Ideal Mortgage Rates, Fees & Info
Woodbury, MNLEI: 549300QRWA4IGMDEDT70
Tax ID: 41-0519270
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Mortgage Data
Review & Overview
Ideal is a smaller mortgage company specializing in Other, Home Improvement, and Home Purchase loans. Ideal has a high proportion of conventional loans. Their top markets by origination volume include: Minneapolis, Grand Rapids, Milwaukee, Red Wing, and Faribault among others. We have data for 16 markets. (Some data included below & more in-depth data is available with an active subscription.)Ideal has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Ideal is typically an average 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.76% | 12/17/24 |
| 30 Year Conventional Refi | 6.68% | 12/17/24 |
| 30 Year Cash-out Refi | 6.27% | 12/17/24 |
| 30 Year FHA Purchase | 7.06% | 12/17/24 |
| 30 Year FHA Refi | 7.04% | 12/17/24 |
| 30 Year VA Purchase | 6.27% | 12/17/24 |
| 15 Year Conventional Purchase | 6.56% | 12/17/24 |
| 15 Year Conventional Refi | 6.19% | 12/17/24 |
| 15 Year Cash-out Refi | 6.19% | 12/17/24 |
| 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. | ||
Ideal Mortgage Calculator
Your Estimates
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This is not an official calculator from Ideal. It uses our SimulatedRate™
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
575Origination Dollar Volume (All Markets)
$62,975,000Awards
IDEAL - 2023
IDEAL is a 2023 , due to their low .
For 2023, less than of lenders were eligible for this award.
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Relative Rate
Ideal's average 30 year fixed mortgage rate was
6.25%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of -0.23%.
Relative Fees (Closing Costs)
Ideal's average total fees/closing costs for a 30 year fixed rate
mortgage were $4,987.
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 |
|---|---|---|---|---|---|
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 542 | $59,120,000 | $109,077 | $1,756 | 5.72% |
| Outside of Metro Areas | 13 | $1,145,000 | $88,077 | $1,755 | 6.17% |
| Grand Rapids, MN (FHA|USDA|VA) | 2 | $390,000 | $195,000 | $4,025 | 6.06% |
| MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) | 1 | $355,000 | $355,000 | $3,843 | 7.75% |
| Red Wing, MN (FHA|USDA|VA) | 3 | $355,000 | $118,333 | $2,586 | 7.81% |
| Faribault-Northfield, MN (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $5,903 | 5.50% |
| DULUTH, MN-WI (FHA|USDA|VA) | 2 | $270,000 | $135,000 | $2,229 | 6.77% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $0 | 7.00% |
| LA CROSSE-ONALASKA, WI-MN (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $0 | 9.00% |
| EAU CLAIRE, WI (FHA|USDA|VA) | 3 | $195,000 | $65,000 | $1,900 | 6.83% |
| Willmar, MN (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $3,145 | 6.25% |
| Platteville, WI (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $1,376 | 7.75% |
| ST. CLOUD, MN (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 2.99% |
| Beaver Dam, WI (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $405 | 7.05% |
| Brainerd, MN (FHA|USDA|VA) | 1 | $15,000 | $15,000 | $1,558 | 6.63% |
| Winona, MN (FHA|USDA|VA) | 1 | $15,000 | $15,000 | $0 | 7.00% |
Similar Lenders
We use machine learning to identify the top lenders compared against IDEAL based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 324 | $42,880,000 | $132,346 | $1,799 | 6.80% |
| HELOC | 251 | $20,095,000 | $80,060 | n/a | 4.44% |
For 2023, Ideal's most frequently originated type of loan was Conventional, with 324 originations. Their 2nd most popular type was HELOC, with 251 originations.
Loan Reason
For 2023, Ideal's most frequently cited loan purpose was Other, with 225 originations. The 2nd most popular reason was Home Improvement, with 210 originations.
Loan Duration/Length
For 2023, Ideal's most frequently cited loan duration was Other, with 253 originations. The 2nd most popular length was 15 Year, with 166 originations.
Origination Fees/Closing Costs
Ideal's average total fees were $4,987, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 227 originations.
Interest Rates
During 2023, Ideal's average interest rate for loans was 6.25%, while their most frequently originated rate bucket for loans was 6-7%, with 158 originations.
Loan Sizing
2023 saw Ideal place emphasis on $100,000 or less loans with 408 originations, totaling $22,530,000 in origination value.
Applicant Income
Ideal lent most frequently to those with incomes in the $100k-150k range, with 153 originations. The second most popular income band? $150k-250k, with 127 originations.
Applicant Debt to Income Ratio
Ideal lent most frequently to those with DTI ratios of 30-36%, with 106 originations. The next most common DTI ratio? 20-30%, with 105 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications85.39%
Ideal has an average approval rate.
Pick Rate
Approvals leading to origination71.48%
Ideal has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 575 | $62,975,000 | $109,522 |