First State Bank Of Middlebury Mortgage Rates, Fees & Info

Middlebury, IN

LEI: 549300ZLAWM1M5QAJH43

Tax ID: 35-0310540

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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • 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 and Refi 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 9 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 about average 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% 11/21/24
    30 Year Conventional Refi 7.52% 11/21/24
    30 Year Cash-out Refi 6.77% 11/21/24
    15 Year Conventional Purchase 7.13% 11/21/24
    15 Year Conventional Refi 6.29% 11/21/24
    15 Year Cash-out Refi 6.29% 11/21/24
    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

    326

    Origination Dollar Volume (All Markets)

    $69,650,000

    Awards

    First State Bank of Middlebury 30 Year Conventional Loans gold First State Bank of Middlebury 30 Year Conventional Loans silver First State Bank of Middlebury 30 Year Conventional Loans silver First State Bank of Middlebury 30 Year Conventional Loans silver
    Show all (4) awards

    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) 230 $47,260,000 $205,478 $2,537 4.79%
    SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 48 $9,380,000 $195,417 $3,653 5.14%
    Outside of Metro Areas 25 $7,645,000 $305,800 $1,917 4.41%
    Warsaw, IN (FHA|USDA|VA) 12 $2,860,000 $238,333 $2,455 5.17%
    Sturgis, MI (FHA|USDA|VA) 4 $1,280,000 $320,000 $2,636 5.22%
    Kendallville, IN (FHA|USDA|VA) 3 $545,000 $181,667 $2,254 4.50%
    Plymouth, IN (FHA|USDA|VA) 2 $320,000 $160,000 $1,274 4.88%
    NILES, MI (FHA|USDA|VA) 1 $245,000 $245,000 $2,661 4.88%
    MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) 1 $115,000 $115,000 $0 5.20%
    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)
  • Missouri (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: 92
    Farmers State Bank
    Similarity Rank: 136
    OMNI Community Credit Union
    Similarity Rank: 144
    CONSUMERS
    Similarity Rank: 210
    Circle Federal Credit Union
    Similarity Rank: 558
    First State Bank of Middlebury
    Similarity Rank: 603
    Honor Credit Union
    Similarity Rank: 732
    Lake City Bank
    Similarity Rank: 760
    OAK MORTGAGE, LLC
    Similarity Rank: 816
    INTERRA CREDIT UNION
    Similarity Rank: 1020

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 326 $69,650,000 $213,650 $2,583 4.83%

    For 2022, First State Bank Of Middlebury's most frequently originated type of loan was Conventional, with 326 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 205 $43,965,000 $214,463 $2,750 5.09%
    Refi 74 $15,580,000 $210,541 $2,091 4.47%
    Cash Out Refi 22 $3,720,000 $169,091 $3,489 3.80%
    Other 21 $5,795,000 $275,952 $1,835 4.62%
    Home Improvement 4 $590,000 $147,500 $3,060 5.19%

    For 2022, First State Bank Of Middlebury's most frequently cited loan purpose was Home Purchase, with 205 originations. The 2nd most popular reason was Refi, with 74 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 168 $42,670,000 $253,988 $2,925 4.79%
    15 Year 75 $11,105,000 $148,067 $1,630 4.68%
    20 Year 51 $8,745,000 $171,471 $2,066 5.14%
    30+ year 11 $3,935,000 $357,727 $5,059 5.45%
    1 Year 10 $1,930,000 $193,000 $936 5.01%
    10 Year 8 $340,000 $42,500 $1,535 3.95%
    Other 3 $925,000 $308,333 $5,066 4.79%

    For 2022, First State Bank Of Middlebury's most frequently cited loan duration was 30 Year, with 168 originations. The 2nd most popular length was 15 Year, with 75 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 166 $36,180,000 $217,952
    $1k-2k 39 $6,375,000 $163,462
    $2k-3k 37 $11,495,000 $310,676
    $3k-4k 8 $1,650,000 $206,250
    $5k+ 8 $3,030,000 $378,750
    $4k-5k 4 $1,040,000 $260,000

    First State Bank Of Middlebury's average total fees were $2,925, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 166 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 102 $22,320,000 $218,824
    3-4% 96 $22,250,000 $231,771
    4-5% 67 $14,325,000 $213,806
    6-7% 34 $5,310,000 $156,176
    7-8% 13 $2,215,000 $170,385
    2.5-3% 11 $2,445,000 $222,273
    Over 8% 1 $265,000 $265,000
    <2.5% 1 $395,000 $395,000

    During 2022, First State Bank Of Middlebury's average interest rate for loans was 4.79%, while their most frequently originated rate bucket for loans was 5-6%, with 102 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 110 $30,330,000 $275,727 $2,903 4.60%
    $100k-200k 102 $15,540,000 $152,353 $2,374 4.86%
    $100,000 or less 79 $4,515,000 $57,152 $1,265 5.14%
    $400k-600k 29 $13,745,000 $473,966 $3,963 4.87%
    $600k-1MM 4 $2,480,000 $620,000 $5,459 3.79%
    $1MM+ 2 $3,040,000 $1,520,000 $5,365 5.59%

    2022 saw First State Bank Of Middlebury place emphasis on $200k-400k loans with 110 originations, totaling $30,330,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 74 $13,290,000 $179,595 $2,272 4.66%
    $75k-100k 67 $15,175,000 $226,493 $2,403 4.54%
    $100k-150k 55 $14,115,000 $256,636 $3,096 4.82%
    $50k or less 35 $4,125,000 $117,857 $1,873 4.59%
    $150k-250k 31 $6,385,000 $205,968 $2,856 4.78%
    $250k+ 24 $9,930,000 $413,750 $4,024 5.00%

    First State Bank Of Middlebury lent most frequently to those with incomes in the $50k-75k range, with 74 originations. The second most popular income band? $75k-100k, with 67 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 85 $16,795,000 $197,588 $2,489 4.63%
    30-36% 56 $13,900,000 $248,214 $2,952 4.71%
    <20% 49 $10,985,000 $224,184 $2,510 4.40%
    40% 17 $3,535,000 $207,941 $2,225 5.59%
    38% 15 $3,805,000 $253,667 $3,751 4.74%
    41% 12 $2,410,000 $200,833 $2,214 5.36%
    39% 9 $2,425,000 $269,444 $2,044 4.15%
    37% 8 $2,050,000 $256,250 $2,657 4.16%
    42% 7 $1,135,000 $162,143 $1,742 4.64%
    43% 6 $1,590,000 $265,000 $2,527 4.65%
    36% 5 $1,205,000 $241,000 $1,823 4.90%
    44% 3 $305,000 $101,667 $1,490 4.54%
    49% 3 $515,000 $171,667 $1,975 4.21%
    45% 2 $310,000 $155,000 $1,935 3.94%
    50-60% 1 $45,000 $45,000 $1,899 4.75%
    46% 1 $205,000 $205,000 $3,043 5.63%
    47% 1 $235,000 $235,000 $7,867 4.13%
    48% 1 $455,000 $455,000 $5,243 5.75%

    First State Bank Of Middlebury lent most frequently to those with DTI ratios of 20-30%, with 85 originations. The next most common DTI ratio? 30-36%, with 56 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 275 $62,435,000 $227,036 $2,612 4.65%
    Not applicable 38 $5,900,000 $155,263 $0 5.85%
    Not provided 9 $875,000 $97,222 $1,926 5.71%
    Black 2 $200,000 $100,000 $1,416 6.00%
    Asian 1 $195,000 $195,000 $3,918 6.13%
    American Indian 1 $45,000 $45,000 $1,565 3.25%

    Approval Rates

    Total approvals of all applications
    96.05%

    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
    96.93%

    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 326 $69,650,000 $213,650

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    326 $69,650,000 $213,650

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 23 $4,185,000 $181,957 $1,902 4.17%
    40-60% 44 $10,140,000 $230,455 $2,258 4.18%
    60-80% 119 $25,015,000 $210,210 $2,754 4.80%
    80-100% 92 $25,810,000 $280,543 $3,396 5.03%
    Over 100% 2 $600,000 $300,000 $2,297 6.02%
    Under 20% 46 $3,900,000 $84,783 $936 5.41%

    Complaints

    Bank Name Product Issue 2022 CPFB Complaints % of Total Issues
    FIRST CITIZENS BANCSHARES, INC. Home equity loan or line of credit (HELOC) Applying for a mortgage or refinancing an existing mortgage 1 100.0%