First State Bank Of Middlebury Mortgage Rates, Fees & Info
Middlebury, INLEI: 549300ZLAWM1M5QAJH43
Tax ID: 35-0310540
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Mortgage Data
Review & Overview
First State Bank Of Middlebury is a smaller bank specializing in Home Purchase loans. First State Bank Of Middlebury has a high proportion of conventional loans. Their top markets by origination volume include: Elkhart, South Bend, Warsaw, Sturgis, and Kendallville among others. We have data for 11 markets. (Some data included below & more in-depth data is available with an active subscription.)First State Bank Of Middlebury 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. First State Bank Of Middlebury 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 7.40% | 10/29/24 |
| 30 Year Conventional Refi | 7.52% | 10/29/24 |
| 30 Year Cash-out Refi | 6.77% | 10/29/24 |
| 15 Year Conventional Purchase | 7.13% | 10/29/24 |
| 15 Year Conventional Refi | 6.29% | 10/29/24 |
| 15 Year Cash-out Refi | 6.29% | 10/29/24 |
| 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 Of Middlebury Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
152Origination Dollar Volume (All Markets)
$34,800,000Awards
First State Bank of Middlebury - 2023
First State Bank of Middlebury is a 2023 , due to their low .
For 2023, less than of lenders were eligible for this award.
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Relative Rate
First State Bank Of Middlebury's average 30 year fixed mortgage rate was
6.78%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of 0.3%.
Relative Fees (Closing Costs)
First State Bank Of Middlebury's average total fees/closing costs for a 30 year fixed rate
mortgage were $2,505.
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 |
|---|---|---|---|---|---|
| ELKHART-GOSHEN, IN (FHA|USDA|VA) | 97 | $18,945,000 | $195,309 | $2,245 | 7.05% |
| SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) | 18 | $6,080,000 | $337,778 | $3,672 | 7.25% |
| Warsaw, IN (FHA|USDA|VA) | 10 | $3,060,000 | $306,000 | $2,438 | 7.11% |
| Outside of Metro Areas | 14 | $2,950,000 | $210,714 | $2,015 | 6.88% |
| Sturgis, MI (FHA|USDA|VA) | 4 | $900,000 | $225,000 | $2,751 | 6.94% |
| Kendallville, IN (FHA|USDA|VA) | 3 | $845,000 | $281,667 | $2,694 | 6.08% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 1 | $595,000 | $595,000 | $0 | 6.43% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 1 | $475,000 | $475,000 | $0 | 7.56% |
| NILES, MI (FHA|USDA|VA) | 2 | $370,000 | $185,000 | $4,520 | 7.50% |
| Angola, IN (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $2,022 | 8.00% |
| INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $0 | 6.83% |
Similar Lenders
We use machine learning to identify the top lenders compared against First State Bank of Middlebury based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 152 | $34,800,000 | $228,947 | $2,436 | 7.05% |
For 2023, First State Bank Of Middlebury's most frequently originated type of loan was Conventional, with 152 originations.
Loan Reason
For 2023, First State Bank Of Middlebury's most frequently cited loan purpose was Home Purchase, with 108 originations. The 2nd most popular reason was Refi, with 20 originations.
Loan Duration/Length
For 2023, First State Bank Of Middlebury's most frequently cited loan duration was 30 Year, with 89 originations. The 2nd most popular length was 15 Year, with 33 originations.
Origination Fees/Closing Costs
First State Bank Of Middlebury's average total fees were $2,505, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 93 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 7-8% | 62 | $15,380,000 | $248,065 |
| 6-7% | 53 | $12,005,000 | $226,509 |
| 5-6% | 22 | $6,070,000 | $275,909 |
| Over 8% | 15 | $1,345,000 | $89,667 |
During 2023, First State Bank Of Middlebury's average interest rate for loans was 6.78%, while their most frequently originated rate bucket for loans was 7-8%, with 62 originations.
Loan Sizing
2023 saw First State Bank Of Middlebury place emphasis on $100k-200k loans with 50 originations, totaling $7,370,000 in origination value.
Applicant Income
First State Bank Of Middlebury lent most frequently to those with incomes in the $75k-100k range, with 39 originations. The second most popular income band? $50k-75k, with 33 originations.
Applicant Debt to Income Ratio
First State Bank Of Middlebury lent most frequently to those with DTI ratios of 20-30%, with 39 originations. The next most common DTI ratio? 30-36%, with 30 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications96.25%
First State Bank Of Middlebury has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination97.37%
First State Bank Of Middlebury has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 152 | $34,800,000 | $228,947 |