Bank Of Springfield Mortgage Rates, Fees & Info

Springfield, IL

LEI: 549300XAJENHWRM32Z86

Tax ID: 37-0865074

5 stars - Updated: 5/13/24 - out of 5 stars, based on 29 reviews

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

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Mortgage Data

Review & Overview

Bank Of Springfield is a smaller bank specializing in Home Purchase loans. Bank Of Springfield has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) They have a low ratio of USDA loans. Their top markets by origination volume include: St. Louis, Springfield, Boston, Chicago, and Bridgeport among others. We have data for 68 markets. (Some data included below & more in-depth data is available with an active subscription.)

Bank Of Springfield 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. Bank Of Springfield 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
30 Year Conventional Purchase 6.55% 5/13/24
30 Year Conventional Refi 6.32% 5/13/24
30 Year Cash-out Refi 6.44% 5/13/24
30 Year FHA Purchase 7.26% 5/13/24
30 Year VA Purchase 6.41% 5/13/24
30 Year USDA Purchase 7.14% 5/13/24
15 Year Conventional Purchase 5.82% 5/13/24
15 Year Conventional Refi 5.70% 5/13/24
15 Year Cash-out Refi 5.70% 5/13/24
15 Year FHA Purchase 5.68% 5/13/24
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.

Bank Of Springfield Mortgage Calculator






Your Estimates

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

This is not an official calculator from Bank Of Springfield. 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

837

Origination Dollar Volume (All Markets)

$193,985,000

Awards

Bank of Springfield 30 Year Conventional Loans silver Bank of Springfield 30 Year Conventional Loans gold Bank of Springfield FHA Loans gold Bank of Springfield 30 Year Conventional Loans bronze
Show all (4) awards

Relative Rate

Bank Of Springfield's average 30 year fixed mortgage rate was 6.73%.

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

This yields a difference of 0.25%.

Relative Fees (Closing Costs)

Bank Of Springfield's average total fees/closing costs for a 30 year fixed rate mortgage were $2,845.

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
ST. LOUIS, MO-IL (FHA|USDA|VA) 286 $70,600,000 $246,853 $3,089 7.17%
SPRINGFIELD, IL (FHA|USDA|VA) 346 $57,320,000 $165,665 $1,896 7.03%
Outside of Metro Areas 27 $6,675,000 $247,222 $2,707 7.35%
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 1 $5,805,000 $5,805,000 $16,089 5.80%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 8 $5,750,000 $718,750 $4,069 7.05%
BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 1 $5,035,000 $5,035,000 $2,221 5.88%
CHAMPAIGN-URBANA, IL (FHA|USDA|VA) 22 $4,370,000 $198,636 $2,457 7.45%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 2 $3,630,000 $1,815,000 $0 6.45%
Quincy, IL-MO (FHA|USDA|VA) 22 $3,230,000 $146,818 $2,126 7.12%
Jacksonville, IL (FHA|USDA|VA) 15 $2,305,000 $153,667 $1,612 7.38%
KANSAS CITY, MO-KS (FHA|USDA|VA) 5 $2,135,000 $427,000 $0 7.32%
AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 1 $1,755,000 $1,755,000 $0 6.25%
Fairfield, IA (FHA|USDA|VA) 2 $1,520,000 $760,000 $0 7.70%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 2 $1,450,000 $725,000 $3,580 7.13%
MEMPHIS, TN-MS-AR (FHA|USDA|VA) 5 $1,055,000 $211,000 $1,225 7.81%
MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 2 $910,000 $455,000 $1,712 6.40%
Macomb, IL (FHA|USDA|VA) 4 $900,000 $225,000 $2,981 7.90%
PUNTA GORDA, FL (FHA|USDA|VA) 2 $830,000 $415,000 $0 7.50%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 2 $830,000 $415,000 $1,741 8.09%
DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) 1 $775,000 $775,000 $0 7.25%
MONTGOMERY, AL (FHA|USDA|VA) 6 $750,000 $125,000 $0 6.85%
SPRINGFIELD, MO (FHA|USDA|VA) 3 $715,000 $238,333 $1,636 7.50%
PEORIA, IL (FHA|USDA|VA) 4 $690,000 $172,500 $2,216 7.48%
Taylorville, IL (FHA|USDA|VA) 3 $685,000 $228,333 $1,466 7.76%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 1 $685,000 $685,000 $13,924 6.45%
LITTLE ROCK-NORTH LITTLE ROCK-CONWAY, AR (FHA|USDA|VA) 6 $660,000 $110,000 $0 7.46%
DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) 1 $635,000 $635,000 $0 8.00%
PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 1 $615,000 $615,000 $0 7.75%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $605,000 $605,000 $4,195 6.50%
Lincoln, IL (FHA|USDA|VA) 5 $595,000 $119,000 $1,293 7.26%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 1 $585,000 $585,000 $5,887 7.25%
BLOOMINGTON, IL (FHA|USDA|VA) 3 $575,000 $191,667 $2,142 7.61%
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 1 $505,000 $505,000 $4,358 6.83%
LINCOLN, NE (FHA|USDA|VA) 2 $480,000 $240,000 $1,520 7.15%
Sebastian-Vero Beach, FL (FHA|USDA|VA) 2 $440,000 $220,000 $3,982 6.40%
Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 1 $435,000 $435,000 $4,263 6.50%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 2 $430,000 $215,000 $2,465 8.12%
CHARLOTTESVILLE, VA (FHA|USDA|VA) 1 $405,000 $405,000 $4,333 6.50%
DECATUR, IL (FHA|USDA|VA) 2 $400,000 $200,000 $0 7.31%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $375,000 $375,000 $3,293 7.06%
TUCSON, AZ (FHA|USDA|VA) 1 $365,000 $365,000 $4,324 7.38%
Farmington, MO (FHA|USDA|VA) 2 $360,000 $180,000 $2,860 7.36%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 2 $360,000 $180,000 $2,172 6.91%
COLORADO SPRINGS, CO (FHA|USDA|VA) 1 $325,000 $325,000 $2,717 6.78%
Hannibal, MO (FHA|USDA|VA) 2 $320,000 $160,000 $1,496 6.62%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $305,000 $305,000 $0 6.90%
GOLDSBORO, NC (FHA|USDA|VA) 1 $275,000 $275,000 $7,571 6.13%
Cookeville, TN (FHA|USDA|VA) 1 $275,000 $275,000 $3,074 6.55%
ROCKFORD, IL (FHA|USDA|VA) 1 $265,000 $265,000 $1,940 6.80%
Oxford, MS (FHA|USDA|VA) 1 $255,000 $255,000 $2,780 7.10%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $235,000 $235,000 $4,582 6.13%
WICHITA, KS (FHA|USDA|VA) 1 $235,000 $235,000 $3,166 7.38%
CHATTANOOGA, TN-GA (FHA|USDA|VA) 1 $225,000 $225,000 $3,170 6.90%
COLUMBIA, MO (FHA|USDA|VA) 1 $215,000 $215,000 $1,790 7.05%
TERRE HAUTE, IN (FHA|USDA|VA) 1 $205,000 $205,000 $2,191 6.21%
JACKSON, MS (FHA|USDA|VA) 3 $205,000 $68,333 $0 6.55%
Dayton, TN (FHA|USDA|VA) 1 $195,000 $195,000 $3,223 6.21%
PANAMA CITY, FL (FHA|USDA|VA) 1 $145,000 $145,000 $0 8.65%
Searcy, AR (FHA|USDA|VA) 1 $135,000 $135,000 $0 6.80%
OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) 1 $135,000 $135,000 $2,039 6.63%
Fort Madison-Keokuk, IA-IL-MO (FHA|USDA|VA) 2 $130,000 $65,000 $1,720 6.34%
Charleston-Mattoon, IL (FHA|USDA|VA) 1 $125,000 $125,000 $2,173 6.18%
DANVILLE, IL (FHA|USDA|VA) 1 $105,000 $105,000 $0 7.40%
TULSA, OK (FHA|USDA|VA) 1 $105,000 $105,000 $0 6.88%
Warrensburg, MO (FHA|USDA|VA) 1 $105,000 $105,000 $0 7.75%
GAINESVILLE, FL (FHA|USDA|VA) 1 $95,000 $95,000 $3,145 6.35%
LOGAN, UT-ID (FHA|USDA|VA) 1 $75,000 $75,000 $1,520 6.83%
LAKE CHARLES, LA (FHA|USDA|VA) 1 $65,000 $65,000 $0 7.30%
Bank Of Springfield's top markets include St. Louis, Springfield, Boston, Chicago, and Bridgeport among others.

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

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

    First Savings Bank of Hegewisch
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    1ST MIDAMERICA
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 811 $187,575,000 $231,289 $2,186 7.15%
    FHA 14 $3,220,000 $230,000 $7,064 6.43%
    VA 10 $2,730,000 $273,000 $7,745 6.25%
    USDA 2 $460,000 $230,000 $5,223 6.06%

    For 2023, Bank Of Springfield's most frequently originated type of loan was Conventional, with 811 originations. Their 2nd most popular type was FHA, with 14 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 657 $166,215,000 $252,991 $2,738 7.04%
    Refi 65 $12,415,000 $191,000 $1,522 7.30%
    Home Improvement 43 $4,945,000 $115,000 $558 7.75%
    Cash Out Refi 39 $8,215,000 $210,641 $2,049 7.15%
    Other 33 $2,195,000 $66,515 $619 7.67%

    For 2023, Bank Of Springfield's most frequently cited loan purpose was Home Purchase, with 657 originations. The 2nd most popular reason was Refi, with 65 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 483 $100,775,000 $208,644 $2,845 6.73%
    5 Year 167 $29,235,000 $175,060 $358 7.68%
    Other 126 $50,980,000 $404,603 $1,429 7.86%
    3 Year 24 $2,880,000 $120,000 $303 7.76%
    15 Year 24 $6,150,000 $256,250 $2,220 6.50%
    20 Year 6 $1,650,000 $275,000 $2,614 7.56%
    1 Year 6 $2,150,000 $358,333 $417 7.92%
    10 Year 1 $165,000 $165,000 $3,804 5.38%

    For 2023, Bank Of Springfield's most frequently cited loan duration was 30 Year, with 483 originations. The 2nd most popular length was 5 Year, with 167 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 445 $105,685,000 $237,494
    $1k-2k 68 $16,380,000 $240,882
    $2k-3k 20 $6,140,000 $307,000
    $3k-4k 7 $2,585,000 $369,286
    $5k+ 4 $1,870,000 $467,500
    $4k-5k 3 $1,025,000 $341,667

    Bank Of Springfield's average total fees were $2,845, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 445 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    7-8% 329 $77,025,000 $234,119
    6-7% 306 $69,400,000 $226,797
    Over 8% 110 $16,500,000 $150,000
    5-6% 89 $30,805,000 $346,124
    3-4% 1 $155,000 $155,000
    4-5% 1 $85,000 $85,000

    During 2023, Bank Of Springfield's average interest rate for loans was 6.73%, while their most frequently originated rate bucket for loans was 7-8%, with 329 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 306 $43,830,000 $143,235 $2,326 6.94%
    $100,000 or less 230 $14,270,000 $62,043 $1,154 7.33%
    $200k-400k 194 $53,370,000 $275,103 $2,823 7.16%
    $400k-600k 58 $27,630,000 $476,379 $3,198 7.22%
    $600k-1MM 35 $24,145,000 $689,857 $4,801 7.25%
    $1MM+ 14 $30,740,000 $2,195,714 $5,335 6.60%

    2023 saw Bank Of Springfield place emphasis on $100k-200k loans with 306 originations, totaling $43,830,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 173 $32,215,000 $186,214 $2,324 7.09%
    $150k-250k 131 $34,225,000 $261,260 $2,798 7.17%
    $50k-75k 116 $16,140,000 $139,138 $2,380 6.68%
    $250k+ 110 $51,690,000 $469,909 $2,730 7.17%
    $75k-100k 103 $16,225,000 $157,524 $2,315 7.05%
    $50k or less 54 $5,010,000 $92,778 $2,042 6.62%

    Bank Of Springfield lent most frequently to those with incomes in the $100k-150k range, with 173 originations. The second most popular income band? $150k-250k, with 131 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 171 $31,935,000 $186,754 $2,143 6.91%
    30-36% 127 $25,365,000 $199,724 $2,401 6.96%
    <20% 85 $30,585,000 $359,824 $2,108 6.95%
    37% 28 $5,200,000 $185,714 $2,476 7.00%
    46% 22 $5,180,000 $235,455 $2,605 6.91%
    36% 21 $4,145,000 $197,381 $2,102 6.97%
    47% 21 $5,185,000 $246,905 $2,645 6.85%
    48% 21 $4,685,000 $223,095 $2,710 6.74%
    41% 20 $4,680,000 $234,000 $3,841 6.94%
    45% 19 $5,125,000 $269,737 $3,316 7.26%
    38% 19 $3,005,000 $158,158 $1,864 6.94%
    44% 17 $5,505,000 $323,824 $2,760 7.37%
    42% 16 $2,970,000 $185,625 $2,000 7.15%
    39% 16 $3,490,000 $218,125 $3,016 7.04%
    40% 16 $3,690,000 $230,625 $2,475 7.28%
    43% 13 $3,235,000 $248,846 $2,744 6.74%
    49% 13 $2,505,000 $192,692 $3,156 7.02%
    50-60% 13 $2,005,000 $154,231 $2,740 7.02%
    >60% 5 $1,455,000 $291,000 $2,569 7.24%

    Bank Of Springfield lent most frequently to those with DTI ratios of 20-30%, with 171 originations. The next most common DTI ratio? 30-36%, with 127 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 603 $139,665,000 $231,617 $2,404 7.01%
    Not applicable 137 $35,705,000 $260,620 $0 7.69%
    Not provided 49 $9,875,000 $201,531 $3,318 7.02%
    Asian 20 $4,970,000 $248,500 $2,385 6.89%
    Black 26 $3,580,000 $137,692 $1,822 7.03%
    Other Asian 2 $190,000 $95,000 $0 7.99%

    Approval Rates

    Total approvals of all applications
    93.39%

    Bank Of Springfield has an average approval rate.

    Pick Rate

    Approvals leading to origination
    86.14%

    Bank Of Springfield has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 837 $193,985,000 $231,762

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    837 $193,985,000 $231,762

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 69 $10,595,000 $153,551 $1,436 7.44%
    40-60% 90 $19,930,000 $221,444 $2,141 7.02%
    60-80% 329 $82,415,000 $250,502 $2,707 7.18%
    80-100% 292 $76,480,000 $261,918 $2,759 6.88%
    Over 100% 3 $1,175,000 $391,667 $9,980 7.13%
    Under 20% 53 $3,335,000 $62,925 $359 7.88%