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. Their top markets by origination volume include: Cedar Rapids, Iowa City, Des Moines, Muscatine, and Waterloo among others. We have data for 7 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 | 6.51% | 4/21/24 |
| 30 Year Conventional Refi | 6.58% | 4/21/24 |
| 30 Year Cash-out Refi | 6.27% | 4/21/24 |
| 30 Year VA Refi | 6.27% | 4/21/24 |
| 15 Year Conventional Purchase | 7.77% | 4/21/24 |
| 15 Year Conventional Refi | 6.68% | 4/21/24 |
| 15 Year Cash-out Refi | 6.68% | 4/21/24 |
| 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
637Origination Dollar Volume (All Markets)
$93,055,000Awards
LINN AREA - 2020
LINN AREA is a 2020 , due to their low .
For 2020, less than of lenders were eligible for this award.
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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) | 567 | $80,835,000 | $142,566 | $1,496 | 3.54% |
| IOWA CITY, IA (FHA|USDA|VA) | 31 | $5,985,000 | $193,065 | $1,702 | 3.51% |
| Outside of Metro Areas | 30 | $4,820,000 | $160,667 | $1,668 | 3.35% |
| DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) | 4 | $800,000 | $200,000 | $1,617 | 3.32% |
| Muscatine, IA (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $1,467 | 2.55% |
| WATERLOO-CEDAR FALLS, IA (FHA|USDA|VA) | 3 | $215,000 | $71,667 | $1,854 | 3.29% |
| Burlington, IA-IL (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $1,907 | 3.50% |
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: 222
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 636 | $92,880,000 | $146,038 | $1,509 | 3.53% |
| VA | 1 | $175,000 | $175,000 | $5,740 | 2.88% |
For 2020, Linn Area's most frequently originated type of loan was Conventional, with 636 originations. Their 2nd most popular type was VA, with 1 originations.
Loan Reason
For 2020, Linn Area's most frequently cited loan purpose was Refi, with 365 originations. The 2nd most popular reason was Home Purchase, with 251 originations.
Loan Duration/Length
For 2020, Linn Area's most frequently cited loan duration was 30 Year, with 335 originations. The 2nd most popular length was 15 Year, with 225 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 604 | $89,260,000 | $147,781 |
| $1k-2k | 5 | $1,005,000 | $201,000 |
| $5k+ | 1 | $225,000 | $225,000 |
Linn Area's average total fees were $1,789, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 604 originations.
Interest Rates
During 2020, Linn Area's average interest rate for loans was 3.41%, while their most frequently originated rate bucket for loans was 3-4%, with 322 originations.
Loan Sizing
2020 saw Linn Area place emphasis on $100k-200k loans with 279 originations, totaling $41,095,000 in origination value.
Applicant Income
Linn Area lent most frequently to those with incomes in the $100k-150k range, with 153 originations. The second most popular income band? $50k-75k, with 142 originations.
Applicant Debt to Income Ratio
Linn Area lent most frequently to those with DTI ratios of 20-30%, with 185 originations. The next most common DTI ratio? 30-36%, with 148 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications97.15%
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 origination77.08%
Linn Area has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 637 | $93,055,000 | $146,083 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 637 | $93,055,000 | $146,083 |