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 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.51% | 11/22/24 |
| 30 Year Conventional Refi | 6.58% | 11/22/24 |
| 30 Year Cash-out Refi | 6.27% | 11/22/24 |
| 30 Year VA Refi | 6.27% | 11/22/24 |
| 15 Year Conventional Purchase | 7.77% | 11/22/24 |
| 15 Year Conventional Refi | 6.68% | 11/22/24 |
| 15 Year Cash-out Refi | 6.68% | 11/22/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
440Origination Dollar Volume (All Markets)
$60,990,000Top 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% |
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: 154
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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
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
2019 saw Linn Area place emphasis on $100k-200k loans with 198 originations, totaling $27,690,000 in origination value.
Applicant Income
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
Approval Rates
Total approvals of all applications98.02%
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 origination77.05%
Linn Area has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 440 | $60,990,000 | $138,614 |