Charter Bank Mortgage Rates, Fees & Info

Johnston, IA

LEI: 549300W7PVYUJHBKTH05

Tax ID: 42-1470586

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

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Charter Bank is a smaller bank specializing in Home Purchase and Refi loans. Charter Bank has a high proportion of conventional loans. Their top markets by origination volume include: Des Moines, Mason City, Indianapolis, and Iowa City among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Charter 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. Charter 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.

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    Originations

    73

    Origination Dollar Volume (All Markets)

    $9,715,000

    Awards

    Charter Bank 30 Year Conventional Loans gold Charter Bank 30 Year Conventional Loans gold Charter Bank 30 Year Conventional Loans silver Charter Bank 30 Year Conventional Loans silver
    Show all (4) awards

    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
    DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) 70 $9,160,000 $130,857 $619 4.54%
    Mason City, IA (FHA|USDA|VA) 1 $305,000 $305,000 $633 3.75%
    INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 1 $135,000 $135,000 $0 4.75%
    IOWA CITY, IA (FHA|USDA|VA) 1 $115,000 $115,000 $0 5.50%
    Charter Bank's top markets include Des Moines, Mason City, Indianapolis, and Iowa City among others.

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

    • Similar Lenders

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

    Charter Bank
    Similarity Rank: 36
    Raccoon Valley Bank
    Similarity Rank: 96
    Guthrie County State Bank
    Similarity Rank: 166
    Community Choice Credit Union
    Similarity Rank: 187
    Collins Community Credit Union
    Similarity Rank: 273
    GREATER IOWA CREDIT UNION
    Similarity Rank: 286
    Luana Savings Bank
    Similarity Rank: 289
    Fidelity Bank
    Similarity Rank: 428
    Premier Credit Union
    Similarity Rank: 450
    American Trust & Savings Bank
    Similarity Rank: 486

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 73 $9,715,000 $133,082 $619 4.54%

    For 2018, Charter Bank's most frequently originated type of loan was Conventional, with 73 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 32 $5,410,000 $169,063 $1,045 4.48%
    Refi 20 $3,100,000 $155,000 $422 4.56%
    Other 14 $750,000 $53,571 $332 4.65%
    Home Improvement 7 $455,000 $65,000 $333 4.54%

    For 2018, Charter Bank's most frequently cited loan purpose was Home Purchase, with 32 originations. The 2nd most popular reason was Refi, with 20 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    10 Year 21 $1,065,000 $50,714 $290 4.81%
    15 Year 15 $2,975,000 $198,333 $990 4.15%
    30 Year 14 $2,880,000 $205,714 $973 4.30%
    20 Year 9 $1,555,000 $172,778 $804 4.94%
    5 Year 9 $525,000 $58,333 $208 4.58%
    Other 5 $715,000 $143,000 $249 4.45%

    For 2018, Charter Bank's most frequently cited loan duration was 10 Year, with 21 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 59 $7,215,000 $122,288
    $1k-2k 1 $505,000 $505,000

    Charter Bank's average total fees were $973, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 59 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 47 $5,885,000 $125,213
    3-4% 18 $3,410,000 $189,444
    5-6% 8 $420,000 $52,500

    During 2018, Charter Bank's average interest rate for loans was 4.30%, while their most frequently originated rate bucket for loans was 4-5%, with 47 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 35 $1,525,000 $43,571 $387 4.71%
    $100k-200k 18 $2,530,000 $140,556 $798 4.51%
    $200k-400k 17 $4,285,000 $252,059 $876 4.24%
    $400k-600k 3 $1,375,000 $458,333 $1,396 4.38%

    2018 saw Charter Bank place emphasis on $100,000 or less loans with 35 originations, totaling $1,525,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 16 $2,490,000 $155,625 $859 4.51%
    $150k-250k 14 $1,420,000 $101,429 $420 4.46%
    $75k-100k 12 $1,250,000 $104,167 $596 4.42%
    $50k or less 8 $660,000 $82,500 $628 4.56%
    $250k+ 4 $1,200,000 $300,000 $1,067 4.41%
    $50k-75k 4 $340,000 $85,000 $236 4.63%

    Charter Bank lent most frequently to those with incomes in the $100k-150k range, with 16 originations. The second most popular income band? $150k-250k, with 14 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 21 $2,215,000 $105,476 $588 4.51%
    30-36% 17 $2,265,000 $133,235 $664 4.49%
    <20% 9 $725,000 $80,556 $740 4.51%
    50-60% 3 $865,000 $288,333 $720 4.29%
    40% 2 $90,000 $45,000 $313 4.50%
    36% 2 $410,000 $205,000 $730 3.88%
    39% 1 $55,000 $55,000 $289 4.50%
    37% 1 $245,000 $245,000 $36 4.00%
    42% 1 $265,000 $265,000 $1,260 4.00%
    48% 1 $225,000 $225,000 $287 4.50%
    38% 1 $55,000 $55,000 $80 5.50%

    Charter Bank lent most frequently to those with DTI ratios of 20-30%, with 21 originations. The next most common DTI ratio? 30-36%, with 17 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 56 $7,220,000 $128,929 $592 4.46%
    Not applicable 13 $1,755,000 $135,000 $1,290 4.90%
    Not provided 3 $665,000 $221,667 $794 4.75%
    Black 1 $75,000 $75,000 $889 4.00%

    Approval Rates

    Total approvals of all applications
    95.24%

    Charter 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
    90.41%

    Charter Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 73 $9,715,000 $133,082

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 2 $290,000 $145,000
    Single Family (1-4 Units):Site-Built 71 $9,425,000 $132,746

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 13 $1,645,000 $126,538 $453 4.72%
    40-60% 7 $935,000 $133,571 $547 4.39%
    60-80% 24 $4,970,000 $207,083 $992 4.36%
    80-100% 5 $1,115,000 $223,000 $1,181 4.35%
    Over 100% 1 $275,000 $275,000 $0 4.75%
    Under 20% 23 $775,000 $33,696 $319 4.71%