Ideal Mortgage Rates, Fees & Info

Woodbury, MN

LEI: 549300QRWA4IGMDEDT70

Tax ID: 41-0519270

5 stars - Updated: 12/2/24 - out of 5 stars, based on 24 reviews

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

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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.

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 6.76% 12/2/24
30 Year Conventional Refi 6.68% 12/2/24
30 Year Cash-out Refi 6.27% 12/2/24
30 Year FHA Purchase 7.06% 12/2/24
30 Year FHA Refi 7.04% 12/2/24
30 Year VA Purchase 6.27% 12/2/24
15 Year Conventional Purchase 6.56% 12/2/24
15 Year Conventional Refi 6.19% 12/2/24
15 Year Cash-out Refi 6.19% 12/2/24
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

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

This is not an official calculator from Ideal. 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

575

Origination Dollar Volume (All Markets)

$62,975,000

Awards

IDEAL 30 Year Conventional Loans silver IDEAL 30 Year Conventional Loans bronze
Show all (2) awards

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%
Ideal's top markets include Minneapolis, Grand Rapids, Milwaukee, Red Wing, and Faribault among others.

Their top states include:
  • Minnesota (FHA|USDA|VA)
  • Wisconsin (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • 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.

    South Metro Federal Credit Union
    Similarity Rank: 55
    MY Credit Union
    Similarity Rank: 225
    Cornerstone State Bank
    Similarity Rank: 456
    SHAREPOINT CREDIT UNION
    Similarity Rank: 745
    Mortgages Unlimited Inc.
    Similarity Rank: 1122
    IDEAL
    Similarity Rank: 1152
    Liberty Bank Minnesota
    Similarity Rank: 1166
    ST. CLOUD FINANCIAL
    Similarity Rank: 1179
    SPIRE Credit Union
    Similarity Rank: 1254
    WESTconsin Credit Union
    Similarity Rank: 1288

    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

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Other 225 $15,155,000 $67,356 $446 5.85%
    Home Improvement 210 $15,310,000 $72,905 $550 5.43%
    Home Purchase 89 $24,045,000 $270,169 $4,828 6.31%
    Refi 45 $6,385,000 $141,889 $2,156 5.80%
    Cash Out Refi 6 $2,080,000 $346,667 $4,809 6.54%

    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

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 253 $20,615,000 $81,482 $5,352 4.47%
    15 Year 166 $14,130,000 $85,120 $678 7.14%
    30 Year 81 $22,865,000 $282,284 $4,987 6.25%
    10 Year 45 $2,405,000 $53,444 $578 6.84%
    5 Year 29 $2,755,000 $95,000 $456 6.28%
    20 Year 1 $205,000 $205,000 $3,163 6.63%

    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

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 227 $15,425,000 $67,952
    $1k-2k 30 $5,710,000 $190,333
    $2k-3k 30 $8,190,000 $273,000
    $3k-4k 16 $5,740,000 $358,750
    $5k+ 6 $2,580,000 $430,000
    $4k-5k 4 $1,590,000 $397,500

    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

    Loan Rate Originations Total Value Average Loan
    6-7% 158 $19,710,000 $124,747
    7-8% 110 $10,430,000 $94,818
    2.5-3% 109 $7,515,000 $68,945
    Over 8% 55 $4,665,000 $84,818
    5-6% 49 $11,275,000 $230,102
    3-4% 47 $4,295,000 $91,383
    4-5% 44 $4,900,000 $111,364
    <2.5% 3 $185,000 $61,667

    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

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 408 $22,530,000 $55,221 $503 5.62%
    $200k-400k 79 $22,145,000 $280,316 $4,990 6.07%
    $100k-200k 74 $11,100,000 $150,000 $2,294 6.22%
    $400k-600k 10 $4,650,000 $465,000 $6,020 6.51%
    $600k-1MM 4 $2,550,000 $637,500 $6,680 5.53%

    2023 saw Ideal place emphasis on $100,000 or less loans with 408 originations, totaling $22,530,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 153 $16,865,000 $110,229 $2,093 5.79%
    $150k-250k 127 $16,215,000 $127,677 $2,052 5.71%
    $75k-100k 110 $10,620,000 $96,545 $1,840 5.63%
    $50k-75k 108 $8,400,000 $77,778 $1,359 6.10%
    $250k+ 45 $9,155,000 $203,444 $2,013 5.67%
    $50k or less 32 $1,720,000 $53,750 $1,269 5.50%

    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

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 106 $11,740,000 $110,755 $2,321 5.61%
    20-30% 105 $11,435,000 $108,905 $1,908 5.28%
    <20% 41 $4,365,000 $106,463 $2,071 5.25%
    40% 32 $3,810,000 $119,063 $2,378 6.23%
    37% 30 $4,290,000 $143,000 $2,111 6.16%
    46% 29 $2,715,000 $93,621 $1,407 6.15%
    44% 29 $3,125,000 $107,759 $2,263 5.78%
    42% 27 $2,955,000 $109,444 $1,787 6.37%
    39% 22 $1,980,000 $90,000 $1,007 5.74%
    38% 20 $2,090,000 $104,500 $1,880 5.60%
    43% 19 $1,645,000 $86,579 $1,245 6.03%
    45% 19 $1,545,000 $81,316 $717 6.28%
    50-60% 18 $1,430,000 $79,444 $579 6.37%
    36% 17 $1,385,000 $81,471 $840 5.96%
    41% 17 $1,325,000 $77,941 $1,505 5.56%
    48% 14 $1,680,000 $120,000 $2,104 6.50%
    47% 11 $825,000 $75,000 $529 5.69%
    49% 7 $955,000 $136,429 $2,038 5.80%

    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

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 479 $53,025,000 $110,699 $1,901 5.79%
    Not provided 38 $3,670,000 $96,579 $1,014 5.46%
    Asian 17 $2,595,000 $152,647 $2,094 6.35%
    Black 26 $2,240,000 $86,154 $1,134 5.65%
    Asian Indian 3 $465,000 $155,000 $878 5.83%
    American Indian 6 $430,000 $71,667 $427 5.82%
    Other Asian 2 $320,000 $160,000 $0 5.37%
    Not applicable 1 $85,000 $85,000 $0 2.99%
    Other Pacific Islander 2 $80,000 $40,000 $427 7.65%
    Native Hawaiian or Islander 1 $65,000 $65,000 $0 3.49%

    Approval Rates

    Total approvals of all applications
    85.39%

    Ideal has an average approval rate.

    Pick Rate

    Approvals leading to origination
    71.48%

    Ideal has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 575 $62,975,000 $109,522

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    575 $62,975,000 $109,522

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 119 $13,265,000 $111,471 $910 5.73%
    40-60% 28 $5,290,000 $188,929 $2,315 6.16%
    60-80% 41 $11,645,000 $284,024 $4,382 6.18%
    80-100% 54 $16,130,000 $298,704 $5,343 6.32%
    Under 20% 333 $16,645,000 $49,985 $440 5.61%