First American Bank Mortgage Rates, Fees & Info

Elk Grove Village, IL

LEI: XC7Z0BA39TU7L1AKOJ12

Tax ID: 36-1078850

5 stars - Updated: 6/17/24 - out of 5 stars, based on 49 reviews

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

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Mortgage Data

Review & Overview

First American Bank is a smaller bank specializing in Home Improvement and Home Purchase loans. First American Bank has a high proportion of conventional loans. Their top markets by origination volume include: Chicago, Miami, Racine, Tampa, and Milwaukee among others. We have data for 101 markets. (Some data included below & more in-depth data is available with an active subscription.)

First American Bank has a below average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. First American 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% 6/17/24
30 Year Conventional Purchase 6.68% 6/17/24
30 Year Conventional Refi 6.47% 6/17/24
30 Year Cash-out Refi 6.68% 6/17/24
30 Year FHA Purchase 6.27% 6/17/24
30 Year FHA Refi 6.27% 6/17/24
30 Year VA Purchase 6.27% 6/17/24
15 Year Conventional Purchase 6.18% 6/17/24
15 Year Conventional Refi 5.96% 6/17/24
15 Year Cash-out Refi 5.96% 6/17/24
15 Year FHA Refi 5.68% 6/17/24
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.

First American Bank Mortgage Calculator






Your Estimates

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

This is not an official calculator from First American 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

2,378

Origination Dollar Volume (All Markets)

$387,760,000

Awards

First American Bank 30 Year Conventional Loans silver
Show all (1) awards

Relative Rate

First American Bank's average 30 year fixed mortgage rate was 6.71%.

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

This yields a difference of 0.23%.

Relative Fees (Closing Costs)

First American Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $4,486.

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) 1,843 $238,665,000 $129,498 $1,776 8.17%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 190 $60,670,000 $319,316 $2,422 8.12%
RACINE, WI (FHA|USDA|VA) 13 $34,735,000 $2,671,923 $1,271 7.94%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 12 $3,710,000 $309,167 $2,873 8.09%
MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 26 $3,670,000 $141,154 $1,491 8.19%
Heber, UT (FHA|USDA|VA) 2 $3,260,000 $1,630,000 $0 8.13%
Outside of Metro Areas 22 $3,110,000 $141,364 $2,647 7.74%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 11 $3,105,000 $282,273 $4,491 7.97%
KANKAKEE, IL (FHA|USDA|VA) 40 $2,700,000 $67,500 $1,376 7.91%
Whitewater, WI (FHA|USDA|VA) 11 $2,515,000 $228,636 $4,044 7.65%
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 7 $1,815,000 $259,286 $0 8.11%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 3 $1,785,000 $595,000 $9,042 7.25%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 13 $1,745,000 $134,231 $0 8.21%
NILES, MI (FHA|USDA|VA) 6 $1,340,000 $223,333 $3,170 7.56%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 6 $1,190,000 $198,333 $5,075 7.75%
ROCKFORD, IL (FHA|USDA|VA) 10 $1,110,000 $111,000 $4,921 7.91%
PORT ST. LUCIE, FL (FHA|USDA|VA) 10 $1,090,000 $109,000 $0 8.12%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 9 $1,025,000 $113,889 $0 8.61%
ST. LOUIS, MO-IL (FHA|USDA|VA) 4 $1,000,000 $250,000 $3,081 7.50%
JACKSONVILLE, FL (FHA|USDA|VA) 8 $900,000 $112,500 $0 8.40%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 5 $885,000 $177,000 $3,331 7.98%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 4 $790,000 $197,500 $6,148 8.06%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 2 $750,000 $375,000 $0 8.13%
CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 4 $730,000 $182,500 $400 8.56%
Plymouth, IN (FHA|USDA|VA) 1 $715,000 $715,000 $0 8.00%
San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 2 $710,000 $355,000 $0 8.00%
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 7 $705,000 $100,714 $0 8.28%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 4 $670,000 $167,500 $2,771 7.28%
NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 4 $640,000 $160,000 $3,343 8.09%
GREEN BAY, WI (FHA|USDA|VA) 6 $630,000 $105,000 $0 8.37%
AKRON, OH (FHA|USDA|VA) 2 $610,000 $305,000 $2,985 7.31%
ASHEVILLE, NC (FHA|USDA|VA) 1 $575,000 $575,000 $4,181 5.75%
Key West, FL (FHA|USDA|VA) 3 $525,000 $175,000 $150 8.08%
Macomb, IL (FHA|USDA|VA) 1 $455,000 $455,000 $3,141 7.38%
Frankfort, KY (FHA|USDA|VA) 1 $445,000 $445,000 $9,297 7.88%
Ottawa, IL (FHA|USDA|VA) 4 $400,000 $100,000 $3,022 7.56%
BLOOMINGTON, IL (FHA|USDA|VA) 2 $380,000 $190,000 $0 7.45%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 2 $350,000 $175,000 $3,115 7.50%
SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 3 $335,000 $111,667 $0 8.42%
KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 1 $315,000 $315,000 $3,631 6.38%
HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) 1 $305,000 $305,000 $0 8.50%
FLORENCE, SC (FHA|USDA|VA) 1 $285,000 $285,000 $3,528 7.63%
Traverse City, MI (FHA|USDA|VA) 1 $255,000 $255,000 $0 8.25%
JANESVILLE-BELOIT, WI (FHA|USDA|VA) 1 $255,000 $255,000 $0 8.50%
OSHKOSH-NEENAH, WI (FHA|USDA|VA) 2 $230,000 $115,000 $0 8.13%
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 1 $225,000 $225,000 $3,510 7.50%
COLUMBUS, OH (FHA|USDA|VA) 3 $225,000 $75,000 $0 8.91%
MADISON, WI (FHA|USDA|VA) 3 $225,000 $75,000 $0 8.08%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 3 $225,000 $75,000 $0 8.33%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 2 $210,000 $105,000 $0 8.62%
OCALA, FL (FHA|USDA|VA) 1 $205,000 $205,000 $0 7.75%
Paris, TN (FHA|USDA|VA) 1 $195,000 $195,000 $3,031 7.63%
FAYETTEVILLE, NC (FHA|USDA|VA) 1 $185,000 $185,000 $5,216 6.88%
PRESCOTT VALLEY-PRESCOTT, AZ (FHA|USDA|VA) 1 $155,000 $155,000 $0 7.00%
RENO, NV (FHA|USDA|VA) 1 $155,000 $155,000 $0 7.50%
Quincy, IL-MO (FHA|USDA|VA) 1 $155,000 $155,000 $2,466 5.75%
Mount Vernon, OH (FHA|USDA|VA) 2 $150,000 $75,000 $0 8.75%
BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) 1 $145,000 $145,000 $0 7.50%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 1 $135,000 $135,000 $0 8.00%
New Castle, IN (FHA|USDA|VA) 1 $135,000 $135,000 $0 6.75%
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 1 $135,000 $135,000 $0 7.50%
COLORADO SPRINGS, CO (FHA|USDA|VA) 1 $125,000 $125,000 $0 8.50%
Beaver Dam, WI (FHA|USDA|VA) 2 $120,000 $60,000 $0 8.37%
Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 1 $105,000 $105,000 $0 8.00%
KNOXVILLE, TN (FHA|USDA|VA) 1 $105,000 $105,000 $0 7.50%
MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) 1 $105,000 $105,000 $0 8.00%
Mount Airy, NC (FHA|USDA|VA) 1 $105,000 $105,000 $0 8.50%
Okeechobee, FL (FHA|USDA|VA) 1 $105,000 $105,000 $0 8.50%
PANAMA CITY, FL (FHA|USDA|VA) 1 $105,000 $105,000 $0 7.75%
Pinehurst-Southern Pines, NC (FHA|USDA|VA) 1 $105,000 $105,000 $0 8.70%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 1 $105,000 $105,000 $0 9.49%
SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 1 $105,000 $105,000 $0 8.50%
ATHENS-CLARKE COUNTY, GA (FHA|USDA|VA) 1 $105,000 $105,000 $0 8.00%
FOND DU LAC, WI (FHA|USDA|VA) 2 $100,000 $50,000 $0 8.68%
LITTLE ROCK-NORTH LITTLE ROCK-CONWAY, AR (FHA|USDA|VA) 2 $100,000 $50,000 $30 8.68%
PEORIA, IL (FHA|USDA|VA) 1 $85,000 $85,000 $0 8.63%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 1 $75,000 $75,000 $0 8.74%
Sebastian-Vero Beach, FL (FHA|USDA|VA) 1 $75,000 $75,000 $0 8.24%
OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) 1 $75,000 $75,000 $0 8.74%
ALBUQUERQUE, NM (FHA|USDA|VA) 1 $75,000 $75,000 $0 8.24%
DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 1 $65,000 $65,000 $0 8.74%
FORT COLLINS, CO (FHA|USDA|VA) 1 $65,000 $65,000 $0 7.99%
MEMPHIS, TN-MS-AR (FHA|USDA|VA) 1 $65,000 $65,000 $0 7.74%
LANSING-EAST LANSING, MI (FHA|USDA|VA) 1 $65,000 $65,000 $0 8.24%
FORT WAYNE, IN (FHA|USDA|VA) 1 $65,000 $65,000 $0 8.13%
NEW ORLEANS-METAIRIE, LA (FHA|USDA|VA) 1 $55,000 $55,000 $0 8.49%
EAU CLAIRE, WI (FHA|USDA|VA) 1 $55,000 $55,000 $0 8.74%
PITTSFIELD, MA (FHA|USDA|VA) 1 $55,000 $55,000 $0 9.63%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 1 $55,000 $55,000 $0 7.99%
Marion, OH (FHA|USDA|VA) 1 $55,000 $55,000 $0 8.49%
ROCHESTER, MN (FHA|USDA|VA) 1 $55,000 $55,000 $0 7.24%
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 1 $55,000 $55,000 $0 7.74%
Keene, NH (FHA|USDA|VA) 1 $35,000 $35,000 $0 8.49%
MERCED, CA (FHA|USDA|VA) 1 $35,000 $35,000 $0 9.49%
GRAND JUNCTION, CO (FHA|USDA|VA) 1 $35,000 $35,000 $0 8.24%
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 1 $25,000 $25,000 $0 8.24%
Freeport, IL (FHA|USDA|VA) 1 $25,000 $25,000 $0 9.49%
APPLETON, WI (FHA|USDA|VA) 1 $25,000 $25,000 $0 8.99%
KANSAS CITY, MO-KS (FHA|USDA|VA) 1 $15,000 $15,000 $0 8.74%
Charleston-Mattoon, IL (FHA|USDA|VA) 1 $15,000 $15,000 $0 8.74%
ROANOKE, VA (FHA|USDA|VA) 1 $15,000 $15,000 $0 7.99%
First American Bank's top markets include Chicago, Miami, Racine, Tampa, and Milwaukee among others.

Their top states include:
  • Illinois (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Wisconsin (FHA|USDA|VA)
  • California (FHA|USDA|VA)
  • Utah (FHA|USDA|VA)
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 1,827 $241,855,000 $132,378 n/a 8.30%
    Conventional 551 $145,905,000 $264,800 $1,928 7.63%

    For 2023, First American Bank's most frequently originated type of loan was HELOC, with 1,827 originations. Their 2nd most popular type was Conventional, with 551 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 904 $98,620,000 $109,093 $12 8.33%
    Other 622 $61,890,000 $99,502 $35 8.40%
    Refi 479 $73,465,000 $153,372 $806 8.26%
    Home Purchase 301 $133,885,000 $444,801 $4,797 7.24%
    Cash Out Refi 72 $19,900,000 $276,389 $2,663 6.68%

    For 2023, First American Bank's most frequently cited loan purpose was Home Improvement, with 904 originations. The 2nd most popular reason was Other, with 622 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    10 Year 2,027 $247,235,000 $121,971 $47 8.34%
    30 Year 231 $66,545,000 $288,074 $4,486 6.71%
    5 Year 40 $16,850,000 $421,250 $71 7.92%
    Other 40 $16,780,000 $419,500 $107 8.08%
    15 Year 24 $4,280,000 $178,333 $3,132 6.27%
    3 Year 12 $35,250,000 $2,937,500 $0 7.42%
    20 Year 4 $820,000 $205,000 $2,602 7.23%

    For 2023, First American Bank's most frequently cited loan duration was 10 Year, with 2,027 originations. The 2nd most popular length was 30 Year, with 231 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 361 $48,535,000 $134,446
    $1k-2k 77 $14,785,000 $192,013
    $2k-3k 15 $4,685,000 $312,333
    $3k-4k 8 $2,370,000 $296,250
    $5k+ 4 $3,290,000 $822,500
    $4k-5k 3 $1,105,000 $368,333

    First American Bank's average total fees were $4,486, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 361 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    Over 8% 1,314 $161,360,000 $122,801
    7-8% 850 $161,060,000 $189,482
    6-7% 153 $46,105,000 $301,340
    5-6% 61 $19,235,000 $315,328

    During 2023, First American Bank's average interest rate for loans was 6.71%, while their most frequently originated rate bucket for loans was Over 8%, with 1,314 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 1,075 $56,515,000 $52,572 $382 8.47%
    $100k-200k 838 $108,040,000 $128,926 $2,766 7.96%
    $200k-400k 345 $89,445,000 $259,261 $4,544 7.80%
    $400k-600k 76 $36,020,000 $473,947 $4,580 7.58%
    $600k-1MM 25 $18,025,000 $721,000 $5,974 7.71%
    $1MM+ 19 $79,715,000 $4,195,526 $11,658 7.25%

    2023 saw First American Bank place emphasis on $100,000 or less loans with 1,075 originations, totaling $56,515,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 575 $59,435,000 $103,365 $1,621 8.21%
    $150k-250k 558 $80,910,000 $145,000 $2,182 8.18%
    $75k-100k 378 $37,770,000 $99,921 $1,883 8.21%
    $250k+ 366 $106,970,000 $292,268 $2,868 8.08%
    $50k-75k 304 $27,440,000 $90,263 $1,782 8.13%
    $50k or less 165 $13,295,000 $80,576 $1,808 8.04%

    First American Bank lent most frequently to those with incomes in the $100k-150k range, with 575 originations. The second most popular income band? $150k-250k, with 558 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 449 $63,035,000 $140,390 $2,124 8.14%
    20-30% 416 $58,820,000 $141,394 $1,686 8.21%
    45% 247 $35,975,000 $145,648 $1,632 8.26%
    <20% 160 $24,870,000 $155,438 $2,419 8.03%
    40% 157 $23,785,000 $151,497 $1,445 8.30%
    39% 139 $15,985,000 $115,000 $878 8.28%
    44% 128 $15,670,000 $122,422 $1,791 8.28%
    38% 108 $11,590,000 $107,315 $1,326 8.07%
    37% 106 $11,910,000 $112,358 $1,309 8.18%
    43% 100 $16,810,000 $168,100 $2,478 8.10%
    36% 90 $11,120,000 $123,556 $1,405 8.24%
    41% 77 $12,225,000 $158,766 $2,827 8.02%
    42% 74 $9,670,000 $130,676 $1,834 8.11%
    50-60% 27 $3,605,000 $133,519 $2,247 7.86%
    46% 20 $3,250,000 $162,500 $2,936 7.69%
    49% 19 $3,395,000 $178,684 $3,212 7.36%
    47% 14 $2,490,000 $177,857 $2,573 7.50%
    48% 11 $1,425,000 $129,545 $2,022 7.38%
    >60% 8 $550,000 $68,750 $791 8.03%

    First American Bank lent most frequently to those with DTI ratios of 30-36%, with 449 originations. The next most common DTI ratio? 20-30%, with 416 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,838 $253,730,000 $138,047 $1,870 8.18%
    Not applicable 26 $60,400,000 $2,323,077 $0 7.11%
    Not provided 310 $48,140,000 $155,290 $2,376 7.98%
    Asian 74 $11,330,000 $153,108 $2,190 8.12%
    Black 89 $7,515,000 $84,438 $1,077 8.36%
    Asian Indian 15 $2,705,000 $180,333 $1,779 8.17%
    American Indian 9 $1,275,000 $141,667 $0 8.25%
    Other Pacific Islander 3 $975,000 $325,000 $0 8.50%
    Other Asian 6 $700,000 $116,667 $1,784 8.12%
    Filipino 3 $305,000 $101,667 $2,184 7.54%
    Chinese 1 $255,000 $255,000 $0 7.50%
    Native Hawaiian or Islander 2 $220,000 $110,000 $0 8.62%
    Vietnamese 1 $105,000 $105,000 $0 8.00%
    Korean 1 $105,000 $105,000 $0 8.50%

    Approval Rates

    Total approvals of all applications
    69.56%

    First American Bank has a low approval rate. They may have poor market targeting or stringent lending standards.

    Pick Rate

    Approvals leading to origination
    81.88%

    First American Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 2,378 $387,760,000 $163,061

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    2,378 $387,760,000 $163,061

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 849 $125,645,000 $147,992 $1,018 8.18%
    40-60% 219 $54,035,000 $246,735 $3,216 7.80%
    60-80% 215 $104,885,000 $487,837 $4,457 7.37%
    80-100% 74 $28,490,000 $385,000 $5,042 6.86%
    Under 20% 1,021 $74,705,000 $73,168 $141 8.45%