Morton Community Bank Rates, Fees & Info

Morton, IL

LEI: 549300SNZET0P5BZ3J56

Tax ID: 37-0808298

5 stars - Updated: 6/23/24 - out of 5 stars, based on 37 reviews

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

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Mortgage Data

Review & Overview

Morton Community Bank is a smaller bank specializing in Home Purchase and Refi loans. Morton Community Bank has a high proportion of conventional loans. Their top markets by origination volume include: Peoria, Champaign, Bloomington, South Bend, and Springfield among others. We have data for 35 markets. (Some data included below & more in-depth data is available with an active subscription.)

Morton Community 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. Morton Community 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.

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
Home Equity Line of Credit (HELOC) 6.27% 6/23/24
30 Year Conventional Purchase 6.79% 6/23/24
30 Year Conventional Refi 6.86% 6/23/24
30 Year Cash-out Refi 6.86% 6/23/24
15 Year Conventional Purchase 6.04% 6/23/24
15 Year Conventional Refi 6.35% 6/23/24
15 Year Cash-out Refi 6.35% 6/23/24
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.

Morton Community Bank Mortgage Calculator






Your Estimates

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

This is not an official calculator from Morton Community 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

1,346

Origination Dollar Volume (All Markets)

$283,220,000
Show all (7) awards

Relative Rate

Morton Community Bank's average 30 year fixed mortgage rate was 6.47%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of -0.01%.

Relative Fees (Closing Costs)

Morton Community Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $2,375.

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
PEORIA, IL (FHA|USDA|VA) 799 $95,555,000 $119,593 $1,979 7.12%
CHAMPAIGN-URBANA, IL (FHA|USDA|VA) 43 $48,905,000 $1,137,326 $1,899 7.17%
BLOOMINGTON, IL (FHA|USDA|VA) 105 $43,095,000 $410,429 $2,301 6.91%
SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 1 $24,205,000 $24,205,000 $0 7.83%
SPRINGFIELD, IL (FHA|USDA|VA) 134 $18,660,000 $139,254 $1,934 7.26%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 6 $10,480,000 $1,746,667 $2,034 6.73%
Outside of Metro Areas 67 $9,045,000 $135,000 $2,210 7.01%
Macomb, IL (FHA|USDA|VA) 52 $5,780,000 $111,154 $2,296 6.95%
EVANSVILLE, IN-KY (FHA|USDA|VA) 2 $4,180,000 $2,090,000 $0 6.25%
DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) 22 $3,260,000 $148,182 $2,104 6.93%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 4 $3,050,000 $762,500 $7,752 6.56%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 8 $2,450,000 $306,250 $4,687 6.56%
Charleston-Mattoon, IL (FHA|USDA|VA) 12 $2,140,000 $178,333 $2,057 6.85%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 3 $1,695,000 $565,000 $6,818 6.67%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 4 $1,570,000 $392,500 $5,904 6.06%
Galesburg, IL (FHA|USDA|VA) 12 $1,370,000 $114,167 $1,851 7.33%
Pontiac, IL (FHA|USDA|VA) 17 $1,295,000 $76,176 $2,358 7.14%
Sterling, IL (FHA|USDA|VA) 15 $885,000 $59,000 $1,889 7.37%
Ottawa, IL (FHA|USDA|VA) 7 $875,000 $125,000 $2,405 7.25%
ST. LOUIS, MO-IL (FHA|USDA|VA) 5 $695,000 $139,000 $2,369 7.50%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 2 $580,000 $290,000 $3,628 6.00%
Lincoln, IL (FHA|USDA|VA) 4 $500,000 $125,000 $1,480 6.50%
Taylorville, IL (FHA|USDA|VA) 2 $370,000 $185,000 $3,184 6.69%
Branson, MO (FHA|USDA|VA) 1 $305,000 $305,000 $0 6.50%
DECATUR, IL (FHA|USDA|VA) 7 $305,000 $43,571 $1,624 7.27%
JOPLIN, MO (FHA|USDA|VA) 1 $285,000 $285,000 $2,703 6.13%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 1 $285,000 $285,000 $3,662 5.38%
NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 1 $275,000 $275,000 $0 6.95%
PUNTA GORDA, FL (FHA|USDA|VA) 1 $235,000 $235,000 $0 7.00%
DANVILLE, IL (FHA|USDA|VA) 2 $220,000 $110,000 $3,131 6.63%
Dixon, IL (FHA|USDA|VA) 2 $200,000 $100,000 $2,254 6.88%
COLUMBIA, MO (FHA|USDA|VA) 1 $155,000 $155,000 $1,784 6.38%
Jacksonville, IL (FHA|USDA|VA) 1 $135,000 $135,000 $2,310 7.50%
JANESVILLE-BELOIT, WI (FHA|USDA|VA) 1 $105,000 $105,000 $0 7.00%
Burlington, IA-IL (FHA|USDA|VA) 1 $75,000 $75,000 $2,297 7.00%
Morton Community Bank's top markets include Peoria, Champaign, Bloomington, South Bend, and Springfield among others.

Their top states include:
  • Illinois (FHA|USDA|VA)
  • Indiana (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Missouri (FHA|USDA|VA)
  • Iowa (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against Morton Community Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    UNIVERSITY OF ILLINOIS COMMUNITY
    Similarity Rank: 45
    First Savings Bank of Hegewisch
    Similarity Rank: 46
    ASCENTRA
    Similarity Rank: 96
    R.I.A. Federal Credit Union
    Similarity Rank: 99
    Petefish, Skiles & Co.
    Similarity Rank: 102
    HEARTLAND
    Similarity Rank: 117
    Prairie State Bank and Trust
    Similarity Rank: 128
    GAS AND ELECTRIC CREDIT UNION
    Similarity Rank: 155
    Marine Bank
    Similarity Rank: 190
    IAA Credit Union
    Similarity Rank: 203

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 989 $250,075,000 $252,856 $2,112 6.72%
    HELOC 357 $33,145,000 $92,843 n/a 8.12%

    For 2023, Morton Community Bank's most frequently originated type of loan was Conventional, with 989 originations. Their 2nd most popular type was HELOC, with 357 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 692 $190,970,000 $275,968 $2,459 6.75%
    Refi 244 $61,410,000 $251,680 $1,693 7.05%
    Home Improvement 232 $18,440,000 $79,483 $1,193 7.61%
    Other 171 $11,815,000 $69,094 $1,295 7.81%
    Cash Out Refi 7 $585,000 $83,571 $2,502 6.64%

    For 2023, Morton Community Bank's most frequently cited loan purpose was Home Purchase, with 692 originations. The 2nd most popular reason was Refi, with 244 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 485 $87,955,000 $181,351 $2,375 6.47%
    10 Year 380 $120,320,000 $316,632 $1,429 7.99%
    5 Year 177 $31,055,000 $175,452 $892 6.82%
    15 Year 159 $11,445,000 $71,981 $1,249 6.68%
    Other 55 $12,915,000 $234,818 $3,493 7.65%
    1 Year 46 $5,770,000 $125,435 $0 8.52%
    30+ year 21 $9,785,000 $465,952 $4,017 6.34%
    3 Year 12 $2,740,000 $228,333 $0 6.92%
    20 Year 11 $1,235,000 $112,273 $2,245 6.41%

    For 2023, Morton Community Bank's most frequently cited loan duration was 30 Year, with 485 originations. The 2nd most popular length was 10 Year, with 380 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 749 $116,745,000 $155,868
    $1k-2k 4 $640,000 $160,000
    $2k-3k 2 $280,000 $140,000

    Morton Community Bank's average total fees were $2,375, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 749 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 486 $118,090,000 $242,984
    7-8% 409 $72,615,000 $177,543
    Over 8% 236 $18,800,000 $79,661
    5-6% 205 $70,505,000 $343,927
    4-5% 9 $3,175,000 $352,778

    During 2023, Morton Community Bank's average interest rate for loans was 6.47%, while their most frequently originated rate bucket for loans was 6-7%, with 486 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 730 $36,550,000 $50,068 $1,580 7.38%
    $100k-200k 353 $49,995,000 $141,629 $2,272 6.85%
    $200k-400k 185 $50,385,000 $272,351 $2,490 6.69%
    $400k-600k 37 $18,155,000 $490,676 $3,431 6.29%
    $600k-1MM 22 $15,570,000 $707,727 $4,388 6.18%
    $1MM+ 19 $112,565,000 $5,924,474 $5,370 6.67%

    2023 saw Morton Community Bank place emphasis on $100,000 or less loans with 730 originations, totaling $36,550,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 268 $33,890,000 $126,455 $2,101 7.15%
    $50k-75k 243 $21,445,000 $88,251 $1,916 7.03%
    $50k or less 232 $15,330,000 $66,078 $1,930 7.14%
    $75k-100k 194 $19,230,000 $99,124 $1,957 7.29%
    $150k-250k 176 $34,720,000 $197,273 $2,424 7.01%
    $250k+ 82 $27,880,000 $340,000 $3,099 6.75%

    Morton Community Bank lent most frequently to those with incomes in the $100k-150k range, with 268 originations. The second most popular income band? $50k-75k, with 243 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 292 $31,980,000 $109,521 $2,025 7.14%
    30-36% 223 $26,875,000 $120,516 $2,127 7.05%
    <20% 161 $22,755,000 $141,335 $2,159 6.89%
    43% 45 $5,725,000 $127,222 $2,095 7.27%
    40% 45 $5,265,000 $117,000 $1,941 7.42%
    44% 44 $5,150,000 $117,045 $2,024 7.54%
    36% 43 $6,465,000 $150,349 $2,111 6.90%
    41% 38 $5,970,000 $157,105 $2,049 7.35%
    39% 36 $5,260,000 $146,111 $2,119 7.05%
    42% 32 $4,250,000 $132,813 $2,196 7.44%
    37% 30 $3,850,000 $128,333 $2,475 7.37%
    45% 29 $5,145,000 $177,414 $2,168 7.06%
    38% 28 $4,580,000 $163,571 $2,163 6.96%
    46% 23 $3,385,000 $147,174 $2,246 7.27%
    48% 13 $2,545,000 $195,769 $2,700 6.84%
    49% 11 $1,425,000 $129,545 $2,178 7.11%
    47% 10 $1,810,000 $181,000 $2,254 6.91%
    >60% 5 $845,000 $169,000 $1,652 6.43%
    50-60% 4 $150,000 $37,500 $1,697 7.09%

    Morton Community Bank lent most frequently to those with DTI ratios of 20-30%, with 292 originations. The next most common DTI ratio? 30-36%, with 223 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,127 $139,215,000 $123,527 $2,076 7.11%
    Not applicable 135 $127,925,000 $947,593 $0 6.99%
    Asian 29 $7,475,000 $257,759 $2,513 6.66%
    Not provided 28 $3,990,000 $142,500 $2,322 7.10%
    Black 20 $2,450,000 $122,500 $2,384 7.28%
    Asian Indian 3 $1,935,000 $645,000 $4,599 5.29%
    American Indian 4 $230,000 $57,500 $2,191 6.84%

    Approval Rates

    Total approvals of all applications
    91.17%

    Morton Community Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    86.92%

    Morton Community Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,346 $283,220,000 $210,416

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,346 $283,220,000 $210,416

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 271 $19,065,000 $70,351 $1,367 7.52%
    40-60% 155 $76,005,000 $490,355 $2,368 6.89%
    60-80% 387 $116,635,000 $301,382 $2,459 6.78%
    80-100% 313 $54,825,000 $175,160 $2,397 6.77%
    Over 100% 1 $45,000 $45,000 $0 7.00%
    Under 20% 218 $16,620,000 $76,239 $960 7.70%