Grundy Bank Mortgage Rates, Fees & Info
Morris, ILLEI: 549300F08RTZA4O1LF12
Tax ID: 36-1174113
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Mortgage Data
Review & Overview
Grundy Bank is a smaller bank specializing in Home Purchase loans. Grundy Bank has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Chicago, Ottawa, Niles, Kankakee, and Punta Gorda among others. We have data for 18 markets. (Some data included below & more in-depth data is available with an active subscription.)Grundy Bank has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. Grundy 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.85% | 11/17/24 |
| 30 Year Conventional Refi | 6.59% | 11/17/24 |
| 30 Year Cash-out Refi | 6.55% | 11/17/24 |
| 30 Year FHA Purchase | 6.27% | 11/17/24 |
| 30 Year USDA Purchase | 6.48% | 11/17/24 |
| 15 Year Conventional Purchase | 5.96% | 11/17/24 |
| 15 Year Conventional Refi | 5.63% | 11/17/24 |
| 15 Year Cash-out Refi | 5.63% | 11/17/24 |
| 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. | ||
Grundy Bank Mortgage Calculator
Your Estimates
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This is not an official calculator from Grundy Bank. It uses our SimulatedRate™
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
250Origination Dollar Volume (All Markets)
$46,070,000Awards
Grundy Bank - 2023
Grundy Bank is a 2023 , due to their low .
For 2023, less than of lenders were eligible for this award.
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Relative Rate
Grundy Bank's average 30 year fixed mortgage rate was
6.85%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of 0.37%.
Relative Fees (Closing Costs)
Grundy Bank's average total fees/closing costs for a 30 year fixed rate
mortgage were $3,736.
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 |
|---|---|---|---|---|---|
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 203 | $37,375,000 | $184,113 | $2,606 | 6.84% |
| Ottawa, IL (FHA|USDA|VA) | 22 | $2,480,000 | $112,727 | $2,047 | 7.02% |
| NILES, MI (FHA|USDA|VA) | 1 | $985,000 | $985,000 | $0 | 5.75% |
| KANKAKEE, IL (FHA|USDA|VA) | 6 | $950,000 | $158,333 | $2,680 | 6.83% |
| PUNTA GORDA, FL (FHA|USDA|VA) | 2 | $750,000 | $375,000 | $4,022 | 6.69% |
| Pontiac, IL (FHA|USDA|VA) | 3 | $645,000 | $215,000 | $2,201 | 6.83% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 1 | $615,000 | $615,000 | $0 | 6.40% |
| TERRE HAUTE, IN (FHA|USDA|VA) | 1 | $375,000 | $375,000 | $0 | 4.00% |
| CHAMPAIGN-URBANA, IL (FHA|USDA|VA) | 2 | $290,000 | $145,000 | $2,926 | 6.69% |
| MADISON, WI (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $3,230 | 7.13% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $0 | 6.75% |
| PANAMA CITY, FL (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $0 | 7.75% |
| Sebastian-Vero Beach, FL (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $0 | 6.30% |
| Outside of Metro Areas | 1 | $165,000 | $165,000 | $2,706 | 7.75% |
| ST. LOUIS, MO-IL (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $2,081 | 7.00% |
| CARBONDALE-MARION, IL (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $2,622 | 6.50% |
| LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $4,020 | 6.75% |
| PEORIA, IL (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $2,027 | 7.25% |
Similar Lenders
We use machine learning to identify the top lenders compared against Grundy Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 12
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Similarity Rank: 1000
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 248 | $45,860,000 | $184,919 | $2,530 | 6.84% |
| USDA | 2 | $210,000 | $105,000 | $5,601 | 7.00% |
For 2023, Grundy Bank's most frequently originated type of loan was Conventional, with 248 originations. Their 2nd most popular type was USDA, with 2 originations.
Loan Reason
For 2023, Grundy Bank's most frequently cited loan purpose was Home Purchase, with 136 originations. The 2nd most popular reason was Cash Out Refi, with 43 originations.
Loan Duration/Length
For 2023, Grundy Bank's most frequently cited loan duration was Other, with 96 originations. The 2nd most popular length was 30 Year, with 89 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 151 | $21,525,000 | $142,550 |
| $1k-2k | 54 | $10,570,000 | $195,741 |
| $2k-3k | 3 | $535,000 | $178,333 |
| $3k-4k | 2 | $640,000 | $320,000 |
Grundy Bank's average total fees were $3,736, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 151 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 152 | $29,880,000 | $196,579 |
| 7-8% | 75 | $12,165,000 | $162,200 |
| 5-6% | 18 | $3,380,000 | $187,778 |
| Over 8% | 4 | $270,000 | $67,500 |
| 3-4% | 1 | $375,000 | $375,000 |
During 2023, Grundy Bank's average interest rate for loans was 6.85%, while their most frequently originated rate bucket for loans was 6-7%, with 152 originations.
Loan Sizing
2023 saw Grundy Bank place emphasis on $100,000 or less loans with 82 originations, totaling $3,960,000 in origination value.
Applicant Income
Grundy Bank lent most frequently to those with incomes in the $50k-75k range, with 59 originations. The second most popular income band? $100k-150k, with 52 originations.
Applicant Debt to Income Ratio
Grundy Bank lent most frequently to those with DTI ratios of 30-36%, with 44 originations. The next most common DTI ratio? 20-30%, with 41 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications97.04%
Grundy Bank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination96.80%
Grundy Bank has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 250 | $46,070,000 | $184,280 |