Bank Of Pontiac Mortgage Rates, Fees & Info
Pontiac, ILLEI: 5493000KJ6VEEFTSNI20
Tax ID: 37-1114524
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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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 6.27% | 4/21/24 |
| 30 Year Conventional Purchase | 6.91% | 4/21/24 |
| 30 Year Conventional Refi | 6.55% | 4/21/24 |
| 30 Year Cash-out Refi | 6.84% | 4/21/24 |
| 30 Year USDA Purchase | 7.59% | 4/21/24 |
| 15 Year Conventional Purchase | 6.61% | 4/21/24 |
| 15 Year Conventional Refi | 6.37% | 4/21/24 |
| 15 Year Cash-out Refi | 6.37% | 4/21/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
261Origination Dollar Volume (All Markets)
$56,695,000Awards
Bank of Pontiac - 2023
Bank of Pontiac is a 2023 , due to their low .
For 2023, less than of lenders were eligible for this award.
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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% |
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.
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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
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
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
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
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
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
Approval Rates
Total approvals of all applications97.41%
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 origination87.36%
Bank Of Pontiac has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 261 | $56,695,000 | $217,222 |