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 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 by origination volume include: Cedar Rapids, Iowa City, Des Moines, Davenport, and Dubuque among others. We have data for 10 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.

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% 10/13/24
30 Year Conventional Refi 6.58% 10/13/24
30 Year Cash-out Refi 6.27% 10/13/24
30 Year VA Refi 6.27% 10/13/24
15 Year Conventional Purchase 7.77% 10/13/24
15 Year Conventional Refi 6.68% 10/13/24
15 Year Cash-out Refi 6.68% 10/13/24
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

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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

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

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) 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.

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.

    BankIowa of Cedar Rapids
    Similarity Rank: 75
    Farmers & Merchants Savings Bank
    Similarity Rank: 240
    FIRST
    Similarity Rank: 308
    Fidelity Bank & Trust
    Similarity Rank: 390
    Community Savings Bank
    Similarity Rank: 399
    Hills Bank and Trust Company
    Similarity Rank: 418
    DuTrac Community Credit Union
    Similarity Rank: 564
    Collins Community Credit Union
    Similarity Rank: 609
    Bankers Trust Company
    Similarity Rank: 629
    RUHL MORTGAGE, LLC
    Similarity Rank: 680

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. 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 2021, Linn Area's most frequently originated type of loan was Conventional, with 785 originations. Their 2nd most popular type was VA, with 3 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. 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 2021, Linn Area's most frequently cited loan purpose was Refi, with 454 originations. The 2nd most popular reason was 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 2021, Linn Area's most frequently cited loan duration was 30 Year, with 424 originations. The 2nd most popular length was 15 Year, with 233 originations.

    Origination Fees/Closing Costs

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

    Linn Area's average total fees were $1,881, while their most frequently occuring range of origination fees (closing costs) 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 for loans was 3.15%, while their most frequently originated rate bucket for loans was 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
    98.28%

    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
    84.30%

    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%