Flanagan State Bank Mortgage Interest Rate and Cost Review

Is Flanagan State Bank a cheap or expensive mortgage lender? We compare the interest rates and closing costs charged by Flanagan State Bank with other lenders for comparable mortgages. Nationally, here is what we find:

Interest Ratesimilar to average (+0.03%)
Loan Related Closing Costssimilar to average (+$103)
National Rate and Closing Cost Rating(3.0)
Websitehttps://www.flanaganstatebank.com

On average, Flanagan State Bank’s interest rates were similar to those of other lenders (+0.03%) for a comparable set of borrowers. Its average total loan related closing cost was similar to those of other lenders, with a difference of +$103. Overall, combining interest rates and closing costs we estimate that Flanagan State Bank tends to be an average cost lender, and give it a National Rate and Closing Costs Rating of 3.0 out of 5.0 stars.

Flanagan State Bank’s Rates by Area

Mortgage lenders often set different rates in different geographical markets. In particular, among the markets we track Flanagan State Bank was most active in:

  1. Cape Girardeau, MO
  2. Bloomington, IL
  3. Bloomington, IN
  4. Chicago, IL
  5. Peoria, IL

You can click through to check out Flanagan State Bank’s mortgage rate competitiveness by area. Or, for our data driven ranking of all the top mortgage lenders by area, click here.

Flanagan State Bank’s Rates by Mortgage Type

Mortgage lenders also tend to charge different interest rates and closing costs depending on the type of mortgage. In our data, Flanagan State Bank originated Conforming, FHA, USDA and VA mortgages for new home purchases and refinances. We breakdown its interest rate and total loan related closing cost difference relative to other lenders for comparable mortgages by type in the table below.

Purchase/Refinance:
New Purchase MortgagesConformingFHAUSDAVA
Interest Rate Difference+0.02%+0.09%+0.04%+0.04%
Loan Related Closing Cost Difference+$45+$217+$361-$21
Cost Adjusted Rate Difference+0.02%+0.13%+0.10%+0.04%
Star Rating(3.5)(3.0)(3.0)(3.5)
Refinance MortgagesConformingFHAUSDAVA
Interest Rate Difference-0.01%+0.02%+0.00%+0.00%
Loan Related Closing Cost Difference-$152-$106+$0+$4
Cost Adjusted Rate Difference-0.03%+0.01%+0.00%+0.00%
Star Rating(3.5)(3.5)(3.5)(3.5)

As a summary, Flanagan State Bank is similar to other lenders for Conforming and VA purchase mortgages. It is more expensive than other lenders for FHA and USDA purchase mortgages. For refinancing, Flanagan State Bank is similar to other lenders for Conforming, FHA, USDA and VA mortgage refinance. Nevertheless, individual circumstances can matter, and we always recommend shopping among several lenders in your area before signing.

Other information about Flanagan State Bank:

Registered name: Flanagan State Bank
Registered city and state: Flanagan, IL, 61740
Regulator: Federal Deposit Insurance Corporation (FDIC)
Top holder: HOMETOWN FINANCIAL GROUP, INC.

* Source of the data is Federal Financial Institutions Examination Council (FFIEC) and is for mortgages originated in the past year. Our comparable mortgages analysis controls for Flanagan State Bank’s distribution of loan term (e.g. 30 year vs 15 year), loan-to-value (LTV), debt-to-income (DTI), loan amount, loan program (e.g. Conforming/FHA), loan purpose (e.g. purchase/refinance), and commuting zone. Cost adjusted rates were computed based on each percent of the loan amount in above average loan related closing costs being worth +0.15 of a percentage point in interest rate. Furthermore, the amounts are regularized using a Bayesian approach to control for small samples.