Fairfax State Savings Bank Mortgage Rates, Fees & Info

Fairfax, IA

LEI: 549300Y4I3OP11OGQV16

Tax ID: 42-0239930

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Mortgage Data

Review & Overview

Fairfax State Savings Bank is a smaller bank specializing in Home Purchase loans. Fairfax State Savings Bank has a high proportion of conventional loans. Their top markets by origination volume include: Cedar Rapids, Iowa City, Clinton, and Phoenix among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)

Fairfax State Savings Bank 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.

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Originations

44

Origination Dollar Volume (All Markets)

$5,690,000

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
CEDAR RAPIDS, IA (FHA|USDA|VA) 31 $3,065,000 $98,871 $0 0.00%
Outside of Metro Areas 9 $1,995,000 $221,667 $0 0.00%
IOWA CITY, IA (FHA|USDA|VA) 2 $410,000 $205,000 $0 0.00%
Clinton, IA (FHA|USDA|VA) 1 $195,000 $195,000 $0 0.00%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 1 $25,000 $25,000 $0 0.00%
Fairfax State Savings Bank's top markets include Cedar Rapids, Iowa City, Clinton, and Phoenix among others.

Their top states include:
  • Iowa (FHA|USDA|VA)
  • Missouri (FHA|USDA|VA)
  • Arizona (FHA|USDA|VA)
  • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 44 $5,690,000 $129,318 $0 0.00%

    For 2023, Fairfax State Savings Bank's most frequently originated type of loan was Conventional, with 44 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 27 $4,355,000 $161,296 $0 0.00%
    Refi 10 $940,000 $94,000 $0 0.00%
    Home Improvement 5 $345,000 $69,000 $0 0.00%
    Other 2 $50,000 $25,000 $0 0.00%

    For 2023, Fairfax State Savings Bank's most frequently cited loan purpose was Home Purchase, with 27 originations. The 2nd most popular reason was Refi, with 10 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 44 $5,690,000 $129,318 $0 0.00%

    For 2023, Fairfax State Savings Bank's most frequently cited loan duration was Other, with 44 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 23 $785,000 $34,130 $0 0.00%
    $100k-200k 14 $2,150,000 $153,571 $0 0.00%
    $200k-400k 6 $1,430,000 $238,333 $0 0.00%
    $1MM+ 1 $1,325,000 $1,325,000 $0 0.00%

    2023 saw Fairfax State Savings Bank place emphasis on $100,000 or less loans with 23 originations, totaling $785,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 11 $485,000 $44,091 $0 0.00%
    $50k or less 8 $280,000 $35,000 $0 0.00%
    $75k-100k 5 $405,000 $81,000 $0 0.00%
    $100k-150k 4 $600,000 $150,000 $0 0.00%
    $150k-250k 2 $490,000 $245,000 $0 0.00%
    $250k+ 1 $225,000 $225,000 $0 0.00%

    Fairfax State Savings Bank lent most frequently to those with incomes in the $50k-75k range, with 11 originations. The second most popular income band? $50k or less, with 8 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 44 $5,690,000 $129,318 $0 0.00%

    Fairfax State Savings Bank lent most frequently to those with DTI ratios of Exempt%, with 44 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 12 $3,170,000 $264,167 $0 0.00%
    White 29 $2,185,000 $75,345 $0 0.00%
    Not provided 2 $310,000 $155,000 $0 0.00%
    Black 1 $25,000 $25,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    87.10%

    Fairfax State Savings Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    77.27%

    Fairfax State Savings Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 44 $5,690,000 $129,318

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    44 $5,690,000 $129,318