Midland States Bank Mortgage Rates, Fees & Info

Effingham, IL

LEI: 549300U6DW7DX671T306

Tax ID: 37-0259550

5 stars - Updated: 6/16/24 - out of 5 stars, based on 34 reviews

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

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Mortgage Data

Review & Overview

Midland States Bank is a smaller bank specializing in Home Purchase 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: Chicago, St. Louis, Kankakee, Rockford, and Champaign among others. We have data for 42 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 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% 6/16/24
30 Year Conventional Purchase 6.80% 6/16/24
30 Year Conventional Refi 6.57% 6/16/24
30 Year Cash-out Refi 6.90% 6/16/24
30 Year FHA Purchase 7.66% 6/16/24
30 Year FHA Refi 7.24% 6/16/24
30 Year VA Purchase 6.70% 6/16/24
30 Year USDA Purchase 7.13% 6/16/24
15 Year Conventional Purchase 6.46% 6/16/24
15 Year Conventional Refi 6.11% 6/16/24
15 Year Cash-out Refi 6.11% 6/16/24
15 Year FHA Refi 5.68% 6/16/24
15 Year VA Purchase 7.93% 6/16/24
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.

Midland States Bank Mortgage Calculator






Your Estimates

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

This is not an official calculator from Midland States 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

1,150

Origination Dollar Volume (All Markets)

$167,730,000
Show all (7) awards

Relative Rate

Midland States Bank's average 30 year fixed mortgage rate was 6.37%.

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

This yields a difference of -0.11%.

Relative Fees (Closing Costs)

Midland States Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $4,496.

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
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 225 $43,315,000 $192,511 $5,009 5.93%
ST. LOUIS, MO-IL (FHA|USDA|VA) 142 $32,180,000 $226,620 $3,176 4.86%
KANKAKEE, IL (FHA|USDA|VA) 209 $18,925,000 $90,550 $3,293 4.84%
ROCKFORD, IL (FHA|USDA|VA) 206 $16,870,000 $81,893 $2,751 5.00%
CHAMPAIGN-URBANA, IL (FHA|USDA|VA) 90 $11,650,000 $129,444 $2,900 5.26%
JANESVILLE-BELOIT, WI (FHA|USDA|VA) 3 $11,185,000 $3,728,333 $3,275 5.18%
Outside of Metro Areas 56 $7,730,000 $138,036 $3,262 4.93%
PEORIA, IL (FHA|USDA|VA) 5 $4,625,000 $925,000 $2,839 5.50%
Ottawa, IL (FHA|USDA|VA) 49 $2,425,000 $49,490 $2,568 4.30%
Effingham, IL (FHA|USDA|VA) 28 $2,400,000 $85,714 $2,686 4.71%
Sterling, IL (FHA|USDA|VA) 26 $2,040,000 $78,462 $2,303 5.60%
Dixon, IL (FHA|USDA|VA) 23 $1,815,000 $78,913 $2,437 4.49%
Rochelle, IL (FHA|USDA|VA) 11 $1,365,000 $124,091 $3,129 4.84%
Centralia, IL (FHA|USDA|VA) 20 $1,220,000 $61,000 $1,494 5.24%
NILES, MI (FHA|USDA|VA) 1 $1,005,000 $1,005,000 $4,358 6.00%
RALEIGH-CARY, NC (FHA|USDA|VA) 1 $665,000 $665,000 $5,250 6.00%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 1 $665,000 $665,000 $6,952 6.38%
Sevierville, TN (FHA|USDA|VA) 1 $645,000 $645,000 $0 8.40%
Charleston-Mattoon, IL (FHA|USDA|VA) 7 $475,000 $67,857 $2,795 5.84%
DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) 1 $465,000 $465,000 $4,432 8.13%
MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 1 $455,000 $455,000 $0 3.99%
BLOOMINGTON, IL (FHA|USDA|VA) 5 $445,000 $89,000 $4,303 3.80%
DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) 2 $430,000 $215,000 $5,516 4.50%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $405,000 $405,000 $0 7.38%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 1 $385,000 $385,000 $6,095 6.75%
ST. JOSEPH, MO-KS (FHA|USDA|VA) 1 $355,000 $355,000 $13,872 7.63%
Freeport, IL (FHA|USDA|VA) 7 $345,000 $49,286 $1,869 3.78%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $305,000 $305,000 $0 8.25%
Mount Vernon, IL (FHA|USDA|VA) 3 $275,000 $91,667 $1,992 6.46%
DANVILLE, IL (FHA|USDA|VA) 4 $270,000 $67,500 $3,366 7.19%
Defiance, OH (FHA|USDA|VA) 1 $265,000 $265,000 $3,188 7.50%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 1 $245,000 $245,000 $4,776 7.00%
JACKSON, TN (FHA|USDA|VA) 1 $235,000 $235,000 $3,038 5.38%
SPRINGFIELD, IL (FHA|USDA|VA) 2 $230,000 $115,000 $4,056 3.00%
PUNTA GORDA, FL (FHA|USDA|VA) 1 $225,000 $225,000 $3,780 7.13%
Taylorville, IL (FHA|USDA|VA) 4 $200,000 $50,000 $2,683 2.81%
Pontiac, IL (FHA|USDA|VA) 3 $195,000 $65,000 $1,820 6.12%
TULSA, OK (FHA|USDA|VA) 1 $175,000 $175,000 $4,888 6.38%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 1 $165,000 $165,000 $2,548 6.25%
CARBONDALE-MARION, IL (FHA|USDA|VA) 2 $160,000 $80,000 $3,178 3.06%
Farmington, MO (FHA|USDA|VA) 1 $155,000 $155,000 $3,408 6.25%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 1 $145,000 $145,000 $3,315 7.75%
Midland States Bank's top markets include Chicago, St. Louis, Kankakee, Rockford, and Champaign among others.

Their top states include:
  • Illinois (FHA|USDA|VA)
  • Missouri (FHA|USDA|VA)
  • Wisconsin (FHA|USDA|VA)
  • Arkansas (FHA|USDA|VA)
  • Michigan (FHA|USDA|VA)
  • 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.

    FINANCIAL PLUS
    Similarity Rank: 12
    Dieterich Bank
    Similarity Rank: 22
    Fox Valley Savings Bank
    Similarity Rank: 33
    UNIVERSITY OF ILLINOIS COMMUNITY
    Similarity Rank: 45
    First Savings Bank of Hegewisch
    Similarity Rank: 46
    Petefish, Skiles & Co.
    Similarity Rank: 68
    Marine Bank
    Similarity Rank: 76
    First Community Credit Union
    Similarity Rank: 102

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 678 $128,140,000 $188,997 $3,058 5.86%
    HELOC 396 $28,210,000 $71,237 n/a 3.59%
    FHA 58 $9,060,000 $156,207 $7,288 6.78%
    USDA 13 $1,595,000 $122,692 $4,954 6.88%
    VA 5 $725,000 $145,000 $4,668 6.50%

    For 2023, Midland States Bank's most frequently originated type of loan was Conventional, with 678 originations. Their 2nd most popular type was HELOC, with 396 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 609 $119,805,000 $196,724 $3,935 5.59%
    Other 303 $17,685,000 $58,366 $771 3.99%
    Refi 198 $26,760,000 $135,152 $907 5.06%
    Home Improvement 26 $1,660,000 $63,846 $829 7.67%
    Cash Out Refi 14 $1,820,000 $130,000 $4,173 6.77%

    For 2023, Midland States Bank's most frequently cited loan purpose was Home Purchase, with 609 originations. The 2nd most popular reason was Other, with 303 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 536 $94,360,000 $176,045 $4,496 6.37%
    10 Year 441 $19,255,000 $43,662 $166 3.73%
    5 Year 115 $26,225,000 $228,043 $63 3.83%
    15 Year 20 $3,230,000 $161,500 $3,295 6.51%
    Other 20 $17,900,000 $895,000 $213 7.33%
    1 Year 10 $2,180,000 $218,000 $0 8.77%
    20 Year 4 $360,000 $90,000 $2,728 6.44%
    3 Year 4 $4,220,000 $1,055,000 $195 6.56%

    For 2023, Midland States Bank's most frequently cited loan duration was 30 Year, with 536 originations. The 2nd most popular length was 10 Year, with 441 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 446 $55,880,000 $125,291
    $2k-3k 93 $13,245,000 $142,419
    $1k-2k 92 $15,600,000 $169,565
    $3k-4k 41 $7,915,000 $193,049
    $4k-5k 12 $2,690,000 $224,167
    $5k+ 12 $3,620,000 $301,667

    Midland States Bank's average total fees were $4,496, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 446 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 284 $70,310,000 $247,570
    7-8% 235 $36,355,000 $154,702
    <2.5% 211 $7,675,000 $36,374
    3-4% 165 $10,485,000 $63,545
    4-5% 113 $16,285,000 $144,115
    5-6% 97 $19,615,000 $202,216
    Over 8% 45 $7,005,000 $155,667

    During 2023, Midland States Bank's average interest rate for loans was 6.37%, while their most frequently originated rate bucket for loans was 6-7%, with 284 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 628 $26,460,000 $42,134 $1,356 4.16%
    $100k-200k 297 $42,845,000 $144,259 $4,436 6.20%
    $200k-400k 190 $48,800,000 $256,842 $5,350 6.43%
    $400k-600k 19 $9,025,000 $475,000 $4,709 6.87%
    $1MM+ 8 $35,450,000 $4,431,250 $5,304 6.24%
    $600k-1MM 8 $5,150,000 $643,750 $7,007 6.87%

    2023 saw Midland States Bank place emphasis on $100,000 or less loans with 628 originations, totaling $26,460,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 307 $33,745,000 $109,919 $3,508 5.18%
    $75k-100k 234 $27,100,000 $115,812 $3,641 5.11%
    $100k-150k 207 $25,665,000 $123,986 $3,811 5.07%
    $50k or less 199 $13,065,000 $65,653 $2,957 4.86%
    $150k-250k 105 $15,235,000 $145,095 $3,160 4.77%
    $250k+ 34 $10,890,000 $320,294 $6,810 5.36%

    Midland States Bank lent most frequently to those with incomes in the $50k-75k range, with 307 originations. The second most popular income band? $75k-100k, with 234 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 237 $21,105,000 $89,051 $2,868 4.71%
    30-36% 185 $21,845,000 $118,081 $3,294 5.34%
    <20% 143 $9,915,000 $69,336 $1,986 4.19%
    42% 89 $12,855,000 $144,438 $3,988 5.26%
    39% 74 $9,660,000 $130,541 $3,545 4.99%
    41% 56 $7,630,000 $136,250 $4,205 5.53%
    36% 52 $5,770,000 $110,962 $3,253 4.95%
    37% 51 $8,145,000 $159,706 $3,825 5.15%
    40% 40 $5,060,000 $126,500 $3,835 4.94%
    38% 40 $5,090,000 $127,250 $3,997 5.08%
    43% 34 $3,180,000 $93,529 $3,273 4.65%
    44% 26 $3,840,000 $147,692 $3,347 5.18%
    48% 15 $2,905,000 $193,667 $5,043 6.88%
    46% 11 $2,165,000 $196,818 $3,556 6.10%
    49% 11 $1,895,000 $172,273 $4,769 5.73%
    47% 9 $1,665,000 $185,000 $5,238 7.15%
    45% 7 $1,215,000 $173,571 $5,410 6.57%
    50-60% 5 $875,000 $175,000 $6,162 6.95%
    >60% 3 $335,000 $111,667 $1,081 7.81%

    Midland States Bank lent most frequently to those with DTI ratios of 20-30%, with 237 originations. The next most common DTI ratio? 30-36%, with 185 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 913 $97,095,000 $106,347 $3,227 4.96%
    Not applicable 37 $38,995,000 $1,053,919 $0 7.72%
    Not provided 113 $19,145,000 $169,425 $4,520 5.85%
    Black 57 $6,455,000 $113,246 $3,810 4.72%
    Asian 23 $5,295,000 $230,217 $3,081 5.84%
    American Indian 7 $745,000 $106,429 $5,367 5.32%

    Approval Rates

    Total approvals of all applications
    78.61%

    Midland States Bank has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    77.04%

    Midland States Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,150 $167,730,000 $145,852

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,150 $167,730,000 $145,852

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 197 $25,615,000 $130,025 $1,146 4.44%
    40-60% 89 $24,935,000 $280,169 $3,231 5.49%
    60-80% 130 $28,110,000 $216,231 $4,153 6.23%
    80-100% 392 $73,680,000 $187,959 $4,914 6.66%
    Under 20% 340 $15,240,000 $44,824 $115 3.28%