Luana Savings Bank Mortgage Rates, Fees & Info

Luana, IA

LEI: 549300IZ5GOBKOERL931

Tax ID: 42-0386770

5 stars - Updated: 6/23/24 - out of 5 stars, based on 23 reviews

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

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Mortgage Data

Review & Overview

Luana Savings Bank is a smaller bank specializing in Home Purchase loans. Luana Savings Bank has a high proportion of conventional loans. Their top markets by origination volume include: Des Moines, Waterloo, Ames, Iowa City, and Minneapolis among others. We have data for 20 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 relatively high 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% 6/23/24
30 Year Conventional Refi 6.38% 6/23/24
30 Year Cash-out Refi 6.54% 6/23/24
15 Year Conventional Purchase 6.24% 6/23/24
15 Year Conventional Refi 6.07% 6/23/24
15 Year Cash-out Refi 6.07% 6/23/24
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.

Luana Savings Bank Mortgage Calculator






Your Estimates

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

This is not an official calculator from Luana Savings 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

550

Origination Dollar Volume (All Markets)

$105,520,000

Awards

Luana Savings Bank 30 Year Conventional Loans gold Luana Savings Bank 30 Year Conventional Loans gold Luana Savings Bank 30 Year Conventional Loans gold
Show all (3) awards

Relative Rate

Luana Savings Bank's average 30 year fixed mortgage rate was 6.45%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of -0.03%.

Relative Fees (Closing Costs)

Luana Savings Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $1,641.

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 $9,089.

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) 331 $74,605,000 $225,393 $1,488 6.59%
Outside of Metro Areas 129 $14,895,000 $115,465 $904 7.00%
WATERLOO-CEDAR FALLS, IA (FHA|USDA|VA) 29 $4,775,000 $164,655 $1,638 7.16%
AMES, IA (FHA|USDA|VA) 21 $4,095,000 $195,000 $1,238 6.83%
IOWA CITY, IA (FHA|USDA|VA) 7 $1,495,000 $213,571 $1,829 6.88%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 3 $885,000 $295,000 $2,580 6.82%
Mason City, IA (FHA|USDA|VA) 3 $765,000 $255,000 $1,143 7.00%
Pella, IA (FHA|USDA|VA) 6 $730,000 $121,667 $1,248 7.29%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 1 $605,000 $605,000 $4,698 5.50%
OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) 2 $530,000 $265,000 $1,515 4.39%
CEDAR RAPIDS, IA (FHA|USDA|VA) 5 $505,000 $101,000 $1,060 7.22%
Platteville, WI (FHA|USDA|VA) 3 $345,000 $115,000 $1,336 6.78%
Muscatine, IA (FHA|USDA|VA) 2 $260,000 $130,000 $450 6.13%
DUBUQUE, IA (FHA|USDA|VA) 2 $260,000 $130,000 $50 7.00%
MANKATO, MN (FHA|USDA|VA) 1 $245,000 $245,000 $2,441 7.60%
Spencer, IA (FHA|USDA|VA) 1 $175,000 $175,000 $1,560 6.13%
Marshalltown, IA (FHA|USDA|VA) 1 $115,000 $115,000 $0 6.75%
Spirit Lake, IA (FHA|USDA|VA) 1 $115,000 $115,000 $0 6.38%
Fort Dodge, IA (FHA|USDA|VA) 1 $65,000 $65,000 $0 5.88%
JANESVILLE-BELOIT, WI (FHA|USDA|VA) 1 $55,000 $55,000 $0 7.10%
Luana Savings Bank's top markets include Des Moines, Waterloo, Ames, Iowa City, and Minneapolis among others.

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

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    Luana Savings Bank
    Similarity Rank: 460

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 550 $105,520,000 $191,855 $1,335 6.73%

    For 2023, Luana Savings Bank's most frequently originated type of loan was Conventional, with 550 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 446 $94,070,000 $210,919 $1,504 6.63%
    Refi 41 $6,235,000 $152,073 $673 6.97%
    Home Improvement 32 $2,350,000 $73,438 $408 7.37%
    Other 25 $1,715,000 $68,600 $746 7.55%
    Cash Out Refi 6 $1,150,000 $191,667 $1,312 6.29%

    For 2023, Luana Savings Bank's most frequently cited loan purpose was Home Purchase, with 446 originations. The 2nd most popular reason was Refi, with 41 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 276 $64,990,000 $235,471 $1,641 6.45%
    10 Year 129 $19,205,000 $148,876 $907 7.04%
    Other 53 $7,995,000 $150,849 $662 7.06%
    15 Year 41 $7,335,000 $178,902 $1,363 6.65%
    5 Year 40 $3,840,000 $96,000 $383 7.24%
    3 Year 7 $1,175,000 $167,857 $0 7.24%
    1 Year 2 $580,000 $290,000 $0 7.88%
    20 Year 2 $400,000 $200,000 $1,398 6.50%

    For 2023, Luana Savings Bank's most frequently cited loan duration was 30 Year, with 276 originations. The 2nd most popular length was 10 Year, with 129 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 400 $72,430,000 $181,075
    $1k-2k 32 $7,520,000 $235,000
    $5k+ 13 $6,705,000 $515,769
    $2k-3k 5 $1,765,000 $353,000
    $3k-4k 4 $1,290,000 $322,500

    Luana Savings Bank's average total fees were $1,641, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 400 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 249 $49,355,000 $198,213
    7-8% 164 $26,910,000 $164,085
    5-6% 92 $21,140,000 $229,783
    Over 8% 28 $2,410,000 $86,071
    4-5% 7 $2,665,000 $380,714
    3-4% 7 $2,565,000 $366,429
    2.5-3% 3 $475,000 $158,333

    During 2023, Luana Savings Bank's average interest rate for loans was 6.45%, while their most frequently originated rate bucket for loans was 6-7%, with 249 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 184 $9,210,000 $50,054 $430 7.08%
    $200k-400k 153 $41,695,000 $272,516 $1,702 6.62%
    $100k-200k 149 $22,245,000 $149,295 $1,313 6.63%
    $400k-600k 52 $24,470,000 $470,577 $2,396 6.25%
    $600k-1MM 12 $7,900,000 $658,333 $5,378 6.22%

    2023 saw Luana Savings Bank place emphasis on $100,000 or less loans with 184 originations, totaling $9,210,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 109 $19,035,000 $174,633 $1,126 6.60%
    $150k-250k 108 $29,290,000 $271,204 $1,714 6.73%
    $75k-100k 89 $11,775,000 $132,303 $972 6.75%
    $50k-75k 71 $8,285,000 $116,690 $1,053 6.61%
    $250k+ 65 $23,285,000 $358,231 $2,108 6.63%
    $50k or less 40 $2,670,000 $66,750 $992 6.81%

    Luana Savings Bank lent most frequently to those with incomes in the $100k-150k range, with 109 originations. The second most popular income band? $150k-250k, with 108 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 142 $30,470,000 $214,577 $1,560 6.56%
    30-36% 121 $22,235,000 $183,760 $1,165 6.76%
    <20% 55 $9,635,000 $175,182 $1,502 6.46%
    39% 23 $4,275,000 $185,870 $894 6.57%
    36% 22 $3,920,000 $178,182 $1,066 6.68%
    40% 22 $3,610,000 $164,091 $1,342 7.09%
    41% 21 $4,275,000 $203,571 $1,351 6.57%
    38% 20 $5,090,000 $254,500 $1,626 6.77%
    42% 19 $4,745,000 $249,737 $1,202 6.75%
    37% 17 $3,065,000 $180,294 $1,214 6.94%
    45% 7 $975,000 $139,286 $995 6.76%
    44% 4 $400,000 $100,000 $668 6.81%
    43% 3 $605,000 $201,667 $2,900 7.28%
    50-60% 3 $365,000 $121,667 $608 7.03%
    47% 1 $295,000 $295,000 $1,361 6.63%
    48% 1 $185,000 $185,000 $50 7.35%
    49% 1 $15,000 $15,000 $100 7.40%

    Luana Savings Bank lent most frequently to those with DTI ratios of 20-30%, with 142 originations. The next most common DTI ratio? 30-36%, with 121 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 436 $82,310,000 $188,784 $1,309 6.68%
    Not applicable 62 $10,050,000 $162,097 $0 7.13%
    Not provided 35 $8,515,000 $243,286 $1,237 6.85%
    Asian 7 $2,025,000 $289,286 $2,373 6.38%
    Asian Indian 4 $930,000 $232,500 $1,224 6.32%
    Black 3 $875,000 $291,667 $3,990 5.88%
    Filipino 1 $455,000 $455,000 $1,385 6.88%
    Korean 1 $205,000 $205,000 $1,385 6.38%
    American Indian 1 $155,000 $155,000 $1,005 7.10%

    Approval Rates

    Total approvals of all applications
    97.31%

    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
    88.00%

    Luana Savings Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 550 $105,520,000 $191,855

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    550 $105,520,000 $191,855

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 59 $9,345,000 $158,390 $817 6.91%
    40-60% 61 $14,975,000 $245,492 $1,906 6.42%
    60-80% 204 $52,800,000 $258,824 $1,913 6.52%
    80-100% 92 $19,830,000 $215,543 $1,389 6.73%
    Under 20% 134 $8,570,000 $63,955 $247 7.13%