The First National Bank Of Ottawa Mortgage Rates, Fees & Info

Ottawa, IL

LEI: 549300DL7AWRPX6NXO12

Tax ID: 36-1588745

5 stars - Updated: 7/14/24 - out of 5 stars, based on 13 reviews

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

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Mortgage Data

Review & Overview

The First National Bank Of Ottawa is a smaller bank specializing in Home Purchase loans. The First National Bank Of Ottawa has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Chicago, Ottawa, Whitewater, San Diego, and Naples among others. We have data for 21 markets. (Some data included below & more in-depth data is available with an active subscription.)

The First National Bank Of Ottawa 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. The First National Bank Of Ottawa 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.

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SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 6.58% 7/14/24
30 Year Conventional Refi 6.25% 7/14/24
30 Year Cash-out Refi 6.30% 7/14/24
30 Year USDA Purchase 7.03% 7/14/24
15 Year Conventional Purchase 5.91% 7/14/24
15 Year Conventional Refi 5.89% 7/14/24
15 Year Cash-out Refi 5.89% 7/14/24
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.

The First National Bank Of Ottawa Mortgage Calculator






Your Estimates

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

This is not an official calculator from The First National Bank Of Ottawa. 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

165

Origination Dollar Volume (All Markets)

$51,685,000

Awards

The First National Bank of Ottawa 30 Year Conventional Loans bronze The First National Bank of Ottawa 30 Year Conventional Loans silver
Show all (2) awards

Relative Rate

The First National Bank Of Ottawa's average 30 year fixed mortgage rate was 6.73%.

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

This yields a difference of 0.25%.

Relative Fees (Closing Costs)

The First National Bank Of Ottawa's average total fees/closing costs for a 30 year fixed rate mortgage were $3,956.

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) 73 $30,055,000 $411,712 $4,617 6.93%
Ottawa, IL (FHA|USDA|VA) 63 $8,135,000 $129,127 $2,824 6.56%
Whitewater, WI (FHA|USDA|VA) 3 $2,035,000 $678,333 $5,336 6.83%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 2 $1,970,000 $985,000 $0 5.81%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $1,505,000 $1,505,000 $0 6.75%
Outside of Metro Areas 2 $1,460,000 $730,000 $6,190 6.63%
GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 1 $1,395,000 $1,395,000 $11,926 7.75%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $755,000 $755,000 $10,446 7.38%
ROCHESTER, NY (FHA|USDA|VA) 1 $755,000 $755,000 $0 7.69%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 1 $725,000 $725,000 $9,625 6.38%
Pontiac, IL (FHA|USDA|VA) 6 $650,000 $108,333 $3,109 6.46%
MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) 1 $405,000 $405,000 $5,650 7.50%
KANSAS CITY, MO-KS (FHA|USDA|VA) 1 $385,000 $385,000 $3,306 7.88%
PRESCOTT VALLEY-PRESCOTT, AZ (FHA|USDA|VA) 1 $345,000 $345,000 $3,553 6.75%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 1 $295,000 $295,000 $4,152 6.38%
PEORIA, IL (FHA|USDA|VA) 2 $250,000 $125,000 $2,323 6.38%
BLOOMINGTON, IL (FHA|USDA|VA) 1 $195,000 $195,000 $2,515 6.00%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $135,000 $135,000 $0 7.38%
ROCKFORD, IL (FHA|USDA|VA) 1 $105,000 $105,000 $2,759 7.50%
Dixon, IL (FHA|USDA|VA) 1 $85,000 $85,000 $2,895 6.00%
Galesburg, IL (FHA|USDA|VA) 1 $45,000 $45,000 $2,430 6.75%
The First National Bank Of Ottawa's top markets include Chicago, Ottawa, Whitewater, San Diego, and Naples among others.

Their top states include:
  • Illinois (FHA|USDA|VA)
  • Wisconsin (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Michigan (FHA|USDA|VA)
  • California (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against The First National Bank of Ottawa 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
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    Liberty Bank for Savings
    Similarity Rank: 279
    LAKE MORTGAGE COMPANY INC
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    DuPage Credit Union
    Similarity Rank: 423
    CROWN MORTGAGE COMPANY
    Similarity Rank: 523
    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 161 $51,235,000 $318,230 $3,794 6.74%
    USDA 3 $315,000 $105,000 $4,680 7.25%
    HELOC 1 $135,000 $135,000 n/a 7.38%

    For 2023, The First National Bank Of Ottawa's most frequently originated type of loan was Conventional, with 161 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 120 $38,240,000 $318,667 $4,294 6.73%
    Refi 26 $9,750,000 $375,000 $2,293 6.88%
    Cash Out Refi 16 $2,790,000 $174,375 $2,420 6.68%
    Other 2 $170,000 $85,000 $1,676 7.25%
    Home Improvement 1 $735,000 $735,000 $0 6.25%

    For 2023, The First National Bank Of Ottawa's most frequently cited loan purpose was Home Purchase, with 120 originations. The 2nd most popular reason was Refi, with 26 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 121 $33,275,000 $275,000 $3,956 6.73%
    5 Year 26 $10,840,000 $416,923 $1,409 6.90%
    15 Year 11 $3,565,000 $324,091 $3,539 6.70%
    20 Year 3 $1,045,000 $348,333 $4,290 6.79%
    10 Year 2 $1,260,000 $630,000 $2,331 6.05%
    Other 2 $1,700,000 $850,000 $0 7.00%

    For 2023, The First National Bank Of Ottawa's most frequently cited loan duration was 30 Year, with 121 originations. The 2nd most popular length was 5 Year, with 26 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 109 $23,015,000 $211,147
    $1k-2k 13 $2,255,000 $173,462
    $5k+ 8 $8,000,000 $1,000,000
    $2k-3k 4 $1,220,000 $305,000
    $3k-4k 3 $1,575,000 $525,000
    $4k-5k 3 $1,645,000 $548,333

    The First National Bank Of Ottawa's average total fees were $3,956, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 109 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 82 $27,180,000 $331,463
    7-8% 50 $17,580,000 $351,600
    5-6% 28 $4,510,000 $161,071
    Over 8% 3 $735,000 $245,000
    4-5% 1 $1,205,000 $1,205,000

    During 2023, The First National Bank Of Ottawa's average interest rate for loans was 6.73%, while their most frequently originated rate bucket for loans was 6-7%, with 82 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 51 $6,905,000 $135,392 $3,023 6.63%
    $100,000 or less 38 $2,680,000 $70,526 $2,577 6.53%
    $200k-400k 32 $9,200,000 $287,500 $3,908 7.07%
    $400k-600k 18 $8,890,000 $493,889 $4,498 7.03%
    $600k-1MM 18 $13,190,000 $732,778 $6,664 6.78%
    $1MM+ 8 $10,820,000 $1,352,500 $12,252 6.65%

    2023 saw The First National Bank Of Ottawa place emphasis on $100k-200k loans with 51 originations, totaling $6,905,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $250k+ 27 $16,645,000 $616,481 $6,515 6.87%
    $50k-75k 27 $3,465,000 $128,333 $3,452 6.54%
    $100k-150k 25 $5,905,000 $236,200 $2,934 6.90%
    $75k-100k 22 $4,140,000 $188,182 $3,128 6.57%
    $150k-250k 21 $6,575,000 $313,095 $3,611 6.93%
    $50k or less 20 $1,860,000 $93,000 $2,924 6.44%

    The First National Bank Of Ottawa lent most frequently to those with incomes in the $250k+ range, with 27 originations. The second most popular income band? $50k-75k, with 27 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 33 $7,805,000 $236,515 $3,601 6.66%
    20-30% 27 $7,315,000 $270,926 $4,048 6.82%
    <20% 12 $5,610,000 $467,500 $5,552 6.69%
    49% 8 $1,800,000 $225,000 $4,332 6.89%
    45% 8 $2,260,000 $282,500 $3,624 6.80%
    40% 6 $1,300,000 $216,667 $2,563 6.10%
    42% 5 $1,675,000 $335,000 $3,033 6.78%
    38% 5 $625,000 $125,000 $2,934 6.73%
    43% 5 $665,000 $133,000 $3,250 6.43%
    44% 5 $875,000 $175,000 $3,445 6.78%
    46% 5 $2,305,000 $461,000 $5,045 6.63%
    47% 4 $1,000,000 $250,000 $3,299 7.09%
    36% 4 $710,000 $177,500 $2,567 6.28%
    39% 3 $915,000 $305,000 $2,966 7.29%
    37% 3 $365,000 $121,667 $2,850 6.63%
    48% 2 $200,000 $100,000 $2,356 6.38%
    41% 2 $700,000 $350,000 $4,093 7.00%
    50-60% 1 $595,000 $595,000 $2,249 7.75%

    The First National Bank Of Ottawa lent most frequently to those with DTI ratios of 30-36%, with 33 originations. The next most common DTI ratio? 20-30%, with 27 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 122 $31,600,000 $259,016 $3,678 6.72%
    Not applicable 19 $12,475,000 $656,579 $0 6.95%
    Not provided 18 $5,630,000 $312,778 $4,234 6.78%
    Asian Indian 1 $725,000 $725,000 $9,625 6.38%
    Asian 1 $595,000 $595,000 $6,395 6.75%
    Black 3 $585,000 $195,000 $4,003 6.71%
    American Indian 1 $75,000 $75,000 $2,919 6.25%

    Approval Rates

    Total approvals of all applications
    96.26%

    The First National Bank Of Ottawa 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
    78.18%

    The First National Bank Of Ottawa has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    40.0 1 $135,000 $135,000
    NA 164 $51,550,000 $314,329

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    165 $51,685,000 $313,242

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 19 $3,795,000 $199,737 $3,082 6.72%
    40-60% 19 $10,085,000 $530,789 $4,707 6.60%
    60-80% 54 $21,470,000 $397,593 $4,528 6.84%
    80-100% 61 $12,425,000 $203,689 $3,606 6.72%
    Over 100% 3 $2,715,000 $905,000 $0 7.03%
    Under 20% 8 $720,000 $90,000 $1,690 6.64%