Ottawa Savings Bank Mortgage Rates, Fees & Info

Ottawa, IL

LEI: 5493002OMAT2S3H4OF48

Tax ID: 36-1588740

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

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • 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)

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • Review & Overview

    Ottawa Savings Bank is a smaller bank specializing in Home Purchase, Refi, and Cash Out Refi loans. Ottawa Savings Bank has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Chicago, Ottawa, Knoxville, Hillsdale, and Peoria among others. We have data for 19 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Ottawa Savings Bank 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. Ottawa Savings 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 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.

    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
    30 Year Conventional Purchase 6.64% 11/17/24
    30 Year Conventional Refi 6.70% 11/17/24
    30 Year Cash-out Refi 6.71% 11/17/24
    30 Year VA Purchase 6.27% 11/17/24
    15 Year Conventional Purchase 6.29% 11/17/24
    15 Year Conventional Refi 6.08% 11/17/24
    15 Year Cash-out Refi 6.08% 11/17/24
    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.

    Ottawa Savings Bank Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Ottawa Savings Bank. 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

    521

    Origination Dollar Volume (All Markets)

    $119,925,000

    Employee count

    53

    Awards

    Ottawa Savings Bank 30 Year Conventional Loans bronze
    Show all (1) 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) 214 $65,470,000 $305,935 $3,470 3.07%
    Ottawa, IL (FHA|USDA|VA) 252 $41,400,000 $164,286 $2,221 3.03%
    Outside of Metro Areas 23 $2,315,000 $100,652 $2,734 4.54%
    KNOXVILLE, TN (FHA|USDA|VA) 1 $1,405,000 $1,405,000 $0 3.52%
    Hillsdale, MI (FHA|USDA|VA) 1 $1,385,000 $1,385,000 $0 6.00%
    PEORIA, IL (FHA|USDA|VA) 8 $1,350,000 $168,750 $2,121 3.36%
    Alma, MI (FHA|USDA|VA) 2 $1,100,000 $550,000 $0 6.00%
    Warsaw, IN (FHA|USDA|VA) 1 $1,055,000 $1,055,000 $3,138 3.25%
    SAGINAW, MI (FHA|USDA|VA) 1 $1,015,000 $1,015,000 $0 6.00%
    Pontiac, IL (FHA|USDA|VA) 6 $850,000 $141,667 $2,313 2.69%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $685,000 $685,000 $0 4.25%
    Dixon, IL (FHA|USDA|VA) 2 $470,000 $235,000 $2,974 2.94%
    DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) 3 $465,000 $155,000 $2,369 2.79%
    STATE COLLEGE, PA (FHA|USDA|VA) 1 $225,000 $225,000 $4,093 3.25%
    KANKAKEE, IL (FHA|USDA|VA) 1 $195,000 $195,000 $2,800 2.38%
    SAVANNAH, GA (FHA|USDA|VA) 1 $195,000 $195,000 $3,077 3.25%
    APPLETON, WI (FHA|USDA|VA) 1 $155,000 $155,000 $2,717 2.13%
    Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 1 $135,000 $135,000 $0 4.13%
    CHAMPAIGN-URBANA, IL (FHA|USDA|VA) 1 $55,000 $55,000 $0 4.00%
    Ottawa Savings Bank's top markets include Chicago, Ottawa, Knoxville, Hillsdale, and Peoria among others.

    Their top states include:
  • Illinois (FHA|USDA|VA)
  • Michigan (FHA|USDA|VA)
  • Indiana (FHA|USDA|VA)
  • Tennessee (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against Ottawa Savings Bank 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: 45
    Liberty Bank for Savings
    Similarity Rank: 153
    AMERITRUST MORTGAGE CORPORATION
    Similarity Rank: 861
    First Financial Credit Union
    Similarity Rank: 1090
    The Equitable Bank, S.S.B.
    Similarity Rank: 1166
    Providence Bank & Trust
    Similarity Rank: 1232
    CROWN MORTGAGE COMPANY
    Similarity Rank: 1252
    FINANCIAL PLUS
    Similarity Rank: 1320
    LOANFLIGHT LENDING, LLC
    Similarity Rank: 1560
    DuPage Credit Union
    Similarity Rank: 1866

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 518 $119,600,000 $230,888 $2,742 3.14%
    USDA 3 $325,000 $108,333 $4,370 2.83%

    For 2021, Ottawa Savings Bank's most frequently originated type of loan was Conventional, with 518 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 277 $66,965,000 $241,751 $3,488 3.40%
    Refi 137 $26,745,000 $195,219 $1,889 2.77%
    Cash Out Refi 97 $24,305,000 $250,567 $2,374 2.92%
    Home Improvement 5 $1,125,000 $225,000 $1,910 3.52%
    Other 5 $785,000 $157,000 $1,969 3.00%

    For 2021, Ottawa Savings Bank's most frequently cited loan purpose was Home Purchase, with 277 originations. The 2nd most popular reason was Refi, with 137 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 279 $70,755,000 $253,602 $3,058 3.08%
    15 Year 100 $17,090,000 $170,900 $2,053 2.51%
    20 Year 62 $12,710,000 $205,000 $2,509 3.22%
    Other 58 $14,690,000 $253,276 $2,621 4.19%
    10 Year 14 $2,660,000 $190,000 $1,754 3.73%
    1 Year 7 $1,755,000 $250,714 $0 4.08%
    5 Year 1 $265,000 $265,000 $1,757 2.25%

    For 2021, Ottawa Savings Bank's most frequently cited loan duration was 30 Year, with 279 originations. The 2nd most popular length was 15 Year, with 100 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 351 $69,475,000 $197,934
    $1k-2k 60 $20,490,000 $341,500
    $2k-3k 5 $2,295,000 $459,000
    $3k-4k 4 $1,500,000 $375,000
    $5k+ 2 $4,470,000 $2,235,000

    Ottawa Savings Bank's average total fees were $3,058, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 351 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 218 $55,960,000 $256,697
    2.5-3% 188 $43,640,000 $232,128
    <2.5% 75 $12,475,000 $166,333
    4-5% 33 $4,085,000 $123,788
    5-6% 7 $3,765,000 $537,857

    During 2021, Ottawa Savings Bank's average interest rate for loans was 3.08%, while their most frequently originated rate bucket for loans was 3-4%, with 218 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 207 $29,335,000 $141,715 $2,323 3.03%
    $200k-400k 154 $42,620,000 $276,753 $2,843 3.02%
    $100,000 or less 105 $7,365,000 $70,143 $2,242 3.43%
    $400k-600k 33 $15,805,000 $478,939 $3,856 3.13%
    $1MM+ 12 $17,330,000 $1,444,167 $10,017 3.62%
    $600k-1MM 10 $7,470,000 $747,000 $4,650 3.76%

    2021 saw Ottawa Savings Bank place emphasis on $100k-200k loans with 207 originations, totaling $29,335,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 114 $25,830,000 $226,579 $2,695 2.94%
    $50k-75k 88 $12,790,000 $145,341 $2,302 2.90%
    $150k-250k 74 $23,900,000 $322,973 $2,949 2.88%
    $75k-100k 68 $11,790,000 $173,382 $2,534 2.98%
    $50k or less 65 $6,235,000 $95,923 $2,428 3.03%
    $250k+ 32 $21,040,000 $657,500 $5,232 3.07%

    Ottawa Savings Bank lent most frequently to those with incomes in the $100k-150k range, with 114 originations. The second most popular income band? $50k-75k, with 88 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 143 $31,415,000 $219,685 $2,843 2.92%
    30-36% 111 $23,795,000 $214,369 $2,733 2.93%
    <20% 58 $17,150,000 $295,690 $3,043 2.97%
    42% 18 $4,180,000 $232,222 $2,664 3.06%
    43% 16 $2,560,000 $160,000 $2,128 2.95%
    38% 13 $2,455,000 $188,846 $1,868 2.85%
    39% 13 $2,235,000 $171,923 $2,010 2.89%
    40% 12 $2,150,000 $179,167 $2,547 2.95%
    37% 11 $3,275,000 $297,727 $3,168 3.23%
    41% 9 $1,575,000 $175,000 $3,052 3.22%
    44% 7 $1,415,000 $202,143 $2,271 3.02%
    45% 7 $2,385,000 $340,714 $3,138 2.91%
    49% 6 $2,340,000 $390,000 $3,220 2.85%
    36% 5 $1,545,000 $309,000 $3,405 2.85%
    48% 4 $870,000 $217,500 $1,916 2.56%
    46% 4 $1,100,000 $275,000 $4,582 3.22%
    50-60% 3 $555,000 $185,000 $1,707 3.13%
    47% 2 $530,000 $265,000 $1,917 3.06%
    >60% 1 $325,000 $325,000 $0 4.95%

    Ottawa Savings Bank lent most frequently to those with DTI ratios of 20-30%, with 143 originations. The next most common DTI ratio? 30-36%, with 111 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 434 $95,790,000 $220,714 $2,641 2.96%
    Not applicable 76 $17,780,000 $233,947 $0 4.21%
    Asian 7 $2,885,000 $412,143 $6,141 2.64%
    Not provided 1 $2,845,000 $2,845,000 $25,111 3.25%
    Black 3 $625,000 $208,333 $2,788 2.88%

    Approval Rates

    Total approvals of all applications
    93.40%

    Ottawa Savings Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    89.06%

    Ottawa Savings Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 521 $119,925,000 $230,182

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    521 $119,925,000 $230,182

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 15 $2,345,000 $156,333 $3,014 2.96%
    40-60% 66 $11,630,000 $176,212 $2,137 2.73%
    60-80% 237 $64,175,000 $270,781 $2,632 3.13%
    80-100% 202 $41,510,000 $205,495 $3,068 3.30%
    Under 20% 1 $265,000 $265,000 $5,702 2.88%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Ottawa Savings Bank 125 West Bluff Street Marseilles, IL 61341 Full Service B&M $60,080
    Ottawa Savings Bank 1508 Creek Drive Morris, IL 60450 Full Service B&M $47,381
    Ottawa Savings Bank 925 La Salle St Ottawa, IL 61350 Full Service B&M $153,306

    For 2021, Ottawa Savings Bank had 3 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $13,290
    Net interest income $11,714
    Total noninterest income $2,056
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $92
    Trading account gains and fees $0
    Additional Noninterest Income $1,964
    Pre-tax net operating income $4,119
    Securities gains (or losses, -) $0
    Income before extraordinary items $2,952
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $2,952
    Minority interest net income $0
    Net income $2,952
    Sale, conversion, retirement of capital stock, net $250
    Net operating income $2,952

    Ottawa Savings Bank's gross interest income from loans was $13,290,000.
    Ottawa Savings Bank's net interest income from loans was $11,714,000.
    Ottawa Savings Bank's fee based income from loans was $92,000.
    Ottawa Savings Bank's net income from loans was $2,952,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $1,576
    Provision for credit losses $150
    Total noninterest expense $9,501
    Salaries and employee benefits $5,980
    Premises and equipment expense $625
    Additional noninterest expense $2,896
    Applicable income taxes $1,167
    Net charge-offs $-11
    Cash dividends $1,956

    Ottawa Savings Bank's interest expense for loans was $1,576,000.
    Ottawa Savings Bank's payroll and benefits expense were $5,980,000.
    Ottawa Savings Bank's property, plant and equipment expenses $625,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 0.0%
    Real Estate loans 0.0%
    Construction & Land Development loans 0.0%
    Nonfarm, nonresidential loans 0.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 0.0%
    HELOC loans 5.0%
    All other family 0.0%
    Commercial & industrial loans 0.0%
    Personal loans 0.0%
    Credit card loans 0.0%
    Other individual loans 0.0%
    Auto loans 0.0%
    Other consumer loans 0.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $274,600
    Deposits held in domestic offices $274,600
    Deposits by Individuals, partnerships, and corporations $234,855
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $39,746
    Deposits by Commercial banks and other depository institutions in U.S. $0
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $106,784
    Demand deposits $106,784
    Nontransaction accounts $167,817
    Money market deposit accounts (MMDAs) $28,684
    Other savings deposits (excluding MMDAs) $33,258
    Total time deposits $105,874
    Total time and savings deposits $167,817
    Noninterest-bearing deposits $24,019
    Interest-bearing deposits $250,581
    Retail deposits $243,527
    IRAs and Keogh plan accounts $12,633
    Brokered deposits $17,932
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $342,532
    Cash & Balances due from depository institutions $7,391
    Interest-bearing balances $1,500
    Total securities $32,700
    Federal funds sold & reverse repurchase $936
    Net loans and leases $284,281
    Loan and leases loss allowance $3,640
    Trading account assets $0
    Bank premises and fixed assets $6,331
    Other real estate owned $0
    Goodwill and other intangibles $1,644
    All other assets $9,249

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $342,532
    Total Liabilities $296,712
    Total deposits $274,600
    Interest-bearing deposits $250,581
    Deposits held in domestic offices $274,600
    % insured (estimated) $76
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $17,524
    Subordinated debt $0
    All other liabilities $4,588

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $284,281
    Loan and leases loss allowance $3,640
    Total loans and leases (domestic) $287,921
    All real estate loans $241,042
    Real estate loans in domestic offices $241,042
    Construction and development loans $38,153
    Residential 1-4 family construction $19,947
    Other construction, all land development and other land $18,206
    Loans secured by nonfarm nonresidential properties $24,518
    Nonfarm nonresidential secured by owner-occupied properties $13,718
    Commercial real estate & other non-farm, non-residential $10,800
    Multifamily residential real estate $12,096
    1-4 family residential loans $154,824
    Farmland loans $11,451
    Loans held in foreign offices $0
    Farm loans $2,751
    Commercial and industrial loans $27,134
    To non-U.S. addressees $0
    Loans to individuals $16,250
    Credit card loans $0
    Related Plans $0
    Consumer Auto Loans $14,775
    Other loans to individuals $1,475
    All other loans & leases $744
    Loans to foreign governments and official institutions $0
    Other loans $0
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $7,563
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $0
    Non 1-4 family restructured loans & leases $0
    Total loans and leases (foreign) $0

    Ottawa Savings Bank had $284,281,000 of loans outstanding in 2021. $241,042,000 of loans were in real estate loans. $38,153,000 of loans were in development loans. $12,096,000 of loans were in multifamily mortgage loans. $154,824,000 of loans were in 1-4 family mortgage loans. $2,751,000 of loans were in farm loans. $0 of loans were in credit card loans. $14,775,000 of loans were in the auto loan category.

    Small Business Loans

    Categorization # of Loans in Category $ amount of loans (in 000's) Average $/loan
    Nonfarm, nonresidential loans - <$1MM 107 $19,304 $180,411
    Nonfarm, nonresidential loans - <$100k 27 $999 $37,000
    Nonfarm, nonresidential loans - $100-250k 40 $4,667 $116,675
    Nonfarm, nonresidential loans - $250k-1MM 40 $13,638 $340,950
    Commercial & Industrial, US addressed loans - <$1MM 265 $12,031 $45,400
    Commercial & Industrial, US addressed loans - <$100k 217 $5,597 $25,793
    Commercial & Industrial, US addressed loans - $100-250k 30 $2,374 $79,133
    Commercial & Industrial, US addressed loans - $250k-1MM 18 $4,060 $225,556
    Farmland loans - <$1MM 17 $3,811 $224,176
    Farmland loans - <$100k 2 $13 $6,500
    Farmland loans - $100-250k 5 $823 $164,600
    Farmland loans - $250k-1MM 10 $2,975 $297,500
    Agriculture operations loans - <$1MM 28 $2,750 $98,214
    Agriculture operations loans - <$100k 16 $530 $33,125
    Agriculture operations loans - $100-250k 7 $925 $132,143
    Agriculture operations loans - $250k-1MM 5 $1,295 $259,000