Midland States Bank Mortgage Rates, Fees & Info
Effingham, ILLEI: 549300U6DW7DX671T306
Tax ID: 37-0259550
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Mortgage Data
Review & Overview
Midland States Bank is a smaller bank specializing in Home Purchase and Refi loans. Midland States Bank has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets by origination volume include: St. Louis, Chicago, Rockford, Champaign, and Kankakee among others. We have data for 38 markets. (Some data included below & more in-depth data is available with an active subscription.)Midland States Bank 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. Midland States 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% | 4/5/25 |
| 30 Year Conventional Purchase | 7.32% | 4/5/25 |
| 30 Year Conventional Refi | 7.05% | 4/5/25 |
| 30 Year Cash-out Refi | 7.39% | 4/5/25 |
| 30 Year FHA Purchase | 7.64% | 4/5/25 |
| 30 Year FHA Refi | 7.71% | 4/5/25 |
| 30 Year VA Purchase | 6.74% | 4/5/25 |
| 30 Year USDA Purchase | 7.41% | 4/5/25 |
| 15 Year Conventional Purchase | 6.33% | 4/5/25 |
| 15 Year Conventional Refi | 6.10% | 4/5/25 |
| 15 Year Cash-out Refi | 6.10% | 4/5/25 |
| 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. | ||
Midland States Bank Mortgage Calculator
Your Estimates
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
1,036Origination Dollar Volume (All Markets)
$186,460,000Awards
Midland States Bank - 2024
Midland States 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
Midland States Bank's average 30 year fixed mortgage rate was
6.93%.
The 2024 average 30 year fixed rate mortgage across all markets and lenders was 6.55%.
This yields a difference of 0.38%.
Relative Fees (Closing Costs)
Midland States Bank's average total fees/closing costs for a 30 year fixed rate
mortgage were $5,158.
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 |
|---|---|---|---|---|---|
| ST. LOUIS, MO-IL (FHA|USDA|VA) | 171 | $49,315,000 | $288,392 | $4,826 | 6.39% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 190 | $42,010,000 | $221,105 | $6,518 | 6.98% |
| ROCKFORD, IL (FHA|USDA|VA) | 173 | $16,715,000 | $96,618 | $3,346 | 6.19% |
| CHAMPAIGN-URBANA, IL (FHA|USDA|VA) | 106 | $15,660,000 | $147,736 | $3,419 | 5.61% |
| KANKAKEE, IL (FHA|USDA|VA) | 142 | $14,940,000 | $105,211 | $3,139 | 6.25% |
| PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) | 1 | $13,705,000 | $13,705,000 | $0 | 7.80% |
| Outside of Metro Areas | 60 | $6,490,000 | $108,167 | $2,787 | 6.03% |
| Ottawa, IL (FHA|USDA|VA) | 55 | $5,335,000 | $97,000 | $3,632 | 5.89% |
| Effingham, IL (FHA|USDA|VA) | 26 | $4,910,000 | $188,846 | $3,635 | 6.47% |
| Jefferson, GA (FHA|USDA|VA) | 1 | $4,505,000 | $4,505,000 | $0 | 6.76% |
| Sterling, IL (FHA|USDA|VA) | 28 | $1,640,000 | $58,571 | $2,974 | 5.37% |
| Manitowoc, WI (FHA|USDA|VA) | 2 | $1,450,000 | $725,000 | $3,209 | 7.29% |
| Dixon, IL (FHA|USDA|VA) | 19 | $1,365,000 | $71,842 | $3,081 | 5.95% |
| Centralia, IL (FHA|USDA|VA) | 14 | $1,240,000 | $88,571 | $2,983 | 6.21% |
| Charleston-Mattoon, IL (FHA|USDA|VA) | 7 | $985,000 | $140,714 | $2,954 | 6.02% |
| MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) | 1 | $835,000 | $835,000 | $0 | 7.73% |
| Rochelle, IL (FHA|USDA|VA) | 7 | $725,000 | $103,571 | $5,820 | 6.35% |
| BLOOMINGTON, IL (FHA|USDA|VA) | 5 | $605,000 | $121,000 | $3,763 | 4.03% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 1 | $515,000 | $515,000 | $5,415 | 6.63% |
| PEORIA, IL (FHA|USDA|VA) | 5 | $425,000 | $85,000 | $2,978 | 4.78% |
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $0 | 6.13% |
| SPRINGFIELD, MO (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $3,298 | 6.50% |
| LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $0 | 7.50% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $13,410 | 6.25% |
| Branson, MO (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $2,902 | 5.38% |
| NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $3,827 | 6.13% |
| Pontiac, IL (FHA|USDA|VA) | 3 | $225,000 | $75,000 | $2,822 | 5.66% |
| DECATUR, IL (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $2,739 | 7.13% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $4,003 | 7.00% |
| Mount Vernon, IL (FHA|USDA|VA) | 2 | $170,000 | $85,000 | $2,604 | 8.25% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $0 | 7.25% |
| LITTLE ROCK-NORTH LITTLE ROCK-CONWAY, AR (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $2,807 | 6.63% |
| CAPE GIRARDEAU, MO-IL (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $0 | 7.00% |
| Freeport, IL (FHA|USDA|VA) | 2 | $70,000 | $35,000 | $2,288 | 3.44% |
| DANVILLE, IL (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $3,127 | 6.63% |
| CARBONDALE-MARION, IL (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $2,616 | 7.63% |
| DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $275 | 7.45% |
| JANESVILLE-BELOIT, WI (FHA|USDA|VA) | 1 | $5,000 | $5,000 | $0 | 4.50% |
Similar Lenders
We use machine learning to identify the top lenders compared against Midland States 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
For 2024, Midland States Bank's most frequently originated type of loan was Conventional, with 628 originations. Their 2nd most popular type was HELOC, with 315 originations.
Loan Reason
For 2024, Midland States Bank's most frequently cited loan purpose was Home Purchase, with 575 originations. The 2nd most popular reason was Other, with 258 originations.
Loan Duration/Length
For 2024, Midland States Bank's most frequently cited loan duration was 30 Year, with 541 originations. The 2nd most popular length was 10 Year, with 375 originations.
Origination Fees/Closing Costs
Midland States Bank's average total fees were $5,158, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 332 originations.
Interest Rates
During 2024, Midland States Bank's average interest rate for loans was 6.93%, while their most frequently originated rate bucket for loans was 6-7%, with 292 originations.
Loan Sizing
2024 saw Midland States Bank place emphasis on $100,000 or less loans with 475 originations, totaling $21,655,000 in origination value.
Applicant Income
Midland States Bank lent most frequently to those with incomes in the $50k-75k range, with 284 originations. The second most popular income band? $75k-100k, with 211 originations.
Applicant Debt to Income Ratio
Midland States Bank lent most frequently to those with DTI ratios of 30-36%, with 190 originations. The next most common DTI ratio? 20-30%, with 189 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications76.73%
Midland States Bank has a below average approval rate.
Pick Rate
Approvals leading to origination77.70%
Midland States Bank has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 1,036 | $186,460,000 | $179,981 |