Linn Area Mortgage Rates, Fees & Info

Cedar Rapids, IA

LEI: 549300EAZZ1G4DMO8869

Tax ID: 42-0173285

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • 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. Their top markets by origination volume include: Cedar Rapids, Iowa City, Des Moines, Dubuque, 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. 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.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.51% 4/28/24
    30 Year Conventional Refi 6.58% 4/28/24
    30 Year Cash-out Refi 6.27% 4/28/24
    30 Year VA Refi 6.27% 4/28/24
    15 Year Conventional Purchase 7.77% 4/28/24
    15 Year Conventional Refi 6.68% 4/28/24
    15 Year Cash-out Refi 6.68% 4/28/24
    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

    385

    Origination Dollar Volume (All Markets)

    $50,285,000

    Awards

    LINN AREA 30 Year Conventional Loans gold LINN AREA 30 Year Conventional Loans gold LINN AREA 30 Year Conventional Loans bronze
    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) 330 $41,910,000 $127,000 $1,329 4.74%
    IOWA CITY, IA (FHA|USDA|VA) 27 $4,725,000 $175,000 $1,312 4.91%
    Outside of Metro Areas 21 $2,365,000 $112,619 $1,496 4.86%
    DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) 3 $615,000 $205,000 $1,570 4.63%
    DUBUQUE, IA (FHA|USDA|VA) 1 $255,000 $255,000 $2,085 5.63%
    WATERLOO-CEDAR FALLS, IA (FHA|USDA|VA) 1 $235,000 $235,000 $1,900 5.00%
    DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) 1 $95,000 $95,000 $1,820 3.25%
    Clinton, IA (FHA|USDA|VA) 1 $85,000 $85,000 $1,870 3.25%
    Linn Area's top markets include Cedar Rapids, Iowa City, Des Moines, Dubuque, 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.

    BankIowa of Cedar Rapids
    Similarity Rank: 135
    FIRST
    Similarity Rank: 144
    Community Savings Bank
    Similarity Rank: 200
    Farmers & Merchants Savings Bank
    Similarity Rank: 240
    Hills Bank and Trust Company
    Similarity Rank: 247
    LINN AREA
    Similarity Rank: 256
    Fidelity Bank & Trust
    Similarity Rank: 345
    HOMESERVICES LENDING, LLC
    Similarity Rank: 490
    Ohnward Bank & Trust
    Similarity Rank: 544
    CBI Bank & Trust
    Similarity Rank: 567

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 385 $50,285,000 $130,610 $1,346 4.75%

    For 2022, Linn Area's most frequently originated type of loan was Conventional, with 385 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 188 $30,410,000 $161,755 $1,723 4.84%
    Refi 157 $17,275,000 $110,032 $1,032 4.58%
    Cash Out Refi 26 $1,620,000 $62,308 $288 4.35%
    Home Improvement 14 $980,000 $70,000 $498 6.21%

    For 2022, Linn Area's most frequently cited loan purpose was Home Purchase, with 188 originations. The 2nd most popular reason was Refi, with 157 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 192 $34,740,000 $180,938 $1,921 4.49%
    15 Year 109 $9,175,000 $84,174 $666 5.28%
    10 Year 32 $1,840,000 $57,500 $412 4.79%
    Other 32 $3,200,000 $100,000 $0 4.38%
    5 Year 15 $525,000 $35,000 $340 5.15%
    20 Year 5 $805,000 $161,000 $1,908 3.93%

    For 2022, Linn Area's most frequently cited loan duration was 30 Year, with 192 originations. The 2nd most popular length was 15 Year, with 109 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 341 $45,945,000 $134,736
    $1k-2k 1 $175,000 $175,000
    $5k+ 1 $195,000 $195,000

    Linn Area's average total fees were $1,921, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 341 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 124 $19,940,000 $160,806
    5-6% 104 $12,920,000 $124,231
    4-5% 84 $10,010,000 $119,167
    6-7% 30 $2,370,000 $79,000
    2.5-3% 18 $3,260,000 $181,111
    7-8% 13 $635,000 $48,846
    Over 8% 7 $265,000 $37,857
    <2.5% 5 $885,000 $177,000

    During 2022, Linn Area's average interest rate for loans was 4.49%, while their most frequently originated rate bucket for loans was 3-4%, with 124 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 176 $9,540,000 $54,205 $728 5.30%
    $100k-200k 137 $19,215,000 $140,255 $1,788 4.22%
    $200k-400k 64 $17,820,000 $278,438 $1,895 4.47%
    $400k-600k 7 $3,065,000 $437,857 $2,034 3.66%
    $600k-1MM 1 $645,000 $645,000 $1,895 5.00%

    2022 saw Linn Area place emphasis on $100,000 or less loans with 176 originations, totaling $9,540,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 100 $9,510,000 $95,100 $1,266 4.98%
    $100k-150k 87 $14,505,000 $166,724 $1,332 4.70%
    $50k or less 61 $5,205,000 $85,328 $1,385 4.55%
    $75k-100k 57 $8,135,000 $142,719 $1,534 4.76%
    $150k-250k 37 $7,745,000 $209,324 $1,270 4.83%
    $250k+ 6 $1,600,000 $266,667 $1,157 4.94%

    Linn Area lent most frequently to those with incomes in the $50k-75k range, with 100 originations. The second most popular income band? $100k-150k, with 87 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 117 $14,995,000 $128,162 $1,298 4.85%
    30-36% 77 $9,795,000 $127,208 $1,310 4.92%
    <20% 28 $3,180,000 $113,571 $1,269 4.26%
    38% 20 $1,620,000 $81,000 $798 5.33%
    37% 17 $2,405,000 $141,471 $1,278 4.90%
    36% 16 $1,870,000 $116,875 $1,507 5.20%
    39% 14 $2,680,000 $191,429 $1,612 4.36%
    41% 12 $1,790,000 $149,167 $1,500 4.04%
    40% 9 $1,375,000 $152,778 $1,550 4.42%
    42% 9 $1,515,000 $168,333 $1,523 4.81%
    43% 7 $1,805,000 $257,857 $1,750 4.70%
    44% 4 $860,000 $215,000 $1,891 5.13%
    45% 4 $800,000 $200,000 $1,936 3.94%
    46% 3 $605,000 $201,667 $1,947 5.42%
    48% 2 $340,000 $170,000 $1,918 4.88%
    49% 2 $420,000 $210,000 $1,915 4.69%
    50-60% 2 $260,000 $130,000 $1,140 3.25%

    Linn Area lent most frequently to those with DTI ratios of 20-30%, with 117 originations. The next most common DTI ratio? 30-36%, with 77 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 328 $44,000,000 $134,146 $1,350 4.78%
    Not applicable 37 $3,585,000 $96,892 $0 4.43%
    Asian 4 $1,100,000 $275,000 $1,457 4.38%
    Not provided 9 $1,095,000 $121,667 $1,264 4.58%
    Black 6 $420,000 $70,000 $1,081 5.23%
    American Indian 1 $85,000 $85,000 $1,810 5.50%

    Approval Rates

    Total approvals of all applications
    96.68%

    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
    80.52%

    Linn Area has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 385 $50,285,000 $130,610

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    385 $50,285,000 $130,610

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 64 $3,750,000 $58,594 $418 5.56%
    40-60% 27 $4,195,000 $155,370 $1,497 4.22%
    60-80% 117 $18,625,000 $159,188 $1,775 4.23%
    80-100% 114 $21,480,000 $188,421 $1,943 4.45%
    Under 20% 63 $2,235,000 $35,476 $307 5.66%