Luana Savings Bank Mortgage Rates, Fees & Info

Luana, IA

LEI: 549300IZ5GOBKOERL931

Tax ID: 42-0386770

5 stars - out of 5 stars, based on 29 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

    Luana Savings Bank is a smaller bank specializing in Home Purchase and Refi loans. Luana Savings Bank has a high proportion of conventional loans. Their top markets by origination volume include: Des Moines, Pella, Ames, Iowa City, and Waterloo among others. We have data for 22 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Luana Savings 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. Luana Savings 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 6.36% 3/28/23
    30 Year Conventional Refi 6.38% 3/28/23
    30 Year Cash-out Refi 6.54% 3/28/23
    15 Year Conventional Purchase 6.24% 3/28/23
    15 Year Conventional Refi 6.07% 3/28/23
    15 Year Cash-out Refi 6.07% 3/28/23
    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

    826

    Origination Dollar Volume (All Markets)

    $308,420,000
    Show all (7) awards

    Relative Rate

    Luana Savings Bank's average 30 year fixed mortgage rate was 4.62%.

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

    This yields a difference of -0.14%.

    Relative Fees (Closing Costs)

    Luana Savings Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $1,481.

    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
    DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) 529 $232,485,000 $439,480 $1,280 4.46%
    Outside of Metro Areas 198 $24,260,000 $122,525 $815 4.89%
    Pella, IA (FHA|USDA|VA) 7 $11,655,000 $1,665,000 $1,228 3.87%
    AMES, IA (FHA|USDA|VA) 33 $10,685,000 $323,788 $1,841 4.40%
    IOWA CITY, IA (FHA|USDA|VA) 7 $10,415,000 $1,487,857 $1,373 4.75%
    WATERLOO-CEDAR FALLS, IA (FHA|USDA|VA) 14 $9,060,000 $647,143 $1,473 4.70%
    WAUSAU-WESTON, WI (FHA|USDA|VA) 1 $2,605,000 $2,605,000 $0 3.80%
    Platteville, WI (FHA|USDA|VA) 3 $1,295,000 $431,667 $988 4.87%
    CEDAR RAPIDS, IA (FHA|USDA|VA) 5 $975,000 $195,000 $873 4.84%
    Mason City, IA (FHA|USDA|VA) 2 $900,000 $450,000 $1,494 3.88%
    DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) 2 $730,000 $365,000 $1,165 5.69%
    Muscatine, IA (FHA|USDA|VA) 2 $720,000 $360,000 $1,239 6.25%
    DUBUQUE, IA (FHA|USDA|VA) 2 $620,000 $310,000 $1,940 4.43%
    DECATUR, IL (FHA|USDA|VA) 6 $460,000 $76,667 $0 4.62%
    MADISON, WI (FHA|USDA|VA) 3 $405,000 $135,000 $932 3.98%
    LA CROSSE-ONALASKA, WI-MN (FHA|USDA|VA) 4 $350,000 $87,500 $1,029 6.13%
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 1 $305,000 $305,000 $1,558 3.00%
    Red Wing, MN (FHA|USDA|VA) 1 $195,000 $195,000 $2,907 4.15%
    Burlington, IA-IL (FHA|USDA|VA) 2 $110,000 $55,000 $0 5.05%
    JANESVILLE-BELOIT, WI (FHA|USDA|VA) 1 $85,000 $85,000 $0 3.75%
    Fort Dodge, IA (FHA|USDA|VA) 1 $65,000 $65,000 $0 5.80%
    Marshalltown, IA (FHA|USDA|VA) 2 $40,000 $20,000 $0 5.48%
    Luana Savings Bank's top markets include Des Moines, Pella, Ames, Iowa City, and Waterloo among others.

    Their top states include:
  • Iowa (FHA|USDA|VA)
  • Wisconsin (FHA|USDA|VA)
  • Minnesota (FHA|USDA|VA)
  • Missouri (FHA|USDA|VA)
  • Illinois (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against Luana Savings Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Bank
    Similarity Rank: 82
    RESIDENTIAL MORTGAGE NETWORK, INC.
    Similarity Rank: 90
    VisionBank of Iowa
    Similarity Rank: 130
    Serve Credit Union
    Similarity Rank: 640
    Luana Savings Bank
    Similarity Rank: 660
    GREATER IOWA CREDIT UNION
    Similarity Rank: 690
    I. H. MISSISSIPPI VALLEY CREDIT UNION
    Similarity Rank: 750
    Bank Iowa
    Similarity Rank: 840
    Peoples Bank
    Similarity Rank: 952
    MEMBERS1st Community Credit Union
    Similarity Rank: 1029

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 826 $308,420,000 $373,390 $1,175 4.58%

    For 2022, Luana Savings Bank's most frequently originated type of loan was Conventional, with 826 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 583 $223,515,000 $383,388 $1,317 4.74%
    Refi 127 $67,195,000 $529,094 $848 4.09%
    Cash Out Refi 57 $13,275,000 $232,895 $1,173 3.73%
    Home Improvement 40 $2,970,000 $74,250 $471 4.93%
    Other 19 $1,465,000 $77,105 $749 5.07%

    For 2022, Luana Savings Bank's most frequently cited loan purpose was Home Purchase, with 583 originations. The 2nd most popular reason was Refi, with 127 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 405 $97,465,000 $240,654 $1,481 4.62%
    15 Year 149 $21,275,000 $142,785 $879 4.12%
    10 Year 131 $86,785,000 $662,481 $605 4.82%
    Other 81 $78,215,000 $965,617 $652 4.77%
    20 Year 29 $6,185,000 $213,276 $1,045 4.56%
    5 Year 23 $17,945,000 $780,217 $261 4.85%
    3 Year 7 $535,000 $76,429 $0 5.11%
    1 Year 1 $15,000 $15,000 $0 4.50%

    For 2022, Luana Savings Bank's most frequently cited loan duration was 30 Year, with 405 originations. The 2nd most popular length was 15 Year, with 149 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 621 $117,295,000 $188,881
    $1k-2k 30 $7,630,000 $254,333
    $5k+ 12 $5,520,000 $460,000
    $3k-4k 4 $1,330,000 $332,500
    $2k-3k 2 $570,000 $285,000
    $4k-5k 2 $650,000 $325,000

    Luana Savings Bank's average total fees were $1,481, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 621 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 241 $122,775,000 $509,440
    3-4% 223 $121,835,000 $546,345
    5-6% 223 $37,755,000 $169,305
    6-7% 63 $9,845,000 $156,270
    2.5-3% 45 $9,755,000 $216,778
    <2.5% 21 $5,565,000 $265,000
    7-8% 10 $890,000 $89,000

    During 2022, Luana Savings Bank's average interest rate for loans was 4.62%, while their most frequently originated rate bucket for loans was 4-5%, with 241 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 251 $36,685,000 $146,155 $1,149 4.69%
    $200k-400k 245 $68,985,000 $281,571 $1,522 4.32%
    $100,000 or less 234 $11,800,000 $50,427 $436 4.93%
    $400k-600k 63 $29,805,000 $473,095 $2,056 4.21%
    $1MM+ 21 $153,445,000 $7,306,905 $0 3.81%
    $600k-1MM 12 $7,700,000 $641,667 $3,021 4.29%

    2022 saw Luana Savings Bank place emphasis on $100k-200k loans with 251 originations, totaling $36,685,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 216 $45,160,000 $209,074 $1,271 4.54%
    $150k-250k 130 $35,670,000 $274,385 $1,447 4.34%
    $50k-75k 122 $14,410,000 $118,115 $1,006 4.89%
    $75k-100k 107 $18,205,000 $170,140 $1,039 4.54%
    $50k or less 73 $6,975,000 $95,548 $858 4.61%
    $250k+ 57 $16,935,000 $297,105 $1,409 4.44%

    Luana Savings Bank lent most frequently to those with incomes in the $100k-150k range, with 216 originations. The second most popular income band? $150k-250k, with 130 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 243 $46,665,000 $192,037 $1,215 4.55%
    30-36% 172 $34,530,000 $200,756 $1,098 4.69%
    <20% 100 $18,790,000 $187,900 $1,179 4.23%
    40% 33 $6,835,000 $207,121 $1,319 4.75%
    37% 32 $6,850,000 $214,063 $1,378 4.49%
    42% 27 $5,695,000 $210,926 $1,250 4.46%
    41% 25 $5,605,000 $224,200 $1,419 4.47%
    36% 21 $3,635,000 $173,095 $1,140 4.87%
    38% 20 $4,100,000 $205,000 $817 4.58%
    39% 18 $2,590,000 $143,889 $855 4.54%
    >60% 8 $1,080,000 $135,000 $590 5.06%
    44% 6 $1,550,000 $258,333 $1,085 3.58%
    43% 5 $825,000 $165,000 $1,315 5.57%
    48% 3 $535,000 $178,333 $2,005 4.98%
    45% 2 $190,000 $95,000 $979 7.00%
    46% 1 $155,000 $155,000 $1,068 3.88%
    47% 1 $105,000 $105,000 $1,315 2.88%

    Luana Savings Bank lent most frequently to those with DTI ratios of 20-30%, with 243 originations. The next most common DTI ratio? 30-36%, with 172 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 103 $168,055,000 $1,631,602 $0 4.71%
    White 618 $119,850,000 $193,932 $1,179 4.63%
    Not provided 60 $10,680,000 $178,000 $1,080 4.47%
    Asian Indian 17 $4,915,000 $289,118 $1,178 4.16%
    Asian 17 $2,965,000 $174,412 $1,816 3.40%
    Black 8 $1,240,000 $155,000 $393 3.88%
    American Indian 3 $715,000 $238,333 $656 4.73%

    Approval Rates

    Total approvals of all applications
    96.25%

    Luana Savings 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
    84.99%

    Luana Savings Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 826 $308,420,000 $373,390

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    826 $308,420,000 $373,390

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 63 $12,475,000 $198,016 $705 4.68%
    40-60% 96 $72,300,000 $753,125 $1,463 3.96%
    60-80% 306 $162,150,000 $529,902 $1,447 4.44%
    80-100% 220 $54,100,000 $245,909 $1,478 4.82%
    Over 100% 1 $145,000 $145,000 $65 4.95%
    Under 20% 140 $7,250,000 $51,786 $175 4.92%