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 Home Purchase loans. Linn Area has a high proportion of conventional loans. Their top markets by origination volume include: Cedar Rapids, Iowa City, Des Moines, Muscatine, and Davenport among others. We have data for 6 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 | 6.62% | 5/25/25 |
| 30 Year Conventional Refi | 6.67% | 5/25/25 |
| 30 Year Cash-out Refi | 6.65% | 5/25/25 |
| 15 Year Conventional Purchase | 7.38% | 5/25/25 |
| 15 Year Conventional Refi | 8.19% | 5/25/25 |
| 15 Year Cash-out Refi | 8.19% | 5/25/25 |
| 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. | ||
Linn Area Mortgage Calculator
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This is not an official calculator from Linn Area. It uses our SimulatedRate™
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
199Origination Dollar Volume (All Markets)
$27,355,000Awards
LINN AREA - 2024
LINN AREA is a 2024 , due to their low .
For 2024, 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
6.29%.
The 2024 average 30 year fixed rate mortgage across all markets and lenders was 6.55%.
This yields a difference of -0.26%.
Relative Fees (Closing Costs)
Linn Area's average total fees/closing costs for a 30 year fixed rate
mortgage were $2,090.
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 $8,356.
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) | 170 | $23,630,000 | $139,000 | $1,368 | 7.12% |
| Outside of Metro Areas | 15 | $1,775,000 | $118,333 | $1,100 | 7.30% |
| IOWA CITY, IA (FHA|USDA|VA) | 6 | $1,240,000 | $206,667 | $1,248 | 7.31% |
| DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) | 4 | $410,000 | $102,500 | $1,616 | 6.63% |
| Muscatine, IA (FHA|USDA|VA) | 2 | $170,000 | $85,000 | $1,051 | 7.38% |
| DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) | 2 | $130,000 | $65,000 | $1,260 | 7.13% |
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.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 199 | $27,355,000 | $137,462 | $1,345 | 7.13% |
For 2024, Linn Area's most frequently originated type of loan was Conventional, with 199 originations.
Loan Reason
For 2024, Linn Area's most frequently cited loan purpose was Home Purchase, with 109 originations. The 2nd most popular reason was Cash Out Refi, with 52 originations.
Loan Duration/Length
For 2024, Linn Area's most frequently cited loan duration was 30 Year, with 101 originations. The 2nd most popular length was 15 Year, with 79 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 193 | $26,775,000 | $138,731 |
Linn Area's average total fees were $2,090, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 193 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 7-8% | 51 | $4,275,000 | $83,824 |
| 6-7% | 50 | $10,790,000 | $215,800 |
| 5-6% | 48 | $9,060,000 | $188,750 |
| Over 8% | 48 | $2,770,000 | $57,708 |
| 4-5% | 2 | $460,000 | $230,000 |
During 2024, Linn Area's average interest rate for loans was 6.29%, while their most frequently originated rate bucket for loans was 7-8%, with 51 originations.
Loan Sizing
2024 saw Linn Area place emphasis on $100,000 or less loans with 91 originations, totaling $4,715,000 in origination value.
Applicant Income
Linn Area lent most frequently to those with incomes in the $100k-150k range, with 55 originations. The second most popular income band? $50k-75k, with 45 originations.
Applicant Debt to Income Ratio
Linn Area lent most frequently to those with DTI ratios of 30-36%, with 63 originations. The next most common DTI ratio? 20-30%, with 54 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications94.23%
Linn Area has an average approval rate.
Pick Rate
Approvals leading to origination76.88%
Linn Area has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 199 | $27,355,000 | $137,462 |