The State Bank Mortgage Interest Rate and Cost Review

Is The 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 The State Bank to those of other lenders for a comparable set of borrowers. Here is our review of The State Bank nationally:

Review ItemThe State Bank
Interest Ratesimilar to other lenders (-0.04%)
Loan Related Closing Costslower than other lenders (-$500)
National Rate and Closing Cost Star Rating(4)

On average, The State Bank’s interest rates were similar to those of other lenders (-0.04%). On the other hand, its loan related closing costs were lower than those of other lenders, with a difference of -$500. Overall, combining interest rates and closing costs we estimate that The State Bank tends to be an average cost lender, and give it a National Rate and Closing Costs Rating of 4 out of 5 stars.

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

The 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 The State Bank was most active in:

  1. Sterling Heights, MI
  2. Lansing, MI
  3. Midland, MI
  4. Ann Arbor, MI
  5. Grand Rapids, MI

In addition, The State Bank is our top ranked/best mortgage lender in terms of interest rate and closing costs in:

The 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, The State Bank originated Conforming and Jumbo 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 MortgagesConformingJumbo
Interest Rate Difference-0.03%-0.01%
Loan Related Closing Cost Difference-$217-$0
Cost Adjusted Rate Difference-0.06%-0.01%
National Star Rating(4)(3.5)
Refinance MortgagesConformingJumbo
Interest Rate Difference-0.05%-0.01%
Loan Related Closing Cost Difference-$749-$3
Cost Adjusted Rate Difference-0.13%-0.01%
Average Star Rating(4)(3.5)

As a summary, The State Bank is cheap for Conforming purchase mortgages. It is similar to other lenders for Jumbo purchase mortgages. For refinancing, The State Bank is cheap for Conforming mortgage refinance. It is similar to other lenders for Jumbo 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 The State Bank:

Registered name: 11406
Registered city and state: Fenton, MI, 48430
Regulator: Federal Deposit Insurance Corporation (FDIC)

* 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 The 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.