Friendship State Bank Mortgage Interest Rate and Cost Review

Is Friendship State Bank a cheap or expensive mortgage lender? To help you shop for a mortgage, we compare the interest rates and closing costs charged by Friendship State Bank to those of other lenders for a comparable set of borrowers. Here is our review of Friendship State Bank nationally:

On average, Friendship State Bank’s interest rates were higher than those of other lenders (+0.14%). On the other hand, its loan related closing costs were similar to those of other lenders, with a difference of -$63. Overall, combining interest rates and closing costs we estimate that Friendship State Bank tends to be an expensive lender, and give it a National Rate and Closing Costs Rating of 3 out of 5 stars.

We maintain our independence by not accepting any money from the mortgage lenders we review. To visit Friendship State Bank, check out its website at: https://www.friendshipstatebank.com.

Friendship State Bank’s Rate Review by City

Mortgage lenders often set different rates in different geographical markets. For our list of the top mortgage lenders by city, click here. In particular, among the cities we track Friendship State Bank was most active in:

1. Greendale, IN
2. Madison, IN
3. Columbus, IN
4. Indianapolis, IN

Friendship State Bank’s Rate Review by Mortgage Type

Mortgage lenders also tend to charge different interest rates and closing costs depending on the type of mortgage. In our data, Friendship State Bank originated Conforming and USDA mortgages for new home purchases. It also originated Conforming mortgages for refinances. Its average interest rate and total loan related closing cost difference relative to other lenders for comparable borrowers by mortgages type is as follows.

As a summary, Friendship State Bank is similar to other lenders for USDA purchase mortgages. It is more expensive than other lenders for Conforming purchase mortgages. For refinancing mortgages, Friendship State Bank is more expensive than other lenders for Conforming mortgage refinance. Nevertheless, individual circumstances can matter a lot for mortgage rates, and we always recommend shopping among several of our top mortgage lenders in your area before signing.

Other information about Friendship State Bank:

* Source of the data is Federal Financial Institutions Examination Council (FFIEC) and is for mortgages originated in the past year. Our comparable mortgages analysis controls for Friendship State Bank’s distribution of loan term (e.g. 30 year vs 15 year), loan-to-value (LTV), debt-to-income (DTI), loan amount, loan program (e.g. Conforming/FHA), loan purpose (e.g. purchase/refinance), and commuting zone. Cost adjusted rates were computed based on each percent of the loan amount in above average loan related closing costs being worth +0.15 of a percentage point in interest rate. Furthermore, the amounts are regularized using a Bayesian approach to control for small samples.