Linn Area Mortgage Rates, Fees & Info

Cedar Rapids, IA

LEI: 549300EAZZ1G4DMO8869

Tax ID: 42-0173285

5 stars - out of 5 stars, based on 28 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


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 include Cedar Rapids, Iowa City, Des Moines, Davenport, and Dubuque among others. Linn Area has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Linn Area is typically a low fee lendor.


Originations

790

Origination Dollar Volume (All Markets)

$115,080,000

Awards

LINN AREA 30 Year Conventional Loans bronze LINN AREA 30 Year Conventional Loans gold LINN AREA 30 Year Conventional Loans gold
Show all (3) awards

Relative Rate

Linn Area's average 30 year fixed rate mortgage of loans were 3.15%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of -0%.

Relative Fees

Linn Area's average total fees for a 30 year fixed rate mortgage are $1,881.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

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%

Linn Area's top markets include Cedar Rapids, Iowa City, Des Moines, Davenport, and Dubuque among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average 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 the 2021 period, Linn Area's most frequently originated loan type of loans were Conventional, with 785 originations. Their 2nd most popular type is VA, with 3 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 454 $69,840,000 $153,833 $1,541 3.11%
Home Purchase 319 $42,775,000 $134,091 $1,634 3.72%
Cash Out Refi 11 $1,455,000 $132,273 $0 3.83%
Home Improvement 6 $1,010,000 $168,333 $1,279 3.44%

For the 2021, Linn Area's most frequently cited loan purpose of loans were Refi, with 454 originations. The 2nd most popular reason of loans were Home Purchase, with 319 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 424 $75,610,000 $178,325 $1,881 3.15%
15 Year 233 $25,175,000 $108,047 $1,091 3.72%
20 Year 79 $9,775,000 $123,734 $1,763 3.36%
10 Year 29 $2,515,000 $86,724 $966 3.02%
Other 18 $1,580,000 $87,778 $0 4.32%
5 Year 7 $425,000 $60,714 $274 3.76%

For the 2021, Linn Area's most frequently cited loan length of loans were 30 Year, with 424 originations. The 2nd most popular length of loans were 15 Year, with 233 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 728 $109,390,000 $150,261
$1k-2k 3 $475,000 $158,333

$1,881 of loans were Linn Area's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 728 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 300 $39,570,000 $131,900
2.5-3% 265 $47,225,000 $178,208
<2.5% 115 $22,905,000 $199,174
5-6% 63 $2,335,000 $37,063
4-5% 32 $2,640,000 $82,500
6-7% 15 $405,000 $27,000

During 2021, Linn Area's average interest rate of loans were 3.15%, while their most frequently originated rate bucket of loans were 3-4%, with 300 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 344 $48,530,000 $141,076 $1,792 3.09%
$100,000 or less 262 $15,090,000 $57,595 $1,000 4.14%
$200k-400k 170 $44,720,000 $263,059 $1,929 2.79%
$400k-600k 13 $5,885,000 $452,692 $1,824 2.70%
$600k-1MM 1 $855,000 $855,000 $1,795 3.50%

2021 saw Linn Area place emphasis on $100k-200k loans with 344 originations, totaling $48,530,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k-75k 189 $23,555,000 $124,630 $1,532 3.47%
$50k or less 169 $14,975,000 $88,609 $1,505 3.64%
$100k-150k 158 $30,440,000 $192,658 $1,618 3.07%
$75k-100k 151 $22,435,000 $148,576 $1,588 3.28%
$150k-250k 62 $15,770,000 $254,355 $1,713 2.84%
$250k+ 10 $3,180,000 $318,000 $1,878 2.84%

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

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 241 $35,895,000 $148,942 $1,627 3.27%
30-36% 171 $24,205,000 $141,550 $1,519 3.46%
<20% 74 $11,380,000 $153,784 $1,625 2.94%
38% 41 $6,515,000 $158,902 $1,563 3.38%
39% 34 $4,410,000 $129,706 $1,372 3.69%
36% 28 $3,780,000 $135,000 $1,532 3.50%
42% 27 $4,215,000 $156,111 $1,442 3.44%
37% 27 $4,475,000 $165,741 $1,400 3.75%
40% 20 $2,360,000 $118,000 $1,578 3.24%
41% 18 $3,510,000 $195,000 $1,604 2.94%
43% 15 $2,715,000 $181,000 $1,800 3.09%
44% 9 $1,095,000 $121,667 $1,371 3.13%
47% 7 $1,195,000 $170,714 $1,935 2.64%
45% 6 $1,110,000 $185,000 $2,184 2.96%
49% 4 $900,000 $225,000 $1,889 2.81%
48% 3 $955,000 $318,333 $1,982 3.17%
50-60% 3 $665,000 $221,667 $1,917 3.21%
46% 2 $450,000 $225,000 $1,953 3.00%
>60% 1 $35,000 $35,000 $310 4.00%

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

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 708 $106,680,000 $150,678 $1,582 3.31%
Not applicable 51 $4,725,000 $92,647 $0 3.99%
Black 16 $1,690,000 $105,625 $1,352 3.73%
Asian 11 $1,265,000 $115,000 $1,605 3.41%
Not provided 3 $565,000 $188,333 $1,347 3.75%
Asian Indian 1 $155,000 $155,000 $1,912 2.13%

Approval Rates

Total approvals of all applications
97.43%

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 origination
81.68%

Linn Area has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 790 $115,080,000 $145,671

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
790 $115,080,000 $145,671

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 77 $4,155,000 $53,961 $685 4.46%
40-60% 95 $11,425,000 $120,263 $1,592 2.90%
60-80% 336 $55,330,000 $164,673 $1,771 3.09%
80-100% 222 $41,970,000 $189,054 $1,900 3.12%
Over 100% 1 $265,000 $265,000 $8,124 2.25%
Under 20% 58 $1,850,000 $31,897 $249 5.27%