Iroquois Federal Savings And Loan Association Mortgage Rates, Fees & Info

Watseka, IL

LEI: 54930084WKZ9NTQ0QS94

Tax ID: 37-0348365

5 stars - Updated: 7/11/24 - out of 5 stars, based on 18 reviews

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

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Mortgage Data

Review & Overview

Iroquois Federal Savings And Loan Association is a smaller mortgage company specializing in Home Purchase loans. Iroquois Federal Savings And Loan Association has a high proportion of conventional loans. Their top markets by origination volume include: Champaign, Danville, Chicago, Charleston, and Kankakee among others. We have data for 19 markets. (Some data included below & more in-depth data is available with an active subscription.)

Iroquois Federal Savings And Loan Association 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. Iroquois Federal Savings And Loan Association 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 6.66% 7/11/24
30 Year Conventional Refi 6.34% 7/11/24
30 Year Cash-out Refi 6.90% 7/11/24
30 Year VA Purchase 6.27% 7/11/24
30 Year USDA Purchase 7.37% 7/11/24
15 Year Conventional Purchase 5.73% 7/11/24
15 Year Conventional Refi 5.96% 7/11/24
15 Year Cash-out Refi 5.96% 7/11/24
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.

Iroquois Federal Savings And Loan Association Mortgage Calculator






Your Estimates

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

This is not an official calculator from Iroquois Federal Savings And Loan Association. 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

319

Origination Dollar Volume (All Markets)

$94,595,000

Awards

Iroquois Federal Savings and Loan Association 30 Year Conventional Loans gold Iroquois Federal Savings and Loan Association 30 Year Conventional Loans bronze Iroquois Federal Savings and Loan Association 30 Year Conventional Loans silver
Show all (3) awards

Relative Rate

Iroquois Federal Savings And Loan Association's average 30 year fixed mortgage rate was 6.67%.

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

This yields a difference of 0.19%.

Relative Fees (Closing Costs)

Iroquois Federal Savings And Loan Association's average total fees/closing costs for a 30 year fixed rate mortgage were $2,895.

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
CHAMPAIGN-URBANA, IL (FHA|USDA|VA) 107 $43,055,000 $402,383 $2,080 7.62%
Outside of Metro Areas 54 $19,560,000 $362,222 $2,850 6.95%
DANVILLE, IL (FHA|USDA|VA) 77 $7,185,000 $93,312 $1,639 7.30%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 8 $5,930,000 $741,250 $4,792 7.30%
Charleston-Mattoon, IL (FHA|USDA|VA) 4 $4,700,000 $1,175,000 $0 7.94%
KANKAKEE, IL (FHA|USDA|VA) 30 $4,360,000 $145,333 $2,740 7.58%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $2,685,000 $2,685,000 $12,667 5.75%
DECATUR, IL (FHA|USDA|VA) 20 $1,990,000 $99,500 $0 7.91%
PEORIA, IL (FHA|USDA|VA) 3 $1,255,000 $418,333 $0 7.57%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 2 $1,060,000 $530,000 $4,022 6.50%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 1 $855,000 $855,000 $6,571 6.50%
BLOOMINGTON, IL (FHA|USDA|VA) 3 $575,000 $191,667 $2,853 6.75%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $475,000 $475,000 $5,312 6.25%
Rochelle, IL (FHA|USDA|VA) 1 $245,000 $245,000 $2,556 6.75%
MANHATTAN, KS (FHA|USDA|VA) 1 $235,000 $235,000 $0 8.00%
LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) 2 $140,000 $70,000 $0 8.38%
Lincoln, IL (FHA|USDA|VA) 2 $130,000 $65,000 $0 7.50%
Pella, IA (FHA|USDA|VA) 1 $105,000 $105,000 $1,193 6.63%
Ottawa, IL (FHA|USDA|VA) 1 $55,000 $55,000 $0 7.00%
Iroquois Federal Savings And Loan Association's top markets include Champaign, Danville, Chicago, Charleston, and Kankakee among others.

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

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

    1786
    Similarity Rank: 26
    UNIVERSITY OF ILLINOIS COMMUNITY
    Similarity Rank: 45
    Marine Bank
    Similarity Rank: 76
    First Mid Bank & Trust
    Similarity Rank: 336
    Heartland Bank and Trust Company
    Similarity Rank: 387
    Busey Bank
    Similarity Rank: 594
    Morton Community Bank
    Similarity Rank: 735
    Flanagan State Bank
    Similarity Rank: 816

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 319 $94,595,000 $296,536 $2,437 7.41%

    For 2023, Iroquois Federal Savings And Loan Association's most frequently originated type of loan was Conventional, with 319 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 255 $80,435,000 $315,431 $2,728 7.36%
    Refi 45 $9,485,000 $210,778 $1,600 7.47%
    Home Improvement 14 $4,160,000 $297,143 $1,037 8.05%
    Other 5 $515,000 $103,000 $1,230 7.68%

    For 2023, Iroquois Federal Savings And Loan Association's most frequently cited loan purpose was Home Purchase, with 255 originations. The 2nd most popular reason was Refi, with 45 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    5 Year 168 $52,280,000 $311,190 $623 7.75%
    30 Year 82 $24,020,000 $292,927 $2,895 6.67%
    Other 18 $9,130,000 $507,222 $1,641 7.90%
    15 Year 16 $1,660,000 $103,750 $1,684 6.91%
    1 Year 11 $1,905,000 $173,182 $902 7.72%
    20 Year 9 $815,000 $90,556 $1,712 6.74%
    3 Year 6 $3,410,000 $568,333 $0 8.06%
    10 Year 5 $305,000 $61,000 $997 8.00%
    30+ year 4 $1,070,000 $267,500 $3,070 6.75%

    For 2023, Iroquois Federal Savings And Loan Association's most frequently cited loan duration was 5 Year, with 168 originations. The 2nd most popular length was 30 Year, with 82 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 117 $27,715,000 $236,880
    $1k-2k 3 $545,000 $181,667
    $2k-3k 1 $215,000 $215,000

    Iroquois Federal Savings And Loan Association's average total fees were $2,895, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 117 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    7-8% 149 $59,075,000 $396,477
    6-7% 103 $20,875,000 $202,670
    Over 8% 52 $7,640,000 $146,923
    5-6% 15 $7,005,000 $467,000

    During 2023, Iroquois Federal Savings And Loan Association's average interest rate for loans was 6.67%, while their most frequently originated rate bucket for loans was 7-8%, with 149 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 130 $8,300,000 $63,846 $1,656 7.57%
    $100k-200k 101 $13,815,000 $136,782 $1,939 7.41%
    $200k-400k 53 $15,165,000 $286,132 $3,079 7.10%
    $400k-600k 15 $6,915,000 $461,000 $3,636 7.35%
    $1MM+ 11 $43,095,000 $3,917,727 $10,517 7.50%
    $600k-1MM 9 $7,305,000 $811,667 $4,519 6.87%

    2023 saw Iroquois Federal Savings And Loan Association place emphasis on $100,000 or less loans with 130 originations, totaling $8,300,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 32 $2,860,000 $89,375 $1,858 6.93%
    $250k+ 31 $14,395,000 $464,355 $4,115 7.05%
    $100k-150k 29 $5,755,000 $198,448 $2,615 6.97%
    $150k-250k 27 $8,605,000 $318,704 $2,360 7.09%
    $50k or less 17 $855,000 $50,294 $1,748 7.04%
    $75k-100k 17 $2,065,000 $121,471 $1,950 7.38%

    Iroquois Federal Savings And Loan Association lent most frequently to those with incomes in the $50k-75k range, with 32 originations. The second most popular income band? $250k+, with 31 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 42 $7,330,000 $174,524 $2,358 6.90%
    30-36% 29 $5,175,000 $178,448 $1,983 6.91%
    <20% 22 $3,390,000 $154,091 $2,343 6.86%
    40% 5 $3,745,000 $749,000 $4,371 6.80%
    43% 5 $1,245,000 $249,000 $2,979 6.55%
    39% 4 $3,690,000 $922,500 $3,559 6.44%
    36% 3 $535,000 $178,333 $2,129 6.79%
    41% 3 $475,000 $158,333 $2,570 6.38%
    37% 3 $485,000 $161,667 $1,897 6.96%
    47% 2 $980,000 $490,000 $4,350 6.75%
    42% 2 $490,000 $245,000 $2,656 7.75%
    38% 2 $180,000 $90,000 $1,691 6.31%
    >60% 2 $1,110,000 $555,000 $3,559 5.63%
    44% 2 $280,000 $140,000 $1,460 7.38%

    Iroquois Federal Savings And Loan Association lent most frequently to those with DTI ratios of 20-30%, with 42 originations. The next most common DTI ratio? 30-36%, with 29 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 160 $59,520,000 $372,000 $0 7.77%
    White 150 $32,460,000 $216,400 $2,420 7.04%
    Not provided 2 $1,550,000 $775,000 $1,826 7.00%
    Asian 3 $775,000 $258,333 $3,221 7.00%
    Black 4 $290,000 $72,500 $2,720 7.25%

    Approval Rates

    Total approvals of all applications
    91.42%

    Iroquois Federal Savings And Loan Association has an average approval rate.

    Pick Rate

    Approvals leading to origination
    89.34%

    Iroquois Federal Savings And Loan Association has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 319 $94,595,000 $296,536

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    319 $94,595,000 $296,536

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 21 $2,715,000 $129,286 $1,661 7.53%
    40-60% 35 $25,735,000 $735,286 $2,408 7.50%
    60-80% 145 $39,285,000 $270,931 $2,519 7.39%
    80-100% 105 $23,635,000 $225,095 $2,778 7.28%
    Under 20% 11 $3,025,000 $275,000 $743 8.14%