Midwest Community Bank Mortgage Rates, Fees & Info

Freeport, IL

LEI: 549300FGUI1NQCS1M144

Tax ID: 36-2559411

5 stars - Updated: 12/4/23 - out of 5 stars, based on 27 reviews

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

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Mortgage Data

Review & Overview

Midwest Community Bank is a smaller bank specializing in Home Purchase loans. Midwest Community Bank has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets by origination volume include: Chicago, Rockford, Freeport, Rochelle, and North Port among others. We have data for 63 markets. (Some data included below & more in-depth data is available with an active subscription.)

Midwest Community 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. Midwest Community 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 6.76% 12/4/23
30 Year Conventional Refi 6.52% 12/4/23
30 Year Cash-out Refi 6.85% 12/4/23
30 Year FHA Purchase 7.32% 12/4/23
30 Year FHA Refi 6.93% 12/4/23
30 Year VA Purchase 6.24% 12/4/23
15 Year Conventional Purchase 6.02% 12/4/23
15 Year Conventional Refi 6.05% 12/4/23
15 Year Cash-out Refi 6.05% 12/4/23
15 Year FHA Refi 6.57% 12/4/23
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.

Midwest Community Bank Mortgage Calculator






Your Estimates

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

This is not an official calculator from Midwest Community 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

748

Origination Dollar Volume (All Markets)

$153,480,000
Show all (5) awards

Relative Rate

Midwest Community Bank's average 30 year fixed mortgage rate was 4.43%.

The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.

This yields a difference of -0.33%.

Relative Fees (Closing Costs)

Midwest Community Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $4,667.

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 $4,750.

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) 262 $64,810,000 $247,366 $5,410 4.16%
ROCKFORD, IL (FHA|USDA|VA) 331 $48,425,000 $146,299 $3,750 4.45%
Freeport, IL (FHA|USDA|VA) 43 $4,995,000 $116,163 $3,613 4.42%
Rochelle, IL (FHA|USDA|VA) 14 $3,310,000 $236,429 $3,790 4.19%
Outside of Metro Areas 10 $3,030,000 $303,000 $4,039 3.96%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 5 $2,105,000 $421,000 $7,468 4.40%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $1,655,000 $1,655,000 $16,405 3.50%
Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 4 $1,650,000 $412,500 $4,534 4.62%
NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 3 $1,585,000 $528,333 $9,041 5.17%
Watertown-Fort Atkinson, WI (FHA|USDA|VA) 1 $1,485,000 $1,485,000 $6,482 6.13%
MADISON, WI (FHA|USDA|VA) 3 $1,145,000 $381,667 $3,080 4.50%
JANESVILLE-BELOIT, WI (FHA|USDA|VA) 7 $995,000 $142,143 $3,524 3.80%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 3 $945,000 $315,000 $5,522 3.50%
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 2 $880,000 $440,000 $7,164 4.63%
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 1 $855,000 $855,000 $8,242 4.00%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 2 $740,000 $370,000 $3,140 5.63%
BURLINGTON-SOUTH BURLINGTON, VT (FHA|USDA|VA) 1 $665,000 $665,000 $0 3.88%
Bozeman, MT (FHA|USDA|VA) 1 $645,000 $645,000 $3,462 4.63%
KAHULUI-WAILUKU-LAHAINA, HI (FHA|USDA|VA) 1 $635,000 $635,000 $8,934 5.00%
KNOXVILLE, TN (FHA|USDA|VA) 2 $620,000 $310,000 $3,844 3.81%
PEORIA, IL (FHA|USDA|VA) 1 $605,000 $605,000 $2,133 4.75%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 1 $605,000 $605,000 $5,709 2.99%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 1 $595,000 $595,000 $8,369 5.38%
Whitewater, WI (FHA|USDA|VA) 1 $555,000 $555,000 $0 4.63%
SANTA FE, NM (FHA|USDA|VA) 1 $525,000 $525,000 $1,848 4.50%
OCALA, FL (FHA|USDA|VA) 2 $510,000 $255,000 $3,155 5.44%
DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) 5 $505,000 $101,000 $3,352 4.38%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $425,000 $425,000 $7,592 3.99%
CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 1 $375,000 $375,000 $3,631 3.25%
THE VILLAGES, FL (FHA|USDA|VA) 1 $375,000 $375,000 $0 5.25%
Sterling, IL (FHA|USDA|VA) 3 $355,000 $118,333 $4,038 5.33%
RALEIGH-CARY, NC (FHA|USDA|VA) 1 $345,000 $345,000 $2,594 4.88%
PANAMA CITY, FL (FHA|USDA|VA) 1 $335,000 $335,000 $8,439 4.88%
El Campo, TX (FHA|USDA|VA) 1 $335,000 $335,000 $10,149 3.50%
BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 1 $315,000 $315,000 $4,975 3.63%
CLARKSVILLE, TN-KY (FHA|USDA|VA) 1 $315,000 $315,000 $4,624 5.88%
EVANSVILLE, IN-KY (FHA|USDA|VA) 1 $305,000 $305,000 $8,680 3.13%
Georgetown, SC (FHA|USDA|VA) 1 $305,000 $305,000 $3,845 5.13%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 1 $295,000 $295,000 $2,330 3.63%
RACINE, WI (FHA|USDA|VA) 2 $290,000 $145,000 $4,100 3.63%
LANSING-EAST LANSING, MI (FHA|USDA|VA) 1 $285,000 $285,000 $3,279 5.50%
LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 1 $265,000 $265,000 $3,229 3.38%
DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) 1 $265,000 $265,000 $2,711 5.25%
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 1 $255,000 $255,000 $3,600 5.75%
TUCSON, AZ (FHA|USDA|VA) 1 $245,000 $245,000 $8,094 4.75%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $245,000 $245,000 $5,131 4.50%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 1 $235,000 $235,000 $2,577 2.63%
MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 1 $225,000 $225,000 $2,451 3.88%
ROME, GA (FHA|USDA|VA) 1 $215,000 $215,000 $4,196 3.49%
Baraboo, WI (FHA|USDA|VA) 1 $215,000 $215,000 $2,661 3.75%
MORRISTOWN, TN (FHA|USDA|VA) 1 $205,000 $205,000 $3,343 3.13%
TOLEDO, OH (FHA|USDA|VA) 1 $195,000 $195,000 $3,192 4.63%
IOWA CITY, IA (FHA|USDA|VA) 1 $185,000 $185,000 $0 6.63%
AMES, IA (FHA|USDA|VA) 1 $145,000 $145,000 $5,483 3.50%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 1 $135,000 $135,000 $2,886 2.63%
OSHKOSH-NEENAH, WI (FHA|USDA|VA) 1 $135,000 $135,000 $2,403 3.13%
ALBUQUERQUE, NM (FHA|USDA|VA) 1 $125,000 $125,000 $5,473 4.25%
HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) 1 $105,000 $105,000 $0 4.00%
Clinton, IA (FHA|USDA|VA) 1 $95,000 $95,000 $4,359 3.75%
Mount Vernon, IL (FHA|USDA|VA) 1 $75,000 $75,000 $2,618 5.25%
TYLER, TX (FHA|USDA|VA) 1 $65,000 $65,000 $2,812 3.13%
BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) 1 $65,000 $65,000 $3,622 2.75%
Platteville, WI (FHA|USDA|VA) 1 $55,000 $55,000 $2,945 4.75%
Midwest Community Bank's top markets include Chicago, Rockford, Freeport, Rochelle, and North Port among others.

Their top states include:
  • Illinois (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Wisconsin (FHA|USDA|VA)
  • Tennessee (FHA|USDA|VA)
  • Washington (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against Midwest Community 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: 30
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    Liberty Bank for Savings
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    State Bank of Cross Plains
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    The Bank of New Glarus
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    The District Federal Credit Union
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    SENB Bank
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    Oregon Community Bank
    Similarity Rank: 627

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 603 $124,805,000 $206,973 $3,842 4.39%
    FHA 118 $19,900,000 $168,644 $6,924 4.01%
    VA 26 $8,720,000 $335,385 $6,282 4.05%
    HELOC 1 $55,000 $55,000 n/a 4.50%

    For 2022, Midwest Community Bank's most frequently originated type of loan was Conventional, with 603 originations. Their 2nd most popular type was FHA, with 118 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 589 $123,535,000 $209,737 $4,874 4.46%
    Cash Out Refi 81 $16,875,000 $208,333 $3,044 4.09%
    Refi 77 $13,015,000 $169,026 $2,662 3.54%
    NA 1 $55,000 $55,000 $0 4.50%

    For 2022, Midwest Community Bank's most frequently cited loan purpose was Home Purchase, with 589 originations. The 2nd most popular reason was Cash Out Refi, with 81 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 677 $143,755,000 $212,341 $4,667 4.43%
    15 Year 61 $7,955,000 $130,410 $2,547 3.22%
    20 Year 8 $1,530,000 $191,250 $2,482 3.50%
    10 Year 1 $185,000 $185,000 $4,821 3.38%
    3 Year 1 $55,000 $55,000 $0 4.50%

    For 2022, Midwest Community Bank's most frequently cited loan duration was 30 Year, with 677 originations. The 2nd most popular length was 15 Year, with 61 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 424 $92,340,000 $217,783
    $<1k 164 $25,680,000 $156,585
    $2k-3k 58 $15,030,000 $259,138
    $3k-4k 12 $3,510,000 $292,500
    $5k+ 11 $4,755,000 $432,273
    $4k-5k 8 $3,270,000 $408,750

    Midwest Community Bank's average total fees were $4,667, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 424 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 281 $57,215,000 $203,612
    4-5% 212 $42,600,000 $200,943
    5-6% 176 $38,810,000 $220,511
    2.5-3% 49 $8,905,000 $181,735
    6-7% 20 $4,710,000 $235,500
    <2.5% 10 $1,240,000 $124,000

    During 2022, Midwest Community Bank's average interest rate for loans was 4.43%, while their most frequently originated rate bucket for loans was 3-4%, with 281 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 334 $48,660,000 $145,689 $4,139 4.28%
    $200k-400k 219 $60,835,000 $277,785 $5,059 4.36%
    $100,000 or less 135 $10,065,000 $74,556 $3,369 4.24%
    $400k-600k 41 $19,145,000 $466,951 $5,914 4.62%
    $600k-1MM 17 $11,635,000 $684,412 $5,500 4.47%
    $1MM+ 2 $3,140,000 $1,570,000 $11,444 4.81%

    2022 saw Midwest Community Bank place emphasis on $100k-200k loans with 334 originations, totaling $48,660,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 203 $24,725,000 $121,798 $4,414 4.20%
    $50k-75k 201 $34,205,000 $170,174 $4,420 4.26%
    $100k-150k 131 $34,435,000 $262,863 $4,588 4.49%
    $75k-100k 110 $22,980,000 $208,909 $4,559 4.35%
    $150k-250k 75 $24,285,000 $323,800 $4,237 4.37%
    $250k+ 28 $12,850,000 $458,929 $5,395 4.63%

    Midwest Community Bank lent most frequently to those with incomes in the $50k or less range, with 203 originations. The second most popular income band? $50k-75k, with 201 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 134 $25,900,000 $193,284 $3,921 4.37%
    20-30% 126 $22,320,000 $177,143 $3,619 4.31%
    42% 41 $10,095,000 $246,220 $4,734 4.48%
    44% 41 $9,065,000 $221,098 $5,036 4.18%
    43% 41 $6,985,000 $170,366 $4,271 4.56%
    50-60% 38 $10,080,000 $265,263 $7,988 3.92%
    49% 36 $8,890,000 $246,944 $4,643 4.39%
    40% 33 $7,105,000 $215,303 $4,809 4.36%
    48% 32 $7,990,000 $249,688 $5,100 4.36%
    47% 30 $6,330,000 $211,000 $5,439 4.32%
    39% 30 $6,500,000 $216,667 $4,166 4.14%
    <20% 26 $4,280,000 $164,615 $3,141 4.17%
    38% 26 $4,880,000 $187,692 $4,643 4.08%
    37% 26 $4,950,000 $190,385 $4,544 4.36%
    45% 24 $4,830,000 $201,250 $4,169 4.59%
    41% 23 $4,305,000 $187,174 $4,183 4.30%
    46% 22 $4,320,000 $196,364 $4,795 4.33%
    36% 17 $4,395,000 $258,529 $3,687 4.56%

    Midwest Community Bank lent most frequently to those with DTI ratios of 30-36%, with 134 originations. The next most common DTI ratio? 20-30%, with 126 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 633 $130,455,000 $206,090 $4,425 4.32%
    Not provided 38 $8,470,000 $222,895 $4,549 4.37%
    Black 47 $7,575,000 $161,170 $5,426 4.21%
    Asian 22 $4,990,000 $226,818 $3,488 4.47%
    American Indian 6 $1,250,000 $208,333 $4,472 4.31%
    Native Hawaiian or Islander 2 $740,000 $370,000 $6,197 4.75%

    Approval Rates

    Total approvals of all applications
    96.26%

    Midwest Community 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
    69.25%

    Midwest Community Bank has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 748 $153,480,000 $205,187

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    748 $153,480,000 $205,187

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 18 $1,910,000 $106,111 $2,796 3.31%
    40-60% 43 $6,355,000 $147,791 $2,665 3.90%
    60-80% 220 $46,120,000 $209,636 $3,560 4.28%
    80-100% 462 $98,280,000 $212,727 $5,006 4.42%
    Over 100% 3 $715,000 $238,333 $9,419 4.42%
    Under 20% 1 $45,000 $45,000 $3,257 2.50%

    Complaints

    Bank Name Product Issue 2022 CPFB Complaints % of Total Issues
    Midwest Loan Services, Inc. Conventional home mortgage Struggling to pay mortgage 1 100.0%