First Federal Savings Bank Mortgage Rates, Fees & Info

Ottawa, IL

LEI: 5493003617RJR4JUYT66

Tax ID: 36-1077600

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
  • 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

    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.) Their top markets by origination volume include: Chicago, Ottawa, Phoenix, Tucson, and Rochelle among others. We have data for 20 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 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 6.67% 12/3/24
    30 Year Conventional Refi 6.61% 12/3/24
    30 Year Cash-out Refi 6.69% 12/3/24
    30 Year FHA Purchase 7.53% 12/3/24
    15 Year Conventional Purchase 6.40% 12/3/24
    15 Year Conventional Refi 6.16% 12/3/24
    15 Year Cash-out Refi 6.16% 12/3/24
    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

    333

    Origination Dollar Volume (All Markets)

    $87,355,000

    Awards

    First Federal Savings Bank 30 Year Conventional Loans gold First Federal Savings Bank 30 Year Conventional Loans silver
    Show all (2) 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) 215 $68,425,000 $318,256 $2,819 4.96%
    Ottawa, IL (FHA|USDA|VA) 88 $12,170,000 $138,295 $2,315 4.90%
    PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 2 $860,000 $430,000 $2,494 5.69%
    TUCSON, AZ (FHA|USDA|VA) 2 $820,000 $410,000 $1,999 6.13%
    Rochelle, IL (FHA|USDA|VA) 3 $685,000 $228,333 $832 4.79%
    KANKAKEE, IL (FHA|USDA|VA) 3 $485,000 $161,667 $2,268 5.63%
    Traverse City, MI (FHA|USDA|VA) 1 $435,000 $435,000 $3,231 5.00%
    CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 1 $435,000 $435,000 $1,687 6.13%
    ROCKFORD, IL (FHA|USDA|VA) 3 $415,000 $138,333 $1,250 5.46%
    Dixon, IL (FHA|USDA|VA) 2 $360,000 $180,000 $1,651 6.00%
    Pontiac, IL (FHA|USDA|VA) 3 $355,000 $118,333 $2,251 4.79%
    COLUMBUS, IN (FHA|USDA|VA) 1 $335,000 $335,000 $9,667 2.88%
    Outside of Metro Areas 1 $315,000 $315,000 $1,291 5.00%
    PANAMA CITY, FL (FHA|USDA|VA) 1 $305,000 $305,000 $0 5.00%
    BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) 1 $235,000 $235,000 $812 3.25%
    PEORIA, IL (FHA|USDA|VA) 2 $210,000 $105,000 $2,386 4.94%
    SEBRING-AVON PARK, FL (FHA|USDA|VA) 1 $175,000 $175,000 $3,049 4.38%
    NILES, MI (FHA|USDA|VA) 1 $135,000 $135,000 $1,743 5.38%
    Sikeston, MO (FHA|USDA|VA) 1 $125,000 $125,000 $1,171 4.88%
    Sterling, IL (FHA|USDA|VA) 1 $75,000 $75,000 $2,121 5.75%
    First Federal Savings Bank's top markets include Chicago, Ottawa, Phoenix, Tucson, and Rochelle among others.

    Their top states include:
  • Illinois (FHA|USDA|VA)
  • Arizona (FHA|USDA|VA)
  • Michigan (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • North Carolina (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.

    First Savings Bank of Hegewisch
    Similarity Rank: 64
    Liberty Bank for Savings
    Similarity Rank: 116
    FINANCIAL PLUS
    Similarity Rank: 210
    United Community Bank
    Similarity Rank: 250
    Central Bank Illinois
    Similarity Rank: 290
    DuPage Credit Union
    Similarity Rank: 579
    EDUCATORS CREDIT UNION
    Similarity Rank: 850
    Community State Bank
    Similarity Rank: 930
    Bank of Pontiac
    Similarity Rank: 1050
    LAKE MORTGAGE COMPANY INC
    Similarity Rank: 1120

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 324 $85,850,000 $264,969 $2,489 4.96%
    FHA 9 $1,505,000 $167,222 $5,911 5.03%

    For 2022, First Federal Savings Bank's most frequently originated type of loan was Conventional, with 324 originations. Their 2nd most popular type was FHA, with 9 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 213 $65,865,000 $309,225 $3,351 5.10%
    Refi 42 $12,160,000 $289,524 $1,720 4.33%
    Cash Out Refi 34 $5,560,000 $163,529 $1,724 4.26%
    Other 23 $1,485,000 $64,565 $560 5.29%
    Home Improvement 21 $2,285,000 $108,810 $876 5.65%

    For 2022, First Federal Savings Bank's most frequently cited loan purpose was Home Purchase, with 213 originations. The 2nd most popular reason was Refi, with 42 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 152 $38,050,000 $250,329 $3,111 4.98%
    5 Year 52 $24,120,000 $463,846 $415 5.11%
    20 Year 49 $10,295,000 $210,102 $2,850 4.88%
    15 Year 46 $7,170,000 $155,870 $1,624 4.65%
    10 Year 21 $2,415,000 $115,000 $283 5.36%
    Other 12 $5,050,000 $420,833 $3,706 4.95%
    1 Year 1 $255,000 $255,000 $0 4.75%

    For 2022, First Federal Savings Bank's most frequently cited loan duration was 30 Year, with 152 originations. The 2nd most popular length was 5 Year, with 52 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 234 $51,680,000 $220,855
    $1k-2k 19 $3,085,000 $162,368
    $2k-3k 2 $330,000 $165,000
    $3k-4k 2 $400,000 $200,000
    $5k+ 1 $335,000 $335,000

    First Federal Savings Bank's average total fees were $3,111, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 234 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 116 $32,210,000 $277,672
    4-5% 98 $25,010,000 $255,204
    3-4% 69 $18,985,000 $275,145
    6-7% 35 $7,735,000 $221,000
    7-8% 7 $1,675,000 $239,286
    2.5-3% 6 $1,300,000 $216,667
    Over 8% 1 $135,000 $135,000
    <2.5% 1 $305,000 $305,000

    During 2022, First Federal Savings Bank's average interest rate for loans was 4.98%, while their most frequently originated rate bucket for loans was 5-6%, with 116 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 109 $15,775,000 $144,725 $2,473 4.89%
    $200k-400k 86 $23,570,000 $274,070 $3,264 4.83%
    $100,000 or less 80 $4,940,000 $61,750 $1,499 5.18%
    $400k-600k 30 $14,510,000 $483,667 $3,543 5.01%
    $600k-1MM 18 $12,760,000 $708,889 $3,761 5.16%
    $1MM+ 10 $15,800,000 $1,580,000 $6,237 4.65%

    2022 saw First Federal Savings Bank place emphasis on $100k-200k loans with 109 originations, totaling $15,775,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $75k-100k 62 $10,500,000 $169,355 $2,189 4.68%
    $100k-150k 57 $11,705,000 $205,351 $2,481 4.89%
    $50k-75k 54 $7,480,000 $138,519 $3,045 4.96%
    $150k-250k 51 $17,275,000 $338,725 $2,764 5.27%
    $50k or less 40 $4,460,000 $111,500 $2,627 5.00%
    $250k+ 23 $10,825,000 $470,652 $2,772 5.18%

    First Federal Savings Bank lent most frequently to those with incomes in the $75k-100k range, with 62 originations. The second most popular income band? $100k-150k, with 57 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 57 $12,175,000 $213,596 $2,666 4.79%
    20-30% 56 $10,620,000 $189,643 $2,313 4.93%
    <20% 18 $3,100,000 $172,222 $2,673 4.76%
    50-60% 16 $3,700,000 $231,250 $2,999 4.91%
    40% 14 $2,290,000 $163,571 $2,198 5.39%
    46% 13 $3,465,000 $266,538 $2,313 4.65%
    41% 13 $3,375,000 $259,615 $3,443 4.98%
    42% 12 $3,110,000 $259,167 $3,531 4.98%
    48% 12 $2,410,000 $200,833 $2,220 5.23%
    38% 10 $3,380,000 $338,000 $3,601 4.89%
    39% 10 $1,900,000 $190,000 $2,001 5.12%
    37% 8 $2,050,000 $256,250 $3,128 5.53%
    47% 8 $1,000,000 $125,000 $1,619 5.55%
    49% 7 $1,735,000 $247,857 $4,390 5.11%
    36% 6 $750,000 $125,000 $1,343 4.31%
    43% 6 $1,330,000 $221,667 $2,152 5.13%
    44% 5 $1,005,000 $201,000 $3,398 4.57%
    45% 5 $645,000 $129,000 $1,821 5.20%
    >60% 2 $560,000 $280,000 $2,930 4.88%

    First Federal Savings Bank lent most frequently to those with DTI ratios of 30-36%, with 57 originations. The next most common DTI ratio? 20-30%, with 56 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 250 $53,050,000 $212,200 $2,572 4.97%
    Not applicable 34 $20,780,000 $611,176 $0 5.10%
    Not provided 33 $9,205,000 $278,939 $2,645 4.93%
    Asian 8 $2,360,000 $295,000 $3,554 4.75%
    Black 7 $1,475,000 $210,714 $2,668 4.43%
    Asian Indian 1 $485,000 $485,000 $0 4.50%

    Approval Rates

    Total approvals of all applications
    96.22%

    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
    86.49%

    First Federal Savings Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 333 $87,355,000 $262,327

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    333 $87,355,000 $262,327

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 27 $3,685,000 $136,481 $1,604 4.81%
    40-60% 38 $8,060,000 $212,105 $2,667 4.64%
    60-80% 133 $43,645,000 $328,158 $2,714 4.80%
    80-100% 107 $30,825,000 $288,084 $3,460 5.11%
    Under 20% 28 $1,140,000 $40,714 $189 5.74%

    Complaints

    Bank Name Product Issue 2022 CPFB Complaints % of Total Issues
    FIRST CITIZENS BANCSHARES, INC. Home equity loan or line of credit (HELOC) Applying for a mortgage or refinancing an existing mortgage 1 100.0%