Bank Of Pontiac Mortgage Rates, Fees & Info

Pontiac, IL

LEI: 5493000KJ6VEEFTSNI20

Tax ID: 37-1114524

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

    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 Peoria among others. We have data for 15 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 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.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    Home Equity Line of Credit (HELOC) 6.27% 4/28/24
    30 Year Conventional Purchase 6.91% 4/28/24
    30 Year Conventional Refi 6.55% 4/28/24
    30 Year Cash-out Refi 6.84% 4/28/24
    30 Year USDA Purchase 7.59% 4/28/24
    15 Year Conventional Purchase 6.61% 4/28/24
    15 Year Conventional Refi 6.37% 4/28/24
    15 Year Cash-out Refi 6.37% 4/28/24
    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

    338

    Origination Dollar Volume (All Markets)

    $84,450,000
    Show all (6) awards

    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) 36 $39,790,000 $1,105,278 $2,416 4.69%
    Pontiac, IL (FHA|USDA|VA) 178 $21,330,000 $119,831 $1,696 5.30%
    BLOOMINGTON, IL (FHA|USDA|VA) 82 $12,960,000 $158,049 $1,821 5.33%
    ROCKFORD, IL (FHA|USDA|VA) 1 $4,105,000 $4,105,000 $0 4.70%
    PEORIA, IL (FHA|USDA|VA) 19 $3,315,000 $174,474 $1,827 4.97%
    Outside of Metro Areas 5 $655,000 $131,000 $1,616 6.83%
    Ottawa, IL (FHA|USDA|VA) 7 $635,000 $90,714 $1,698 6.47%
    MADISON, WI (FHA|USDA|VA) 1 $585,000 $585,000 $2,342 5.38%
    CHAMPAIGN-URBANA, IL (FHA|USDA|VA) 1 $285,000 $285,000 $3,000 4.50%
    MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 1 $185,000 $185,000 $2,301 5.88%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $185,000 $185,000 $2,589 6.00%
    Marquette, MI (FHA|USDA|VA) 1 $145,000 $145,000 $2,024 7.75%
    KANKAKEE, IL (FHA|USDA|VA) 3 $115,000 $38,333 $911 6.38%
    CARBONDALE-MARION, IL (FHA|USDA|VA) 1 $85,000 $85,000 $2,397 7.25%
    Lincoln, IL (FHA|USDA|VA) 1 $75,000 $75,000 $1,467 2.75%
    Bank Of Pontiac's top markets include Chicago, Pontiac, Bloomington, Rockford, and Peoria among others.

    Their top states include:
  • Illinois (FHA|USDA|VA)
  • Wisconsin (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Michigan (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
    Similarity Rank: 64
    Prairie State Bank and Trust
    Similarity Rank: 90
    Liberty Bank for Savings
    Similarity Rank: 116
    FINANCIAL PLUS
    Similarity Rank: 198
    IAA Credit Union
    Similarity Rank: 290
    Morton Community Bank
    Similarity Rank: 342
    Marine Bank
    Similarity Rank: 532
    DuPage Credit Union
    Similarity Rank: 579
    EDUCATORS CREDIT UNION
    Similarity Rank: 850
    Community State Bank
    Similarity Rank: 930

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 329 $83,635,000 $254,210 $1,719 5.28%
    USDA 8 $750,000 $93,750 $3,993 5.16%
    HELOC 1 $65,000 $65,000 n/a 6.75%

    For 2022, Bank Of Pontiac's most frequently originated type of loan was Conventional, with 329 originations. Their 2nd most popular type was USDA, with 8 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 184 $26,800,000 $145,652 $2,145 5.39%
    Refi 58 $42,740,000 $736,897 $1,533 4.53%
    Cash Out Refi 50 $8,010,000 $160,200 $1,549 4.93%
    Home Improvement 24 $4,740,000 $197,500 $1,056 6.53%
    Other 22 $2,160,000 $98,182 $1,267 5.85%

    For 2022, Bank Of Pontiac's most frequently cited loan purpose was Home Purchase, with 184 originations. The 2nd most popular reason was Refi, with 58 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 110 $21,370,000 $194,273 $2,140 5.04%
    Other 107 $16,745,000 $156,495 $1,436 6.13%
    15 Year 50 $6,220,000 $124,400 $1,647 4.37%
    5 Year 40 $24,680,000 $617,000 $1,392 5.17%
    10 Year 19 $13,495,000 $710,263 $1,621 5.08%
    20 Year 12 $1,940,000 $161,667 $1,787 4.44%

    For 2022, Bank Of Pontiac's most frequently cited loan duration was 30 Year, with 110 originations. The 2nd most popular length was Other, with 107 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 258 $38,860,000 $150,620
    $1k-2k 5 $405,000 $81,000
    $2k-3k 3 $345,000 $115,000

    Bank Of Pontiac's average total fees were $2,140, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 258 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 108 $18,970,000 $175,648
    4-5% 70 $43,180,000 $616,857
    6-7% 52 $6,790,000 $130,577
    3-4% 49 $8,115,000 $165,612
    7-8% 29 $3,265,000 $112,586
    2.5-3% 16 $2,620,000 $163,750
    Over 8% 9 $415,000 $46,111
    <2.5% 5 $1,095,000 $219,000

    During 2022, Bank Of Pontiac's average interest rate for loans was 5.04%, while their most frequently originated rate bucket for loans was 5-6%, with 108 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 148 $9,240,000 $62,432 $1,558 5.61%
    $100k-200k 107 $14,905,000 $139,299 $1,893 5.14%
    $200k-400k 58 $16,000,000 $275,862 $1,933 4.84%
    $1MM+ 10 $35,430,000 $3,543,000 $0 4.91%
    $400k-600k 10 $4,990,000 $499,000 $2,482 5.17%
    $600k-1MM 5 $3,885,000 $777,000 $3,978 4.90%

    2022 saw Bank Of Pontiac place emphasis on $100,000 or less loans with 148 originations, totaling $9,240,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 72 $8,080,000 $112,222 $1,828 5.55%
    $50k or less 63 $5,125,000 $81,349 $1,858 5.33%
    $75k-100k 63 $9,575,000 $151,984 $1,661 5.20%
    $100k-150k 48 $7,510,000 $156,458 $1,574 5.26%
    $150k-250k 29 $6,705,000 $231,207 $1,971 5.08%
    $250k+ 25 $6,355,000 $254,200 $2,120 4.90%

    Bank Of Pontiac lent most frequently to those with incomes in the $50k-75k range, with 72 originations. The second most popular income band? $50k or less, with 63 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 74 $10,580,000 $142,973 $1,849 4.83%
    30-36% 61 $8,575,000 $140,574 $1,729 5.51%
    <20% 25 $3,415,000 $136,600 $1,788 4.63%
    50-60% 15 $2,325,000 $155,000 $1,590 5.17%
    >60% 13 $2,165,000 $166,538 $1,977 6.29%
    36% 12 $2,700,000 $225,000 $2,140 5.42%
    42% 9 $1,145,000 $127,222 $1,588 5.47%
    43% 7 $855,000 $122,143 $1,644 6.36%
    39% 6 $1,180,000 $196,667 $1,724 5.19%
    41% 6 $960,000 $160,000 $1,513 6.00%
    37% 6 $820,000 $136,667 $2,066 5.40%
    40% 6 $770,000 $128,333 $1,551 4.50%
    38% 5 $895,000 $179,000 $1,680 4.68%
    44% 5 $915,000 $183,000 $2,232 4.38%
    48% 4 $450,000 $112,500 $1,467 6.25%
    49% 4 $550,000 $137,500 $1,704 5.75%
    45% 4 $630,000 $157,500 $1,395 6.94%
    47% 2 $350,000 $175,000 $1,699 5.81%
    46% 2 $330,000 $165,000 $2,483 5.88%

    Bank Of Pontiac lent most frequently to those with DTI ratios of 20-30%, with 74 originations. The next most common DTI ratio? 30-36%, with 61 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 36 $40,920,000 $1,136,667 $0 5.27%
    White 279 $40,535,000 $145,287 $1,795 5.30%
    Not provided 7 $1,085,000 $155,000 $1,881 5.75%
    Asian 8 $890,000 $111,250 $1,600 5.01%
    Black 6 $760,000 $126,667 $1,356 4.52%
    Asian Indian 2 $260,000 $130,000 $0 5.25%

    Approval Rates

    Total approvals of all applications
    98.26%

    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
    86.69%

    Bank Of Pontiac has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 338 $84,450,000 $249,852

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    338 $84,450,000 $249,852

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 25 $1,485,000 $59,400 $1,241 6.27%
    40-60% 32 $5,800,000 $181,250 $1,649 4.65%
    60-80% 143 $57,425,000 $401,573 $1,793 4.99%
    80-100% 120 $18,940,000 $157,833 $2,125 5.42%
    Over 100% 2 $190,000 $95,000 $1,631 6.13%
    Under 20% 16 $610,000 $38,125 $870 6.49%

    Complaints

    Bank Name Product Issue 2022 CPFB Complaints % of Total Issues
    BANK OF AMERICA, NATIONAL ASSOCIATION Home equity loan or line of credit (HELOC) Trouble during payment process 1 6.7%
    BANK OF AMERICA, NATIONAL ASSOCIATION Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 3 20.0%
    BANK OF AMERICA, NATIONAL ASSOCIATION Conventional home mortgage Closing on a mortgage 1 6.7%
    BANK OF AMERICA, NATIONAL ASSOCIATION Conventional home mortgage Struggling to pay mortgage 1 6.7%
    BANK OF AMERICA, NATIONAL ASSOCIATION Conventional home mortgage Trouble during payment process 7 46.7%
    BANK OF AMERICA, NATIONAL ASSOCIATION FHA mortgage Struggling to pay mortgage 1 6.7%
    BANK OF AMERICA, NATIONAL ASSOCIATION Home equity loan or line of credit (HELOC) Struggling to pay mortgage 1 6.7%