Blackhawk Bank Mortgage Rates, Fees & Info

Beloit, WI

LEI: OTQ7L99FG3H1GQVQBT56

Tax ID: 39-0159130

5 stars - Updated: 3/28/24 - out of 5 stars, based on 27 reviews

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

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Mortgage Data

Review & Overview

Blackhawk Bank is a smaller bank specializing in Home Purchase loans. Blackhawk Bank has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets by origination volume include: Rockford, Janesville, Chicago, Rochelle, and Freeport among others. We have data for 25 markets. (Some data included below & more in-depth data is available with an active subscription.)

Blackhawk 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. Blackhawk 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
30 Year Conventional Purchase 7.18% 3/28/24
30 Year Conventional Refi 6.96% 3/28/24
30 Year Cash-out Refi 7.21% 3/28/24
30 Year FHA Purchase 7.60% 3/28/24
30 Year FHA Refi 6.27% 3/28/24
30 Year VA Purchase 6.79% 3/28/24
30 Year VA Refi 6.27% 3/28/24
15 Year Conventional Purchase 6.72% 3/28/24
15 Year Conventional Refi 6.40% 3/28/24
15 Year Cash-out Refi 6.40% 3/28/24
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.

Blackhawk Bank Mortgage Calculator






Your Estimates

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

This is not an official calculator from Blackhawk 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

737

Origination Dollar Volume (All Markets)

$109,155,000

Awards

Blackhawk Bank FHA Loans bronze Blackhawk Bank FHA Loans silver Blackhawk Bank VA Loans silver Blackhawk Bank FHA Loans bronze
Show all (4) awards

Relative Rate

Blackhawk Bank's average 30 year fixed mortgage rate was 6.91%.

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

This yields a difference of 0.43%.

Relative Fees (Closing Costs)

Blackhawk Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $4,495.

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
ROCKFORD, IL (FHA|USDA|VA) 552 $74,540,000 $135,036 $4,001 7.23%
JANESVILLE-BELOIT, WI (FHA|USDA|VA) 83 $10,595,000 $127,651 $2,658 7.53%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 32 $7,100,000 $221,875 $5,696 7.62%
Outside of Metro Areas 13 $3,155,000 $242,692 $3,088 7.67%
Rochelle, IL (FHA|USDA|VA) 19 $2,305,000 $121,316 $4,010 6.86%
Freeport, IL (FHA|USDA|VA) 15 $1,605,000 $107,000 $5,478 6.95%
EAU CLAIRE, WI (FHA|USDA|VA) 1 $1,565,000 $1,565,000 $6,839 7.00%
Glenwood Springs, CO (FHA|USDA|VA) 1 $1,405,000 $1,405,000 $0 8.00%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 2 $1,270,000 $635,000 $4,312 8.00%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 3 $1,145,000 $381,667 $6,156 7.57%
MADISON, WI (FHA|USDA|VA) 2 $750,000 $375,000 $3,712 6.81%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $715,000 $715,000 $0 6.95%
Whitewater, WI (FHA|USDA|VA) 1 $635,000 $635,000 $7,175 6.50%
FLORENCE-MUSCLE SHOALS, AL (FHA|USDA|VA) 1 $415,000 $415,000 $0 6.61%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $395,000 $395,000 $4,815 7.13%
APPLETON, WI (FHA|USDA|VA) 1 $325,000 $325,000 $8,376 7.75%
Sterling, IL (FHA|USDA|VA) 1 $235,000 $235,000 $12,120 7.13%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 1 $205,000 $205,000 $3,295 6.38%
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 1 $195,000 $195,000 $0 7.63%
SEBRING-AVON PARK, FL (FHA|USDA|VA) 1 $195,000 $195,000 $3,769 7.63%
PEORIA, IL (FHA|USDA|VA) 1 $125,000 $125,000 $4,180 6.00%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $85,000 $85,000 $0 7.13%
Baraboo, WI (FHA|USDA|VA) 1 $75,000 $75,000 $0 8.00%
Dixon, IL (FHA|USDA|VA) 1 $65,000 $65,000 $3,885 6.25%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 1 $55,000 $55,000 $382 11.63%
Blackhawk Bank's top markets include Rockford, Janesville, Chicago, Rochelle, and Freeport among others.

Their top states include:
  • Illinois (FHA|USDA|VA)
  • Wisconsin (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Colorado (FHA|USDA|VA)
  • Arizona (FHA|USDA|VA)
  • Similar Lenders

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

    First Savings Bank of Hegewisch
    Similarity Rank: 46
    Rock Valley Credit Union
    Similarity Rank: 120
    Central Bank Illinois
    Similarity Rank: 126
    State Bank of Cross Plains
    Similarity Rank: 221
    Stillman Bank
    Similarity Rank: 228
    First Community Credit Union
    Similarity Rank: 238
    Liberty Bank for Savings
    Similarity Rank: 279
    NORTHWEST BANK OF ROCKFORD
    Similarity Rank: 280
    Blackhawk Community Credit Union
    Similarity Rank: 350
    PremierBank
    Similarity Rank: 377

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 500 $80,260,000 $160,520 $3,549 7.14%
    HELOC 177 $18,355,000 $103,701 n/a 7.92%
    FHA 45 $6,575,000 $146,111 $7,252 6.56%
    VA 15 $3,965,000 $264,333 $6,710 6.78%

    For 2023, Blackhawk Bank's most frequently originated type of loan was Conventional, with 500 originations. Their 2nd most popular type was HELOC, with 177 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 441 $77,115,000 $174,864 $4,556 6.87%
    Other 129 $10,085,000 $78,178 $455 7.95%
    Cash Out Refi 79 $6,945,000 $87,911 $1,630 7.79%
    Home Improvement 56 $5,090,000 $90,893 $1,424 8.15%
    Refi 32 $9,920,000 $310,000 $3,792 7.48%

    For 2023, Blackhawk Bank's most frequently cited loan purpose was Home Purchase, with 441 originations. The 2nd most popular reason was Other, with 129 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 454 $80,320,000 $176,916 $4,495 6.91%
    10 Year 206 $15,500,000 $75,243 $678 7.98%
    15 Year 47 $5,045,000 $107,340 $1,889 7.46%
    5 Year 16 $3,150,000 $196,875 $343 7.78%
    1 Year 5 $2,865,000 $573,000 $0 8.06%
    20 Year 4 $410,000 $102,500 $2,663 7.17%
    Other 4 $1,730,000 $432,500 $332 7.95%
    3 Year 1 $135,000 $135,000 $0 9.58%

    For 2023, Blackhawk Bank's most frequently cited loan duration was 30 Year, with 454 originations. The 2nd most popular length was 10 Year, with 206 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 232 $39,860,000 $171,810
    $2k-3k 122 $18,860,000 $154,590
    $<1k 89 $8,425,000 $94,663
    $3k-4k 40 $8,600,000 $215,000
    $4k-5k 8 $3,250,000 $406,250
    $5k+ 7 $3,195,000 $456,429

    Blackhawk Bank's average total fees were $4,495, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 232 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    7-8% 323 $47,215,000 $146,176
    6-7% 252 $42,630,000 $169,167
    Over 8% 115 $12,335,000 $107,261
    5-6% 46 $6,780,000 $147,391

    During 2023, Blackhawk Bank's average interest rate for loans was 6.91%, while their most frequently originated rate bucket for loans was 7-8%, with 323 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 297 $16,345,000 $55,034 $2,504 7.62%
    $100k-200k 273 $38,145,000 $139,725 $4,322 6.99%
    $200k-400k 138 $37,040,000 $268,406 $5,012 7.05%
    $400k-600k 19 $8,635,000 $454,474 $4,414 7.50%
    $600k-1MM 7 $5,005,000 $715,000 $5,755 7.64%
    $1MM+ 3 $3,985,000 $1,328,333 $8,064 7.54%

    2023 saw Blackhawk Bank place emphasis on $100,000 or less loans with 297 originations, totaling $16,345,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 167 $20,085,000 $120,269 $4,318 7.09%
    $100k-150k 154 $23,850,000 $154,870 $3,692 7.51%
    $50k or less 136 $11,640,000 $85,588 $3,771 6.86%
    $75k-100k 130 $17,920,000 $137,846 $4,059 7.27%
    $150k-250k 81 $14,475,000 $178,704 $3,783 7.80%
    $250k+ 42 $13,580,000 $323,333 $4,684 7.38%

    Blackhawk Bank lent most frequently to those with incomes in the $50k-75k range, with 167 originations. The second most popular income band? $100k-150k, with 154 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 149 $19,255,000 $129,228 $3,843 7.33%
    20-30% 148 $16,590,000 $112,095 $3,275 7.32%
    <20% 52 $4,990,000 $95,962 $2,854 7.58%
    40% 41 $5,445,000 $132,805 $4,133 7.14%
    39% 40 $5,850,000 $146,250 $3,814 7.34%
    44% 38 $6,750,000 $177,632 $4,851 6.93%
    38% 37 $4,625,000 $125,000 $3,480 7.50%
    43% 31 $5,985,000 $193,065 $4,883 6.84%
    42% 30 $5,530,000 $184,333 $4,582 7.24%
    37% 27 $3,595,000 $133,148 $4,021 7.39%
    36% 26 $3,310,000 $127,308 $3,321 7.47%
    49% 19 $4,925,000 $259,211 $4,549 7.19%
    41% 18 $2,640,000 $146,667 $4,822 6.81%
    47% 15 $3,065,000 $204,333 $4,302 7.19%
    46% 14 $2,710,000 $193,571 $4,959 7.08%
    45% 11 $2,315,000 $210,455 $5,049 6.53%
    48% 9 $1,895,000 $210,556 $3,411 7.08%
    50-60% 7 $1,705,000 $243,571 $4,863 7.92%
    >60% 1 $35,000 $35,000 $327 7.79%

    Blackhawk Bank lent most frequently to those with DTI ratios of 30-36%, with 149 originations. The next most common DTI ratio? 20-30%, with 148 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 639 $92,945,000 $145,454 $3,894 7.30%
    Not applicable 20 $6,460,000 $323,000 $0 7.47%
    Not provided 39 $4,625,000 $118,590 $4,467 7.29%
    Black 28 $3,930,000 $140,357 $5,110 6.66%
    Asian 7 $825,000 $117,857 $2,391 7.91%
    American Indian 3 $315,000 $105,000 $3,152 6.49%
    Native Hawaiian or Islander 1 $55,000 $55,000 $0 8.00%

    Approval Rates

    Total approvals of all applications
    88.93%

    Blackhawk Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    82.77%

    Blackhawk Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 737 $109,155,000 $148,107

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    737 $109,155,000 $148,107

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 120 $11,390,000 $94,917 $1,435 7.88%
    40-60% 63 $10,205,000 $161,984 $3,057 7.32%
    60-80% 140 $25,760,000 $184,000 $3,890 7.16%
    80-100% 307 $57,215,000 $186,368 $4,803 6.80%
    Over 100% 1 $235,000 $235,000 $12,120 7.13%
    Under 20% 106 $4,350,000 $41,038 $415 8.12%