First State Bank Of Middlebury Mortgage Rates, Fees & Info

Middlebury, IN

LEI: 549300ZLAWM1M5QAJH43

Tax ID: 35-0310540

5 stars - Updated: 11/17/24 - out of 5 stars, based on 12 reviews

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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Relative Rates
  • Relative Fees
  • 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

    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.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 7.40% 11/17/24
    30 Year Conventional Refi 7.52% 11/17/24
    30 Year Cash-out Refi 6.77% 11/17/24
    15 Year Conventional Purchase 7.13% 11/17/24
    15 Year Conventional Refi 6.29% 11/17/24
    15 Year Cash-out Refi 6.29% 11/17/24
    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






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from First State Bank Of Middlebury. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

    The default purchase price is the median sales price across the US for 2022Q4, per FRED.


    Originations

    152

    Origination Dollar Volume (All Markets)

    $34,800,000

    Awards

    First State Bank of Middlebury 30 Year Conventional Loans silver First State Bank of Middlebury 30 Year Conventional Loans gold First State Bank of Middlebury 30 Year Conventional Loans silver
    Show all (3) awards

    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%
    First State Bank Of Middlebury's top markets include Elkhart, South Bend, Warsaw, Sturgis, and Kendallville among others.

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

    • 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.

    ARBOR FINANCIAL CREDIT UNION
    Similarity Rank: 84
    First State Bank of Middlebury
    Similarity Rank: 99
    CONSUMERS
    Similarity Rank: 140
    OMNI Community Credit Union
    Similarity Rank: 144
    Circle Federal Credit Union
    Similarity Rank: 152
    INTERRA CREDIT UNION
    Similarity Rank: 264
    Lake City Bank
    Similarity Rank: 396
    INOVA FEDERAL CREDIT UNION
    Similarity Rank: 400
    OAK MORTGAGE, LLC
    Similarity Rank: 484
    EVERENCE FEDERAL CREDIT UNION
    Similarity Rank: 1080

    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

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 108 $26,070,000 $241,389 $2,639 7.06%
    Refi 20 $5,490,000 $274,500 $1,839 6.72%
    Other 13 $2,005,000 $154,231 $2,018 7.07%
    Home Improvement 10 $1,010,000 $101,000 $1,945 7.44%
    Cash Out Refi 1 $225,000 $225,000 $2,830 8.38%

    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

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 89 $22,175,000 $249,157 $2,505 6.78%
    15 Year 33 $3,025,000 $91,667 $1,414 7.48%
    20 Year 18 $4,470,000 $248,333 $2,569 7.31%
    30+ year 7 $4,525,000 $646,429 $5,949 7.34%
    10 Year 2 $100,000 $50,000 $1,054 7.01%
    1 Year 2 $360,000 $180,000 $1,087 9.13%
    Other 1 $145,000 $145,000 $4,040 6.88%

    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

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 93 $19,065,000 $205,000
    $1k-2k 15 $3,115,000 $207,667
    $2k-3k 15 $6,085,000 $405,667
    $3k-4k 3 $1,205,000 $401,667
    $4k-5k 3 $665,000 $221,667

    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

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 50 $7,370,000 $147,400 $2,450 6.99%
    $200k-400k 44 $12,140,000 $275,909 $2,648 6.75%
    $100,000 or less 36 $1,750,000 $48,611 $1,145 7.54%
    $400k-600k 16 $8,000,000 $500,000 $3,278 6.81%
    $600k-1MM 4 $2,930,000 $732,500 $4,215 7.63%
    $1MM+ 2 $2,610,000 $1,305,000 $7,526 7.20%

    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

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $75k-100k 39 $7,135,000 $182,949 $2,041 6.84%
    $50k-75k 33 $4,635,000 $140,455 $2,370 7.11%
    $100k-150k 24 $6,210,000 $258,750 $2,332 6.93%
    $250k+ 18 $8,350,000 $463,889 $3,782 7.23%
    $150k-250k 13 $4,155,000 $319,615 $2,878 7.05%
    $50k or less 13 $1,195,000 $91,923 $2,040 7.32%

    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

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 39 $7,515,000 $192,692 $2,271 6.86%
    30-36% 30 $7,530,000 $251,000 $2,554 7.00%
    <20% 16 $3,790,000 $236,875 $2,074 6.99%
    36% 9 $1,375,000 $152,778 $1,826 8.07%
    37% 7 $2,045,000 $292,143 $2,192 6.89%
    39% 6 $1,820,000 $303,333 $3,276 6.92%
    41% 5 $855,000 $171,000 $1,534 8.35%
    38% 4 $840,000 $210,000 $1,780 7.00%
    44% 4 $1,290,000 $322,500 $3,502 6.70%
    42% 4 $1,310,000 $327,500 $3,533 6.41%
    40% 3 $735,000 $245,000 $2,726 6.46%
    43% 3 $705,000 $235,000 $3,606 6.54%
    47% 2 $410,000 $205,000 $1,802 6.63%
    49% 2 $480,000 $240,000 $4,252 7.94%
    45% 1 $295,000 $295,000 $2,889 6.88%
    48% 1 $115,000 $115,000 $4,197 7.63%

    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

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 134 $30,600,000 $228,358 $2,362 6.99%
    Not applicable 11 $3,025,000 $275,000 $0 7.30%
    Not provided 5 $575,000 $115,000 $3,379 8.18%
    Asian 1 $455,000 $455,000 $4,580 7.50%
    American Indian 1 $145,000 $145,000 $4,575 7.25%

    Approval Rates

    Total approvals of all applications
    96.25%

    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 origination
    97.37%

    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

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    152 $34,800,000 $228,947

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 15 $2,165,000 $144,333 $2,150 6.85%
    40-60% 14 $3,140,000 $224,286 $2,190 6.84%
    60-80% 59 $16,735,000 $283,644 $2,901 6.96%
    80-100% 44 $12,100,000 $275,000 $2,846 6.90%
    Under 20% 20 $660,000 $33,000 $889 7.97%