Security Federal Savings Bank Mortgage Interest Rate and Cost Review

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

Review ItemSecurity Federal Savings Bank
Interest Ratesimilar to other lenders (+0.00%)
Loan Related Closing Costssimilar to other lenders (-$150)
National Rate and Closing Cost Star Rating(3.5)

On average, Security Federal Savings Bank’s interest rates were similar to those of other lenders (+0.00%). Its loan related closing costs were also similar to those of other lenders, with a difference of -$150. Overall, combining interest rates and closing costs we estimate that Security Federal Savings Bank tends to be an average cost lender, and give it a National Rate and Closing Costs Rating of 3.5 out of 5 stars.

We maintain our independence by not accepting any money from the mortgage lenders we review. To visit Security Federal Savings Bank, check out its website at:

Security Federal Savings 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 Security Federal Savings Bank was most active in:

  1. Kokomo, IN
  2. Lafayette, IN
  3. Indianapolis, IN
  4. South Bend, IN
  5. Winona Lake, IN

Security Federal Savings 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, Security Federal Savings Bank originated Conforming mortgages for new home purchases and refinances. Its average interest rate and total loan related closing cost difference relative to other lenders by mortgages type is as follows.

New Purchase MortgagesConforming
Interest Rate Difference-0.00%
Loan Related Closing Cost Difference-$123
Cost Adjusted Rate Difference-0.03%
National Star Rating(3.5)
Refinance MortgagesConforming
Interest Rate Difference+0.01%
Loan Related Closing Cost Difference-$184
Cost Adjusted Rate Difference-0.03%
Average Star Rating(3.5)

As a summary, Security Federal Savings Bank is similar to other lenders for Conforming purchase mortgages. For refinancing, Security Federal Savings Bank is similar to 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 Security Federal Savings Bank:

Registered name: Security Federal Savings Bank
Registered city and state: LOGANSPORT, IN, 46947
Regulator: Office of the Comptroller of the Currency (OCC)

* 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 Security Federal Savings 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.