Lake City Bank Mortgage Rates, Fees & Info

Warsaw, IN

LEI: 8Q77SW3KZ88P3GNX0T60

Tax ID: 35-0458180

5 stars - Updated: 11/17/24 - out of 5 stars, based on 40 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

    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: Indianapolis, Fort Wayne, Bloomington, Warsaw, and Elkhart among others. We have data for 33 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 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.

    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% 11/17/24
    30 Year Conventional Purchase 6.60% 11/17/24
    30 Year Conventional Refi 6.51% 11/17/24
    30 Year Cash-out Refi 6.57% 11/17/24
    15 Year Conventional Purchase 6.44% 11/17/24
    15 Year Conventional Refi 6.15% 11/17/24
    15 Year Cash-out Refi 6.15% 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.

    Lake City Bank Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Lake City Bank. 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

    1,616

    Origination Dollar Volume (All Markets)

    $451,600,000
    Show all (7) awards

    Relative Rate

    Lake City Bank's average 30 year fixed mortgage rate was 8.36%.

    The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

    This yields a difference of 1.88%.

    Relative Fees (Closing Costs)

    Lake City Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $2,793.

    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
    INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 143 $117,935,000 $824,720 $2,808 8.27%
    FORT WAYNE, IN (FHA|USDA|VA) 212 $78,560,000 $370,566 $2,475 8.22%
    BLOOMINGTON, IN (FHA|USDA|VA) 3 $77,885,000 $25,961,667 $0 7.18%
    Warsaw, IN (FHA|USDA|VA) 411 $56,575,000 $137,652 $2,773 8.31%
    ELKHART-GOSHEN, IN (FHA|USDA|VA) 275 $38,615,000 $140,418 $2,699 8.30%
    Outside of Metro Areas 157 $17,895,000 $113,981 $2,669 8.35%
    Plymouth, IN (FHA|USDA|VA) 114 $13,480,000 $118,246 $3,203 8.41%
    SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 93 $11,365,000 $122,204 $2,530 8.50%
    KOKOMO, IN (FHA|USDA|VA) 2 $10,760,000 $5,380,000 $1,986 7.38%
    Kendallville, IN (FHA|USDA|VA) 98 $6,410,000 $65,408 $2,305 8.46%
    Angola, IN (FHA|USDA|VA) 14 $4,340,000 $310,000 $3,283 7.97%
    MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) 4 $3,220,000 $805,000 $1,628 6.86%
    Auburn, IN (FHA|USDA|VA) 23 $2,165,000 $94,130 $2,262 8.37%
    Sturgis, MI (FHA|USDA|VA) 8 $2,060,000 $257,500 $3,245 7.67%
    Huntington, IN (FHA|USDA|VA) 17 $1,695,000 $99,706 $2,270 7.95%
    PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 1 $1,695,000 $1,695,000 $7,816 6.75%
    ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $1,085,000 $1,085,000 $8,065 6.75%
    Wabash, IN (FHA|USDA|VA) 12 $1,050,000 $87,500 $2,646 8.56%
    North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $1,005,000 $1,005,000 $0 7.00%
    NILES, MI (FHA|USDA|VA) 2 $840,000 $420,000 $0 8.75%
    GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 1 $525,000 $525,000 $3,873 6.75%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $425,000 $425,000 $5,001 6.50%
    TOLEDO, OH (FHA|USDA|VA) 2 $390,000 $195,000 $0 8.25%
    Bluffton, IN (FHA|USDA|VA) 6 $380,000 $63,333 $0 8.29%
    Van Wert, OH (FHA|USDA|VA) 1 $355,000 $355,000 $0 8.50%
    Marion, IN (FHA|USDA|VA) 2 $270,000 $135,000 $0 7.38%
    LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) 2 $250,000 $125,000 $2,356 7.63%
    Peru, IN (FHA|USDA|VA) 4 $140,000 $35,000 $0 9.00%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 1 $95,000 $95,000 $0 8.75%
    Decatur, IN (FHA|USDA|VA) 2 $80,000 $40,000 $0 8.50%
    Logansport, IN (FHA|USDA|VA) 1 $25,000 $25,000 $0 12.75%
    New Castle, IN (FHA|USDA|VA) 1 $15,000 $15,000 $0 9.75%
    DECATUR, IL (FHA|USDA|VA) 1 $15,000 $15,000 $0 10.50%
    Lake City Bank's top markets include Indianapolis, Fort Wayne, Bloomington, Warsaw, and Elkhart among others.

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

    First State Bank of Middlebury
    Similarity Rank: 99
    Crossroads Bank
    Similarity Rank: 119
    Circle Federal Credit Union
    Similarity Rank: 152
    ProFed Federal Credit Union
    Similarity Rank: 285
    Fire Police City County Federal Credit Union
    Similarity Rank: 336
    OAK MORTGAGE, LLC
    Similarity Rank: 396
    INOVA FEDERAL CREDIT UNION
    Similarity Rank: 400
    BEACON CREDIT UNION
    Similarity Rank: 420
    Mutual Savings Bank
    Similarity Rank: 460
    Greenfield Banking Company
    Similarity Rank: 581

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 1,383 $153,245,000 $110,806 n/a 8.57%
    Conventional 233 $298,355,000 $1,280,494 $2,774 6.79%

    For 2023, Lake City Bank's most frequently originated type of loan was HELOC, with 1,383 originations. Their 2nd most popular type was Conventional, with 233 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Other 608 $57,930,000 $95,280 $2,742 8.59%
    Refi 517 $145,805,000 $282,021 $2,456 8.40%
    Cash Out Refi 292 $47,190,000 $161,610 $2,630 8.41%
    Home Purchase 180 $198,560,000 $1,103,111 $2,806 6.94%
    Home Improvement 19 $2,115,000 $111,316 $0 8.59%

    For 2023, Lake City Bank's most frequently cited loan purpose was Other, with 608 originations. The 2nd most popular reason was Refi, with 517 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 1,535 $198,155,000 $129,091 $2,793 8.36%
    Other 27 $91,035,000 $3,371,667 $0 7.50%
    5 Year 20 $111,990,000 $5,599,500 $0 8.17%
    10 Year 14 $6,620,000 $472,857 $2,394 6.94%
    15 Year 13 $2,435,000 $187,308 $2,439 6.80%
    1 Year 3 $16,605,000 $5,535,000 $0 8.27%
    20 Year 3 $725,000 $241,667 $3,308 6.75%
    3 Year 1 $24,035,000 $24,035,000 $0 6.05%

    For 2023, Lake City Bank's most frequently cited loan duration was 30 Year, with 1,535 originations. The 2nd most popular length was Other, with 27 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 149 $48,215,000 $323,591
    $<1k 15 $3,835,000 $255,667
    $2k-3k 7 $2,005,000 $286,429
    $3k-4k 5 $1,985,000 $397,000
    $4k-5k 3 $1,745,000 $581,667

    Lake City Bank's average total fees were $2,793, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 149 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    Over 8% 1,151 $130,625,000 $113,488
    7-8% 309 $235,715,000 $762,832
    6-7% 132 $69,690,000 $527,955
    5-6% 18 $10,050,000 $558,333
    4-5% 3 $5,085,000 $1,695,000
    2.5-3% 2 $270,000 $135,000
    <2.5% 1 $165,000 $165,000

    During 2023, Lake City Bank's average interest rate for loans was 8.36%, while their most frequently originated rate bucket for loans was Over 8%, with 1,151 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 950 $45,650,000 $48,053 $2,251 8.52%
    $100k-200k 349 $46,985,000 $134,628 $2,231 8.18%
    $200k-400k 206 $55,880,000 $271,262 $2,858 8.02%
    $400k-600k 53 $25,865,000 $488,019 $3,329 7.52%
    $1MM+ 34 $260,640,000 $7,665,882 $5,230 7.11%
    $600k-1MM 24 $16,580,000 $690,833 $2,720 7.69%

    2023 saw Lake City Bank place emphasis on $100,000 or less loans with 950 originations, totaling $45,650,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 326 $37,570,000 $115,245 $3,046 8.45%
    $50k-75k 314 $21,540,000 $68,599 $2,403 8.37%
    $75k-100k 298 $27,700,000 $92,953 $2,601 8.39%
    $150k-250k 234 $42,270,000 $180,641 $3,085 8.31%
    $50k or less 194 $11,160,000 $57,526 $2,117 8.21%
    $250k+ 151 $57,825,000 $382,947 $3,827 8.14%

    Lake City Bank lent most frequently to those with incomes in the $100k-150k range, with 326 originations. The second most popular income band? $50k-75k, with 314 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    <20% 503 $53,835,000 $107,028 $3,166 8.37%
    20-30% 409 $47,835,000 $116,956 $2,761 8.33%
    30-36% 267 $36,945,000 $138,371 $2,605 8.29%
    41% 84 $12,970,000 $154,405 $3,392 8.42%
    42% 52 $7,630,000 $146,731 $2,893 8.56%
    38% 45 $5,175,000 $115,000 $2,455 8.50%
    36% 44 $5,220,000 $118,636 $2,357 8.49%
    40% 43 $4,965,000 $115,465 $2,293 8.57%
    37% 39 $5,605,000 $143,718 $2,875 8.28%
    39% 36 $5,350,000 $148,611 $2,616 8.48%
    >60% 8 $6,360,000 $795,000 $3,113 6.63%
    43% 7 $2,625,000 $375,000 $2,999 7.25%
    44% 4 $610,000 $152,500 $2,828 7.16%
    47% 4 $2,320,000 $580,000 $2,560 6.34%
    50-60% 4 $2,540,000 $635,000 $2,627 6.31%
    45% 2 $480,000 $240,000 $2,281 6.44%
    48% 1 $605,000 $605,000 $0 8.75%
    49% 1 $125,000 $125,000 $0 7.75%
    46% 1 $345,000 $345,000 $2,677 6.50%

    Lake City Bank lent most frequently to those with DTI ratios of <20%, with 503 originations. The next most common DTI ratio? 20-30%, with 409 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 52 $247,300,000 $4,755,769 $0 7.56%
    White 1,454 $181,410,000 $124,766 $2,794 8.34%
    Not provided 88 $18,640,000 $211,818 $3,449 8.41%
    Black 14 $1,740,000 $124,286 $1,781 7.54%
    Asian 3 $1,545,000 $515,000 $0 9.00%
    American Indian 5 $965,000 $193,000 $3,046 7.33%

    Approval Rates

    Total approvals of all applications
    90.20%

    Lake City Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    89.85%

    Lake City Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,616 $451,600,000 $279,455

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,616 $451,600,000 $279,455

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 497 $57,745,000 $116,187 $2,658 8.52%
    40-60% 219 $97,775,000 $446,461 $2,814 8.29%
    60-80% 201 $149,525,000 $743,905 $3,115 7.84%
    80-100% 129 $119,325,000 $925,000 $2,617 7.11%
    Under 20% 567 $26,825,000 $47,310 $2,375 8.57%