First American Bank Mortgage Rates, Fees & Info
Elk Grove Village, ILLEI: XC7Z0BA39TU7L1AKOJ12
Tax ID: 36-1078850
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Mortgage Data
Review & Overview
First American Bank is a smaller bank specializing in Home Improvement, Refi, and Home Purchase loans. First American Bank has a high proportion of conventional loans. Their top markets by origination volume include: Chicago, Miami, Madison, Tampa, and Phoenix among others. We have data for 98 markets. (Some data included below & more in-depth data is available with an active subscription.)First American 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. 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 about average 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) | 6.27% | 4/21/24 |
| 30 Year Conventional Purchase | 6.68% | 4/21/24 |
| 30 Year Conventional Refi | 6.47% | 4/21/24 |
| 30 Year Cash-out Refi | 6.68% | 4/21/24 |
| 30 Year FHA Purchase | 6.27% | 4/21/24 |
| 30 Year FHA Refi | 6.27% | 4/21/24 |
| 30 Year VA Purchase | 6.27% | 4/21/24 |
| 15 Year Conventional Purchase | 6.18% | 4/21/24 |
| 15 Year Conventional Refi | 5.96% | 4/21/24 |
| 15 Year Cash-out Refi | 5.96% | 4/21/24 |
| 15 Year FHA Refi | 5.68% | 4/21/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
2,702Origination Dollar Volume (All Markets)
$427,500,000Awards
First American Bank - 2022
First American Bank is a 2022 , due to their low .
For 2022, less than of lenders were eligible for this award.
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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) | 2,130 | $278,460,000 | $130,732 | $1,948 | 4.42% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 247 | $88,495,000 | $358,279 | $4,307 | 4.22% |
| MADISON, WI (FHA|USDA|VA) | 1 | $4,565,000 | $4,565,000 | $0 | 6.32% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 6 | $3,470,000 | $578,333 | $4,541 | 4.21% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 14 | $2,870,000 | $205,000 | $3,705 | 4.48% |
| Outside of Metro Areas | 14 | $2,650,000 | $189,286 | $1,728 | 5.08% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 9 | $2,545,000 | $282,778 | $5,146 | 5.58% |
| KANKAKEE, IL (FHA|USDA|VA) | 40 | $2,530,000 | $63,250 | $1,843 | 4.58% |
| RACINE, WI (FHA|USDA|VA) | 16 | $2,180,000 | $136,250 | $3,321 | 3.82% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 8 | $2,180,000 | $272,500 | $7,142 | 4.70% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 10 | $2,040,000 | $204,000 | $4,018 | 4.89% |
| Key West, FL (FHA|USDA|VA) | 6 | $1,860,000 | $310,000 | $950 | 4.58% |
| MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) | 23 | $1,645,000 | $71,522 | $737 | 4.56% |
| Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) | 3 | $1,585,000 | $528,333 | $0 | 5.25% |
| Whitewater, WI (FHA|USDA|VA) | 11 | $1,555,000 | $141,364 | $3,875 | 4.15% |
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 6 | $1,550,000 | $258,333 | $0 | 4.38% |
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 8 | $1,330,000 | $166,250 | $120 | 5.39% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 5 | $1,325,000 | $265,000 | $5,374 | 4.07% |
| Heber, UT (FHA|USDA|VA) | 1 | $1,275,000 | $1,275,000 | $0 | 6.25% |
| Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) | 2 | $1,260,000 | $630,000 | $0 | 6.25% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 6 | $1,190,000 | $198,333 | $3,671 | 4.69% |
| KNOXVILLE, TN (FHA|USDA|VA) | 3 | $1,155,000 | $385,000 | $3,946 | 3.13% |
| PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) | 3 | $1,055,000 | $351,667 | $6,304 | 5.67% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 4 | $960,000 | $240,000 | $0 | 5.12% |
| ROCKFORD, IL (FHA|USDA|VA) | 14 | $930,000 | $66,429 | $1,291 | 4.89% |
| PORT ST. LUCIE, FL (FHA|USDA|VA) | 5 | $875,000 | $175,000 | $5,142 | 5.58% |
| NILES, MI (FHA|USDA|VA) | 4 | $850,000 | $212,500 | $2,708 | 5.16% |
| PUNTA GORDA, FL (FHA|USDA|VA) | 2 | $810,000 | $405,000 | $6,964 | 3.94% |
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 3 | $695,000 | $231,667 | $0 | 5.33% |
| NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) | 7 | $645,000 | $92,143 | $1,737 | 4.59% |
| Ottawa, IL (FHA|USDA|VA) | 3 | $625,000 | $208,333 | $970 | 4.83% |
| Steamboat Springs, CO (FHA|USDA|VA) | 1 | $595,000 | $595,000 | $6,164 | 3.25% |
| Holland, MI (FHA|USDA|VA) | 1 | $515,000 | $515,000 | $0 | 7.00% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 4 | $500,000 | $125,000 | $1,777 | 4.62% |
| LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) | 2 | $470,000 | $235,000 | $0 | 5.00% |
| HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) | 1 | $455,000 | $455,000 | $4,291 | 5.88% |
| GAINESVILLE, FL (FHA|USDA|VA) | 1 | $455,000 | $455,000 | $0 | 3.50% |
| SPOKANE-SPOKANE VALLEY, WA (FHA|USDA|VA) | 1 | $415,000 | $415,000 | $6,810 | 5.50% |
| DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) | 1 | $405,000 | $405,000 | $2,430 | 2.88% |
| ST. LOUIS, MO-IL (FHA|USDA|VA) | 2 | $380,000 | $190,000 | $3,254 | 5.94% |
| CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) | 2 | $330,000 | $165,000 | $5,487 | 3.38% |
| INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) | 3 | $325,000 | $108,333 | $2,394 | 5.37% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 2 | $310,000 | $155,000 | $0 | 5.00% |
| DULUTH, MN-WI (FHA|USDA|VA) | 3 | $295,000 | $98,333 | $0 | 5.58% |
| CLARKSVILLE, TN-KY (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $0 | 6.63% |
| THE VILLAGES, FL (FHA|USDA|VA) | 3 | $265,000 | $88,333 | $0 | 3.66% |
| PITTSBURGH, PA (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $4,563 | 4.13% |
| BLOOMINGTON, IL (FHA|USDA|VA) | 2 | $250,000 | $125,000 | $1,962 | 4.50% |
| OCALA, FL (FHA|USDA|VA) | 2 | $230,000 | $115,000 | $3,565 | 6.69% |
| Beaver Dam, WI (FHA|USDA|VA) | 2 | $220,000 | $110,000 | $625 | 5.18% |
| SANTA MARIA-SANTA BARBARA, CA (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $0 | 4.00% |
| Plymouth, IN (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $0 | 4.75% |
| Sterling, IL (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $2,477 | 6.63% |
| ELKHART-GOSHEN, IN (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $1,638 | 5.75% |
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $3,309 | 3.88% |
| LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) | 2 | $190,000 | $95,000 | $2,100 | 4.00% |
| LAKE HAVASU CITY-KINGMAN, AZ (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $0 | 5.00% |
| WAUSAU-WESTON, WI (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $2,095 | 4.50% |
| St. Marys, GA (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $0 | 4.50% |
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 2 | $180,000 | $90,000 | $0 | 4.81% |
| CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) | 2 | $170,000 | $85,000 | $0 | 5.74% |
| BUFFALO-CHEEKTOWAGA, NY (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $0 | 5.50% |
| HINESVILLE, GA (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $4,993 | 5.88% |
| WILMINGTON, NC (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $0 | 3.50% |
| Pontiac, IL (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $5,986 | 4.88% |
| RALEIGH-CARY, NC (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $0 | 4.75% |
| Dixon, IL (FHA|USDA|VA) | 2 | $150,000 | $75,000 | $0 | 6.12% |
| Quincy, IL-MO (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $2,734 | 4.50% |
| Branson, MO (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $0 | 5.25% |
| ROCHESTER, MN (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $0 | 4.00% |
| DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $0 | 5.38% |
| LAS CRUCES, NM (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $2,160 | 3.75% |
| OSHKOSH-NEENAH, WI (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 5.75% |
| COLORADO SPRINGS, CO (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 5.50% |
| Glenwood Springs, CO (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 5.50% |
| SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 3.25% |
| Sevierville, TN (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $1,530 | 6.00% |
| Warsaw, IN (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 5.50% |
| FOND DU LAC, WI (FHA|USDA|VA) | 2 | $100,000 | $50,000 | $0 | 4.75% |
| Freeport, IL (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $4,981 | 4.63% |
| APPLETON, WI (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $2,137 | 3.75% |
| WORCESTER, MA-CT (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $2,775 | 2.50% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 5.74% |
| GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 5.63% |
| PEORIA, IL (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $2,272 | 3.25% |
| Manitowoc, WI (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 6.50% |
| SAVANNAH, GA (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 3.74% |
| LOUISVILLE, KY (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 3.74% |
| SALISBURY, MD-DE (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 4.99% |
| CARBONDALE-MARION, IL (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 5.88% |
| GREEN BAY, WI (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $70 | 5.75% |
| JANESVILLE-BELOIT, WI (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $0 | 3.99% |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 6.99% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 6.99% |
| SPRINGFIELD, IL (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 6.63% |
| Jefferson, GA (FHA|USDA|VA) | 1 | $15,000 | $15,000 | $0 | 4.49% |
| MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) | 1 | $15,000 | $15,000 | $0 | 5.38% |
| DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) | 1 | $5,000 | $5,000 | $0 | 6.49% |
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We use machine learning to identify the top lenders compared against First American 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
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| HELOC | 1,849 | $235,875,000 | $127,569 | n/a | 4.09% |
| Conventional | 853 | $191,625,000 | $224,648 | $2,167 | 5.21% |
For 2022, First American Bank's most frequently originated type of loan was HELOC, with 1,849 originations. Their 2nd most popular type was Conventional, with 853 originations.
Loan Reason
For 2022, First American Bank's most frequently cited loan purpose was Home Improvement, with 973 originations. The 2nd most popular reason was Other, with 710 originations.
Loan Duration/Length
For 2022, First American Bank's most frequently cited loan duration was 10 Year, with 2,095 originations. The 2nd most popular length was 30 Year, with 333 originations.
Origination Fees/Closing Costs
First American Bank's average total fees were $4,236, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 498 originations.
Interest Rates
During 2022, First American Bank's average interest rate for loans was 5.06%, while their most frequently originated rate bucket for loans was <2.5%, with 545 originations.
Loan Sizing
2022 saw First American Bank place emphasis on $100,000 or less loans with 1,206 originations, totaling $62,240,000 in origination value.
Applicant Income
First American Bank lent most frequently to those with incomes in the $150k-250k range, with 615 originations. The second most popular income band? $100k-150k, with 558 originations.
Applicant Debt to Income Ratio
First American Bank lent most frequently to those with DTI ratios of 20-30%, with 540 originations. The next most common DTI ratio? 30-36%, with 506 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications72.04%
First American Bank has a below average approval rate.
Pick Rate
Approvals leading to origination76.91%
First American Bank has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 2,702 | $427,500,000 | $158,216 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2022 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| FIRST CITIZENS BANCSHARES, INC. | Home equity loan or line of credit (HELOC) | Applying for a mortgage or refinancing an existing mortgage | 1 | 100.0% |