Lake City Bank Mortgage Rates, Fees & Info

Warsaw, IN

LEI: 8Q77SW3KZ88P3GNX0T60

Tax ID: 35-0458180

5 stars - out of 5 stars, based on 46 reviews

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

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Mortgage Data

  • SimulatedRates™
  • 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

    Lake City Bank is a smaller bank specializing in Refi and Home Purchase loans. Lake City Bank has a high proportion of conventional loans. Their top markets by origination volume include: Fort Wayne, Warsaw, Elkhart, Indianapolis, and South Bend among others. We have data for 38 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Lake City Bank has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Lake City Bank 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.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.


    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    Home Equity Line of Credit (HELOC) 6.27% 3/24/23
    30 Year Conventional Purchase 6.60% 3/24/23
    30 Year Conventional Refi 6.51% 3/24/23
    30 Year Cash-out Refi 6.57% 3/24/23
    15 Year Conventional Purchase 6.44% 3/24/23
    15 Year Conventional Refi 6.15% 3/24/23
    15 Year Cash-out Refi 6.15% 3/24/23
    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.


    Originations

    2,133

    Origination Dollar Volume (All Markets)

    $453,475,000
    Show all (5) awards

    Relative Rate

    Lake City Bank's average 30 year fixed mortgage rate was 5.06%.

    The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.

    This yields a difference of 0.3%.

    Relative Fees (Closing Costs)

    Lake City Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $2,841.

    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 $4,750.

    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
    FORT WAYNE, IN (FHA|USDA|VA) 314 $122,340,000 $389,618 $2,739 4.93%
    Warsaw, IN (FHA|USDA|VA) 439 $67,295,000 $153,292 $3,115 5.01%
    ELKHART-GOSHEN, IN (FHA|USDA|VA) 340 $49,780,000 $146,412 $2,939 5.03%
    INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 248 $49,560,000 $199,839 $3,351 5.15%
    SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 154 $37,260,000 $241,948 $4,100 4.88%
    MUNCIE, IN (FHA|USDA|VA) 2 $37,090,000 $18,545,000 $0 4.63%
    Outside of Metro Areas 196 $24,980,000 $127,449 $2,779 5.22%
    Plymouth, IN (FHA|USDA|VA) 152 $17,190,000 $113,092 $3,046 4.98%
    Kendallville, IN (FHA|USDA|VA) 133 $11,565,000 $86,955 $2,660 4.93%
    MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) 6 $8,620,000 $1,436,667 $3,136 4.14%
    Wabash, IN (FHA|USDA|VA) 26 $3,750,000 $144,231 $2,684 4.98%
    Vincennes, IN (FHA|USDA|VA) 1 $3,285,000 $3,285,000 $0 5.73%
    Auburn, IN (FHA|USDA|VA) 28 $2,700,000 $96,429 $2,812 5.17%
    Angola, IN (FHA|USDA|VA) 11 $2,345,000 $213,182 $3,476 5.05%
    ST. LOUIS, MO-IL (FHA|USDA|VA) 2 $2,190,000 $1,095,000 $0 5.00%
    NILES, MI (FHA|USDA|VA) 9 $1,955,000 $217,222 $3,227 4.69%
    Sturgis, MI (FHA|USDA|VA) 12 $1,330,000 $110,833 $2,497 5.05%
    Alexander City, AL (FHA|USDA|VA) 1 $1,205,000 $1,205,000 $3,894 4.38%
    PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 1 $1,105,000 $1,105,000 $4,179 3.63%
    Peru, IN (FHA|USDA|VA) 13 $1,065,000 $81,923 $1,855 5.33%
    CINCINNATI, OH-KY-IN (FHA|USDA|VA) 2 $920,000 $460,000 $3,625 4.88%
    Huntington, IN (FHA|USDA|VA) 14 $800,000 $57,143 $2,573 4.63%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 7 $745,000 $106,429 $2,983 4.54%
    Coldwater, MI (FHA|USDA|VA) 1 $725,000 $725,000 $0 3.75%
    TOLEDO, OH (FHA|USDA|VA) 1 $455,000 $455,000 $0 7.25%
    Traverse City, MI (FHA|USDA|VA) 1 $455,000 $455,000 $3,199 4.75%
    Van Wert, OH (FHA|USDA|VA) 2 $360,000 $180,000 $0 5.00%
    Logansport, IN (FHA|USDA|VA) 4 $330,000 $82,500 $2,613 4.34%
    PUNTA GORDA, FL (FHA|USDA|VA) 1 $305,000 $305,000 $3,748 3.50%
    Crawfordsville, IN (FHA|USDA|VA) 2 $280,000 $140,000 $2,629 5.25%
    GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 1 $255,000 $255,000 $0 3.50%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $245,000 $245,000 $4,190 3.00%
    Defiance, OH (FHA|USDA|VA) 3 $245,000 $81,667 $2,748 4.21%
    BLOOMINGTON, IN (FHA|USDA|VA) 1 $225,000 $225,000 $0 3.50%
    Bluffton, IN (FHA|USDA|VA) 1 $205,000 $205,000 $0 4.25%
    LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) 1 $155,000 $155,000 $0 7.25%
    North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $85,000 $85,000 $0 5.50%
    Marion, IN (FHA|USDA|VA) 1 $75,000 $75,000 $2,493 3.00%
    Lake City Bank's top markets include Fort Wayne, Warsaw, Elkhart, Indianapolis, and South Bend among others.

    Their top states include:
  • Indiana (FHA|USDA|VA)
  • Michigan (FHA|USDA|VA)
  • Missouri (FHA|USDA|VA)
  • Ohio (FHA|USDA|VA)
  • Alabama (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against Lake City Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Chiphone Federal Credit Union
    Similarity Rank: 74
    Mutual Savings Bank
    Similarity Rank: 176
    BEACON CREDIT UNION
    Similarity Rank: 248
    Fire Police City County Federal Credit Union
    Similarity Rank: 316
    The Riddell National Bank
    Similarity Rank: 378
    Crossroads Bank
    Similarity Rank: 420
    Independent Federal Credit Union
    Similarity Rank: 420
    Circle Federal Credit Union
    Similarity Rank: 504
    ProFed Federal Credit Union
    Similarity Rank: 608
    Madison County Federal Credit Union
    Similarity Rank: 672

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 1,708 $211,680,000 $123,934 n/a 5.13%
    Conventional 425 $241,795,000 $568,929 $3,048 4.53%

    For 2022, Lake City Bank's most frequently originated type of loan was HELOC, with 1,708 originations. Their 2nd most popular type was Conventional, with 425 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Other 794 $78,120,000 $98,388 $3,479 5.19%
    Refi 583 $158,845,000 $272,461 $2,400 4.98%
    Cash Out Refi 446 $78,000,000 $174,888 $3,010 4.89%
    Home Purchase 261 $132,165,000 $506,379 $3,148 4.68%
    Home Improvement 47 $6,265,000 $133,298 $0 5.36%
    NA 2 $80,000 $40,000 $0 6.13%

    For 2022, Lake City Bank's most frequently cited loan purpose was Other, with 794 originations. The 2nd most popular reason was Refi, with 583 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 1,934 $249,290,000 $128,899 $2,841 5.06%
    15 Year 78 $15,170,000 $194,487 $2,538 4.01%
    Other 36 $92,460,000 $2,568,333 $0 4.92%
    5 Year 31 $58,075,000 $1,873,387 $0 5.26%
    30+ year 22 $21,930,000 $996,818 $7,488 4.16%
    20 Year 18 $2,700,000 $150,000 $2,553 4.22%
    10 Year 8 $11,740,000 $1,467,500 $0 5.46%
    1 Year 5 $1,665,000 $333,000 $0 5.61%
    3 Year 1 $445,000 $445,000 $0 7.00%

    For 2022, Lake City Bank's most frequently cited loan duration was 30 Year, with 1,934 originations. The 2nd most popular length was 15 Year, with 78 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 238 $71,440,000 $300,168
    $1k-2k 70 $11,390,000 $162,714
    $3k-4k 25 $7,015,000 $280,600
    $2k-3k 20 $5,630,000 $281,500
    $5k+ 8 $10,830,000 $1,353,750
    $4k-5k 2 $1,120,000 $560,000

    Lake City Bank's average total fees were $2,841, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 238 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 640 $165,440,000 $258,500
    4-5% 580 $113,950,000 $196,466
    5-6% 405 $105,835,000 $261,321
    6-7% 219 $28,765,000 $131,347
    7-8% 214 $25,290,000 $118,178
    2.5-3% 40 $10,900,000 $272,500
    Over 8% 31 $2,475,000 $79,839
    <2.5% 4 $820,000 $205,000

    During 2022, Lake City Bank's average interest rate for loans was 5.06%, while their most frequently originated rate bucket for loans was 3-4%, with 640 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 1,177 $55,055,000 $46,776 $2,379 5.15%
    $100k-200k 479 $65,845,000 $137,463 $2,665 4.94%
    $200k-400k 311 $81,695,000 $262,685 $3,013 4.78%
    $400k-600k 75 $35,345,000 $471,267 $3,791 4.95%
    $600k-1MM 50 $35,510,000 $710,200 $3,778 4.53%
    $1MM+ 41 $180,025,000 $4,390,854 $6,700 4.38%

    2022 saw Lake City Bank place emphasis on $100,000 or less loans with 1,177 originations, totaling $55,055,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 439 $49,325,000 $112,358 $3,308 5.10%
    $50k-75k 389 $30,795,000 $79,165 $2,728 4.98%
    $75k-100k 377 $40,625,000 $107,759 $2,808 4.96%
    $150k-250k 305 $56,155,000 $184,115 $3,023 5.11%
    $50k or less 264 $15,810,000 $59,886 $2,296 4.89%
    $250k+ 228 $90,010,000 $394,781 $4,701 4.95%

    Lake City Bank lent most frequently to those with incomes in the $100k-150k range, with 439 originations. The second most popular income band? $50k-75k, with 389 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    <20% 626 $75,740,000 $120,990 $3,157 4.97%
    20-30% 588 $71,210,000 $121,105 $2,809 4.94%
    30-36% 347 $49,805,000 $143,530 $2,838 5.06%
    41% 108 $14,140,000 $130,926 $3,378 5.11%
    39% 58 $15,650,000 $269,828 $4,126 4.82%
    42% 56 $11,580,000 $206,786 $2,852 5.08%
    40% 54 $5,900,000 $109,259 $2,452 5.10%
    38% 52 $7,610,000 $146,346 $3,025 5.38%
    37% 49 $8,445,000 $172,347 $3,317 5.38%
    36% 49 $8,355,000 $170,510 $3,988 5.31%
    43% 14 $3,260,000 $232,857 $2,756 4.47%
    50-60% 12 $4,230,000 $352,500 $2,848 4.76%
    45% 10 $1,770,000 $177,000 $3,419 4.46%
    >60% 5 $3,115,000 $623,000 $3,669 4.40%
    46% 4 $1,660,000 $415,000 $3,110 3.59%
    49% 4 $1,690,000 $422,500 $6,070 4.13%
    44% 4 $1,160,000 $290,000 $4,421 5.72%
    47% 3 $615,000 $205,000 $2,610 4.33%
    48% 3 $945,000 $315,000 $2,744 3.67%

    Lake City Bank lent most frequently to those with DTI ratios of <20%, with 626 originations. The next most common DTI ratio? 20-30%, with 588 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,864 $255,190,000 $136,905 $3,036 5.01%
    Not applicable 69 $162,555,000 $2,355,870 $0 5.24%
    Not provided 143 $25,205,000 $176,259 $3,276 5.03%
    Asian 20 $4,600,000 $230,000 $3,824 4.82%
    Black 29 $4,125,000 $142,241 $2,684 5.04%
    American Indian 4 $680,000 $170,000 $2,755 4.31%
    Other Asian 1 $505,000 $505,000 $2,684 3.63%
    Asian Indian 1 $295,000 $295,000 $2,100 2.50%
    Chinese 1 $285,000 $285,000 $3,124 5.38%
    Filipino 1 $35,000 $35,000 $0 6.75%

    Approval Rates

    Total approvals of all applications
    92.55%

    Lake City Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    81.90%

    Lake City Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 2,133 $453,475,000 $212,600

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    2,133 $453,475,000 $212,600

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 600 $65,550,000 $109,250 $2,407 5.07%
    40-60% 304 $72,080,000 $237,105 $2,945 4.78%
    60-80% 294 $163,800,000 $557,143 $3,398 4.76%
    80-100% 197 $60,945,000 $309,365 $2,994 4.83%
    Over 100% 5 $46,305,000 $9,261,000 $0 5.20%
    Under 20% 723 $39,525,000 $54,668 $2,557 5.21%