First Federal Savings Bank Mortgage Rates, Fees & Info

Ottawa, IL

LEI: 5493003617RJR4JUYT66

Tax ID: 36-1077600

5 stars - Updated: 11/17/24 - out of 5 stars, based on 18 reviews

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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Relative Rates
  • Relative Fees
  • 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)

    • Review & Overview

    First Federal Savings Bank is a smaller bank specializing in Home Purchase loans. First Federal Savings Bank has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) They have a low ratio of USDA loans. Their top markets by origination volume include: Chicago, Ottawa, Kankakee, Miami, and Orlando among others. We have data for 16 markets. (Some data included below & more in-depth data is available with an active subscription.)

    First Federal 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. First Federal 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 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
    30 Year Conventional Purchase 6.67% 11/17/24
    30 Year Conventional Refi 6.61% 11/17/24
    30 Year Cash-out Refi 6.69% 11/17/24
    30 Year FHA Purchase 7.53% 11/17/24
    15 Year Conventional Purchase 6.40% 11/17/24
    15 Year Conventional Refi 6.16% 11/17/24
    15 Year Cash-out Refi 6.16% 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.

    First Federal Savings Bank Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from First Federal 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

    310

    Origination Dollar Volume (All Markets)

    $73,050,000

    Awards

    First Federal Savings Bank 30 Year Conventional Loans gold First Federal Savings Bank 30 Year Conventional Loans bronze
    Show all (2) awards

    Relative Rate

    First Federal Savings Bank's average 30 year fixed mortgage rate was 6.68%.

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

    This yields a difference of 0.2%.

    Relative Fees (Closing Costs)

    First Federal Savings Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $3,485.

    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) 201 $52,635,000 $261,866 $2,847 6.81%
    Ottawa, IL (FHA|USDA|VA) 85 $13,305,000 $156,529 $2,319 6.94%
    KANKAKEE, IL (FHA|USDA|VA) 6 $2,280,000 $380,000 $3,526 6.55%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $985,000 $985,000 $5,065 7.25%
    ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 2 $710,000 $355,000 $3,433 6.75%
    NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 2 $700,000 $350,000 $3,251 6.19%
    Outside of Metro Areas 3 $695,000 $231,667 $3,055 7.21%
    PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 1 $505,000 $505,000 $0 7.25%
    CARBONDALE-MARION, IL (FHA|USDA|VA) 1 $305,000 $305,000 $2,208 6.38%
    PEORIA, IL (FHA|USDA|VA) 2 $270,000 $135,000 $2,167 6.68%
    CHAMPAIGN-URBANA, IL (FHA|USDA|VA) 1 $165,000 $165,000 $2,822 6.38%
    MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 1 $155,000 $155,000 $2,358 7.88%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $105,000 $105,000 $2,409 5.88%
    DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) 1 $95,000 $95,000 $2,492 7.00%
    DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 1 $85,000 $85,000 $2,581 7.25%
    ROCKFORD, IL (FHA|USDA|VA) 1 $55,000 $55,000 $415 8.38%
    First Federal Savings Bank's top markets include Chicago, Ottawa, Kankakee, Miami, and Orlando among others.

    Their top states include:
  • Illinois (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Wisconsin (FHA|USDA|VA)
  • Arizona (FHA|USDA|VA)
  • Indiana (FHA|USDA|VA)

    • Similar Lenders

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

    FINANCIAL PLUS
    Similarity Rank: 12
    First Savings Bank of Hegewisch
    Similarity Rank: 46
    Central Bank Illinois
    Similarity Rank: 189
    Liberty Bank for Savings
    Similarity Rank: 279
    LAKE MORTGAGE COMPANY INC
    Similarity Rank: 417
    DuPage Credit Union
    Similarity Rank: 423
    CROWN MORTGAGE COMPANY
    Similarity Rank: 523
    Community Mortgage Banc Corporation
    Similarity Rank: 840
    First Financial Credit Union
    Similarity Rank: 934
    EDUCATORS CREDIT UNION
    Similarity Rank: 1000

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 302 $71,560,000 $236,954 $2,580 6.85%
    FHA 7 $1,205,000 $172,143 $5,002 6.50%
    USDA 1 $285,000 $285,000 $9,473 6.75%

    For 2023, First Federal Savings Bank's most frequently originated type of loan was Conventional, with 302 originations. Their 2nd most popular type was FHA, with 7 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 215 $56,115,000 $261,000 $3,550 6.69%
    Other 30 $2,000,000 $66,667 $305 7.70%
    Home Improvement 24 $3,170,000 $132,083 $778 7.31%
    Cash Out Refi 23 $4,475,000 $194,565 $1,520 7.03%
    Refi 18 $7,290,000 $405,000 $1,854 6.42%

    For 2023, First Federal Savings Bank's most frequently cited loan purpose was Home Purchase, with 215 originations. The 2nd most popular reason was Other, with 30 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 176 $43,620,000 $247,841 $3,485 6.68%
    5 Year 56 $21,350,000 $381,250 $0 6.49%
    15 Year 54 $4,710,000 $87,222 $704 7.61%
    10 Year 15 $1,235,000 $82,333 $204 6.94%
    Other 7 $1,865,000 $266,429 $3,770 7.68%
    20 Year 1 $185,000 $185,000 $2,281 6.25%
    3 Year 1 $85,000 $85,000 $0 7.38%

    For 2023, First Federal Savings Bank's most frequently cited loan duration was 30 Year, with 176 originations. The 2nd most popular length was 5 Year, with 56 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 202 $40,920,000 $202,574
    $1k-2k 35 $6,875,000 $196,429
    $2k-3k 6 $1,610,000 $268,333
    $3k-4k 1 $485,000 $485,000

    First Federal Savings Bank's average total fees were $3,485, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 202 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 153 $40,935,000 $267,549
    7-8% 94 $19,440,000 $206,809
    5-6% 47 $11,365,000 $241,809
    Over 8% 16 $1,310,000 $81,875

    During 2023, First Federal Savings Bank's average interest rate for loans was 6.68%, while their most frequently originated rate bucket for loans was 6-7%, with 153 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 94 $14,270,000 $151,809 $2,730 6.64%
    $200k-400k 90 $24,610,000 $273,444 $3,683 6.70%
    $100,000 or less 84 $4,880,000 $58,095 $1,054 7.34%
    $400k-600k 20 $9,270,000 $463,500 $4,186 6.66%
    $600k-1MM 15 $10,465,000 $697,667 $3,643 6.54%
    $1MM+ 7 $9,555,000 $1,365,000 $4,298 6.79%

    2023 saw First Federal Savings Bank place emphasis on $100k-200k loans with 94 originations, totaling $14,270,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 66 $12,970,000 $196,515 $2,257 6.88%
    $50k-75k 53 $7,295,000 $137,642 $2,627 6.88%
    $75k-100k 48 $9,270,000 $193,125 $3,459 6.92%
    $150k-250k 47 $12,295,000 $261,596 $2,778 6.83%
    $50k or less 33 $3,345,000 $101,364 $2,572 6.89%
    $250k+ 24 $9,730,000 $405,417 $2,163 7.16%

    First Federal Savings Bank lent most frequently to those with incomes in the $100k-150k range, with 66 originations. The second most popular income band? $50k-75k, with 53 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 41 $9,925,000 $242,073 $3,068 6.85%
    30-36% 39 $6,925,000 $177,564 $2,456 6.87%
    <20% 15 $1,515,000 $101,000 $1,590 7.15%
    36% 15 $2,785,000 $185,667 $2,421 7.04%
    49% 15 $2,795,000 $186,333 $1,886 7.08%
    42% 14 $2,230,000 $159,286 $3,545 6.70%
    44% 14 $2,340,000 $167,143 $3,097 6.58%
    45% 12 $2,760,000 $230,000 $2,554 7.42%
    43% 11 $3,135,000 $285,000 $2,495 6.82%
    47% 10 $1,290,000 $129,000 $2,136 7.30%
    48% 10 $1,370,000 $137,000 $2,293 6.99%
    39% 9 $2,265,000 $251,667 $3,531 6.76%
    41% 9 $2,425,000 $269,444 $3,445 6.99%
    40% 9 $2,505,000 $278,333 $1,941 6.96%
    38% 8 $1,980,000 $247,500 $3,492 6.66%
    46% 8 $1,760,000 $220,000 $3,177 6.64%
    37% 7 $1,535,000 $219,286 $2,922 6.89%
    50-60% 3 $955,000 $318,333 $2,205 6.88%

    First Federal Savings Bank lent most frequently to those with DTI ratios of 20-30%, with 41 originations. The next most common DTI ratio? 30-36%, with 39 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 238 $48,140,000 $202,269 $2,682 6.90%
    Not applicable 35 $14,285,000 $408,143 $0 6.43%
    Not provided 23 $7,545,000 $328,043 $2,547 6.82%
    Black 8 $1,790,000 $223,750 $3,413 7.11%
    American Indian 4 $1,050,000 $262,500 $2,070 6.44%
    Asian 2 $240,000 $120,000 $1,459 7.38%

    Approval Rates

    Total approvals of all applications
    96.15%

    First Federal Savings Bank 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
    80.32%

    First Federal Savings Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 310 $73,050,000 $235,645

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    310 $73,050,000 $235,645

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 36 $4,400,000 $122,222 $903 7.59%
    40-60% 26 $7,690,000 $295,769 $2,394 6.61%
    60-80% 103 $34,795,000 $337,816 $3,373 6.65%
    80-100% 112 $24,420,000 $218,036 $3,624 6.68%
    Under 20% 33 $1,745,000 $52,879 $271 7.41%