Marine Bank Mortgage Rates, Fees & Info

Springfield, IL

LEI: 549300EKGRBBO8HEKR21

Tax ID: 37-0919766

5 stars - Updated: 12/9/24 - out of 5 stars, based on 14 reviews

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

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Mortgage Data

Review & Overview

Marine Bank is a smaller bank specializing in Home Purchase loans. Marine Bank 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.) They have a low ratio of USDA loans. Their top markets by origination volume include: Springfield, Champaign, Bloomington, Jacksonville, and St. Louis among others. We have data for 19 markets. (Some data included below & more in-depth data is available with an active subscription.)

Marine Bank 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. Marine Bank 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 relatively high 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 6.38% 12/9/24
30 Year Conventional Refi 6.01% 12/9/24
30 Year Cash-out Refi 6.34% 12/9/24
30 Year FHA Purchase 7.10% 12/9/24
30 Year FHA Refi 7.35% 12/9/24
30 Year VA Purchase 6.06% 12/9/24
30 Year VA Refi 6.27% 12/9/24
30 Year USDA Purchase 6.54% 12/9/24
15 Year Conventional Purchase 5.86% 12/9/24
15 Year Conventional Refi 5.72% 12/9/24
15 Year Cash-out Refi 5.72% 12/9/24
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.

Marine Bank Mortgage Calculator






Your Estimates

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

This is not an official calculator from Marine Bank. 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

183

Origination Dollar Volume (All Markets)

$26,005,000
Show all (6) awards

Relative Rate

Marine Bank's average 30 year fixed mortgage rate was 6.18%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of -0.3%.

Relative Fees (Closing Costs)

Marine Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $2,692.

The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $9,089.

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
SPRINGFIELD, IL (FHA|USDA|VA) 100 $12,390,000 $123,900 $1,595 6.63%
CHAMPAIGN-URBANA, IL (FHA|USDA|VA) 37 $4,715,000 $127,432 $2,037 6.45%
BLOOMINGTON, IL (FHA|USDA|VA) 15 $3,375,000 $225,000 $2,703 6.46%
Outside of Metro Areas 5 $805,000 $161,000 $2,624 6.73%
Jacksonville, IL (FHA|USDA|VA) 3 $675,000 $225,000 $2,289 7.00%
ST. LOUIS, MO-IL (FHA|USDA|VA) 2 $600,000 $300,000 $4,093 6.19%
CHATTANOOGA, TN-GA (FHA|USDA|VA) 1 $515,000 $515,000 $4,049 7.13%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 2 $490,000 $245,000 $3,470 6.38%
PEORIA, IL (FHA|USDA|VA) 3 $485,000 $161,667 $2,109 6.25%
Warsaw, IN (FHA|USDA|VA) 1 $345,000 $345,000 $1,944 6.75%
Taylorville, IL (FHA|USDA|VA) 3 $285,000 $95,000 $1,849 6.00%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 1 $255,000 $255,000 $3,010 6.13%
Fort Dodge, IA (FHA|USDA|VA) 1 $205,000 $205,000 $2,836 6.38%
Quincy, IL-MO (FHA|USDA|VA) 1 $195,000 $195,000 $2,320 6.75%
Lincoln, IL (FHA|USDA|VA) 2 $180,000 $90,000 $1,901 6.06%
Pontiac, IL (FHA|USDA|VA) 1 $175,000 $175,000 $4,652 6.50%
Charleston-Mattoon, IL (FHA|USDA|VA) 1 $155,000 $155,000 $2,667 5.88%
DECATUR, IL (FHA|USDA|VA) 2 $100,000 $50,000 $0 6.00%
Macomb, IL (FHA|USDA|VA) 2 $60,000 $30,000 $1,224 6.13%
Marine Bank's top markets include Springfield, Champaign, Bloomington, Jacksonville, and St. Louis among others.

Their top states include:
  • Illinois (FHA|USDA|VA)
  • Tennessee (FHA|USDA|VA)
  • Missouri (FHA|USDA|VA)
  • Indiana (FHA|USDA|VA)
  • Arizona (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against Marine Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    UNIVERSITY OF ILLINOIS COMMUNITY
    Similarity Rank: 45
    First Savings Bank of Hegewisch
    Similarity Rank: 46
    Petefish, Skiles & Co.
    Similarity Rank: 102
    HEARTLAND
    Similarity Rank: 117
    Prairie State Bank and Trust
    Similarity Rank: 128
    Marine Bank
    Similarity Rank: 190
    IAA Credit Union
    Similarity Rank: 203
    Bank of Pontiac
    Similarity Rank: 266
    Liberty Bank for Savings
    Similarity Rank: 279
    First Mid Bank & Trust
    Similarity Rank: 336

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 175 $24,285,000 $138,771 $1,673 6.55%
    FHA 3 $635,000 $211,667 $6,481 6.67%
    VA 3 $785,000 $261,667 $10,391 6.21%
    USDA 2 $300,000 $150,000 $3,626 5.94%

    For 2023, Marine Bank's most frequently originated type of loan was Conventional, with 175 originations. Their 2nd most popular type was FHA, with 3 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 128 $21,340,000 $166,719 $2,735 6.45%
    Refi 22 $3,010,000 $136,818 $836 6.53%
    Home Improvement 18 $750,000 $41,667 $612 6.94%
    Other 12 $580,000 $48,333 $542 6.90%
    Cash Out Refi 3 $325,000 $108,333 $1,559 6.46%

    For 2023, Marine Bank's most frequently cited loan purpose was Home Purchase, with 128 originations. The 2nd most popular reason was Refi, with 22 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 97 $16,515,000 $170,258 $2,692 6.18%
    Other 42 $3,560,000 $84,762 $533 7.33%
    5 Year 37 $3,715,000 $100,405 $370 6.77%
    15 Year 4 $1,150,000 $287,500 $1,920 5.44%
    3 Year 2 $940,000 $470,000 $0 6.25%
    10 Year 1 $125,000 $125,000 $1,941 5.00%

    For 2023, Marine Bank's most frequently cited loan duration was 30 Year, with 97 originations. The 2nd most popular length was Other, with 42 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 127 $18,465,000 $145,394
    $1k-2k 5 $1,285,000 $257,000
    $3k-4k 1 $375,000 $375,000

    Marine Bank's average total fees were $2,692, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 127 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 106 $16,070,000 $151,604
    5-6% 45 $6,565,000 $145,889
    7-8% 21 $1,535,000 $73,095
    Over 8% 10 $1,710,000 $171,000
    4-5% 1 $125,000 $125,000

    During 2023, Marine Bank's average interest rate for loans was 6.18%, while their most frequently originated rate bucket for loans was 6-7%, with 106 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 87 $4,625,000 $53,161 $989 6.71%
    $100k-200k 56 $8,120,000 $145,000 $2,245 6.34%
    $200k-400k 30 $7,950,000 $265,000 $2,942 6.36%
    $400k-600k 8 $3,920,000 $490,000 $5,050 6.67%
    $600k-1MM 2 $1,390,000 $695,000 $0 6.63%

    2023 saw Marine Bank place emphasis on $100,000 or less loans with 87 originations, totaling $4,625,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 44 $6,190,000 $140,682 $1,550 6.75%
    $100k-150k 38 $6,470,000 $170,263 $2,907 6.65%
    $50k-75k 22 $2,650,000 $120,455 $1,845 6.12%
    $75k-100k 21 $3,015,000 $143,571 $2,466 6.43%
    $50k or less 14 $1,070,000 $76,429 $1,917 5.94%
    $250k+ 11 $2,395,000 $217,727 $765 6.86%

    Marine Bank lent most frequently to those with incomes in the $150k-250k range, with 44 originations. The second most popular income band? $100k-150k, with 38 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 46 $5,340,000 $116,087 $1,554 6.55%
    30-36% 29 $3,365,000 $116,034 $1,824 6.25%
    <20% 16 $1,180,000 $73,750 $1,193 6.45%
    36% 10 $1,720,000 $172,000 $2,715 6.85%
    40% 6 $780,000 $130,000 $1,546 6.63%
    48% 5 $945,000 $189,000 $3,976 6.23%
    38% 5 $995,000 $199,000 $2,859 6.48%
    49% 4 $1,130,000 $282,500 $2,105 6.00%
    37% 4 $520,000 $130,000 $2,001 6.81%
    39% 4 $340,000 $85,000 $1,231 6.06%
    41% 4 $1,340,000 $335,000 $3,080 7.00%
    45% 3 $345,000 $115,000 $1,964 7.29%
    47% 3 $1,305,000 $435,000 $9,589 6.42%
    43% 3 $295,000 $98,333 $1,908 7.33%
    44% 2 $960,000 $480,000 $3,186 6.25%
    46% 2 $210,000 $105,000 $2,480 5.75%
    42% 1 $315,000 $315,000 $1,400 6.13%

    Marine Bank lent most frequently to those with DTI ratios of 20-30%, with 46 originations. The next most common DTI ratio? 30-36%, with 29 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 122 $17,160,000 $140,656 $1,934 6.57%
    Not applicable 28 $3,530,000 $126,071 $0 6.70%
    Not provided 15 $2,505,000 $167,000 $2,720 6.36%
    Asian 12 $2,260,000 $188,333 $2,007 6.14%
    Black 4 $400,000 $100,000 $2,883 6.44%
    American Indian 1 $95,000 $95,000 $0 6.75%
    Native Hawaiian or Islander 1 $55,000 $55,000 $2,117 5.88%

    Approval Rates

    Total approvals of all applications
    90.28%

    Marine Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    78.69%

    Marine Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 183 $26,005,000 $142,104

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    183 $26,005,000 $142,104

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 21 $1,435,000 $68,333 $699 7.13%
    40-60% 15 $2,085,000 $139,000 $1,990 6.46%
    60-80% 53 $8,055,000 $151,981 $1,938 6.36%
    80-100% 69 $12,985,000 $188,188 $2,651 6.38%
    Over 100% 2 $670,000 $335,000 $13,587 6.19%
    Under 20% 23 $775,000 $33,696 $492 6.98%