Park State Bank Mortgage Rates, Fees & Info

Duluth, MN

LEI: 549300YVBUEC0SGSZW55

Tax ID: 41-0467450

5 stars - Updated: 4/21/24

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

166

Origination Dollar Volume (All Markets)

$44,430,000

Relative 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%

Park State Bank's top markets include Duluth, Minneapolis, Grand Rapids, Cape Coral, and Alexandria among others.

Their top states include:

Minnesota (FHA|USDA|VA)

Florida (FHA|USDA|VA)

Wisconsin (FHA|USDA|VA)

North Dakota (FHA|USDA|VA)

Colorado (FHA|USDA|VA)

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.

North Shore Federal Credit Union
Similarity Rank: 28

National Bank of Commerce
Similarity Rank: 192

Northview Bank
Similarity Rank: 195

SUPERIOR CHOICE
Similarity Rank: 285

MEMBERS COOPERATIVE
Similarity Rank: 363

Park State Bank
Similarity Rank: 392

WINGS FINANCIAL
Similarity Rank: 594

AFFINITY PLUS
Similarity Rank: 612

North Shore Bank of Commerce
Similarity Rank: 624

Regent Financial Group, Inc.
Similarity Rank: 1152

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	147	$40,585,000	$276,088	$6,010	7.15%
USDA	10	$1,460,000	$146,000	$6,035	6.43%
FHA	6	$1,370,000	$228,333	$8,733	6.31%
VA	3	$1,015,000	$338,333	$14,633	6.63%

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

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Home Purchase	123	$37,665,000	$306,220	$7,148	6.96%
Cash Out Refi	15	$3,865,000	$257,667	$4,833	7.06%
Refi	13	$1,145,000	$88,077	$3,551	7.20%
Home Improvement	9	$1,195,000	$132,778	$3,009	7.72%
Other	6	$560,000	$93,333	$2,443	8.16%

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

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
30 Year	106	$24,360,000	$229,811	$5,988	6.86%
5 Year	16	$2,980,000	$186,250	$0	7.55%
20 Year	11	$1,225,000	$111,364	$2,900	8.03%
30+ year	11	$8,815,000	$801,364	$13,467	7.18%
15 Year	8	$1,020,000	$127,500	$3,329	6.91%
Other	8	$4,610,000	$576,250	$29,315	7.60%
10 Year	6	$1,420,000	$236,667	$1,035	7.14%

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

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$2k-3k	43	$7,995,000	$185,930
$1k-2k	36	$4,160,000	$115,556
$3k-4k	17	$4,515,000	$265,588
$5k+	16	$16,180,000	$1,011,250
$<1k	13	$1,295,000	$99,615
$4k-5k	8	$2,690,000	$336,250

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

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100k-200k	60	$9,030,000	$150,500	$4,480	6.98%
$200k-400k	55	$14,895,000	$270,818	$6,376	7.12%
$100,000 or less	32	$1,980,000	$61,875	$2,469	7.22%
$400k-600k	10	$4,880,000	$488,000	$10,305	6.85%
$1MM+	5	$10,615,000	$2,123,000	$29,702	7.09%
$600k-1MM	4	$3,030,000	$757,500	$19,721	7.06%

2023 saw Park State Bank place emphasis on $100k-200k loans with 60 originations, totaling $9,030,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100k-150k	38	$7,710,000	$202,895	$4,900	7.20%
$50k-75k	29	$4,755,000	$163,966	$4,779	6.66%
$150k-250k	21	$6,345,000	$302,143	$9,110	7.19%
$250k+	19	$15,415,000	$811,316	$15,584	7.17%
$50k or less	19	$2,285,000	$120,263	$3,774	6.78%
$75k-100k	19	$3,265,000	$171,842	$4,845	7.01%

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

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
30-36%	24	$4,980,000	$207,500	$5,435	7.01%
20-30%	20	$5,490,000	$274,500	$7,555	6.80%
38%	12	$2,800,000	$233,333	$5,726	7.02%
<20%	12	$4,610,000	$384,167	$7,289	6.73%
43%	10	$1,920,000	$192,000	$5,035	7.05%
42%	8	$4,510,000	$563,750	$9,998	6.82%
37%	8	$1,790,000	$223,750	$4,633	7.25%
39%	8	$1,500,000	$187,500	$5,126	6.55%
41%	8	$1,600,000	$200,000	$4,963	6.99%
44%	8	$3,610,000	$451,250	$10,441	7.20%
36%	6	$1,060,000	$176,667	$3,973	7.43%
40%	5	$1,335,000	$267,000	$5,939	7.45%
45%	3	$795,000	$265,000	$6,591	7.76%
47%	3	$525,000	$175,000	$4,018	7.53%
48%	3	$1,615,000	$538,333	$9,237	6.85%
49%	3	$695,000	$231,667	$7,258	7.22%
46%	2	$390,000	$195,000	$3,571	7.04%
50-60%	2	$340,000	$170,000	$6,764	6.63%

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

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	141	$38,525,000	$273,227	$6,340	7.01%
Not applicable	20	$4,560,000	$228,000	$0	7.55%
Not provided	3	$965,000	$321,667	$6,237	7.40%
Asian Indian	1	$265,000	$265,000	$0	6.98%
American Indian	1	$115,000	$115,000	$5,294	5.38%

Approval Rates

Total approvals of all applications
84.36%

Park State Bank has a below average approval rate.

Pick Rate

Approvals leading to origination
65.06%

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

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
	166	$44,430,000	$267,651

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	16	$1,580,000	$98,750	$3,054	7.37%
40-60%	19	$3,395,000	$178,684	$4,623	6.79%
60-80%	54	$19,560,000	$362,222	$7,325	7.31%
80-100%	66	$18,570,000	$281,364	$7,122	6.78%
Over 100%	1	$365,000	$365,000	$17,495	6.75%
Under 20%	10	$960,000	$96,000	$1,940	7.77%