Bank Of Pontiac Mortgage Rates, Fees & Info

Pontiac, IL

LEI: 5493000KJ6VEEFTSNI20

Tax ID: 37-1114524

5 stars - Updated: 12/6/24 - out of 5 stars, based on 16 reviews

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

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Mortgage Data

Review & Overview

Bank Of Pontiac is a smaller bank specializing in Home Purchase and Refi loans. Bank Of Pontiac has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Chicago, Pontiac, Bloomington, Rockford, and Plymouth among others. We have data for 14 markets. (Some data included below & more in-depth data is available with an active subscription.)

Bank Of Pontiac 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. Bank Of Pontiac 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) 6.27% 12/6/24
30 Year Conventional Purchase 6.91% 12/6/24
30 Year Conventional Refi 6.55% 12/6/24
30 Year Cash-out Refi 6.84% 12/6/24
30 Year USDA Purchase 7.59% 12/6/24
15 Year Conventional Purchase 6.61% 12/6/24
15 Year Conventional Refi 6.37% 12/6/24
15 Year Cash-out Refi 6.37% 12/6/24
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.

Bank Of Pontiac Mortgage Calculator






Your Estimates

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

This is not an official calculator from Bank Of Pontiac. 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

261

Origination Dollar Volume (All Markets)

$56,695,000

Awards

Bank of Pontiac 30 Year Conventional Loans bronze Bank of Pontiac 30 Year Conventional Loans gold Bank of Pontiac 30 Year Conventional Loans gold
Show all (3) awards

Relative Rate

Bank Of Pontiac's average 30 year fixed mortgage rate was 6.95%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of 0.47%.

Relative Fees (Closing Costs)

Bank Of Pontiac's average total fees/closing costs for a 30 year fixed rate mortgage were $2,335.

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
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 54 $20,370,000 $377,222 $3,781 7.22%
Pontiac, IL (FHA|USDA|VA) 108 $13,240,000 $122,593 $1,788 7.72%
BLOOMINGTON, IL (FHA|USDA|VA) 60 $8,700,000 $145,000 $2,072 7.35%
ROCKFORD, IL (FHA|USDA|VA) 5 $4,415,000 $883,000 $0 7.24%
Plymouth, IN (FHA|USDA|VA) 1 $3,085,000 $3,085,000 $0 6.75%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 1 $2,015,000 $2,015,000 $0 6.75%
PEORIA, IL (FHA|USDA|VA) 17 $1,885,000 $110,882 $1,900 7.10%
Outside of Metro Areas 3 $1,295,000 $431,667 $2,481 7.38%
Ottawa, IL (FHA|USDA|VA) 6 $710,000 $118,333 $1,643 7.43%
Jasper, IN (FHA|USDA|VA) 1 $265,000 $265,000 $2,278 6.38%
ST. LOUIS, MO-IL (FHA|USDA|VA) 2 $210,000 $105,000 $1,909 7.06%
CARBONDALE-MARION, IL (FHA|USDA|VA) 1 $205,000 $205,000 $2,613 6.88%
MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 1 $175,000 $175,000 $3,050 7.50%
Rochelle, IL (FHA|USDA|VA) 1 $125,000 $125,000 $0 7.40%
Bank Of Pontiac's top markets include Chicago, Pontiac, Bloomington, Rockford, and Plymouth among others.

Their top states include:
  • Illinois (FHA|USDA|VA)
  • Indiana (FHA|USDA|VA)
  • Colorado (FHA|USDA|VA)
  • Missouri (FHA|USDA|VA)
  • Wisconsin (FHA|USDA|VA)
  • Similar Lenders

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

    First Savings Bank of Hegewisch
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 258 $56,430,000 $218,721 $1,932 7.45%
    USDA 3 $265,000 $88,333 $3,911 7.50%

    For 2023, Bank Of Pontiac's most frequently originated type of loan was Conventional, with 258 originations. Their 2nd most popular type was USDA, with 3 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 169 $34,635,000 $204,941 $2,374 7.29%
    Refi 45 $17,765,000 $394,778 $1,648 7.11%
    Other 17 $1,165,000 $68,529 $1,311 8.60%
    Cash Out Refi 17 $1,875,000 $110,294 $1,494 8.01%
    Home Improvement 13 $1,255,000 $96,538 $1,069 8.48%

    For 2023, Bank Of Pontiac's most frequently cited loan purpose was Home Purchase, with 169 originations. The 2nd most popular reason was Refi, with 45 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    5 Year 94 $35,610,000 $378,830 $1,382 7.29%
    Other 73 $7,465,000 $102,260 $1,658 8.26%
    30 Year 65 $10,765,000 $165,615 $2,335 6.95%
    15 Year 18 $1,580,000 $87,778 $1,882 6.85%
    10 Year 6 $430,000 $71,667 $1,697 7.73%
    20 Year 5 $845,000 $169,000 $1,596 6.90%

    For 2023, Bank Of Pontiac's most frequently cited loan duration was 5 Year, with 94 originations. The 2nd most popular length was Other, with 73 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 147 $19,075,000 $129,762
    $1k-2k 3 $265,000 $88,333

    Bank Of Pontiac's average total fees were $2,335, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 147 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    7-8% 108 $25,280,000 $234,074
    6-7% 104 $26,460,000 $254,423
    Over 8% 46 $4,180,000 $90,870
    5-6% 3 $775,000 $258,333

    During 2023, Bank Of Pontiac's average interest rate for loans was 6.95%, while their most frequently originated rate bucket for loans was 7-8%, with 108 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 103 $6,175,000 $59,951 $1,732 7.82%
    $100k-200k 93 $13,325,000 $143,280 $2,020 7.29%
    $200k-400k 41 $10,185,000 $248,415 $2,265 7.05%
    $1MM+ 9 $17,345,000 $1,927,222 $0 7.11%
    $600k-1MM 8 $6,280,000 $785,000 $5,233 7.04%
    $400k-600k 7 $3,385,000 $483,571 $3,424 7.21%

    2023 saw Bank Of Pontiac place emphasis on $100,000 or less loans with 103 originations, totaling $6,175,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 42 $6,870,000 $163,571 $1,749 7.31%
    $50k-75k 42 $4,510,000 $107,381 $1,960 7.64%
    $50k or less 40 $2,830,000 $70,750 $2,067 7.52%
    $75k-100k 28 $2,640,000 $94,286 $1,667 7.97%
    $250k+ 19 $4,225,000 $222,368 $2,888 7.61%
    $150k-250k 18 $2,690,000 $149,444 $1,851 7.23%

    Bank Of Pontiac lent most frequently to those with incomes in the $100k-150k range, with 42 originations. The second most popular income band? $50k-75k, with 42 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 42 $5,290,000 $125,952 $1,959 7.70%
    20-30% 36 $5,830,000 $161,944 $1,990 7.44%
    <20% 19 $2,045,000 $107,632 $2,120 7.27%
    37% 7 $725,000 $103,571 $1,886 7.93%
    40% 6 $480,000 $80,000 $2,117 7.50%
    38% 6 $760,000 $126,667 $1,978 7.54%
    50-60% 6 $1,080,000 $180,000 $1,984 8.69%
    41% 6 $710,000 $118,333 $1,694 7.83%
    >60% 4 $330,000 $82,500 $1,624 8.34%
    42% 4 $340,000 $85,000 $1,611 7.94%
    43% 3 $355,000 $118,333 $2,096 7.21%
    36% 3 $375,000 $125,000 $1,445 7.42%
    45% 2 $220,000 $110,000 $1,820 8.06%
    44% 2 $410,000 $205,000 $2,080 7.75%
    46% 1 $95,000 $95,000 $1,757 8.38%
    47% 1 $35,000 $35,000 $1,637 6.25%
    48% 1 $185,000 $185,000 $4,272 7.75%
    39% 1 $75,000 $75,000 $2,632 7.13%

    Bank Of Pontiac lent most frequently to those with DTI ratios of 30-36%, with 42 originations. The next most common DTI ratio? 20-30%, with 36 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 71 $32,765,000 $461,479 $0 7.18%
    White 176 $22,100,000 $125,568 $1,973 7.56%
    Asian 5 $825,000 $165,000 $1,865 7.21%
    Not provided 5 $475,000 $95,000 $1,753 7.64%
    Black 2 $300,000 $150,000 $2,116 6.79%
    Asian Indian 2 $230,000 $115,000 $2,697 7.64%

    Approval Rates

    Total approvals of all applications
    97.41%

    Bank Of Pontiac 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
    87.36%

    Bank Of Pontiac has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 261 $56,695,000 $217,222

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    261 $56,695,000 $217,222

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 18 $1,010,000 $56,111 $1,508 7.92%
    40-60% 25 $2,985,000 $119,400 $1,740 7.26%
    60-80% 83 $22,935,000 $276,325 $2,284 7.20%
    80-100% 118 $29,070,000 $246,356 $2,191 7.32%
    Over 100% 2 $240,000 $120,000 $1,495 8.23%
    Under 20% 15 $455,000 $30,333 $1,008 9.46%