Monona Bank Mortgage Rates, Fees & Info

Monona, WI

LEI: 2549003WYFPGUVPTRK86

Tax ID: 39-1701359

5 stars - Updated: 6/9/24 - out of 5 stars, based on 6 reviews

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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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.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
Home Equity Line of Credit (HELOC) 2.06% 6/9/24
30 Year Conventional Purchase 6.51% 6/9/24
30 Year Conventional Refi 6.48% 6/9/24
30 Year Cash-out Refi 6.57% 6/9/24
15 Year Conventional Purchase 5.56% 6/9/24
15 Year Conventional Refi 5.81% 6/9/24
15 Year Cash-out Refi 5.81% 6/9/24
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

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Monona Bank. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.


Originations

33

Origination Dollar Volume (All Markets)

$6,285,000

Relative 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%
Monona Bank's top markets include Madison, Janesville, Eau Claire, and Baraboo among others.

Their top states include:
  • Wisconsin (FHA|USDA|VA)
  • 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.

    Starion Bank
    Similarity Rank: 147
    Heartland Credit Union (Madison)
    Similarity Rank: 270
    Bank of Sun Prairie
    Similarity Rank: 270
    Mound City Bank
    Similarity Rank: 286
    State Bank of Cross Plains
    Similarity Rank: 364
    The Park Bank
    Similarity Rank: 396
    Settlers Bank
    Similarity Rank: 490
    Oregon Community Bank
    Similarity Rank: 767
    The Bank of New Glarus
    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

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Other 14 $1,330,000 $95,000 $0 4.24%
    Home Purchase 9 $2,835,000 $315,000 $2,455 6.24%
    Home Improvement 8 $1,410,000 $176,250 $0 5.61%
    Refi 2 $710,000 $355,000 $0 7.05%

    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

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 20 $1,730,000 $86,500 $0 4.52%
    30 Year 8 $2,730,000 $341,250 $2,455 6.20%
    Other 3 $795,000 $265,000 $0 7.53%
    5 Year 2 $1,030,000 $515,000 $0 5.95%

    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

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 15 $725,000 $48,333 $0 4.26%
    $200k-400k 10 $2,720,000 $272,000 $2,695 6.01%
    $100k-200k 5 $735,000 $147,000 $2,385 6.67%
    $600k-1MM 2 $1,600,000 $800,000 $1,080 5.64%
    $400k-600k 1 $505,000 $505,000 $2,704 5.88%

    2023 saw Monona Bank place emphasis on $100,000 or less loans with 15 originations, totaling $725,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 7 $925,000 $132,143 $2,385 5.48%
    $50k-75k 6 $540,000 $90,000 $0 4.24%
    $75k-100k 6 $1,120,000 $186,667 $2,667 5.39%
    $150k-250k 5 $1,665,000 $333,000 $2,197 4.97%
    $50k or less 3 $235,000 $78,333 $0 6.83%
    $250k+ 1 $35,000 $35,000 $0 3.49%

    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

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 6 $770,000 $128,333 $2,681 4.33%
    30-36% 5 $1,185,000 $237,000 $2,377 6.32%
    40% 3 $365,000 $121,667 $0 3.66%
    41% 3 $535,000 $178,333 $2,794 5.71%
    50-60% 2 $230,000 $115,000 $0 5.50%
    37% 2 $930,000 $465,000 $2,179 6.44%
    42% 2 $230,000 $115,000 $0 6.50%
    <20% 2 $120,000 $60,000 $0 6.00%
    46% 1 $65,000 $65,000 $0 3.49%
    47% 1 $35,000 $35,000 $0 3.49%
    48% 1 $55,000 $55,000 $0 3.49%
    44% 1 $25,000 $25,000 $0 3.49%

    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

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 20 $3,740,000 $187,000 $2,338 5.48%
    Not applicable 4 $1,740,000 $435,000 $0 6.50%
    Not provided 8 $760,000 $95,000 $3,279 4.43%
    Black 1 $45,000 $45,000 $0 3.49%

    Approval Rates

    Total approvals of all applications
    97.37%

    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 origination
    87.88%

    Monona Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 33 $6,285,000 $190,455

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    33 $6,285,000 $190,455

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 3 $305,000 $101,667 $0 5.66%
    40-60% 4 $1,100,000 $275,000 $0 6.27%
    60-80% 8 $2,590,000 $323,750 $2,330 5.78%
    80-100% 4 $1,620,000 $405,000 $2,832 6.57%
    Under 20% 14 $670,000 $47,857 $0 4.28%