Better Banks Mortgage Rates, Fees & Info
Peoria, ILLEI: 254900UAJ26M2YIF0822
Tax ID: 37-0253320
Latest/2024 | 2023 Data | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Review & Overview
Better Banks is a smaller bank specializing in Home Purchase loans. Better Banks has a high proportion of conventional loans. Their top markets by origination volume include: Peoria, Hilton Head Island, Chicago, Charleston, and Bloomington among others. We have data for 9 markets. (Some data included below & more in-depth data is available with an active subscription.)Better Banks 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.
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
153Origination Dollar Volume (All Markets)
$23,405,000Top 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 |
|---|---|---|---|---|---|
| PEORIA, IL (FHA|USDA|VA) | 140 | $19,170,000 | $136,929 | $0 | 0.00% |
| HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) | 1 | $1,005,000 | $1,005,000 | $0 | 0.00% |
| Outside of Metro Areas | 4 | $860,000 | $215,000 | $0 | 0.00% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 1 | $805,000 | $805,000 | $0 | 0.00% |
| CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) | 1 | $605,000 | $605,000 | $0 | 0.00% |
| BLOOMINGTON, IL (FHA|USDA|VA) | 3 | $425,000 | $141,667 | $0 | 0.00% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $0 | 0.00% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $0 | 0.00% |
| Pontiac, IL (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 153 | $23,405,000 | $152,974 | $0 | 0.00% |
For 2024, Better Banks's most frequently originated type of loan was Conventional, with 153 originations.
Loan Reason
For 2024, Better Banks's most frequently cited loan purpose was Home Purchase, with 87 originations. The 2nd most popular reason was Cash Out Refi, with 31 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 153 | $23,405,000 | $152,974 | $0 | 0.00% |
For 2024, Better Banks's most frequently cited loan duration was Other, with 153 originations.
Loan Sizing
2024 saw Better Banks place emphasis on $100,000 or less loans with 74 originations, totaling $3,980,000 in origination value.
Applicant Income
Better Banks lent most frequently to those with incomes in the $100k-150k range, with 41 originations. The second most popular income band? $50k-75k, with 26 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 153 | $23,405,000 | $152,974 | $0 | 0.00% |
Better Banks lent most frequently to those with DTI ratios of Exempt%, with 153 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications96.00%
Better Banks has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination90.20%
Better Banks has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 153 | $23,405,000 | $152,974 |