Neighborhood Loans Mortgage Rates, Fees & Info

Des Plaines, IL

LEI: 254900O723MCLR701H50

Tax ID: 20-2408098

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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Neighborhood Loans is a smaller mortgage company specializing in Home Purchase and Refi loans. Neighborhood Loans has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Chicago, Grand Rapids, Holland, Muskegon, and Kalamazoo among others. We have data for 52 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Neighborhood Loans has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Neighborhood Loans is typically an average 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 about average 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
    30 Year Conventional Purchase 6.85% 12/17/24
    30 Year Conventional Refi 6.79% 12/17/24
    30 Year Cash-out Refi 7.03% 12/17/24
    30 Year FHA Purchase 7.70% 12/17/24
    30 Year FHA Refi 7.28% 12/17/24
    30 Year VA Purchase 6.59% 12/17/24
    30 Year VA Refi 6.50% 12/17/24
    30 Year USDA Purchase 7.03% 12/17/24
    30 Year USDA Refi 6.84% 12/17/24
    15 Year Conventional Purchase 6.34% 12/17/24
    15 Year Conventional Refi 6.26% 12/17/24
    15 Year Cash-out Refi 6.26% 12/17/24
    15 Year FHA Purchase 7.26% 12/17/24
    15 Year VA Refi 5.68% 12/17/24
    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.

    Neighborhood Loans Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Neighborhood Loans. 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

    4,260

    Origination Dollar Volume (All Markets)

    $868,490,000

    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
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 2,644 $566,420,000 $214,228 $5,902 4.07%
    GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 1,184 $228,590,000 $193,066 $3,535 4.38%
    Outside of Metro Areas 145 $22,895,000 $157,897 $3,727 4.49%
    Holland, MI (FHA|USDA|VA) 59 $11,085,000 $187,881 $3,978 4.36%
    MUSKEGON, MI (FHA|USDA|VA) 52 $7,130,000 $137,115 $3,305 4.64%
    KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 18 $2,860,000 $158,889 $4,020 4.47%
    Big Rapids, MI (FHA|USDA|VA) 21 $2,725,000 $129,762 $3,468 4.85%
    LANSING-EAST LANSING, MI (FHA|USDA|VA) 13 $2,495,000 $191,923 $3,991 4.38%
    Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 9 $2,465,000 $273,889 $3,489 4.33%
    BATTLE CREEK, MI (FHA|USDA|VA) 19 $2,315,000 $121,842 $3,841 4.21%
    San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 4 $1,710,000 $427,500 $7,411 4.03%
    ROCKFORD, IL (FHA|USDA|VA) 10 $1,430,000 $143,000 $4,337 4.61%
    Traverse City, MI (FHA|USDA|VA) 5 $1,275,000 $255,000 $5,710 4.48%
    MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 4 $1,100,000 $275,000 $5,571 3.91%
    Whitewater, WI (FHA|USDA|VA) 3 $995,000 $331,667 $4,354 4.29%
    DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) 4 $840,000 $210,000 $3,870 4.06%
    Mount Pleasant, MI (FHA|USDA|VA) 5 $835,000 $167,000 $2,871 4.52%
    INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 3 $825,000 $275,000 $3,791 4.17%
    Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 1 $715,000 $715,000 $13,586 4.00%
    Ottawa, IL (FHA|USDA|VA) 3 $685,000 $228,333 $3,570 5.00%
    SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) 1 $615,000 $615,000 $4,957 5.13%
    BLOOMINGTON, IL (FHA|USDA|VA) 2 $550,000 $275,000 $2,842 4.50%
    Cadillac, MI (FHA|USDA|VA) 3 $535,000 $178,333 $2,937 4.13%
    KANKAKEE, IL (FHA|USDA|VA) 5 $535,000 $107,000 $3,488 3.45%
    PEORIA, IL (FHA|USDA|VA) 4 $490,000 $122,500 $4,686 4.03%
    RACINE, WI (FHA|USDA|VA) 2 $480,000 $240,000 $2,589 4.13%
    BAY CITY, MI (FHA|USDA|VA) 2 $400,000 $200,000 $4,357 4.91%
    JACKSON, MI (FHA|USDA|VA) 2 $390,000 $195,000 $3,129 4.44%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 2 $370,000 $185,000 $6,554 3.88%
    BAKERSFIELD, CA (FHA|USDA|VA) 1 $365,000 $365,000 $5,930 3.75%
    NILES, MI (FHA|USDA|VA) 2 $350,000 $175,000 $2,899 4.25%
    ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $335,000 $335,000 $3,752 3.63%
    CARBONDALE-MARION, IL (FHA|USDA|VA) 2 $310,000 $155,000 $5,921 4.94%
    Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 1 $305,000 $305,000 $4,020 4.00%
    DANVILLE, IL (FHA|USDA|VA) 2 $300,000 $150,000 $5,404 4.13%
    ST. LOUIS, MO-IL (FHA|USDA|VA) 2 $270,000 $135,000 $3,255 4.19%
    SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 1 $255,000 $255,000 $8,854 3.75%
    FLINT, MI (FHA|USDA|VA) 2 $250,000 $125,000 $4,360 4.38%
    Ludington, MI (FHA|USDA|VA) 2 $230,000 $115,000 $3,043 4.13%
    Jacksonville, IL (FHA|USDA|VA) 1 $195,000 $195,000 $2,643 4.25%
    RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 1 $185,000 $185,000 $4,330 3.38%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $175,000 $175,000 $3,583 5.63%
    Alma, MI (FHA|USDA|VA) 2 $160,000 $80,000 $3,446 4.38%
    Pontiac, IL (FHA|USDA|VA) 1 $155,000 $155,000 $5,462 5.25%
    MIDLAND, MI (FHA|USDA|VA) 1 $155,000 $155,000 $2,637 4.88%
    Lincoln, IL (FHA|USDA|VA) 2 $130,000 $65,000 $3,844 4.25%
    MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) 1 $125,000 $125,000 $5,306 4.63%
    Freeport, IL (FHA|USDA|VA) 1 $115,000 $115,000 $3,231 5.38%
    SAGINAW, MI (FHA|USDA|VA) 1 $105,000 $105,000 $3,952 3.75%
    Charleston-Mattoon, IL (FHA|USDA|VA) 1 $105,000 $105,000 $2,521 4.75%
    MADISON, WI (FHA|USDA|VA) 1 $105,000 $105,000 $5,231 4.13%
    CHAMPAIGN-URBANA, IL (FHA|USDA|VA) 1 $55,000 $55,000 $3,362 5.75%
    Neighborhood Loans's top markets include Chicago, Grand Rapids, Holland, Muskegon, and Kalamazoo among others.

    Their top states include:
  • Illinois (FHA|USDA|VA)
  • Michigan (FHA|USDA|VA)
  • Indiana (FHA|USDA|VA)
  • California (FHA|USDA|VA)
  • Wisconsin (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against Neighborhood Loans based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Rock Valley Credit Union
    Similarity Rank: 14
    HARBORLIGHT
    Similarity Rank: 28
    First Community Credit Union
    Similarity Rank: 40
    A. E. A. Federal Credit Union
    Similarity Rank: 48
    American Southwest Credit Union
    Similarity Rank: 63
    Citizens Savings and Loan Association, FSB
    Similarity Rank: 141
    MYPOINT Credit Union
    Similarity Rank: 147
    Merchants Bank
    Similarity Rank: 150
    MAINSTREET FEDERAL CREDIT UNION
    Similarity Rank: 160
    POWER FINANCIAL
    Similarity Rank: 188

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 3,105 $628,195,000 $202,317 $3,910 4.15%
    FHA 989 $202,855,000 $205,111 $8,067 4.37%
    VA 129 $32,525,000 $252,132 $5,874 4.11%
    USDA 37 $4,915,000 $132,838 $4,073 4.23%

    For 2019, Neighborhood Loans's most frequently originated type of loan was Conventional, with 3,105 originations. Their 2nd most popular type was FHA, with 989 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 3,300 $644,240,000 $195,224 $5,457 4.21%
    Refi 727 $178,035,000 $244,890 $3,465 4.09%
    Cash Out Refi 233 $46,215,000 $198,348 $3,616 4.36%

    For 2019, Neighborhood Loans's most frequently cited loan purpose was Home Purchase, with 3,300 originations. The 2nd most popular reason was Refi, with 727 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 3,719 $801,135,000 $215,417 $5,140 4.38%
    15 Year 213 $40,535,000 $190,305 $3,335 3.77%
    5 Year 135 $685,000 $5,074 $300 0.00%
    20 Year 85 $17,285,000 $203,353 $3,340 4.09%
    10 Year 78 $1,660,000 $21,282 $3,853 0.57%
    Other 30 $7,190,000 $239,667 $3,608 3.99%

    For 2019, Neighborhood Loans's most frequently cited loan duration was 30 Year, with 3,719 originations. The 2nd most popular length was 15 Year, with 213 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 3,248 $700,620,000 $215,708
    $2k-3k 452 $86,670,000 $191,748
    $3k-4k 192 $43,390,000 $225,990
    $<1k 127 $12,945,000 $101,929
    $4k-5k 39 $9,845,000 $252,436
    $5k+ 35 $12,205,000 $348,714

    Neighborhood Loans's average total fees were $5,140, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 3,248 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 2,096 $438,440,000 $209,179
    3-4% 1,483 $345,915,000 $233,254
    5-6% 437 $77,995,000 $178,478
    <2.5% 142 $1,130,000 $7,958
    6-7% 16 $2,730,000 $170,625
    2.5-3% 6 $1,250,000 $208,333
    7-8% 3 $565,000 $188,333

    During 2019, Neighborhood Loans's average interest rate for loans was 4.38%, while their most frequently originated rate bucket for loans was 4-5%, with 2,096 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 1,862 $289,120,000 $155,274 $4,537 4.42%
    $200k-400k 1,727 $463,885,000 $268,607 $5,630 4.25%
    $100,000 or less 466 $21,220,000 $45,536 $3,801 2.94%
    $400k-600k 199 $90,355,000 $454,045 $5,141 4.14%
    $600k-1MM 6 $3,910,000 $651,667 $6,992 5.00%

    2019 saw Neighborhood Loans place emphasis on $100k-200k loans with 1,862 originations, totaling $289,120,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 1,292 $230,120,000 $178,111 $5,258 4.15%
    $50k or less 1,165 $173,085,000 $148,571 $5,073 4.16%
    $75k-100k 731 $157,245,000 $215,109 $5,124 4.25%
    $100k-150k 664 $176,950,000 $266,491 $4,702 4.30%
    $150k-250k 308 $99,630,000 $323,474 $4,281 4.22%
    $250k+ 74 $24,520,000 $331,351 $4,283 4.25%

    Neighborhood Loans lent most frequently to those with incomes in the $50k-75k range, with 1,292 originations. The second most popular income band? $50k or less, with 1,165 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 768 $155,510,000 $202,487 $4,458 4.18%
    20-30% 666 $136,320,000 $204,685 $3,933 4.25%
    50-60% 294 $64,760,000 $220,272 $8,074 4.22%
    44% 235 $48,625,000 $206,915 $5,463 4.27%
    42% 210 $39,640,000 $188,762 $4,828 4.13%
    43% 196 $37,200,000 $189,796 $5,763 4.31%
    40% 184 $32,040,000 $174,130 $5,055 4.01%
    41% 184 $35,690,000 $193,967 $5,365 4.09%
    39% 177 $35,345,000 $199,689 $4,816 4.05%
    38% 171 $33,585,000 $196,404 $5,018 4.13%
    <20% 168 $36,100,000 $214,881 $3,873 4.17%
    36% 149 $29,085,000 $195,201 $4,430 4.19%
    37% 148 $28,200,000 $190,541 $4,841 4.10%
    49% 147 $32,005,000 $217,721 $5,190 4.36%
    45% 129 $26,575,000 $206,008 $5,285 4.36%
    47% 128 $27,510,000 $214,922 $5,660 4.26%
    48% 116 $27,290,000 $235,259 $4,939 4.35%
    46% 101 $21,185,000 $209,752 $5,426 4.41%
    >60% 5 $1,015,000 $203,000 $3,795 3.60%

    Neighborhood Loans lent most frequently to those with DTI ratios of 30-36%, with 768 originations. The next most common DTI ratio? 20-30%, with 666 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 3,387 $694,945,000 $205,180 $4,876 4.20%
    Not provided 453 $90,785,000 $200,408 $4,984 4.33%
    Asian 173 $41,105,000 $237,601 $5,539 4.19%
    Black 234 $39,360,000 $168,205 $6,392 3.94%
    American Indian 8 $1,260,000 $157,500 $5,923 3.56%
    Native Hawaiian or Islander 2 $490,000 $245,000 $6,625 4.13%
    Asian Indian 2 $380,000 $190,000 $5,285 4.75%
    Other Asian 1 $165,000 $165,000 $5,089 4.88%

    Approval Rates

    Total approvals of all applications
    86.97%

    Neighborhood Loans has an average approval rate.

    Pick Rate

    Approvals leading to origination
    84.77%

    Neighborhood Loans has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 4,260 $868,490,000 $203,871

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 22 $2,840,000 $129,091
    Single Family (1-4 Units):Site-Built 4,238 $865,650,000 $204,259

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 49 $5,705,000 $116,429 $3,234 4.06%
    40-60% 170 $33,510,000 $197,118 $3,207 4.08%
    60-80% 965 $211,885,000 $219,570 $3,655 4.37%
    80-100% 2,826 $607,880,000 $215,103 $5,554 4.36%
    Over 100% 27 $7,225,000 $267,593 $9,018 4.08%
    Under 20% 220 $1,480,000 $6,727 $1,846 0.06%

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    Neighborhood Capital Funding, Inc. Conventional home mortgage Trouble during payment process 1 100.0%