Star Financial Bank Mortgage Rates, Fees & Info

Fort Wayne, IN

LEI: LBIZXW7X2N50PETIH863

Tax ID: 35-1719464

5 stars - Updated: 7/14/24 - out of 5 stars, based on 31 reviews

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

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Mortgage Data

Review & Overview

Star Financial Bank is a smaller bank specializing in Home Improvement, Cash Out Refi, and Home Purchase loans. Star Financial Bank has a high proportion of conventional loans. Their top markets by origination volume include: Indianapolis, Fort Wayne, Muncie, Marion, and New Castle among others. We have data for 36 markets. (Some data included below & more in-depth data is available with an active subscription.)

Star Financial Bank has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Star Financial 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) 5.95% 7/14/24
30 Year Conventional Purchase 6.76% 7/14/24
30 Year Conventional Refi 6.64% 7/14/24
30 Year Cash-out Refi 6.73% 7/14/24
30 Year FHA Purchase 6.27% 7/14/24
30 Year VA Purchase 6.27% 7/14/24
30 Year USDA Purchase 6.27% 7/14/24
15 Year Conventional Purchase 6.37% 7/14/24
15 Year Conventional Refi 6.21% 7/14/24
15 Year Cash-out Refi 6.21% 7/14/24
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.

Star Financial Bank Mortgage Calculator






Your Estimates

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

This is not an official calculator from Star Financial 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

968

Origination Dollar Volume (All Markets)

$137,040,000
Show all (6) awards

Relative Rate

Star Financial Bank's average 30 year fixed mortgage rate was 6.34%.

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

This yields a difference of -0.14%.

Relative Fees (Closing Costs)

Star Financial Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $3,094.

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) 334 $56,920,000 $170,419 $2,961 6.71%
FORT WAYNE, IN (FHA|USDA|VA) 210 $30,700,000 $146,190 $2,969 6.67%
MUNCIE, IN (FHA|USDA|VA) 74 $8,850,000 $119,595 $3,552 7.07%
Marion, IN (FHA|USDA|VA) 84 $6,850,000 $81,548 $2,154 6.92%
New Castle, IN (FHA|USDA|VA) 57 $5,255,000 $92,193 $2,435 7.09%
KOKOMO, IN (FHA|USDA|VA) 48 $4,060,000 $84,583 $2,632 6.56%
Outside of Metro Areas 48 $3,880,000 $80,833 $2,025 6.79%
Kendallville, IN (FHA|USDA|VA) 18 $3,670,000 $203,889 $3,498 6.91%
Warsaw, IN (FHA|USDA|VA) 15 $2,765,000 $184,333 $3,690 6.45%
Auburn, IN (FHA|USDA|VA) 10 $2,660,000 $266,000 $4,327 6.27%
Angola, IN (FHA|USDA|VA) 25 $2,085,000 $83,400 $1,774 7.28%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 2 $950,000 $475,000 $3,855 5.44%
Huntington, IN (FHA|USDA|VA) 7 $915,000 $130,714 $3,421 6.74%
COLUMBUS, OH (FHA|USDA|VA) 2 $730,000 $365,000 $6,191 5.77%
Heber, UT (FHA|USDA|VA) 1 $675,000 $675,000 $4,105 5.25%
Logansport, IN (FHA|USDA|VA) 5 $555,000 $111,000 $3,437 6.48%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $505,000 $505,000 $0 5.79%
Wabash, IN (FHA|USDA|VA) 5 $475,000 $95,000 $1,516 7.27%
MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) 1 $465,000 $465,000 $6,262 5.75%
AKRON, OH (FHA|USDA|VA) 1 $425,000 $425,000 $3,118 6.00%
North Vernon, IN (FHA|USDA|VA) 1 $425,000 $425,000 $5,097 6.00%
Bluffton, IN (FHA|USDA|VA) 3 $375,000 $125,000 $2,757 6.85%
EVANSVILLE, IN-KY (FHA|USDA|VA) 1 $365,000 $365,000 $2,166 6.25%
GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 1 $305,000 $305,000 $3,788 6.00%
LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) 2 $300,000 $150,000 $2,898 6.33%
Seymour, IN (FHA|USDA|VA) 1 $295,000 $295,000 $2,807 6.75%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 1 $255,000 $255,000 $0 5.79%
Fremont, OH (FHA|USDA|VA) 1 $245,000 $245,000 $6,219 5.75%
TOLEDO, OH (FHA|USDA|VA) 1 $215,000 $215,000 $3,022 7.13%
ASHEVILLE, NC (FHA|USDA|VA) 1 $205,000 $205,000 $5,502 5.25%
Richmond, IN (FHA|USDA|VA) 2 $190,000 $95,000 $2,470 6.63%
DAYTON-KETTERING, OH (FHA|USDA|VA) 1 $155,000 $155,000 $3,752 6.75%
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 1 $125,000 $125,000 $2,052 5.75%
Greenville, OH (FHA|USDA|VA) 1 $85,000 $85,000 $0 8.00%
SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 1 $55,000 $55,000 $243 7.35%
Hillsdale, MI (FHA|USDA|VA) 1 $55,000 $55,000 $0 5.79%
Star Financial Bank's top markets include Indianapolis, Fort Wayne, Muncie, Marion, and New Castle among others.

Their top states include:
  • Indiana (FHA|USDA|VA)
  • Ohio (FHA|USDA|VA)
  • Utah (FHA|USDA|VA)
  • Michigan (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Similar Lenders

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

    Crossroads Bank
    Similarity Rank: 85
    Security Federal Savings Bank
    Similarity Rank: 96
    Citizens State Bank of New Castle
    Similarity Rank: 112
    ProFed Federal Credit Union
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    BEACON CREDIT UNION
    Similarity Rank: 420
    Mutual Savings Bank
    Similarity Rank: 460
    Greenfield Banking Company
    Similarity Rank: 581
    First Federal Bank of the Midwest
    Similarity Rank: 582

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 666 $58,960,000 $88,529 n/a 6.92%
    Conventional 302 $78,080,000 $258,543 $2,953 6.42%

    For 2023, Star Financial Bank's most frequently originated type of loan was HELOC, with 666 originations. Their 2nd most popular type was Conventional, with 302 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 373 $32,445,000 $86,984 $0 6.94%
    Cash Out Refi 341 $34,965,000 $102,537 $2,021 6.81%
    Home Purchase 200 $63,290,000 $316,450 $3,394 6.36%
    Refi 53 $6,155,000 $116,132 $2,815 6.76%
    Other 1 $185,000 $185,000 $0 5.79%

    For 2023, Star Financial Bank's most frequently cited loan purpose was Home Improvement, with 373 originations. The 2nd most popular reason was Cash Out Refi, with 341 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    10 Year 706 $61,550,000 $87,181 $697 6.93%
    30 Year 209 $51,385,000 $245,861 $3,094 6.34%
    30+ year 29 $20,375,000 $702,586 $5,481 6.04%
    15 Year 10 $1,050,000 $105,000 $2,708 6.48%
    20 Year 9 $1,945,000 $216,111 $2,907 6.29%
    5 Year 4 $680,000 $170,000 $243 7.26%
    Other 1 $55,000 $55,000 $2,580 6.38%

    For 2023, Star Financial Bank's most frequently cited loan duration was 10 Year, with 706 originations. The 2nd most popular length was 30 Year, with 209 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 140 $27,880,000 $199,143
    $1k-2k 110 $33,380,000 $303,455
    $2k-3k 30 $10,980,000 $366,000
    $3k-4k 15 $3,585,000 $239,000
    $4k-5k 3 $645,000 $215,000
    $5k+ 3 $1,585,000 $528,333

    Star Financial Bank's average total fees were $3,094, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 140 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 416 $69,520,000 $167,115
    Over 8% 258 $17,280,000 $66,977
    7-8% 122 $14,990,000 $122,869
    6-7% 116 $26,630,000 $229,569
    3-4% 52 $7,040,000 $135,385
    4-5% 4 $1,580,000 $395,000

    During 2023, Star Financial Bank's average interest rate for loans was 6.34%, while their most frequently originated rate bucket for loans was 5-6%, with 416 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 576 $28,030,000 $48,663 $1,807 7.05%
    $100k-200k 197 $27,185,000 $137,995 $2,692 6.50%
    $200k-400k 125 $33,875,000 $271,000 $3,385 6.33%
    $400k-600k 45 $22,205,000 $493,444 $4,678 6.00%
    $600k-1MM 16 $11,610,000 $725,625 $4,317 5.85%
    $1MM+ 9 $14,135,000 $1,570,556 $5,612 6.04%

    2023 saw Star Financial Bank place emphasis on $100,000 or less loans with 576 originations, totaling $28,030,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 201 $15,495,000 $77,090 $2,402 7.02%
    $100k-150k 177 $21,345,000 $120,593 $3,151 6.78%
    $75k-100k 165 $14,525,000 $88,030 $2,837 6.88%
    $50k or less 159 $8,745,000 $55,000 $2,093 7.07%
    $150k-250k 125 $27,035,000 $216,280 $3,536 6.23%
    $250k+ 111 $45,775,000 $412,387 $4,364 6.30%

    Star Financial Bank lent most frequently to those with incomes in the $50k-75k range, with 201 originations. The second most popular income band? $100k-150k, with 177 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 293 $35,625,000 $121,587 $2,837 6.73%
    30-36% 200 $29,850,000 $149,250 $2,714 6.63%
    <20% 142 $19,890,000 $140,070 $2,774 6.64%
    42% 64 $10,850,000 $169,531 $3,693 6.91%
    38% 45 $7,635,000 $169,667 $3,485 6.88%
    36% 38 $3,340,000 $87,895 $2,643 7.16%
    40% 37 $8,405,000 $227,162 $4,226 6.90%
    39% 36 $4,210,000 $116,944 $2,271 7.07%
    37% 33 $3,865,000 $117,121 $2,308 6.71%
    41% 32 $4,270,000 $133,438 $3,388 6.95%
    43% 12 $2,870,000 $239,167 $3,070 6.36%
    49% 5 $1,185,000 $237,000 $2,934 6.98%
    45% 5 $935,000 $187,000 $3,397 7.58%
    >60% 4 $440,000 $110,000 $0 6.34%
    44% 4 $780,000 $195,000 $3,085 6.25%
    48% 3 $885,000 $295,000 $3,241 7.04%
    47% 3 $975,000 $325,000 $3,642 7.04%
    46% 3 $445,000 $148,333 $4,800 7.13%

    Star Financial Bank lent most frequently to those with DTI ratios of 20-30%, with 293 originations. The next most common DTI ratio? 30-36%, with 200 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 769 $110,385,000 $143,544 $3,269 6.74%
    Not provided 173 $17,815,000 $102,977 $995 6.87%
    Asian 8 $4,020,000 $502,500 $3,629 6.86%
    Asian Indian 3 $2,665,000 $888,333 $4,786 6.68%
    Black 13 $1,945,000 $149,615 $2,847 6.54%
    American Indian 2 $210,000 $105,000 $1,817 7.75%

    Approval Rates

    Total approvals of all applications
    77.65%

    Star Financial Bank has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    71.49%

    Star Financial Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 968 $137,040,000 $141,570

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    968 $137,040,000 $141,570

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 288 $27,960,000 $97,083 $1,980 6.88%
    40-60% 122 $20,410,000 $167,295 $2,946 6.38%
    60-80% 141 $44,685,000 $316,915 $3,594 6.33%
    80-100% 97 $27,595,000 $284,485 $3,264 6.39%
    Under 20% 320 $16,390,000 $51,219 $588 7.12%