 6/9/24
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.

First State Bank Mortgage Calculator






Your Estimates

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

This is not an official calculator from First State 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

991

Origination Dollar Volume (All Markets)

$254,665,000

Awards

First State Bank 30 Year Conventional Loans silver First State Bank FHA Loans silver First State Bank 30 Year Conventional Loans silver First State Bank 30 Year Conventional Loans silver
Show all (4) awards

Relative Rate

First State Bank's average 30 year fixed mortgage rate was 6.54%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of 0.06%.

Relative Fees (Closing Costs)

First State Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $4,441.

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 $9,089.

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
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 771 $190,455,000 $247,023 $4,263 6.87%
FLINT, MI (FHA|USDA|VA) 109 $27,465,000 $251,972 $4,636 6.70%
Outside of Metro Areas 32 $6,740,000 $210,625 $3,961 7.00%
ANN ARBOR, MI (FHA|USDA|VA) 10 $3,710,000 $371,000 $4,971 6.96%
SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) 1 $2,805,000 $2,805,000 $4,386 5.25%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 6 $2,500,000 $416,667 $4,814 6.96%
LANSING-EAST LANSING, MI (FHA|USDA|VA) 13 $2,295,000 $176,538 $4,274 6.61%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 3 $1,445,000 $481,667 $6,306 6.54%
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 1 $1,265,000 $1,265,000 $8,015 5.49%
SAGINAW, MI (FHA|USDA|VA) 6 $1,230,000 $205,000 $4,306 6.69%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $1,215,000 $1,215,000 $8,936 5.50%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 2 $1,200,000 $600,000 $4,598 7.81%
Traverse City, MI (FHA|USDA|VA) 4 $1,080,000 $270,000 $3,326 7.53%
TOLEDO, OH (FHA|USDA|VA) 3 $925,000 $308,333 $3,933 6.21%
Heber, UT (FHA|USDA|VA) 1 $915,000 $915,000 $14,489 4.44%
GAINESVILLE, FL (FHA|USDA|VA) 1 $815,000 $815,000 $7,240 5.99%
PRESCOTT VALLEY-PRESCOTT, AZ (FHA|USDA|VA) 1 $755,000 $755,000 $4,666 5.99%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 1 $695,000 $695,000 $3,073 4.99%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $615,000 $615,000 $6,607 5.50%
PUNTA GORDA, FL (FHA|USDA|VA) 2 $590,000 $295,000 $7,997 7.19%
GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 2 $560,000 $280,000 $11,327 7.69%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 1 $555,000 $555,000 $5,209 6.75%
OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) 1 $535,000 $535,000 $11,899 6.25%
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 1 $475,000 $475,000 $8,229 6.50%
ROCHESTER, MN (FHA|USDA|VA) 1 $435,000 $435,000 $3,769 6.50%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 1 $435,000 $435,000 $9,209 6.00%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 1 $425,000 $425,000 $5,123 5.49%
BAY CITY, MI (FHA|USDA|VA) 2 $380,000 $190,000 $3,203 7.25%
MONROE, MI (FHA|USDA|VA) 2 $340,000 $170,000 $4,033 7.00%
Mount Pleasant, MI (FHA|USDA|VA) 1 $315,000 $315,000 $3,092 5.49%
HOMOSASSA SPRINGS, FL (FHA|USDA|VA) 1 $295,000 $295,000 $10,299 7.50%
Big Rapids, MI (FHA|USDA|VA) 1 $255,000 $255,000 $3,437 6.75%
TALLAHASSEE, FL (FHA|USDA|VA) 1 $215,000 $215,000 $4,143 7.13%
Adrian, MI (FHA|USDA|VA) 1 $185,000 $185,000 $4,750 4.99%
NILES, MI (FHA|USDA|VA) 1 $175,000 $175,000 $4,171 6.38%
Sault Ste. Marie, MI (FHA|USDA|VA) 1 $145,000 $145,000 $3,061 5.49%
MIDLAND, MI (FHA|USDA|VA) 1 $95,000 $95,000 $0 7.63%
Alma, MI (FHA|USDA|VA) 1 $75,000 $75,000 $2,443 5.99%
BATTLE CREEK, MI (FHA|USDA|VA) 1 $55,000 $55,000 $2,705 7.75%
First State Bank's top markets include Detroit, Flint, Ann Arbor, San Jose, and North Port among others.

Their top states include:
  • Michigan (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • California (FHA|USDA|VA)
  • Ohio (FHA|USDA|VA)
  • Utah (FHA|USDA|VA)
  • Similar Lenders

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

    Michigan Legacy Credit Union
    Similarity Rank: 15
    Total Community Credit Union
    Similarity Rank: 94
    St James Mortgage Corporation
    Similarity Rank: 104
    MEMBERFOCUS COMMUNITY
    Similarity Rank: 162
    Dearborn Federal Savings Bank
    Similarity Rank: 184
    FINANCIAL PLUS CREDIT UNION
    Similarity Rank: 312
    SECURITY CREDIT UNION
    Similarity Rank: 450
    County National Bank
    Similarity Rank: 480
    MICHIGAN SCHOOLS AND GOVERNMENT
    Similarity Rank: 483

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 744 $207,960,000 $279,516 $3,737 6.52%
    FHA 111 $23,745,000 $213,919 $7,783 6.90%
    HELOC 110 $15,750,000 $143,182 n/a 8.95%
    VA 22 $6,610,000 $300,455 $8,172 6.80%
    USDA 4 $600,000 $150,000 $4,796 6.44%

    For 2023, First State Bank's most frequently originated type of loan was Conventional, with 744 originations. Their 2nd most popular type was FHA, with 111 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 814 $224,560,000 $275,872 $4,468 6.55%
    Other 94 $12,580,000 $133,830 $2,713 8.67%
    Refi 63 $11,985,000 $190,238 $3,054 7.97%
    Cash Out Refi 20 $5,540,000 $277,000 $3,986 6.43%

    For 2023, First State Bank's most frequently cited loan purpose was Home Purchase, with 814 originations. The 2nd most popular reason was Other, with 94 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 856 $234,010,000 $273,376 $4,441 6.54%
    Other 110 $15,460,000 $140,545 $240 8.93%
    15 Year 17 $3,375,000 $198,529 $2,038 7.29%
    5 Year 4 $850,000 $212,500 $90 8.21%
    10 Year 3 $395,000 $131,667 $493 11.25%
    3 Year 1 $575,000 $575,000 $0 9.00%

    For 2023, First State Bank's most frequently cited loan duration was 30 Year, with 856 originations. The 2nd most popular length was Other, with 110 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 521 $148,275,000 $284,597
    $1k-2k 189 $39,425,000 $208,598
    $2k-3k 82 $19,930,000 $243,049
    $5k+ 28 $13,620,000 $486,429
    $3k-4k 26 $8,370,000 $321,923
    $4k-5k 17 $5,875,000 $345,588

    First State Bank's average total fees were $4,441, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 521 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 323 $77,095,000 $238,684
    7-8% 237 $65,225,000 $275,211
    5-6% 197 $57,585,000 $292,310
    Over 8% 137 $25,255,000 $184,343
    4-5% 97 $29,505,000 $304,175

    During 2023, First State Bank's average interest rate for loans was 6.54%, while their most frequently originated rate bucket for loans was 6-7%, with 323 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 436 $122,230,000 $280,344 $4,398 6.74%
    $100k-200k 296 $45,600,000 $154,054 $3,873 6.62%
    $100,000 or less 127 $7,905,000 $62,244 $2,768 8.01%
    $400k-600k 88 $40,990,000 $465,795 $6,102 6.57%
    $600k-1MM 34 $24,180,000 $711,176 $6,131 6.42%
    $1MM+ 10 $13,760,000 $1,376,000 $5,986 6.70%

    2023 saw First State Bank place emphasis on $200k-400k loans with 436 originations, totaling $122,230,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 229 $59,955,000 $261,812 $4,781 6.83%
    $50k-75k 204 $34,400,000 $168,627 $3,984 6.78%
    $150k-250k 175 $57,725,000 $329,857 $4,449 7.03%
    $75k-100k 168 $36,260,000 $215,833 $4,397 6.81%
    $50k or less 103 $12,745,000 $123,738 $3,720 6.55%
    $250k+ 101 $51,085,000 $505,792 $4,982 6.84%

    First State Bank lent most frequently to those with incomes in the $100k-150k range, with 229 originations. The second most popular income band? $50k-75k, with 204 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 189 $46,885,000 $248,069 $4,073 6.88%
    20-30% 185 $44,895,000 $242,676 $4,170 6.90%
    <20% 64 $19,380,000 $302,813 $3,574 6.86%
    41% 63 $16,895,000 $268,175 $4,475 6.77%
    42% 60 $16,400,000 $273,333 $4,263 6.99%
    44% 48 $11,750,000 $244,792 $4,131 6.59%
    43% 46 $11,570,000 $251,522 $4,107 7.00%
    37% 38 $10,670,000 $280,789 $4,501 7.05%
    38% 37 $8,205,000 $221,757 $4,186 6.56%
    39% 36 $8,070,000 $224,167 $4,317 7.18%
    36% 34 $7,680,000 $225,882 $4,606 6.60%
    45% 33 $8,455,000 $256,212 $5,802 6.74%
    47% 30 $8,810,000 $293,667 $3,718 6.52%
    50-60% 26 $6,890,000 $265,000 $8,806 6.95%
    48% 24 $7,580,000 $315,833 $5,066 6.73%
    40% 24 $6,080,000 $253,333 $4,602 6.60%
    46% 23 $5,465,000 $237,609 $3,976 6.09%
    49% 22 $5,360,000 $243,636 $4,526 7.04%
    >60% 5 $2,215,000 $443,000 $2,144 8.40%

    First State Bank lent most frequently to those with DTI ratios of 30-36%, with 189 originations. The next most common DTI ratio? 20-30%, with 185 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 792 $195,020,000 $246,237 $4,270 6.90%
    Not provided 121 $38,355,000 $316,983 $4,663 6.70%
    Asian 27 $9,705,000 $359,444 $4,708 6.02%
    Black 42 $9,020,000 $214,762 $5,096 6.63%
    Not applicable 3 $1,185,000 $395,000 $0 7.52%
    American Indian 5 $1,105,000 $221,000 $4,660 6.83%
    Asian Indian 1 $275,000 $275,000 $3,302 7.00%

    Approval Rates

    Total approvals of all applications
    87.57%

    First State Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    94.05%

    First State Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    1163.0 1 $305,000 $305,000
    NA 990 $254,360,000 $256,929

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    991 $254,665,000 $256,978

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 77 $13,835,000 $179,675 $2,994 7.97%
    40-60% 102 $25,330,000 $248,333 $3,507 6.84%
    60-80% 285 $89,595,000 $314,368 $4,084 6.53%
    80-100% 461 $120,995,000 $262,462 $4,837 6.56%
    Over 100% 2 $670,000 $335,000 $18,223 6.63%
    Under 20% 64 $4,240,000 $66,250 $1,480 8.91%