Monona Bank Mortgage Rates, Fees & Info
Monona, WILEI: 2549003WYFPGUVPTRK86
Tax ID: 39-1701359
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Mortgage Data
Review & Overview
Monona Bank is a smaller bank specializing in Other, Home Purchase, and Home Improvement loans. Monona Bank has a high proportion of conventional loans. Their top markets by origination volume include: Madison, Janesville, Eau Claire, and Baraboo among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)Monona Bank has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Monona 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 relatively high 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) | 2.06% | 12/3/24 |
| 30 Year Conventional Purchase | 6.51% | 12/3/24 |
| 30 Year Conventional Refi | 6.48% | 12/3/24 |
| 30 Year Cash-out Refi | 6.57% | 12/3/24 |
| 15 Year Conventional Purchase | 5.56% | 12/3/24 |
| 15 Year Conventional Refi | 5.81% | 12/3/24 |
| 15 Year Cash-out Refi | 5.81% | 12/3/24 |
| 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. | ||
Monona Bank Mortgage Calculator
Your Estimates
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
33Origination Dollar Volume (All Markets)
$6,285,000Relative Rate
Monona Bank's average 30 year fixed mortgage rate was
6.2%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of -0.28%.
Relative Fees (Closing Costs)
Monona Bank's average total fees/closing costs for a 30 year fixed rate
mortgage were $2,455.
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 $9,089.
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 |
|---|---|---|---|---|---|
| MADISON, WI (FHA|USDA|VA) | 30 | $5,890,000 | $196,333 | $2,407 | 5.08% |
| JANESVILLE-BELOIT, WI (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $2,794 | 6.13% |
| EAU CLAIRE, WI (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 6.50% |
| Baraboo, WI (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $0 | 9.50% |
Similar Lenders
We use machine learning to identify the top lenders compared against Monona Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 147
Similarity Rank: 270
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Similarity Rank: 364
Similarity Rank: 396
Similarity Rank: 490
Similarity Rank: 675
Similarity Rank: 767
Similarity Rank: 820
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| HELOC | 21 | $1,815,000 | $86,429 | n/a | 4.71% |
| Conventional | 12 | $4,470,000 | $372,500 | $2,455 | 6.30% |
For 2023, Monona Bank's most frequently originated type of loan was HELOC, with 21 originations. Their 2nd most popular type was Conventional, with 12 originations.
Loan Reason
For 2023, Monona Bank's most frequently cited loan purpose was Other, with 14 originations. The 2nd most popular reason was Home Purchase, with 9 originations.
Loan Duration/Length
For 2023, Monona Bank's most frequently cited loan duration was 15 Year, with 20 originations. The 2nd most popular length was 30 Year, with 8 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 7 | $2,475,000 | $353,571 |
| $1k-2k | 1 | $255,000 | $255,000 |
Monona Bank's average total fees were $2,455, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 7 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 16 | $1,130,000 | $70,625 |
| 6-7% | 6 | $1,450,000 | $241,667 |
| 5-6% | 4 | $2,310,000 | $577,500 |
| 7-8% | 4 | $1,140,000 | $285,000 |
| Over 8% | 3 | $255,000 | $85,000 |
During 2023, Monona Bank's average interest rate for loans was 6.20%, while their most frequently originated rate bucket for loans was 3-4%, with 16 originations.
Loan Sizing
2023 saw Monona Bank place emphasis on $100,000 or less loans with 15 originations, totaling $725,000 in origination value.
Applicant Income
Monona Bank lent most frequently to those with incomes in the $100k-150k range, with 7 originations. The second most popular income band? $50k-75k, with 6 originations.
Applicant Debt to Income Ratio
Monona Bank lent most frequently to those with DTI ratios of 20-30%, with 6 originations. The next most common DTI ratio? 30-36%, with 5 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications97.37%
Monona Bank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination87.88%
Monona Bank has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 33 | $6,285,000 | $190,455 |