Luana Savings Bank Mortgage Rates, Fees & Info
Luana, IALEI: 549300IZ5GOBKOERL931
Tax ID: 42-0386770
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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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.36% | 4/21/24 |
| 30 Year Conventional Refi | 6.38% | 4/21/24 |
| 30 Year Cash-out Refi | 6.54% | 4/21/24 |
| 15 Year Conventional Purchase | 6.24% | 4/21/24 |
| 15 Year Conventional Refi | 6.07% | 4/21/24 |
| 15 Year Cash-out Refi | 6.07% | 4/21/24 |
| 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. | ||
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
550Origination Dollar Volume (All Markets)
$105,520,000Awards
Luana Savings Bank - 2023
Luana Savings Bank is a 2023 , due to their low .
For 2023, less than of lenders were eligible for this award.
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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% |
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.
Similarity Rank: 26
Similarity Rank: 60
Similarity Rank: 144
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Similarity Rank: 272
Similarity Rank: 300
Similarity Rank: 300
Similarity Rank: 427
Similarity Rank: 456
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
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
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
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
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
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
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
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
Approval Rates
Total approvals of all applications97.31%
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 origination88.00%
Luana Savings Bank has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 550 | $105,520,000 | $191,855 |