Morton Community Bank Rates, Fees & Info
Morton, ILLEI: 549300SNZET0P5BZ3J56
Tax ID: 37-0808298
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Mortgage Data
Review & Overview
Morton Community Bank is a smaller bank specializing in Home Purchase loans. Morton Community Bank has a high proportion of conventional loans. Their top markets by origination volume include: Peoria, Bloomington, Champaign, Springfield, and Indianapolis among others. We have data for 42 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 an above 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 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 |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 6.72% | 4/15/25 |
| 30 Year Conventional Purchase | 7.20% | 4/15/25 |
| 30 Year Conventional Refi | 6.96% | 4/15/25 |
| 30 Year Cash-out Refi | 7.26% | 4/15/25 |
| 15 Year Conventional Purchase | 6.57% | 4/15/25 |
| 15 Year Conventional Refi | 6.62% | 4/15/25 |
| 15 Year Cash-out Refi | 6.62% | 4/15/25 |
| 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
1,266Origination Dollar Volume (All Markets)
$191,850,000Awards
Morton Community Bank - 2024
Morton Community Bank is a 2024 , due to their low .
For 2024, less than of lenders were eligible for this award.
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Relative Rate
Morton Community Bank's average 30 year fixed mortgage rate was
6.92%.
The 2024 average 30 year fixed rate mortgage across all markets and lenders was 6.55%.
This yields a difference of 0.37%.
Relative Fees (Closing Costs)
Morton Community Bank's average total fees/closing costs for a 30 year fixed rate
mortgage were $2,306.
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 $8,356.
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) | 691 | $86,545,000 | $125,246 | $2,191 | 7.63% |
| BLOOMINGTON, IL (FHA|USDA|VA) | 111 | $23,275,000 | $209,685 | $2,405 | 7.31% |
| CHAMPAIGN-URBANA, IL (FHA|USDA|VA) | 66 | $19,270,000 | $291,970 | $1,813 | 7.38% |
| SPRINGFIELD, IL (FHA|USDA|VA) | 157 | $17,645,000 | $112,389 | $1,706 | 7.53% |
| INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) | 3 | $9,395,000 | $3,131,667 | $2,381 | 6.93% |
| Outside of Metro Areas | 68 | $7,380,000 | $108,529 | $2,533 | 7.60% |
| Macomb, IL (FHA|USDA|VA) | 45 | $5,335,000 | $118,556 | $2,324 | 7.55% |
| NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) | 2 | $4,070,000 | $2,035,000 | $2,800 | 7.00% |
| Glasgow, KY (FHA|USDA|VA) | 1 | $2,285,000 | $2,285,000 | $0 | 6.50% |
| DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) | 16 | $2,030,000 | $126,875 | $2,290 | 7.63% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 4 | $1,810,000 | $452,500 | $6,058 | 7.19% |
| Galesburg, IL (FHA|USDA|VA) | 7 | $1,355,000 | $193,571 | $2,546 | 7.73% |
| Lincoln, IL (FHA|USDA|VA) | 12 | $1,230,000 | $102,500 | $1,750 | 7.48% |
| Sterling, IL (FHA|USDA|VA) | 15 | $1,125,000 | $75,000 | $2,510 | 7.26% |
| Pontiac, IL (FHA|USDA|VA) | 10 | $980,000 | $98,000 | $2,546 | 7.01% |
| DECATUR, IL (FHA|USDA|VA) | 6 | $970,000 | $161,667 | $2,814 | 7.67% |
| ST. LOUIS, MO-IL (FHA|USDA|VA) | 5 | $835,000 | $167,000 | $1,708 | 7.53% |
| CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) | 1 | $705,000 | $705,000 | $0 | 7.50% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 2 | $660,000 | $330,000 | $4,623 | 7.69% |
| Ottawa, IL (FHA|USDA|VA) | 7 | $585,000 | $83,571 | $2,367 | 7.96% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 4 | $450,000 | $112,500 | $4,803 | 7.72% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 3 | $405,000 | $135,000 | $3,151 | 7.82% |
| LOUISVILLE, KY (FHA|USDA|VA) | 1 | $335,000 | $335,000 | $3,610 | 6.38% |
| DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $4,306 | 7.13% |
| Taylorville, IL (FHA|USDA|VA) | 4 | $280,000 | $70,000 | $1,925 | 7.41% |
| Charleston-Mattoon, IL (FHA|USDA|VA) | 5 | $275,000 | $55,000 | $2,276 | 7.65% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $0 | 8.25% |
| DANVILLE, IL (FHA|USDA|VA) | 3 | $235,000 | $78,333 | $1,584 | 7.63% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $0 | 7.50% |
| COLUMBIA, MO (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $2,340 | 6.88% |
| Dixon, IL (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $2,145 | 7.13% |
| PUNTA GORDA, FL (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $3,189 | 6.50% |
| DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $0 | 6.95% |
| CEDAR RAPIDS, IA (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $0 | 6.95% |
| Clinton, IA (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $2,247 | 6.75% |
| Quincy, IL-MO (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $2,308 | 6.00% |
| KNOXVILLE, TN (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $0 | 7.25% |
| JANESVILLE-BELOIT, WI (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 7.50% |
| ELKHART-GOSHEN, IN (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $2,193 | 6.38% |
| Fort Madison-Keokuk, IA-IL-MO (FHA|USDA|VA) | 2 | $80,000 | $40,000 | $2,173 | 7.63% |
| KANKAKEE, IL (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 8.50% |
| Effingham, IL (FHA|USDA|VA) | 1 | $15,000 | $15,000 | $1,098 | 7.38% |
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.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 829 | $148,825,000 | $179,524 | $2,181 | 7.16% |
| HELOC | 437 | $43,025,000 | $98,455 | n/a | 8.29% |
For 2024, Morton Community Bank's most frequently originated type of loan was Conventional, with 829 originations. Their 2nd most popular type was HELOC, with 437 originations.
Loan Reason
For 2024, Morton Community Bank's most frequently cited loan purpose was Home Purchase, with 591 originations. The 2nd most popular reason was Home Improvement, with 257 originations.
Loan Duration/Length
For 2024, Morton Community Bank's most frequently cited loan duration was 10 Year, with 450 originations. The 2nd most popular length was 30 Year, with 388 originations.
Origination Fees/Closing Costs
Morton Community Bank's average total fees were $2,306, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 616 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 7-8% | 499 | $79,895,000 | $160,110 |
| Over 8% | 400 | $37,450,000 | $93,625 |
| 6-7% | 326 | $66,670,000 | $204,509 |
| 5-6% | 39 | $7,555,000 | $193,718 |
| 3-4% | 2 | $280,000 | $140,000 |
During 2024, Morton Community Bank's average interest rate for loans was 6.92%, while their most frequently originated rate bucket for loans was 7-8%, with 499 originations.
Loan Sizing
2024 saw Morton Community Bank place emphasis on $100,000 or less loans with 667 originations, totaling $34,395,000 in origination value.
Applicant Income
Morton Community Bank lent most frequently to those with incomes in the $100k-150k range, with 256 originations. The second most popular income band? $50k-75k, with 230 originations.
Applicant Debt to Income Ratio
Morton Community Bank lent most frequently to those with DTI ratios of 20-30%, with 246 originations. The next most common DTI ratio? 30-36%, with 238 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications90.49%
Morton Community Bank has an average approval rate.
Pick Rate
Approvals leading to origination90.13%
Morton Community Bank has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 1,266 | $191,850,000 | $151,540 |