Star Financial Bank Mortgage Rates, Fees & Info
Fort Wayne, INLEI: LBIZXW7X2N50PETIH863
Tax ID: 35-1719464
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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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 5.95% | 11/17/24 |
| 30 Year Conventional Purchase | 6.76% | 11/17/24 |
| 30 Year Conventional Refi | 6.64% | 11/17/24 |
| 30 Year Cash-out Refi | 6.73% | 11/17/24 |
| 30 Year FHA Purchase | 6.27% | 11/17/24 |
| 30 Year VA Purchase | 6.27% | 11/17/24 |
| 30 Year USDA Purchase | 6.27% | 11/17/24 |
| 15 Year Conventional Purchase | 6.37% | 11/17/24 |
| 15 Year Conventional Refi | 6.21% | 11/17/24 |
| 15 Year Cash-out Refi | 6.21% | 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. | ||
Star Financial Bank Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
968Origination Dollar Volume (All Markets)
$137,040,000Awards
STAR Financial Bank - 2023
STAR Financial Bank is a 2023 , due to their low .
For 2023, less than of lenders were eligible for this award.
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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% |
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.
Similarity Rank: 55
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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
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
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
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
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
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
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
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
Approval Rates
Total approvals of all applications77.65%
Star Financial Bank has a below average approval rate.
Pick Rate
Approvals leading to origination71.49%
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 |