1st Source Bank Mortgage Rates, Fees & Info
South Bend, INLEI: LCUAWMT4M5H8DJ8DFH49
Tax ID: 35-0309575
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Mortgage Data
Review & Overview
1st Source Bank is a smaller bank specializing in loans. 1st Source Bank has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: South Bend, Elkhart, Fort Wayne, Indianapolis, and Chicago among others. We have data for 60 markets. (Some data included below & more in-depth data is available with an active subscription.)1st Source 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. 1st Source 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 6.11% | 3/24/23 |
| 30 Year Conventional Purchase | 6.67% | 3/24/23 |
| 30 Year Conventional Refi | 6.66% | 3/24/23 |
| 30 Year Cash-out Refi | 6.90% | 3/24/23 |
| 30 Year FHA Purchase | 7.82% | 3/24/23 |
| 30 Year FHA Refi | 7.67% | 3/24/23 |
| 30 Year VA Purchase | 6.35% | 3/24/23 |
| 30 Year VA Refi | 6.27% | 3/24/23 |
| 15 Year Conventional Purchase | 6.15% | 3/24/23 |
| 15 Year Conventional Refi | 6.18% | 3/24/23 |
| 15 Year Cash-out Refi | 6.18% | 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
2,382Origination Dollar Volume (All Markets)
$397,350,000Awards
1st Source Bank - 2022
1st Source Bank is a 2022 , due to their low .
For 2022, less than of lenders were eligible for this award.
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Relative Rate
1st Source Bank's average 30 year fixed mortgage rate was
5.13%.
The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.
This yields a difference of 0.37%.
Relative Fees (Closing Costs)
1st Source Bank's average total fees/closing costs for a 30 year fixed rate
mortgage were $3,506.
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 |
|---|---|---|---|---|---|
| SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) | 808 | $123,100,000 | $152,351 | $3,314 | 5.09% |
| ELKHART-GOSHEN, IN (FHA|USDA|VA) | 273 | $43,425,000 | $159,066 | $3,315 | 5.06% |
| FORT WAYNE, IN (FHA|USDA|VA) | 214 | $29,850,000 | $139,486 | $2,908 | 5.38% |
| INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) | 22 | $28,820,000 | $1,310,000 | $3,042 | 5.20% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 214 | $28,220,000 | $131,869 | $3,130 | 5.08% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 11 | $18,505,000 | $1,682,273 | $5,165 | 3.73% |
| Warsaw, IN (FHA|USDA|VA) | 89 | $18,255,000 | $205,112 | $3,631 | 4.81% |
| Outside of Metro Areas | 127 | $17,635,000 | $138,858 | $3,688 | 4.91% |
| MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) | 162 | $17,230,000 | $106,358 | $2,607 | 5.31% |
| NILES, MI (FHA|USDA|VA) | 93 | $12,895,000 | $138,656 | $3,415 | 4.87% |
| Plymouth, IN (FHA|USDA|VA) | 125 | $12,515,000 | $100,120 | $3,027 | 5.14% |
| LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) | 40 | $6,960,000 | $174,000 | $2,455 | 4.94% |
| KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) | 18 | $4,210,000 | $233,889 | $3,318 | 4.39% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 10 | $3,730,000 | $373,000 | $8,893 | 4.98% |
| Sturgis, MI (FHA|USDA|VA) | 10 | $2,560,000 | $256,000 | $2,420 | 5.18% |
| Angola, IN (FHA|USDA|VA) | 8 | $2,480,000 | $310,000 | $7,785 | 4.80% |
| Bluffton, IN (FHA|USDA|VA) | 28 | $2,260,000 | $80,714 | $2,165 | 4.81% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 3 | $2,135,000 | $711,667 | $8,160 | 4.79% |
| Huntington, IN (FHA|USDA|VA) | 36 | $1,950,000 | $54,167 | $2,335 | 5.40% |
| Auburn, IN (FHA|USDA|VA) | 14 | $1,660,000 | $118,571 | $2,785 | 5.07% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 2 | $1,600,000 | $800,000 | $7,665 | 3.56% |
| OCALA, FL (FHA|USDA|VA) | 3 | $1,555,000 | $518,333 | $7,393 | 4.83% |
| Key West, FL (FHA|USDA|VA) | 1 | $1,505,000 | $1,505,000 | $8,222 | 3.88% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 2 | $1,400,000 | $700,000 | $6,303 | 3.50% |
| CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) | 2 | $1,360,000 | $680,000 | $9,418 | 4.44% |
| ANN ARBOR, MI (FHA|USDA|VA) | 3 | $1,015,000 | $338,333 | $4,364 | 4.13% |
| GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) | 5 | $1,005,000 | $201,000 | $5,322 | 3.83% |
| Kendallville, IN (FHA|USDA|VA) | 12 | $980,000 | $81,667 | $2,514 | 5.08% |
| Holland, MI (FHA|USDA|VA) | 3 | $835,000 | $278,333 | $4,955 | 5.29% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 3 | $725,000 | $241,667 | $0 | 4.82% |
| BLOOMINGTON, IN (FHA|USDA|VA) | 2 | $680,000 | $340,000 | $3,649 | 3.81% |
| Greensburg, IN (FHA|USDA|VA) | 1 | $605,000 | $605,000 | $0 | 7.00% |
| DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) | 1 | $495,000 | $495,000 | $5,145 | 4.38% |
| PANAMA CITY, FL (FHA|USDA|VA) | 2 | $470,000 | $235,000 | $4,946 | 3.75% |
| Decatur, IN (FHA|USDA|VA) | 4 | $440,000 | $110,000 | $3,134 | 5.66% |
| Logansport, IN (FHA|USDA|VA) | 1 | $435,000 | $435,000 | $6,712 | 5.13% |
| PORT ST. LUCIE, FL (FHA|USDA|VA) | 1 | $365,000 | $365,000 | $0 | 4.50% |
| Traverse City, MI (FHA|USDA|VA) | 1 | $355,000 | $355,000 | $6,496 | 3.00% |
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 2 | $350,000 | $175,000 | $0 | 6.72% |
| Wabash, IN (FHA|USDA|VA) | 3 | $305,000 | $101,667 | $0 | 4.83% |
| KOKOMO, IN (FHA|USDA|VA) | 2 | $240,000 | $120,000 | $2,597 | 4.38% |
| Coldwater, MI (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $0 | 6.50% |
| Bedford, IN (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $1,757 | 5.75% |
| THE VILLAGES, FL (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $3,817 | 3.63% |
| LOUISVILLE/JEFFERSON COUNTY, KY-IN (FHA|USDA|VA) | 2 | $170,000 | $85,000 | $0 | 4.78% |
| MUNCIE, IN (FHA|USDA|VA) | 2 | $170,000 | $85,000 | $3,259 | 4.06% |
| COLUMBUS, IN (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $1,793 | 4.25% |
| PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $4,267 | 6.50% |
| Hillsdale, MI (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $2,657 | 6.38% |
| Marion, IN (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $3,201 | 6.25% |
| TERRE HAUTE, IN (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $2,162 | 4.50% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 6.00% |
| CINCINNATI, OH-KY-IN (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 5.75% |
| Peru, IN (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $4,487 | 6.50% |
| PUNTA GORDA, FL (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 4.25% |
| PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 7.50% |
| Frankfort, IN (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 3.50% |
| Crawfordsville, IN (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 4.00% |
| Mount Pleasant, MI (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 5.25% |
| SEBRING-AVON PARK, FL (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $4,680 | 3.75% |
Similar Lenders
We use machine learning to identify the top lenders compared against 1st Source Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
For 2022, 1st Source Bank's most frequently originated type of loan was HELOC, with 1,438 originations. Their 2nd most popular type was Conventional, with 911 originations.
Loan Reason
For 2022, 1st Source Bank's most frequently cited loan purpose was Home Purchase, with 562 originations. The 2nd most popular reason was Refi, with 528 originations.
Loan Duration/Length
For 2022, 1st Source Bank's most frequently cited loan duration was Other, with 1,499 originations. The 2nd most popular length was 30 Year, with 650 originations.
Origination Fees/Closing Costs
1st Source Bank's average total fees were $3,506, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 382 originations.
Interest Rates
During 2022, 1st Source Bank's average interest rate for loans was 5.13%, while their most frequently originated rate bucket for loans was 3-4%, with 652 originations.
Loan Sizing
2022 saw 1st Source Bank place emphasis on $100,000 or less loans with 1,307 originations, totaling $59,805,000 in origination value.
Applicant Income
1st Source Bank lent most frequently to those with incomes in the $50k or less range, with 489 originations. The second most popular income band? $50k-75k, with 479 originations.
Applicant Debt to Income Ratio
1st Source Bank lent most frequently to those with DTI ratios of 20-30%, with 540 originations. The next most common DTI ratio? 30-36%, with 399 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications86.05%
1st Source Bank has an average approval rate.
Pick Rate
Approvals leading to origination81.82%
1st Source Bank has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 2,382 | $397,350,000 | $166,814 |