Star Financial Bank Mortgage Rates, Fees & Info

Fort Wayne, IN

LEI: LBIZXW7X2N50PETIH863

Tax ID: 35-1719464

5 stars - Updated: 4/5/25 - out of 5 stars, based on 29 reviews

Latest/2024 | 2023 Data | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Jump to:

Mortgage Data

Review & Overview

Star Financial Bank is a smaller bank specializing in 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, Marion, Muncie, and Angola among others. We have data for 34 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 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) 9.26% 4/5/25
30 Year Conventional Purchase 6.80% 4/5/25
30 Year Conventional Refi 6.76% 4/5/25
30 Year Cash-out Refi 6.82% 4/5/25
30 Year FHA Purchase 6.72% 4/5/25
30 Year VA Purchase 6.72% 4/5/25
30 Year USDA Purchase 6.72% 4/5/25
15 Year Conventional Purchase 6.48% 4/5/25
15 Year Conventional Refi 7.20% 4/5/25
15 Year Cash-out Refi 7.20% 4/5/25
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

816

Origination Dollar Volume (All Markets)

$128,410,000

Awards

STAR Financial Bank 30 Year Conventional Loans silver STAR Financial Bank 30 Year Conventional Loans bronze STAR Financial Bank 30 Year Conventional Loans silver STAR Financial Bank 30 Year Conventional Loans gold
Show all (4) awards

Relative Rate

Star Financial Bank's average 30 year fixed mortgage rate was 6.56%.

The 2024 average 30 year fixed rate mortgage across all markets and lenders was 6.55%.

This yields a difference of 0.01%.

Relative Fees (Closing Costs)

Star Financial Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $3,165.

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 $8,356.

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) 269 $53,255,000 $197,974 $3,020 7.63%
FORT WAYNE, IN (FHA|USDA|VA) 181 $28,745,000 $158,812 $3,015 7.56%
Marion, IN (FHA|USDA|VA) 80 $7,840,000 $98,000 $2,119 8.00%
MUNCIE, IN (FHA|USDA|VA) 66 $6,900,000 $104,545 $2,837 7.92%
Outside of Metro Areas 41 $4,675,000 $114,024 $2,247 7.79%
Angola, IN (FHA|USDA|VA) 19 $4,215,000 $221,842 $3,150 8.20%
New Castle, IN (FHA|USDA|VA) 56 $3,920,000 $70,000 $2,359 7.84%
KOKOMO, IN (FHA|USDA|VA) 31 $2,145,000 $69,194 $1,899 7.67%
Kendallville, IN (FHA|USDA|VA) 14 $2,000,000 $142,857 $2,465 7.32%
Warsaw, IN (FHA|USDA|VA) 6 $1,470,000 $245,000 $4,305 7.33%
BLOOMINGTON, IN (FHA|USDA|VA) 2 $1,210,000 $605,000 $3,209 6.38%
Coldwater, MI (FHA|USDA|VA) 3 $1,205,000 $401,667 $4,776 6.96%
LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) 6 $1,180,000 $196,667 $3,118 7.40%
Bluffton, IN (FHA|USDA|VA) 3 $915,000 $305,000 $4,708 6.71%
Bozeman, MT (FHA|USDA|VA) 1 $905,000 $905,000 $6,510 6.50%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 2 $810,000 $405,000 $5,263 6.00%
Auburn, IN (FHA|USDA|VA) 8 $790,000 $98,750 $3,020 7.80%
Bedford, IN (FHA|USDA|VA) 2 $730,000 $365,000 $5,737 6.13%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $715,000 $715,000 $8,666 6.63%
Wabash, IN (FHA|USDA|VA) 3 $655,000 $218,333 $2,787 7.13%
Logansport, IN (FHA|USDA|VA) 4 $650,000 $162,500 $2,753 6.75%
Heber, UT (FHA|USDA|VA) 1 $635,000 $635,000 $4,255 6.50%
Peru, IN (FHA|USDA|VA) 2 $480,000 $240,000 $3,648 7.94%
Huntington, IN (FHA|USDA|VA) 4 $360,000 $90,000 $0 8.44%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $305,000 $305,000 $4,894 6.50%
Decatur, IN (FHA|USDA|VA) 1 $255,000 $255,000 $3,446 6.38%
LOUISVILLE, KY (FHA|USDA|VA) 1 $255,000 $255,000 $0 5.49%
COLUMBUS, OH (FHA|USDA|VA) 1 $215,000 $215,000 $3,430 6.38%
Crawfordsville, IN (FHA|USDA|VA) 2 $200,000 $100,000 $3,633 7.69%
Big Rapids, MI (FHA|USDA|VA) 1 $185,000 $185,000 $2,893 5.88%
SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 1 $175,000 $175,000 $0 7.75%
Bellefontaine, OH (FHA|USDA|VA) 1 $165,000 $165,000 $4,916 6.50%
Sturgis, MI (FHA|USDA|VA) 1 $125,000 $125,000 $0 7.75%
Seymour, IN (FHA|USDA|VA) 1 $125,000 $125,000 $0 8.00%
Star Financial Bank's top markets include Indianapolis, Fort Wayne, Marion, Muncie, and Angola among others.

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

    Mutual Savings Bank
    Similarity Rank: 44
    Citizens State Bank of New Castle
    Similarity Rank: 88
    ProFed Federal Credit Union
    Similarity Rank: 264
    INDIANA UNIVERSITY CREDIT UNION
    Similarity Rank: 416
    First Federal Savings Bank
    Similarity Rank: 561
    CRANE
    Similarity Rank: 720
    BEACON CREDIT UNION
    Similarity Rank: 728
    Northwest Bank
    Similarity Rank: 830

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 520 $47,060,000 $90,500 n/a 8.24%
    Conventional 296 $81,350,000 $274,831 $2,914 6.68%

    For 2024, Star Financial Bank's most frequently originated type of loan was HELOC, with 520 originations. Their 2nd most popular type was Conventional, with 296 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 326 $31,870,000 $97,761 $1,907 7.69%
    Home Improvement 288 $25,340,000 $87,986 $2,811 8.38%
    Home Purchase 176 $67,560,000 $383,864 $3,481 6.57%
    Refi 26 $3,640,000 $140,000 $2,987 7.07%

    For 2024, Star Financial Bank's most frequently cited loan purpose was Cash Out Refi, with 326 originations. The 2nd most popular reason was Home Improvement, with 288 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    10 Year 570 $49,570,000 $86,965 $493 8.15%
    30 Year 198 $60,120,000 $303,636 $3,165 6.56%
    20 Year 17 $2,275,000 $133,824 $3,311 6.36%
    30+ year 17 $14,765,000 $868,529 $6,081 6.35%
    Other 7 $1,205,000 $172,143 $2,757 6.95%
    15 Year 5 $405,000 $81,000 $2,832 6.70%
    5 Year 2 $70,000 $35,000 $0 9.25%

    For 2024, Star Financial Bank's most frequently cited loan duration was 10 Year, with 570 originations. The 2nd most popular length was 30 Year, with 198 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 148 $33,790,000 $228,311
    $1k-2k 101 $32,095,000 $317,772
    $2k-3k 28 $11,100,000 $396,429
    $3k-4k 5 $855,000 $171,000
    $4k-5k 2 $560,000 $280,000
    $5k+ 2 $570,000 $285,000

    Star Financial Bank's average total fees were $3,165, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 148 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    Over 8% 426 $34,700,000 $81,455
    6-7% 189 $60,455,000 $319,868
    5-6% 104 $21,710,000 $208,750
    7-8% 97 $11,545,000 $119,021

    During 2024, Star Financial Bank's average interest rate for loans was 6.56%, while their most frequently originated rate bucket for loans was Over 8%, with 426 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 470 $23,340,000 $49,660 $1,599 8.09%
    $100k-200k 162 $22,390,000 $138,210 $2,743 7.42%
    $200k-400k 117 $31,625,000 $270,299 $3,560 6.99%
    $400k-600k 31 $15,255,000 $492,097 $3,922 6.85%
    $600k-1MM 24 $18,060,000 $752,500 $4,283 6.37%
    $1MM+ 12 $17,740,000 $1,478,333 $5,954 6.26%

    2024 saw Star Financial Bank place emphasis on $100,000 or less loans with 470 originations, totaling $23,340,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 166 $13,440,000 $80,964 $2,417 7.73%
    $50k or less 150 $7,680,000 $51,200 $2,012 7.94%
    $100k-150k 130 $15,860,000 $122,000 $2,720 7.86%
    $150k-250k 114 $23,980,000 $210,351 $3,107 7.59%
    $75k-100k 111 $11,835,000 $106,622 $2,850 7.60%
    $250k+ 103 $51,085,000 $495,971 $4,502 7.12%

    Star Financial Bank lent most frequently to those with incomes in the $50k-75k range, with 166 originations. The second most popular income band? $50k or less, with 150 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 204 $34,030,000 $166,814 $3,208 7.63%
    30-36% 165 $28,915,000 $175,242 $2,652 7.63%
    <20% 104 $17,780,000 $170,962 $3,113 7.77%
    42% 95 $11,735,000 $123,526 $3,447 8.03%
    41% 44 $7,370,000 $167,500 $2,424 7.88%
    37% 40 $4,040,000 $101,000 $2,249 7.96%
    38% 33 $4,265,000 $129,242 $2,247 7.54%
    40% 31 $4,845,000 $156,290 $2,614 7.61%
    39% 30 $3,560,000 $118,667 $2,616 7.75%
    36% 24 $3,240,000 $135,000 $3,346 7.86%
    43% 13 $2,345,000 $180,385 $3,512 6.63%
    44% 6 $1,200,000 $200,000 $3,227 6.58%
    45% 5 $1,245,000 $249,000 $3,177 6.58%
    >60% 4 $590,000 $147,500 $0 7.18%
    46% 4 $960,000 $240,000 $3,072 5.97%
    49% 4 $950,000 $237,500 $2,688 6.56%
    50-60% 2 $140,000 $70,000 $508 6.25%
    48% 1 $165,000 $165,000 $2,431 6.75%
    47% 1 $675,000 $675,000 $4,708 5.63%

    Star Financial Bank lent most frequently to those with DTI ratios of 20-30%, with 204 originations. The next most common DTI ratio? 30-36%, with 165 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 670 $110,590,000 $165,060 $3,383 7.69%
    Not provided 112 $12,050,000 $107,589 $1,157 7.75%
    Asian 15 $3,535,000 $235,667 $3,164 6.73%
    Black 13 $1,585,000 $121,923 $2,506 7.87%
    American Indian 3 $365,000 $121,667 $2,447 6.42%
    Asian Indian 1 $205,000 $205,000 $3,207 6.38%
    Not applicable 2 $80,000 $40,000 $236 6.62%

    Approval Rates

    Total approvals of all applications
    77.22%

    Star Financial Bank has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    69.85%

    Star Financial Bank has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 816 $128,410,000 $157,365

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    816 $128,410,000 $157,365

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 265 $26,535,000 $100,132 $2,030 7.87%
    40-60% 87 $14,445,000 $166,034 $2,960 7.59%
    60-80% 110 $40,980,000 $372,545 $3,657 6.73%
    80-100% 98 $31,510,000 $321,531 $3,281 6.66%
    Over 100% 1 $1,695,000 $1,695,000 $4,664 6.75%
    Under 20% 255 $13,245,000 $51,941 $605 8.29%