We compare mortgage interest rate and loan related closing costs at Blackhawk Bank with other lenders for mortgages with similar borrower characteristics:
Interest Rate: higher than average (+0.05%)
Loan Related Closing Costs: similar to average (-$217)
Assessment: this lender tends to be a average cost lender.
This scoreboard is based on data reported to FFIEC. In the data, Blackhawk Bank originated 938 mortgages, a national market share of 0.0%. It was most active in IL (0.4% market share), WI (0.1% market share), and HI (0.0% market share).
On average, Blackhawk Bank’s interest rates were higher than those of comparable mortgages at other lenders (+0.05%).3The comparable mortgages control for Blackhawk 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 county. Interest rate and loan related closing costs are estimated based on fixed rate mortgages only, whereas market shares include all purchase or refinance mortgages. Its average total loan related closing cost was $2705, which was similar to those of comparable mortgages at $2922, with a difference of -$217. Overall, we estimate that Blackhawk Bank tends to be an average cost lender, with a cost-adjusted-rate difference of +0.02% compared to comparable mortgages at other lenders.4Cost adjusted rates were computed based on each percent of the loan amount in loan related closing costs being worth 1/6 of a percentage point in interest rate. Nevertheless, we recommend comparing your rate and fees with at least a few other lenders before signing with Blackhawk Bank.
Blackhawk Bank originated Conforming and FHA mortgages for new home purchases. It also originated Conforming mortgages for refinances. We breakdown its interest rate and total loan related closing cost on by each of the mortgage types it originated below:
Home Purchase Mortgages from Blackhawk Bank compared to other lenders
|Interest Rate Difference||+0.06%||+0.09%|
|Loan related Closing Cost Difference||-$170||-$222|
|Cost Adjusted Rate Difference||+0.04%||+0.03%|
Based on the table above, Blackhawk Bank is similar to other lenders for Conforming and FHA purchase mortgages.
Mortgage Refinancing from Blackhawk Bank compared to other lenders
|Interest Rate Difference||+0.00%|
|Loan Related Closing Cost Difference||-$435|
|Cost Adjusted Rate Difference||-0.06%|
Based on the table above, Blackhawk Bank is cheap for Conforming mortgage refinance.
Other information about Blackhawk Bank:
Regulator: Federal Deposit Insurance Corporation (FDIC)
Top holder: BLACKHAWK BANCORP, INC.
Registered city and state: Beloit, WI, 53511