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

Watseka, IL

LEI: 54930084WKZ9NTQ0QS94

Tax ID: 37-0348365

5 stars - out of 5 stars, based on 20 reviews

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

Jump to:

Mortgage Data

  • SimulatedRates™
  • 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

    Iroquois Federal Savings And Loan Association is a smaller mortgage company specializing in Home Purchase and Refi loans. Iroquois Federal Savings And Loan Association has a high proportion of conventional loans. Their top markets by origination volume include: Champaign, Danville, Kankakee, Chicago, and Bloomington among others. We have data for 27 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 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 6.66% 3/23/23
    30 Year Conventional Refi 6.34% 3/23/23
    30 Year Cash-out Refi 6.90% 3/23/23
    30 Year VA Purchase 6.27% 3/23/23
    30 Year USDA Purchase 7.37% 3/23/23
    15 Year Conventional Purchase 5.73% 3/23/23
    15 Year Conventional Refi 5.96% 3/23/23
    15 Year Cash-out Refi 5.96% 3/23/23
    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.


    Originations

    401

    Origination Dollar Volume (All Markets)

    $102,575,000
    Show all (6) awards

    Relative Rate

    Iroquois Federal Savings And Loan Association's average 30 year fixed mortgage rate was 4.69%.

    The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.

    This yields a difference of -0.07%.

    Relative Fees (Closing Costs)

    Iroquois Federal Savings And Loan Association's average total fees/closing costs for a 30 year fixed rate mortgage were $2,246.

    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 $4,750.

    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) 169 $54,915,000 $324,941 $2,229 4.87%
    Outside of Metro Areas 72 $18,080,000 $251,111 $2,368 4.73%
    DANVILLE, IL (FHA|USDA|VA) 100 $12,270,000 $122,700 $1,594 5.00%
    KANKAKEE, IL (FHA|USDA|VA) 21 $4,915,000 $234,048 $2,295 5.24%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 9 $3,295,000 $366,111 $3,499 4.44%
    BLOOMINGTON, IL (FHA|USDA|VA) 2 $1,030,000 $515,000 $1,948 5.38%
    Key West, FL (FHA|USDA|VA) 1 $925,000 $925,000 $0 4.75%
    NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $815,000 $815,000 $0 4.00%
    Charleston-Mattoon, IL (FHA|USDA|VA) 3 $715,000 $238,333 $0 5.58%
    INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 2 $570,000 $285,000 $2,144 6.31%
    DECATUR, IL (FHA|USDA|VA) 1 $545,000 $545,000 $4,377 4.13%
    NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN (FHA|USDA|VA) 1 $445,000 $445,000 $2,562 4.50%
    TERRE HAUTE, IN (FHA|USDA|VA) 4 $440,000 $110,000 $1,279 4.13%
    Sturgis, MI (FHA|USDA|VA) 1 $425,000 $425,000 $3,780 3.50%
    Crawfordsville, IN (FHA|USDA|VA) 1 $355,000 $355,000 $2,071 2.50%
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 1 $325,000 $325,000 $0 3.50%
    KANSAS CITY, MO-KS (FHA|USDA|VA) 1 $315,000 $315,000 $1,786 5.38%
    ST. LOUIS, MO-IL (FHA|USDA|VA) 1 $295,000 $295,000 $3,023 3.00%
    MUNCIE, IN (FHA|USDA|VA) 1 $285,000 $285,000 $0 8.50%
    PORT ST. LUCIE, FL (FHA|USDA|VA) 1 $285,000 $285,000 $2,005 4.25%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $275,000 $275,000 $0 4.00%
    COLUMBUS, OH (FHA|USDA|VA) 1 $255,000 $255,000 $3,436 4.75%
    Ottawa, IL (FHA|USDA|VA) 2 $250,000 $125,000 $2,496 6.94%
    LEXINGTON-FAYETTE, KY (FHA|USDA|VA) 1 $245,000 $245,000 $0 3.90%
    DAYTON-KETTERING, OH (FHA|USDA|VA) 1 $155,000 $155,000 $3,825 3.88%
    Pontiac, IL (FHA|USDA|VA) 1 $75,000 $75,000 $1,986 2.88%
    LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) 1 $75,000 $75,000 $0 7.75%
    Iroquois Federal Savings And Loan Association's top markets include Champaign, Danville, Kankakee, Chicago, and Bloomington among others.

    Their top states include:
  • Illinois (FHA|USDA|VA)
  • Missouri (FHA|USDA|VA)
  • Indiana (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Kentucky (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.

    First State Bank
    Similarity Rank: 27
    Longview Bank & Trust
    Similarity Rank: 99
    Prairie State Bank and Trust
    Similarity Rank: 108
    Marine Bank
    Similarity Rank: 140
    Hickory Point Bank and Trust
    Similarity Rank: 165
    UNIVERSITY OF ILLINOIS COMMUNITY
    Similarity Rank: 216
    Vibrant Credit Union
    Similarity Rank: 280
    First Farmers Bank and Trust Company
    Similarity Rank: 301
    Allied First Bank,sb
    Similarity Rank: 462
    First American Bank
    Similarity Rank: 686

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 401 $102,575,000 $255,798 $2,081 4.89%

    For 2022, Iroquois Federal Savings And Loan Association's most frequently originated type of loan was Conventional, with 401 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 261 $58,615,000 $224,579 $2,258 4.98%
    Refi 117 $42,045,000 $359,359 $1,705 4.61%
    Home Improvement 12 $850,000 $70,833 $1,130 5.38%
    Other 7 $595,000 $85,000 $1,165 5.46%
    Cash Out Refi 4 $470,000 $117,500 $3,543 4.00%

    For 2022, Iroquois Federal Savings And Loan Association's most frequently cited loan purpose was Home Purchase, with 261 originations. The 2nd most popular reason was Refi, with 117 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    5 Year 204 $62,680,000 $307,255 $542 5.07%
    30 Year 130 $28,180,000 $216,769 $2,246 4.69%
    15 Year 24 $2,840,000 $118,333 $1,918 3.95%
    1 Year 10 $1,180,000 $118,000 $666 5.95%
    Other 9 $4,525,000 $502,778 $882 4.32%
    20 Year 8 $850,000 $106,250 $1,965 4.83%
    3 Year 6 $660,000 $110,000 $0 6.25%
    30+ year 5 $1,455,000 $291,000 $2,594 3.90%
    10 Year 5 $205,000 $41,000 $796 5.48%

    For 2022, Iroquois Federal Savings And Loan Association's most frequently cited loan duration was 5 Year, with 204 originations. The 2nd most popular length was 30 Year, with 130 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 163 $31,635,000 $194,080
    $1k-2k 11 $1,845,000 $167,727
    $2k-3k 1 $115,000 $115,000
    $3k-4k 1 $175,000 $175,000
    $4k-5k 1 $115,000 $115,000

    Iroquois Federal Savings And Loan Association's average total fees were $2,246, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 163 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 131 $33,065,000 $252,405
    3-4% 91 $34,865,000 $383,132
    5-6% 87 $20,575,000 $236,494
    6-7% 59 $8,435,000 $142,966
    2.5-3% 17 $3,135,000 $184,412
    7-8% 11 $1,685,000 $153,182
    Over 8% 3 $415,000 $138,333
    <2.5% 2 $400,000 $200,000

    During 2022, Iroquois Federal Savings And Loan Association's average interest rate for loans was 4.69%, while their most frequently originated rate bucket for loans was 4-5%, with 131 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 139 $18,715,000 $134,640 $2,116 4.86%
    $100,000 or less 128 $8,470,000 $66,172 $1,513 5.17%
    $200k-400k 73 $19,635,000 $268,973 $2,487 4.77%
    $400k-600k 29 $13,695,000 $472,241 $2,547 4.50%
    $600k-1MM 21 $16,295,000 $775,952 $3,769 4.53%
    $1MM+ 11 $25,765,000 $2,342,273 $0 4.30%

    2022 saw Iroquois Federal Savings And Loan Association place emphasis on $100k-200k loans with 139 originations, totaling $18,715,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 49 $10,235,000 $208,878 $1,981 4.89%
    $50k-75k 38 $4,220,000 $111,053 $2,070 4.69%
    $50k or less 35 $3,375,000 $96,429 $1,666 4.84%
    $75k-100k 35 $4,275,000 $122,143 $2,004 4.83%
    $250k+ 28 $11,760,000 $420,000 $3,204 4.54%
    $150k-250k 27 $6,105,000 $226,111 $2,280 4.90%

    Iroquois Federal Savings And Loan Association lent most frequently to those with incomes in the $100k-150k range, with 49 originations. The second most popular income band? $50k-75k, with 38 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 53 $10,215,000 $192,736 $2,161 4.61%
    30-36% 40 $8,380,000 $209,500 $2,017 4.83%
    <20% 23 $2,815,000 $122,391 $1,631 4.72%
    40% 8 $1,350,000 $168,750 $2,373 4.77%
    36% 8 $1,560,000 $195,000 $2,099 4.67%
    42% 8 $1,470,000 $183,750 $2,158 4.16%
    39% 7 $645,000 $92,143 $1,610 5.75%
    37% 7 $1,515,000 $216,429 $2,281 4.80%
    41% 6 $1,540,000 $256,667 $1,907 4.63%
    44% 5 $1,525,000 $305,000 $3,578 4.78%
    38% 5 $915,000 $183,000 $2,857 3.33%
    46% 3 $685,000 $228,333 $2,014 4.38%
    45% 2 $180,000 $90,000 $1,093 5.31%
    43% 2 $560,000 $280,000 $2,902 4.38%
    47% 2 $540,000 $270,000 $1,998 4.69%
    49% 1 $55,000 $55,000 $1,553 4.00%
    50-60% 1 $435,000 $435,000 $1,486 3.00%

    Iroquois Federal Savings And Loan Association lent most frequently to those with DTI ratios of 20-30%, with 53 originations. The next most common DTI ratio? 30-36%, with 40 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 176 $59,360,000 $337,273 $0 5.02%
    White 201 $39,045,000 $194,254 $2,050 4.75%
    Not provided 11 $1,585,000 $144,091 $2,023 5.18%
    Asian 4 $1,520,000 $380,000 $3,642 4.06%
    Black 8 $1,010,000 $126,250 $2,033 5.28%
    American Indian 1 $55,000 $55,000 $1,408 4.50%

    Approval Rates

    Total approvals of all applications
    92.66%

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

    Pick Rate

    Approvals leading to origination
    88.53%

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

    Points and Fees

    Points Originations Total Value Average Loan
    NA 401 $102,575,000 $255,798

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    401 $102,575,000 $255,798

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 13 $4,865,000 $374,231 $1,336 5.50%
    40-60% 45 $9,505,000 $211,222 $1,838 4.87%
    60-80% 201 $55,345,000 $275,348 $2,125 4.89%
    80-100% 126 $26,790,000 $212,619 $2,289 4.84%
    Under 20% 15 $6,015,000 $401,000 $800 4.59%