First State Bank IL Mortgage Interest Rate and Cost Review

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

Interest Ratelower than average (-0.12%)
Loan Related Closing Costssimilar to average (+$13)
National Rate and Closing Cost Rating(4.0)

On average, First State Bank IL’s interest rates were lower than those of other lenders (-0.12%) for a comparable set of borrowers. Its average total loan related closing cost was similar to those of other lenders, with a difference of +$13. Overall, combining interest rates and closing costs we estimate that First State Bank IL tends to be a cheap lender, and give it a National Rate and Closing Costs Rating of 4.0 out of 5.0 stars.

First State Bank IL’s Rates by Area

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

  1. Ottawa, IL
  2. Chicago, IL
  3. Rockford, IL
  4. Bloomington, IL
  5. Peoria, IL

Furthermore, First State Bank IL is our top ranked mortgage lender in terms of interest rate and closing costs in Ottawa, IL, overall.

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

First State Bank IL’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, First State Bank IL originated Conforming and USDA 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.

New Purchase MortgagesConformingUSDA
Interest Rate Difference-0.08%+0.00%
Loan Related Closing Cost Difference+$65-$18
Cost Adjusted Rate Difference-0.08%+0.00%
Star Rating(4.0)(3.5)
Refinance MortgagesConformingUSDA
Interest Rate Difference-0.15%+0.01%
Loan Related Closing Cost Difference-$30-$12
Cost Adjusted Rate Difference-0.16%+0.01%
Star Rating(4.5)(3.5)

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

Other information about First State Bank IL:

Registered name: First State Bank
Registered city and state: MENDOTA, IL, 61342
Regulator: Federal Deposit Insurance Corporation (FDIC)

* 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 First State Bank IL’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.