The State Bank Mortgage Interest Rate and Cost Review

Is The State Bank a cheap or expensive mortgage lender? We compare the interest rates and closing costs charged by The State Bank with other lenders for comparable mortgages. Nationally, here is what we find:

Interest Ratesimilar to average (-0.04%)
Loan Related Closing Costslower than average (-$500)
National Rate and Closing Cost Rating(4.0)
Websitehttps://www.thestatebank.com

On average, The State Bank’s interest rates were similar to those of other lenders (-0.04%) for a comparable set of borrowers. Its average total loan related closing cost was 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 4.0 out of 5.0 stars.

The State Bank’s Rates by Area

Mortgage lenders often set different rates in different geographical markets. In particular, among the markets 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

Furthermore, The State Bank is our top ranked mortgage lender in terms of interest rate and closing costs in Lansing, MI, for Jumbo mortgages.

You can click through to check out The State Bank’s mortgage rate competitiveness by area. Or, for our data driven ranking of all the top mortgage lenders by area, click here.

The State Bank’s Rates 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. We breakdown its interest rate and total loan related closing cost difference relative to other lenders for comparable mortgages by type in the table below.

Purchase/Refinance:
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%
Star Rating(4.0)(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%
Star Rating(4.0)(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, and we always recommend shopping among several 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)
Top holder: FENTURA FINANCIAL, INC.

* 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.