First State Bank IL Mortgage Interest Rate and Cost Review

Is First State Bank IL a cheap or expensive mortgage lender? To help you shop for a mortgage, we compare the interest rates and closing costs charged by First State Bank IL to those of other lenders for a comparable set of borrowers. Here is our review of First State Bank IL nationally:

Review ItemFirst State Bank IL
Interest Ratelower than other lenders (-0.12%)
Loan Related Closing Costssimilar to other lenders (+$13)
National Rate and Closing Cost Star Rating(4)

On average, First State Bank IL’s interest rates were lower than those of other lenders (-0.12%). On the other hand, its loan related closing costs were 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 out of 5 stars.

We maintain our independence by not accepting any money from the mortgage lenders we review. To visit First State Bank IL, check out its website at:

First State Bank IL’s Rate Review by City

Mortgage lenders often set different rates in different geographical markets. For our list of the top mortgage lenders by city, click here. In particular, among the cities 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

In addition, First State Bank IL is our top ranked/best mortgage lender in terms of interest rate and closing costs in:

First State Bank IL’s Rate Review 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. Its average interest rate and total loan related closing cost difference relative to other lenders by mortgages type is as follows.

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%
National Star Rating(4)(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%
Average 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 a lot for mortgage rates, and we always recommend shopping among several of our top mortgage 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.