Park State Bank Mortgage Rates, Fees & Info
Duluth, MNLEI: 549300YVBUEC0SGSZW55
Tax ID: 41-0467450
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Mortgage Data
Review & Overview
Park State Bank is a smaller bank specializing in Home Purchase loans. Park State Bank has a high proportion of conventional loans. They have a low ratio of USDA loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Duluth, Minneapolis, Grand Rapids, Cape Coral, and Alexandria among others. We have data for 14 markets. (Some data included below & more in-depth data is available with an active subscription.)Park State 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. Park State Bank is typically an average 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.
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Originations
166Origination Dollar Volume (All Markets)
$44,430,000Relative Rate
Park State Bank's average 30 year fixed mortgage rate was
6.86%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of 0.38%.
Relative Fees (Closing Costs)
Park State Bank's average total fees/closing costs for a 30 year fixed rate
mortgage were $5,988.
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 |
|---|---|---|---|---|---|
| DULUTH, MN-WI (FHA|USDA|VA) | 101 | $19,955,000 | $197,574 | $4,931 | 7.07% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 20 | $11,480,000 | $574,000 | $14,307 | 7.18% |
| Grand Rapids, MN (FHA|USDA|VA) | 15 | $2,785,000 | $185,667 | $5,360 | 6.92% |
| Outside of Metro Areas | 16 | $2,680,000 | $167,500 | $4,728 | 7.20% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 1 | $2,645,000 | $2,645,000 | $39,091 | 6.85% |
| Alexandria, MN (FHA|USDA|VA) | 1 | $2,155,000 | $2,155,000 | $29,315 | 7.75% |
| GRAND FORKS, ND-MN (FHA|USDA|VA) | 4 | $900,000 | $225,000 | $5,664 | 6.53% |
| Faribault-Northfield, MN (FHA|USDA|VA) | 2 | $680,000 | $340,000 | $13,654 | 7.16% |
| LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $0 | 7.75% |
| ST. CLOUD, MN (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $0 | 7.25% |
| Albert Lea, MN (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $6,044 | 6.88% |
| Brainerd, MN (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $0 | 7.75% |
| FARGO, ND-MN (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $3,852 | 5.88% |
| New Ulm, MN (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $6,571 | 6.50% |
Similar Lenders
We use machine learning to identify the top lenders compared against Park State Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 28
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Similarity Rank: 624
Similarity Rank: 1152
Product Mix
For 2023, Park State Bank's most frequently originated type of loan was Conventional, with 147 originations. Their 2nd most popular type was USDA, with 10 originations.
Loan Reason
For 2023, Park State Bank's most frequently cited loan purpose was Home Purchase, with 123 originations. The 2nd most popular reason was Cash Out Refi, with 15 originations.
Loan Duration/Length
For 2023, Park State Bank's most frequently cited loan duration was 30 Year, with 106 originations. The 2nd most popular length was 5 Year, with 16 originations.
Origination Fees/Closing Costs
Park State Bank's average total fees were $5,988, while their most frequently occuring range of origination fees (closing costs) were in the $2k-3k bucket, with 43 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 67 | $21,115,000 | $315,149 |
| 7-8% | 58 | $15,760,000 | $271,724 |
| 5-6% | 21 | $3,835,000 | $182,619 |
| Over 8% | 20 | $3,720,000 | $186,000 |
During 2023, Park State Bank's average interest rate for loans was 6.86%, while their most frequently originated rate bucket for loans was 6-7%, with 67 originations.
Loan Sizing
2023 saw Park State Bank place emphasis on $100k-200k loans with 60 originations, totaling $9,030,000 in origination value.
Applicant Income
Park State Bank lent most frequently to those with incomes in the $100k-150k range, with 38 originations. The second most popular income band? $50k-75k, with 29 originations.
Applicant Debt to Income Ratio
Park State Bank lent most frequently to those with DTI ratios of 30-36%, with 24 originations. The next most common DTI ratio? 20-30%, with 20 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications84.36%
Park State Bank has a below average approval rate.
Pick Rate
Approvals leading to origination65.06%
Park State Bank has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 166 | $44,430,000 | $267,651 |