Alliance Bank Mortgage Rates, Fees & Info
Lake City, MNLEI: 549300SKSQ3IYUXJCH36
Tax ID: 41-0362490
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Mortgage Data
Review & Overview
Alliance Bank is a smaller bank specializing in Home Purchase and Refi loans. Alliance Bank has a high proportion of conventional loans. Their top markets by origination volume include: Minneapolis, New Ulm, Mankato, Cape Coral, and Naples among others. We have data for 17 markets. (Some data included below & more in-depth data is available with an active subscription.)Alliance 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. Alliance 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 about average 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 | 6.79% | 11/21/24 |
| 30 Year Conventional Refi | 6.76% | 11/21/24 |
| 30 Year Cash-out Refi | 6.76% | 11/21/24 |
| 15 Year Conventional Purchase | 6.00% | 11/21/24 |
| 15 Year Conventional Refi | 6.03% | 11/21/24 |
| 15 Year Cash-out Refi | 6.03% | 11/21/24 |
| 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. | ||
Alliance Bank Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
133Origination Dollar Volume (All Markets)
$34,455,000Top 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) | 56 | $20,090,000 | $358,750 | $4,003 | 4.78% |
| Outside of Metro Areas | 18 | $3,520,000 | $195,556 | $3,317 | 4.58% |
| New Ulm, MN (FHA|USDA|VA) | 24 | $2,610,000 | $108,750 | $2,027 | 5.25% |
| MANKATO, MN (FHA|USDA|VA) | 11 | $1,675,000 | $152,273 | $3,183 | 4.90% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 2 | $1,180,000 | $590,000 | $7,667 | 3.44% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 1 | $1,005,000 | $1,005,000 | $6,280 | 2.38% |
| Red Wing, MN (FHA|USDA|VA) | 5 | $895,000 | $179,000 | $1,707 | 5.45% |
| ROCHESTER, MN (FHA|USDA|VA) | 4 | $750,000 | $187,500 | $3,804 | 4.06% |
| ST. CLOUD, MN (FHA|USDA|VA) | 3 | $555,000 | $185,000 | $2,455 | 4.33% |
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 1 | $555,000 | $555,000 | $7,691 | 5.75% |
| Faribault-Northfield, MN (FHA|USDA|VA) | 1 | $405,000 | $405,000 | $4,959 | 5.75% |
| Willmar, MN (FHA|USDA|VA) | 1 | $365,000 | $365,000 | $6,581 | 3.38% |
| COLORADO SPRINGS, CO (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $0 | 5.50% |
| THE VILLAGES, FL (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $5,519 | 3.63% |
| DULUTH, MN-WI (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $3,791 | 5.75% |
| Grand Rapids, MN (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $2,613 | 3.13% |
| Fairmont, MN (FHA|USDA|VA) | 2 | $80,000 | $40,000 | $1,359 | 5.44% |
Similar Lenders
We use machine learning to identify the top lenders compared against Alliance Bank 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 | 133 | $34,455,000 | $259,060 | $3,345 | 4.81% |
For 2022, Alliance Bank's most frequently originated type of loan was Conventional, with 133 originations.
Loan Reason
For 2022, Alliance Bank's most frequently cited loan purpose was Home Purchase, with 60 originations. The 2nd most popular reason was Refi, with 42 originations.
Loan Duration/Length
For 2022, Alliance Bank's most frequently cited loan duration was Other, with 54 originations. The 2nd most popular length was 5 Year, with 32 originations.
Origination Fees/Closing Costs
Alliance Bank's average total fees were $4,318, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 30 originations.
Interest Rates
During 2022, Alliance Bank's average interest rate for loans was 4.76%, while their most frequently originated rate bucket for loans was 5-6%, with 56 originations.
Loan Sizing
2022 saw Alliance Bank place emphasis on $200k-400k loans with 51 originations, totaling $13,955,000 in origination value.
Applicant Income
Alliance Bank lent most frequently to those with incomes in the $250k+ range, with 21 originations. The second most popular income band? $50k or less, with 19 originations.
Applicant Debt to Income Ratio
Alliance Bank lent most frequently to those with DTI ratios of 30-36%, with 25 originations. The next most common DTI ratio? 20-30%, with 24 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications94.25%
Alliance Bank has an average approval rate.
Pick Rate
Approvals leading to origination76.69%
Alliance Bank has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 133 | $34,455,000 | $259,060 |