Linn Area Mortgage Rates, Fees & Info
Cedar Rapids, IALEI: 549300EAZZ1G4DMO8869
Tax ID: 42-0173285
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Mortgage Data
Review & Overview
Linn Area is a smaller mortgage company specializing in Refi and Home Purchase loans. Linn Area 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: Cedar Rapids, Iowa City, Des Moines, Davenport, and Dubuque among others. We have data for 10 markets. (Some data included below & more in-depth data is available with an active subscription.)Linn Area 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. Linn Area 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.60% | 3/19/23 |
| 30 Year Conventional Refi | 6.56% | 3/19/23 |
| 30 Year Cash-out Refi | 6.27% | 3/19/23 |
| 30 Year FHA Purchase | 7.33% | 3/19/23 |
| 30 Year VA Purchase | 5.83% | 3/19/23 |
| 15 Year Conventional Purchase | 8.62% | 3/19/23 |
| 15 Year Conventional Refi | 6.43% | 3/19/23 |
| 15 Year Cash-out Refi | 6.43% | 3/19/23 |
| 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
790Origination Dollar Volume (All Markets)
$115,080,000Awards
LINN AREA - 2021
LINN AREA is a 2021 , due to their low .
For 2021, less than of lenders were eligible for this award.
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Relative Rate
Linn Area's average 30 year fixed mortgage rate was
3.15%.
The 2021 average 30 year fixed rate mortgage across all markets and lenders was 3.15%.
This yields a difference of -0%.
Relative Fees (Closing Costs)
Linn Area's average total fees/closing costs for a 30 year fixed rate
mortgage were $1,881.
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 |
|---|---|---|---|---|---|
| CEDAR RAPIDS, IA (FHA|USDA|VA) | 693 | $100,135,000 | $144,495 | $1,581 | 3.34% |
| Outside of Metro Areas | 43 | $6,185,000 | $143,837 | $1,505 | 3.62% |
| IOWA CITY, IA (FHA|USDA|VA) | 35 | $5,745,000 | $164,143 | $1,514 | 3.56% |
| DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) | 4 | $810,000 | $202,500 | $1,839 | 2.78% |
| DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) | 3 | $645,000 | $215,000 | $1,218 | 3.88% |
| DUBUQUE, IA (FHA|USDA|VA) | 2 | $510,000 | $255,000 | $1,944 | 2.90% |
| WATERLOO-CEDAR FALLS, IA (FHA|USDA|VA) | 2 | $460,000 | $230,000 | $2,121 | 2.31% |
| Muscatine, IA (FHA|USDA|VA) | 3 | $255,000 | $85,000 | $1,362 | 3.67% |
| AMES, IA (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $1,962 | 2.00% |
| Marshalltown, IA (FHA|USDA|VA) | 4 | $140,000 | $35,000 | $0 | 4.08% |
Similar Lenders
We use machine learning to identify the top lenders compared against LINN AREA based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 75
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 785 | $114,005,000 | $145,229 | $1,552 | 3.37% |
| VA | 3 | $785,000 | $261,667 | $5,561 | 2.38% |
| FHA | 2 | $290,000 | $145,000 | $4,582 | 2.94% |
For 2021, Linn Area's most frequently originated type of loan was Conventional, with 785 originations. Their 2nd most popular type was VA, with 3 originations.
Loan Reason
For 2021, Linn Area's most frequently cited loan purpose was Refi, with 454 originations. The 2nd most popular reason was Home Purchase, with 319 originations.
Loan Duration/Length
For 2021, Linn Area's most frequently cited loan duration was 30 Year, with 424 originations. The 2nd most popular length was 15 Year, with 233 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 728 | $109,390,000 | $150,261 |
| $1k-2k | 3 | $475,000 | $158,333 |
Linn Area's average total fees were $1,881, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 728 originations.
Interest Rates
During 2021, Linn Area's average interest rate for loans was 3.15%, while their most frequently originated rate bucket for loans was 3-4%, with 300 originations.
Loan Sizing
2021 saw Linn Area place emphasis on $100k-200k loans with 344 originations, totaling $48,530,000 in origination value.
Applicant Income
Linn Area lent most frequently to those with incomes in the $50k-75k range, with 189 originations. The second most popular income band? $50k or less, with 169 originations.
Applicant Debt to Income Ratio
Linn Area lent most frequently to those with DTI ratios of 20-30%, with 241 originations. The next most common DTI ratio? 30-36%, with 171 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications98.28%
Linn Area has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination84.30%
Linn Area has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 790 | $115,080,000 | $145,671 |