Providence Bank & Trust Mortgage Rates, Fees & Info

South Holland, IL

LEI: 549300GY0I1WYYWYFS47

Tax ID: 20-0241351

5 stars - out of 5 stars, based on 13 reviews

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

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Mortgage Data

  • SimulatedRates™
  • Originations
  • Relative Rates
  • Relative Fees
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • 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

    Providence Bank & Trust is a smaller bank specializing in Home Purchase and Refi loans. Providence Bank & Trust has a high proportion of conventional loans. Their top markets by origination volume include: Chicago, Monroe, Toledo, Peru, and Tampa among others. We have data for 13 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Providence Bank & Trust 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. Providence Bank & Trust 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 6.71% 3/27/23
    30 Year Conventional Refi 6.60% 3/27/23
    30 Year Cash-out Refi 6.65% 3/27/23
    15 Year Conventional Purchase 6.18% 3/27/23
    15 Year Conventional Refi 6.15% 3/27/23
    15 Year Cash-out Refi 6.15% 3/27/23
    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.


    Originations

    165

    Origination Dollar Volume (All Markets)

    $122,915,000

    Awards

    Providence Bank & Trust 30 Year Conventional Loans gold Providence Bank & Trust 30 Year Conventional Loans silver Providence Bank & Trust 30 Year Conventional Loans bronze Providence Bank & Trust 30 Year Conventional Loans silver
    Show all (4) awards

    Relative Rate

    Providence Bank & Trust's average 30 year fixed mortgage rate was 5.03%.

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

    This yields a difference of 0.27%.

    Relative Fees (Closing Costs)

    Providence Bank & Trust's average total fees/closing costs for a 30 year fixed rate mortgage were $3,244.

    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) 150 $114,580,000 $763,867 $2,871 4.81%
    MONROE, MI (FHA|USDA|VA) 2 $3,620,000 $1,810,000 $0 5.75%
    TOLEDO, OH (FHA|USDA|VA) 1 $1,455,000 $1,455,000 $0 5.75%
    Peru, IN (FHA|USDA|VA) 1 $785,000 $785,000 $0 6.39%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 2 $600,000 $300,000 $5,987 6.38%
    Pontiac, IL (FHA|USDA|VA) 1 $455,000 $455,000 $0 4.00%
    Outside of Metro Areas 2 $440,000 $220,000 $2,583 4.50%
    INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 1 $305,000 $305,000 $3,551 5.00%
    KANKAKEE, IL (FHA|USDA|VA) 1 $225,000 $225,000 $4,040 5.13%
    Grand Rapids, MN (FHA|USDA|VA) 1 $205,000 $205,000 $2,662 4.50%
    SPRINGFIELD, IL (FHA|USDA|VA) 1 $115,000 $115,000 $0 5.88%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $105,000 $105,000 $0 3.75%
    CINCINNATI, OH-KY-IN (FHA|USDA|VA) 1 $25,000 $25,000 $0 5.75%
    Providence Bank & Trust's top markets include Chicago, Monroe, Toledo, Peru, and Tampa among others.

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

    • Similar Lenders

    We use machine learning to identify the top lenders compared against Providence Bank & Trust 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
    Liberty Bank for Savings
    Similarity Rank: 153
    The Equitable Bank, S.S.B.
    Similarity Rank: 636
    OCEANSIDE MORTGAGE COMPANY
    Similarity Rank: 840
    DuPage Credit Union
    Similarity Rank: 933
    LOANFLIGHT LENDING, LLC
    Similarity Rank: 936
    Providence Bank & Trust
    Similarity Rank: 1144
    CROWN MORTGAGE COMPANY
    Similarity Rank: 1252
    PARTNERSHIP FINANCIAL
    Similarity Rank: 1260
    AMERITRUST MORTGAGE CORPORATION
    Similarity Rank: 1722

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 165 $122,915,000 $744,939 $2,921 4.85%

    For 2022, Providence Bank & Trust's most frequently originated type of loan was Conventional, with 165 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 84 $70,600,000 $840,476 $3,628 5.03%
    Refi 39 $42,885,000 $1,099,615 $2,606 4.50%
    Cash Out Refi 29 $6,845,000 $236,034 $2,659 4.58%
    Home Improvement 8 $2,360,000 $295,000 $599 5.24%
    Other 5 $225,000 $45,000 $90 5.50%

    For 2022, Providence Bank & Trust's most frequently cited loan purpose was Home Purchase, with 84 originations. The 2nd most popular reason was Refi, with 39 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 62 $15,280,000 $246,452 $3,244 5.03%
    5 Year 41 $59,635,000 $1,454,512 $0 4.83%
    15 Year 26 $4,710,000 $181,154 $2,775 4.60%
    10 Year 22 $15,930,000 $724,091 $1,778 4.87%
    Other 9 $26,555,000 $2,950,556 $0 5.03%
    20 Year 3 $685,000 $228,333 $2,074 3.38%
    1 Year 2 $120,000 $60,000 $0 4.25%

    For 2022, Providence Bank & Trust's most frequently cited loan duration was 30 Year, with 62 originations. The 2nd most popular length was 5 Year, with 41 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 64 $11,680,000 $182,500
    $1k-2k 8 $1,740,000 $217,500
    $3k-4k 6 $2,010,000 $335,000
    $5k+ 4 $1,680,000 $420,000
    $2k-3k 3 $945,000 $315,000
    $4k-5k 3 $1,105,000 $368,333

    Providence Bank & Trust's average total fees were $3,244, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 64 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 55 $69,525,000 $1,264,091
    5-6% 50 $20,260,000 $405,200
    3-4% 38 $26,830,000 $706,053
    6-7% 14 $4,370,000 $312,143
    7-8% 3 $1,225,000 $408,333
    2.5-3% 3 $465,000 $155,000
    Over 8% 1 $145,000 $145,000
    <2.5% 1 $95,000 $95,000

    During 2022, Providence Bank & Trust's average interest rate for loans was 5.03%, while their most frequently originated rate bucket for loans was 4-5%, with 55 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 53 $14,705,000 $277,453 $3,431 4.92%
    $100k-200k 39 $5,785,000 $148,333 $2,516 4.79%
    $400k-600k 22 $10,940,000 $497,273 $5,152 4.87%
    $600k-1MM 20 $15,010,000 $750,500 $4,637 4.94%
    $1MM+ 17 $75,735,000 $4,455,000 $0 4.62%
    $100,000 or less 14 $740,000 $52,857 $1,151 4.88%

    2022 saw Providence Bank & Trust place emphasis on $200k-400k loans with 53 originations, totaling $14,705,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 24 $5,650,000 $235,417 $2,773 4.69%
    $50k-75k 22 $3,660,000 $166,364 $2,483 5.03%
    $75k-100k 19 $3,635,000 $191,316 $2,597 4.80%
    $50k or less 14 $2,090,000 $149,286 $2,852 4.84%
    $150k-250k 11 $3,465,000 $315,000 $3,469 5.07%
    $250k+ 6 $2,020,000 $336,667 $5,558 4.94%

    Providence Bank & Trust lent most frequently to those with incomes in the $100k-150k range, with 24 originations. The second most popular income band? $50k-75k, with 22 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 20 $3,040,000 $152,000 $2,469 4.63%
    30-36% 17 $3,885,000 $228,529 $3,122 4.72%
    <20% 8 $1,370,000 $171,250 $3,564 4.06%
    40% 7 $2,075,000 $296,429 $3,244 5.68%
    45% 7 $1,785,000 $255,000 $2,443 5.27%
    49% 5 $1,765,000 $353,000 $4,118 5.18%
    36% 5 $765,000 $153,000 $3,144 5.13%
    43% 4 $1,270,000 $317,500 $3,386 4.38%
    37% 4 $740,000 $185,000 $1,398 5.41%
    38% 4 $700,000 $175,000 $1,941 4.78%
    41% 3 $515,000 $171,667 $2,621 5.58%
    >60% 2 $270,000 $135,000 $3,617 6.13%
    39% 2 $520,000 $260,000 $1,443 3.69%
    42% 2 $260,000 $130,000 $1,658 6.19%
    44% 2 $560,000 $280,000 $3,336 3.75%
    46% 2 $260,000 $130,000 $3,919 4.13%
    50-60% 1 $495,000 $495,000 $1,930 4.13%
    47% 1 $245,000 $245,000 $6,731 7.38%

    Providence Bank & Trust lent most frequently to those with DTI ratios of 20-30%, with 20 originations. The next most common DTI ratio? 30-36%, with 17 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 62 $99,770,000 $1,609,194 $0 4.81%
    White 87 $19,325,000 $222,126 $2,957 4.93%
    Black 10 $2,460,000 $246,000 $2,785 4.45%
    Not provided 4 $760,000 $190,000 $2,467 5.38%
    Asian 2 $600,000 $300,000 $0 3.69%

    Approval Rates

    Total approvals of all applications
    94.42%

    Providence Bank & Trust has an average approval rate.

    Pick Rate

    Approvals leading to origination
    81.21%

    Providence Bank & Trust has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 165 $122,915,000 $744,939

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    165 $122,915,000 $744,939

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 21 $12,635,000 $601,667 $2,615 4.77%
    40-60% 31 $9,565,000 $308,548 $3,264 4.70%
    60-80% 82 $91,500,000 $1,115,854 $3,196 4.83%
    80-100% 20 $8,230,000 $411,500 $3,859 4.87%
    Under 20% 10 $480,000 $48,000 $533 5.45%