Linn Area Mortgage Rates, Fees & Info

Cedar Rapids, IA

LEI: 549300EAZZ1G4DMO8869

Tax ID: 42-0173285

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Mortgage Data

Review & Overview

Linn Area is a smaller mortgage company specializing in Home Purchase and Refi 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 Waterloo among others. We have data for 8 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.

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 6.51% 3/28/24
30 Year Conventional Refi 6.58% 3/28/24
30 Year Cash-out Refi 6.27% 3/28/24
30 Year VA Refi 6.27% 3/28/24
15 Year Conventional Purchase 7.77% 3/28/24
15 Year Conventional Refi 6.68% 3/28/24
15 Year Cash-out Refi 6.68% 3/28/24
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.

Linn Area Mortgage Calculator






Your Estimates

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

This is not an official calculator from Linn Area. 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

440

Origination Dollar Volume (All Markets)

$60,990,000

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) 401 $55,075,000 $137,344 $0 0.00%
IOWA CITY, IA (FHA|USDA|VA) 10 $2,690,000 $269,000 $0 0.00%
Outside of Metro Areas 22 $2,210,000 $100,455 $0 0.00%
DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) 2 $410,000 $205,000 $0 0.00%
DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) 2 $260,000 $130,000 $0 0.00%
WATERLOO-CEDAR FALLS, IA (FHA|USDA|VA) 1 $145,000 $145,000 $0 0.00%
Burlington, IA-IL (FHA|USDA|VA) 1 $115,000 $115,000 $0 0.00%
AMES, IA (FHA|USDA|VA) 1 $85,000 $85,000 $0 0.00%
Linn Area's top markets include Cedar Rapids, Iowa City, Des Moines, Davenport, and Waterloo among others.

Their top states include:
  • Iowa (FHA|USDA|VA)
  • 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.

    FIRST
    Similarity Rank: 154
    BankIowa of Cedar Rapids
    Similarity Rank: 210
    CBI Bank & Trust
    Similarity Rank: 228
    Hills Bank and Trust Company
    Similarity Rank: 234
    Associated Bank
    Similarity Rank: 278
    COMMUNITY 1ST CREDIT UNION
    Similarity Rank: 364
    RUHL MORTGAGE, LLC
    Similarity Rank: 391
    UNIVERSAL LENDING CORPORATION
    Similarity Rank: 552
    Collins Community Credit Union
    Similarity Rank: 561
    MidWestOne Bank
    Similarity Rank: 620

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 434 $59,920,000 $138,065 $0 0.00%
    VA 5 $895,000 $179,000 $0 0.00%
    FHA 1 $175,000 $175,000 $0 0.00%

    For 2019, Linn Area's most frequently originated type of loan was Conventional, with 434 originations. Their 2nd most popular type was VA, with 5 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 256 $33,420,000 $130,547 $0 0.00%
    Refi 173 $26,805,000 $154,942 $0 0.00%
    Cash Out Refi 10 $740,000 $74,000 $0 0.00%
    Home Improvement 1 $25,000 $25,000 $0 0.00%

    For 2019, Linn Area's most frequently cited loan purpose was Home Purchase, with 256 originations. The 2nd most popular reason was Refi, with 173 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 440 $60,990,000 $138,614 $0 0.00%

    For 2019, Linn Area's most frequently cited loan duration was Other, with 440 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 198 $27,690,000 $139,848 $0 0.00%
    $100,000 or less 154 $8,690,000 $56,429 $0 0.00%
    $200k-400k 83 $22,485,000 $270,904 $0 0.00%
    $400k-600k 5 $2,125,000 $425,000 $0 0.00%

    2019 saw Linn Area place emphasis on $100k-200k loans with 198 originations, totaling $27,690,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 113 $12,625,000 $111,726 $0 0.00%
    $50k or less 108 $9,670,000 $89,537 $0 0.00%
    $100k-150k 84 $16,600,000 $197,619 $0 0.00%
    $75k-100k 83 $12,405,000 $149,458 $0 0.00%
    $150k-250k 40 $8,160,000 $204,000 $0 0.00%
    $250k+ 4 $1,000,000 $250,000 $0 0.00%

    Linn Area lent most frequently to those with incomes in the $50k-75k range, with 113 originations. The second most popular income band? $50k or less, with 108 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 440 $60,990,000 $138,614 $0 0.00%

    Linn Area lent most frequently to those with DTI ratios of Exempt%, with 440 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 428 $59,940,000 $140,047 $0 0.00%
    Not applicable 8 $530,000 $66,250 $0 0.00%
    Asian 2 $410,000 $205,000 $0 0.00%
    Black 2 $110,000 $55,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    98.02%

    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
    77.05%

    Linn Area has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 440 $60,990,000 $138,614

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 440 $60,990,000 $138,614