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. Their top markets by origination volume include: Chicago, Ottawa, Pontiac, Kankakee, and Whitewater among others. We have data for 9 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 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 | 6.99% | 4/5/25 |
| 30 Year Conventional Refi | 6.92% | 4/5/25 |
| 30 Year Cash-out Refi | 6.74% | 4/5/25 |
| 15 Year Conventional Refi | 6.39% | 4/5/25 |
| 15 Year Cash-out Refi | 6.39% | 4/5/25 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
231Origination Dollar Volume (All Markets)
$46,335,000Awards
Grundy Bank - 2024
Grundy Bank is a 2024 , due to their low .
For 2024, 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
6.74%.
The 2024 average 30 year fixed rate mortgage across all markets and lenders was 6.55%.
This yields a difference of 0.19%.
Relative Fees (Closing Costs)
Grundy Bank's average total fees/closing costs for a 30 year fixed rate
mortgage were $3,446.
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 $8,356.
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) | 190 | $37,890,000 | $199,421 | $2,832 | 7.08% |
| Ottawa, IL (FHA|USDA|VA) | 19 | $4,265,000 | $224,474 | $2,047 | 6.89% |
| Outside of Metro Areas | 3 | $1,225,000 | $408,333 | $2,735 | 6.68% |
| Pontiac, IL (FHA|USDA|VA) | 7 | $935,000 | $133,571 | $1,965 | 6.54% |
| KANKAKEE, IL (FHA|USDA|VA) | 7 | $795,000 | $113,571 | $2,075 | 7.29% |
| Whitewater, WI (FHA|USDA|VA) | 1 | $475,000 | $475,000 | $2,287 | 7.38% |
| PEORIA, IL (FHA|USDA|VA) | 2 | $350,000 | $175,000 | $2,225 | 6.88% |
| MUSKEGON, MI (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $2,880 | 6.75% |
| ST. LOUIS, MO-IL (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $0 | 8.00% |
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: 36
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 231 | $46,335,000 | $200,584 | $2,694 | 7.05% |
For 2024, Grundy Bank's most frequently originated type of loan was Conventional, with 231 originations.
Loan Reason
For 2024, Grundy Bank's most frequently cited loan purpose was Home Purchase, with 130 originations. The 2nd most popular reason was Refi, with 31 originations.
Loan Duration/Length
For 2024, Grundy Bank's most frequently cited loan duration was 30 Year, with 93 originations. The 2nd most popular length was Other, with 80 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 138 | $21,890,000 | $158,623 |
| $1k-2k | 55 | $13,785,000 | $250,636 |
Grundy Bank's average total fees were $3,446, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 138 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 116 | $27,420,000 | $236,379 |
| 7-8% | 94 | $15,640,000 | $166,383 |
| 5-6% | 12 | $2,110,000 | $175,833 |
| Over 8% | 9 | $1,165,000 | $129,444 |
During 2024, Grundy Bank's average interest rate for loans was 6.74%, while their most frequently originated rate bucket for loans was 6-7%, with 116 originations.
Loan Sizing
2024 saw Grundy Bank place emphasis on $100k-200k loans with 86 originations, totaling $12,810,000 in origination value.
Applicant Income
Grundy Bank lent most frequently to those with incomes in the $100k-150k range, with 58 originations. The second most popular income band? $50k-75k, with 46 originations.
Applicant Debt to Income Ratio
Grundy Bank lent most frequently to those with DTI ratios of 20-30%, with 50 originations. The next most common DTI ratio? 30-36%, with 31 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications98.39%
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 origination96.10%
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 | 231 | $46,335,000 | $200,584 |