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 Home Purchase and Refi loans. Ideal has a high proportion of conventional loans. Their top markets by origination volume include: Minneapolis, Brainerd, St. Cloud, Menomonie, and Faribault among others. We have data for 10 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 an average pick rate when compared to similar lenders.
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 | 6.76% | 11/22/24 |
| 30 Year Conventional Refi | 6.68% | 11/22/24 |
| 30 Year Cash-out Refi | 6.27% | 11/22/24 |
| 30 Year FHA Purchase | 7.06% | 11/22/24 |
| 30 Year FHA Refi | 7.04% | 11/22/24 |
| 30 Year VA Purchase | 6.27% | 11/22/24 |
| 15 Year Conventional Purchase | 6.56% | 11/22/24 |
| 15 Year Conventional Refi | 6.19% | 11/22/24 |
| 15 Year Cash-out Refi | 6.19% | 11/22/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
433Origination Dollar Volume (All Markets)
$51,775,000Top 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) | 380 | $47,850,000 | $125,921 | $2,202 | 4.49% |
| Outside of Metro Areas | 41 | $2,585,000 | $63,049 | $3,431 | 4.61% |
| Brainerd, MN (FHA|USDA|VA) | 3 | $455,000 | $151,667 | $2,238 | 4.79% |
| ST. CLOUD, MN (FHA|USDA|VA) | 3 | $235,000 | $78,333 | $1,307 | 4.42% |
| Menomonie, WI (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $3,158 | 5.00% |
| Faribault-Northfield, MN (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $973 | 4.13% |
| Red Wing, MN (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $3,776 | 3.63% |
| GRAND FORKS, ND-MN (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $2,993 | 4.38% |
| Willmar, MN (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $0 | 4.25% |
| MANKATO, MN (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $493 | 4.25% |
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 | 433 | $51,775,000 | $119,573 | $2,222 | 4.50% |
For 2018, Ideal's most frequently originated type of loan was Conventional, with 433 originations.
Loan Reason
For 2018, Ideal's most frequently cited loan purpose was Home Improvement, with 206 originations. The 2nd most popular reason was Home Purchase, with 122 originations.
Loan Duration/Length
For 2018, Ideal's most frequently cited loan duration was Other, with 359 originations. The 2nd most popular length was 15 Year, with 31 originations.
Origination Fees/Closing Costs
Ideal's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 135 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 300 | $37,970,000 | $126,567 |
| 3-4% | 87 | $9,185,000 | $105,575 |
| 5-6% | 37 | $4,135,000 | $111,757 |
| 6-7% | 9 | $485,000 | $53,889 |
During 2018, Ideal's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 4-5%, with 300 originations.
Loan Sizing
2018 saw Ideal place emphasis on $100,000 or less loans with 218 originations, totaling $8,970,000 in origination value.
Applicant Income
Ideal lent most frequently to those with incomes in the $50k or less range, with 120 originations. The second most popular income band? $50k-75k, with 99 originations.
Applicant Debt to Income Ratio
Ideal lent most frequently to those with DTI ratios of <20%, with 224 originations. The next most common DTI ratio? 20-30%, with 46 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications73.85%
Ideal has a below average approval rate.
Pick Rate
Approvals leading to origination91.92%
Ideal has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 433 | $51,775,000 | $119,573 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 433 | $51,775,000 | $119,573 |