Grundy Bank Mortgage Rates, Fees & Info

Morris, IL

LEI: 549300F08RTZA4O1LF12

Tax ID: 36-1174113

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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • 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

    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, Kankakee, Peoria, and Cape Coral among others. We have data for 13 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.

    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 6.85% 11/21/24
    30 Year Conventional Refi 6.59% 11/21/24
    30 Year Cash-out Refi 6.55% 11/21/24
    30 Year FHA Purchase 6.27% 11/21/24
    30 Year USDA Purchase 6.48% 11/21/24
    15 Year Conventional Purchase 5.96% 11/21/24
    15 Year Conventional Refi 5.63% 11/21/24
    15 Year Cash-out Refi 5.63% 11/21/24
    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

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

    This is not an official calculator from Grundy 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

    301

    Origination Dollar Volume (All Markets)

    $52,435,000

    Awards

    Grundy Bank 30 Year Conventional Loans silver
    Show all (1) 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
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 260 $46,670,000 $179,500 $2,660 4.84%
    Ottawa, IL (FHA|USDA|VA) 20 $2,500,000 $125,000 $2,122 4.74%
    KANKAKEE, IL (FHA|USDA|VA) 5 $805,000 $161,000 $2,220 4.90%
    PEORIA, IL (FHA|USDA|VA) 4 $560,000 $140,000 $1,781 5.41%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $305,000 $305,000 $6,389 5.50%
    ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $265,000 $265,000 $3,590 4.25%
    NILES, MI (FHA|USDA|VA) 1 $235,000 $235,000 $0 4.90%
    Whitewater, WI (FHA|USDA|VA) 1 $215,000 $215,000 $2,001 6.88%
    Pontiac, IL (FHA|USDA|VA) 3 $205,000 $68,333 $1,830 3.50%
    BLOOMINGTON, IL (FHA|USDA|VA) 1 $195,000 $195,000 $2,102 3.25%
    Outside of Metro Areas 2 $180,000 $90,000 $0 4.93%
    Quincy, IL-MO (FHA|USDA|VA) 1 $175,000 $175,000 $1,901 5.63%
    ROCKFORD, IL (FHA|USDA|VA) 1 $125,000 $125,000 $4,298 5.50%
    Grundy Bank's top markets include Chicago, Ottawa, Kankakee, Peoria, and Cape Coral among others.

    Their top states include:
  • Illinois (FHA|USDA|VA)
  • Indiana (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Wisconsin (FHA|USDA|VA)
  • Michigan (FHA|USDA|VA)

    • 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.

    First Savings Bank of Hegewisch
    Similarity Rank: 64
    Liberty Bank for Savings
    Similarity Rank: 116
    FINANCIAL PLUS
    Similarity Rank: 210
    United Community Bank
    Similarity Rank: 250
    Central Bank Illinois
    Similarity Rank: 290
    DuPage Credit Union
    Similarity Rank: 579
    EDUCATORS CREDIT UNION
    Similarity Rank: 850
    Community State Bank
    Similarity Rank: 930
    Bank of Pontiac
    Similarity Rank: 1050
    LAKE MORTGAGE COMPANY INC
    Similarity Rank: 1120

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 296 $51,720,000 $174,730 $2,567 4.85%
    USDA 5 $715,000 $143,000 $4,967 4.30%

    For 2022, Grundy Bank's most frequently originated type of loan was Conventional, with 296 originations. Their 2nd most popular type was USDA, with 5 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 153 $30,765,000 $201,078 $3,830 5.11%
    Cash Out Refi 60 $10,250,000 $170,833 $1,659 4.40%
    Refi 43 $9,045,000 $210,349 $1,583 4.23%
    Home Improvement 26 $1,370,000 $52,692 $553 5.15%
    Other 19 $1,005,000 $52,895 $753 5.01%

    For 2022, Grundy Bank's most frequently cited loan purpose was Home Purchase, with 153 originations. The 2nd most popular reason was Cash Out Refi, with 60 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 105 $21,135,000 $201,286 $3,609 5.08%
    Other 97 $14,105,000 $145,412 $1,980 4.95%
    5 Year 43 $7,335,000 $170,581 $499 4.91%
    15 Year 27 $4,195,000 $155,370 $2,374 3.85%
    1 Year 14 $3,100,000 $221,429 $1,376 4.62%
    20 Year 9 $1,945,000 $216,111 $2,048 4.35%
    3 Year 3 $195,000 $65,000 $466 4.67%
    10 Year 3 $425,000 $141,667 $2,390 3.17%

    For 2022, Grundy Bank's most frequently cited loan duration was 30 Year, with 105 originations. The 2nd most popular length was Other, with 97 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 247 $41,405,000 $167,632
    $1k-2k 3 $695,000 $231,667
    $3k-4k 3 $535,000 $178,333
    $2k-3k 2 $280,000 $140,000
    $4k-5k 1 $195,000 $195,000
    $5k+ 1 $285,000 $285,000

    Grundy Bank's average total fees were $3,609, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 247 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 98 $15,240,000 $155,510
    5-6% 87 $15,495,000 $178,103
    3-4% 63 $12,985,000 $206,111
    6-7% 30 $5,020,000 $167,333
    2.5-3% 13 $1,905,000 $146,538
    7-8% 8 $1,480,000 $185,000
    <2.5% 2 $310,000 $155,000

    During 2022, Grundy Bank's average interest rate for loans was 5.08%, while their most frequently originated rate bucket for loans was 4-5%, with 98 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 120 $17,240,000 $143,667 $2,913 4.77%
    $100,000 or less 86 $4,660,000 $54,186 $1,469 4.85%
    $200k-400k 76 $20,430,000 $268,816 $3,442 4.96%
    $400k-600k 13 $6,025,000 $463,462 $2,248 4.61%
    $600k-1MM 6 $4,080,000 $680,000 $3,995 4.95%

    2022 saw Grundy Bank place emphasis on $100k-200k loans with 120 originations, totaling $17,240,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 64 $9,250,000 $144,531 $2,839 4.94%
    $100k-150k 60 $9,860,000 $164,333 $2,386 4.85%
    $50k or less 48 $4,560,000 $95,000 $2,669 4.79%
    $75k-100k 48 $7,240,000 $150,833 $2,394 5.02%
    $150k-250k 45 $11,365,000 $252,556 $2,667 4.68%
    $250k+ 12 $4,310,000 $359,167 $3,052 4.14%

    Grundy Bank lent most frequently to those with incomes in the $50k-75k range, with 64 originations. The second most popular income band? $100k-150k, with 60 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 65 $10,785,000 $165,923 $2,857 4.65%
    30-36% 53 $10,175,000 $191,981 $2,560 4.66%
    <20% 22 $3,880,000 $176,364 $2,447 4.13%
    50-60% 16 $1,540,000 $96,250 $1,212 4.97%
    >60% 14 $1,810,000 $129,286 $1,844 4.74%
    42% 12 $1,650,000 $137,500 $2,577 4.58%
    43% 11 $2,485,000 $225,909 $2,953 5.10%
    40% 9 $1,165,000 $129,444 $3,026 5.22%
    37% 8 $1,920,000 $240,000 $3,000 5.09%
    45% 7 $1,405,000 $200,714 $2,128 5.35%
    41% 7 $1,375,000 $196,429 $2,475 5.46%
    36% 6 $840,000 $140,000 $3,412 4.63%
    44% 6 $880,000 $146,667 $2,569 5.42%
    39% 5 $805,000 $161,000 $3,364 5.15%
    46% 4 $920,000 $230,000 $3,820 6.31%
    47% 4 $730,000 $182,500 $2,393 5.69%
    49% 3 $365,000 $121,667 $3,148 5.08%
    38% 3 $405,000 $135,000 $4,090 5.75%
    48% 2 $260,000 $130,000 $2,762 4.38%

    Grundy Bank lent most frequently to those with DTI ratios of 20-30%, with 65 originations. The next most common DTI ratio? 30-36%, with 53 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 274 $46,500,000 $169,708 $2,617 4.84%
    Not applicable 20 $4,840,000 $242,000 $0 4.95%
    Not provided 4 $590,000 $147,500 $2,956 4.63%
    Asian 1 $345,000 $345,000 $2,056 5.00%
    Black 2 $160,000 $80,000 $1,812 4.19%

    Approval Rates

    Total approvals of all applications
    97.06%

    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 origination
    94.02%

    Grundy Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 301 $52,435,000 $174,203

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    301 $52,435,000 $174,203

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 38 $4,150,000 $109,211 $1,717 4.73%
    40-60% 44 $7,420,000 $168,636 $2,267 4.48%
    60-80% 112 $24,050,000 $214,732 $2,954 4.72%
    80-100% 66 $14,180,000 $214,848 $3,780 5.26%
    Over 100% 3 $1,135,000 $378,333 $4,204 4.25%
    Under 20% 38 $1,500,000 $39,474 $601 5.01%

    Complaints

    Bank Name Product Issue 2022 CPFB Complaints % of Total Issues
    GUARANTEED RATE INC. Conventional home mortgage Trouble during payment process 1 50.0%
    GUARANTEED RATE INC. FHA mortgage Trouble during payment process 1 50.0%