Raccoon Valley Bank Mortgage Rates, Fees & Info
Perry, IALEI: 254900S2BHB4ZY0JPI53
Tax ID: 42-0464130
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Mortgage Data
Review & Overview
Raccoon Valley Bank is a smaller bank specializing in Home Purchase loans. Raccoon Valley Bank has a high proportion of conventional loans. Their top markets by origination volume include: Des Moines, Pella, Ames, Spirit Lake, and Dallas among others. We have data for 7 markets. (Some data included below & more in-depth data is available with an active subscription.)Raccoon Valley Bank has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. Raccoon Valley 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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Originations
119Origination Dollar Volume (All Markets)
$28,885,000Awards
Raccoon Valley Bank - 2023
Raccoon Valley Bank is a 2023 , due to their low .
For 2023, less than of lenders were eligible for this award.
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Relative Rate
Raccoon Valley Bank's average 30 year fixed mortgage rate was
6.5%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of 0.02%.
Relative Fees (Closing Costs)
Raccoon Valley Bank's average total fees/closing costs for a 30 year fixed rate
mortgage were $1,621.
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 |
|---|---|---|---|---|---|
| DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) | 107 | $22,215,000 | $207,617 | $1,259 | 7.19% |
| Pella, IA (FHA|USDA|VA) | 1 | $2,985,000 | $2,985,000 | $0 | 6.93% |
| AMES, IA (FHA|USDA|VA) | 6 | $2,510,000 | $418,333 | $1,081 | 8.18% |
| Spirit Lake, IA (FHA|USDA|VA) | 1 | $555,000 | $555,000 | $1,602 | 6.65% |
| Outside of Metro Areas | 2 | $290,000 | $145,000 | $3,472 | 6.47% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $0 | 6.26% |
| CEDAR RAPIDS, IA (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $0 | 6.91% |
Similar Lenders
We use machine learning to identify the top lenders compared against Raccoon Valley Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 119 | $28,885,000 | $242,731 | $1,337 | 7.21% |
For 2023, Raccoon Valley Bank's most frequently originated type of loan was Conventional, with 119 originations.
Loan Reason
For 2023, Raccoon Valley Bank's most frequently cited loan purpose was Home Purchase, with 76 originations. The 2nd most popular reason was Refi, with 24 originations.
Loan Duration/Length
For 2023, Raccoon Valley Bank's most frequently cited loan duration was Other, with 39 originations. The 2nd most popular length was 5 Year, with 36 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 22 | $6,680,000 | $303,636 |
Raccoon Valley Bank's average total fees were $1,621, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 22 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 68 | $21,740,000 | $319,706 |
| 7-8% | 24 | $3,880,000 | $161,667 |
| Over 8% | 24 | $2,630,000 | $109,583 |
| 5-6% | 2 | $450,000 | $225,000 |
During 2023, Raccoon Valley Bank's average interest rate for loans was 6.50%, while their most frequently originated rate bucket for loans was 6-7%, with 68 originations.
Loan Sizing
2023 saw Raccoon Valley Bank place emphasis on $100,000 or less loans with 37 originations, totaling $2,525,000 in origination value.
Applicant Income
Raccoon Valley Bank lent most frequently to those with incomes in the $100k-150k range, with 12 originations. The second most popular income band? $150k-250k, with 7 originations.
Applicant Debt to Income Ratio
Raccoon Valley Bank lent most frequently to those with DTI ratios of 20-30%, with 7 originations. The next most common DTI ratio? 30-36%, with 6 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications94.07%
Raccoon Valley Bank has an average approval rate.
Pick Rate
Approvals leading to origination93.28%
Raccoon Valley Bank has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 119 | $28,885,000 | $242,731 |