Old Second National Bank Mortgage Rates, Fees & Info
Aurora, ILLEI: B94HV8SXGDD3J5XESU08
Tax ID: 36-1577458
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Mortgage Data
Review & Overview
Old Second National Bank is a smaller bank specializing in Home Purchase, Cash Out Refi, and Refi loans. Old Second National Bank 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: Chicago, Grand Rapids, Ottawa, Whitewater, and Rochelle among others. We have data for 26 markets. (Some data included below & more in-depth data is available with an active subscription.)Old Second National 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. Old Second National Bank is typically an average 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 6.26% | 11/17/24 |
| 30 Year Conventional Purchase | 6.79% | 11/17/24 |
| 30 Year Conventional Refi | 6.61% | 11/17/24 |
| 30 Year Cash-out Refi | 6.80% | 11/17/24 |
| 30 Year FHA Purchase | 7.41% | 11/17/24 |
| 30 Year FHA Refi | 6.27% | 11/17/24 |
| 30 Year VA Purchase | 6.46% | 11/17/24 |
| 15 Year Conventional Purchase | 6.09% | 11/17/24 |
| 15 Year Conventional Refi | 6.26% | 11/17/24 |
| 15 Year Cash-out Refi | 6.26% | 11/17/24 |
| 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. | ||
Old Second National Bank Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
831Origination Dollar Volume (All Markets)
$184,665,000Awards
Old Second National Bank - 2023
Old Second National Bank is a 2023 , due to their low .
For 2023, less than of lenders were eligible for this award.
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Relative Rate
Old Second National Bank's average 30 year fixed mortgage rate was
7.71%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of 1.23%.
Relative Fees (Closing Costs)
Old Second National Bank's average total fees/closing costs for a 30 year fixed rate
mortgage were $5,234.
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) | 761 | $149,775,000 | $196,813 | $4,241 | 7.73% |
| GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) | 1 | $19,325,000 | $19,325,000 | $0 | 5.50% |
| Ottawa, IL (FHA|USDA|VA) | 31 | $4,275,000 | $137,903 | $3,406 | 7.43% |
| Whitewater, WI (FHA|USDA|VA) | 2 | $2,300,000 | $1,150,000 | $2,482 | 6.25% |
| Outside of Metro Areas | 5 | $1,115,000 | $223,000 | $3,610 | 7.40% |
| Rochelle, IL (FHA|USDA|VA) | 6 | $920,000 | $153,333 | $4,450 | 7.52% |
| Huntington, IN (FHA|USDA|VA) | 1 | $705,000 | $705,000 | $3,050 | 5.75% |
| ROCKFORD, IL (FHA|USDA|VA) | 5 | $665,000 | $133,000 | $1,745 | 8.13% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 1 | $645,000 | $645,000 | $12,831 | 5.75% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 1 | $625,000 | $625,000 | $6,120 | 6.50% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 1 | $445,000 | $445,000 | $5,717 | 6.00% |
| CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) | 1 | $435,000 | $435,000 | $4,908 | 8.63% |
| TUCSON, AZ (FHA|USDA|VA) | 1 | $395,000 | $395,000 | $4,108 | 7.63% |
| Sturgis, MI (FHA|USDA|VA) | 1 | $385,000 | $385,000 | $0 | 7.50% |
| CHAMPAIGN-URBANA, IL (FHA|USDA|VA) | 1 | $365,000 | $365,000 | $3,747 | 6.88% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $4,591 | 7.63% |
| Cookeville, TN (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $3,568 | 7.50% |
| MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $2,611 | 7.63% |
| Dixon, IL (FHA|USDA|VA) | 2 | $250,000 | $125,000 | $3,623 | 6.06% |
| MODESTO, CA (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $4,284 | 6.63% |
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $3,154 | 7.25% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $3,861 | 7.38% |
| PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $3,620 | 8.00% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $3,429 | 6.38% |
| WAUSAU-WESTON, WI (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $2,603 | 7.63% |
| Plymouth, IN (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 8.25% |
Similar Lenders
We use machine learning to identify the top lenders compared against Old Second National 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 2023, Old Second National Bank's most frequently originated type of loan was HELOC, with 436 originations. Their 2nd most popular type was Conventional, with 369 originations.
Loan Reason
For 2023, Old Second National Bank's most frequently cited loan purpose was Other, with 286 originations. The 2nd most popular reason was Home Purchase, with 242 originations.
Loan Duration/Length
For 2023, Old Second National Bank's most frequently cited loan duration was 30 Year, with 708 originations. The 2nd most popular length was 15 Year, with 60 originations.
Origination Fees/Closing Costs
Old Second National Bank's average total fees were $5,234, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 225 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| Over 8% | 330 | $34,220,000 | $103,697 |
| 7-8% | 278 | $48,000,000 | $172,662 |
| 6-7% | 168 | $46,950,000 | $279,464 |
| 5-6% | 52 | $54,640,000 | $1,050,769 |
| 4-5% | 1 | $585,000 | $585,000 |
During 2023, Old Second National Bank's average interest rate for loans was 7.71%, while their most frequently originated rate bucket for loans was Over 8%, with 330 originations.
Loan Sizing
2023 saw Old Second National Bank place emphasis on $100,000 or less loans with 321 originations, totaling $16,865,000 in origination value.
Applicant Income
Old Second National Bank lent most frequently to those with incomes in the $100k-150k range, with 209 originations. The second most popular income band? $75k-100k, with 147 originations.
Applicant Debt to Income Ratio
Old Second National Bank lent most frequently to those with DTI ratios of 30-36%, with 168 originations. The next most common DTI ratio? 20-30%, with 147 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications88.43%
Old Second National Bank has an average approval rate.
Pick Rate
Approvals leading to origination79.78%
Old Second National Bank has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 831 | $184,665,000 | $222,220 |