Midwest Heritage Bank Fsb Mortgage Rates, Fees & Info

CHARITON, IA

LEI: 254900FI363837PZX856

Tax ID: 42-0431125

5 stars - Updated: 12/6/24 - out of 5 stars, based on 16 reviews

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

Review & Overview

Midwest Heritage Bank Fsb is a smaller bank specializing in Home Purchase loans. Midwest Heritage Bank Fsb has a high proportion of conventional loans. Their top markets by origination volume include: Des Moines, Kansas City, Spirit Lake, Omaha, and Breckenridge among others. We have data for 33 markets. (Some data included below & more in-depth data is available with an active subscription.)

Midwest Heritage Bank Fsb has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Midwest Heritage Bank Fsb 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 relatively high 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.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 6.75% 12/6/24
30 Year Conventional Refi 6.69% 12/6/24
30 Year Cash-out Refi 6.79% 12/6/24
30 Year FHA Purchase 6.27% 12/6/24
15 Year Conventional Purchase 6.38% 12/6/24
15 Year Conventional Refi 6.17% 12/6/24
15 Year Cash-out Refi 6.17% 12/6/24
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.

Midwest Heritage Bank Fsb Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Midwest Heritage Bank Fsb. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.


Originations

244

Origination Dollar Volume (All Markets)

$62,920,000

Awards

Midwest Heritage Bank FSB 30 Year Conventional Loans silver Midwest Heritage Bank FSB 30 Year Conventional Loans silver
Show all (2) awards

Relative Rate

Midwest Heritage Bank Fsb's average 30 year fixed mortgage rate was 6.63%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of 0.15%.

Relative Fees (Closing Costs)

Midwest Heritage Bank Fsb's average total fees/closing costs for a 30 year fixed rate mortgage were $3,119.

The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $9,089.

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
DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) 115 $30,745,000 $267,348 $2,052 6.99%
Outside of Metro Areas 48 $10,090,000 $210,208 $2,499 6.97%
KANSAS CITY, MO-KS (FHA|USDA|VA) 14 $2,430,000 $173,571 $1,801 7.49%
Spirit Lake, IA (FHA|USDA|VA) 5 $2,175,000 $435,000 $2,377 6.90%
OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) 8 $1,650,000 $206,250 $2,578 6.72%
Breckenridge, CO (FHA|USDA|VA) 1 $1,305,000 $1,305,000 $10,111 8.25%
SIOUX CITY, IA-NE-SD (FHA|USDA|VA) 3 $1,285,000 $428,333 $4,324 7.58%
LINCOLN, NE (FHA|USDA|VA) 2 $1,240,000 $620,000 $4,194 6.88%
AMES, IA (FHA|USDA|VA) 7 $1,215,000 $173,571 $2,613 7.38%
IOWA CITY, IA (FHA|USDA|VA) 3 $1,185,000 $395,000 $4,317 6.46%
LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 1 $1,045,000 $1,045,000 $9,408 7.50%
MADISON, WI (FHA|USDA|VA) 2 $1,010,000 $505,000 $5,636 6.50%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 2 $940,000 $470,000 $6,591 6.44%
CEDAR RAPIDS, IA (FHA|USDA|VA) 4 $830,000 $207,500 $2,385 6.31%
Quincy, IL-MO (FHA|USDA|VA) 3 $695,000 $231,667 $2,246 8.17%
SIOUX FALLS, SD (FHA|USDA|VA) 2 $660,000 $330,000 $4,072 5.88%
Pella, IA (FHA|USDA|VA) 4 $520,000 $130,000 $1,963 6.94%
WICHITA, KS (FHA|USDA|VA) 1 $515,000 $515,000 $0 7.75%
DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) 2 $510,000 $255,000 $3,455 6.81%
WATERLOO-CEDAR FALLS, IA (FHA|USDA|VA) 1 $395,000 $395,000 $2,420 7.00%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 1 $365,000 $365,000 $3,429 7.38%
LA CROSSE-ONALASKA, WI-MN (FHA|USDA|VA) 1 $345,000 $345,000 $2,185 7.38%
COLORADO SPRINGS, CO (FHA|USDA|VA) 1 $335,000 $335,000 $438 7.00%
DUBUQUE, IA (FHA|USDA|VA) 2 $280,000 $140,000 $2,884 6.31%
SPRINGFIELD, MO (FHA|USDA|VA) 2 $240,000 $120,000 $3,590 6.06%
PEORIA, IL (FHA|USDA|VA) 2 $240,000 $120,000 $1,949 9.25%
Carroll, IA (FHA|USDA|VA) 1 $215,000 $215,000 $2,979 7.00%
Fort Dodge, IA (FHA|USDA|VA) 1 $145,000 $145,000 $2,986 6.50%
Kirksville, MO (FHA|USDA|VA) 1 $135,000 $135,000 $1,839 6.13%
LOUISVILLE, KY (FHA|USDA|VA) 1 $55,000 $55,000 $0 6.50%
Oskaloosa, IA (FHA|USDA|VA) 1 $55,000 $55,000 $363 6.75%
Owatonna, MN (FHA|USDA|VA) 1 $45,000 $45,000 $319 7.50%
Austin, MN (FHA|USDA|VA) 1 $25,000 $25,000 $343 6.25%
Midwest Heritage Bank Fsb's top markets include Des Moines, Kansas City, Spirit Lake, Omaha, and Breckenridge among others.

Their top states include:
  • Iowa (FHA|USDA|VA)
  • Missouri (FHA|USDA|VA)
  • Nebraska (FHA|USDA|VA)
  • South Dakota (FHA|USDA|VA)
  • Wisconsin (FHA|USDA|VA)
  • Similar Lenders

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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 244 $62,920,000 $257,869 $2,470 7.01%

    For 2023, Midwest Heritage Bank Fsb's most frequently originated type of loan was Conventional, with 244 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 151 $50,135,000 $332,020 $3,860 6.77%
    Other 34 $3,730,000 $109,706 $981 7.32%
    Home Improvement 30 $1,870,000 $62,333 $510 7.38%
    Refi 29 $7,185,000 $247,759 $1,228 7.52%

    For 2023, Midwest Heritage Bank Fsb's most frequently cited loan purpose was Home Purchase, with 151 originations. The 2nd most popular reason was Other, with 34 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 154 $37,080,000 $240,779 $2,244 7.14%
    30 Year 51 $13,705,000 $268,725 $3,119 6.63%
    15 Year 22 $5,840,000 $265,455 $866 6.97%
    5 Year 14 $5,940,000 $424,286 $0 6.97%
    20 Year 3 $355,000 $118,333 $0 7.33%

    For 2023, Midwest Heritage Bank Fsb's most frequently cited loan duration was Other, with 154 originations. The 2nd most popular length was 30 Year, with 51 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 132 $19,760,000 $149,697
    $2k-3k 22 $7,000,000 $318,182
    $1k-2k 16 $2,390,000 $149,375
    $3k-4k 10 $5,430,000 $543,000
    $5k+ 8 $9,210,000 $1,151,250
    $4k-5k 5 $3,375,000 $675,000

    Midwest Heritage Bank Fsb's average total fees were $3,119, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 132 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 124 $37,900,000 $305,645
    7-8% 70 $15,300,000 $218,571
    5-6% 28 $6,580,000 $235,000
    Over 8% 22 $3,140,000 $142,727

    During 2023, Midwest Heritage Bank Fsb's average interest rate for loans was 6.63%, while their most frequently originated rate bucket for loans was 6-7%, with 124 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 85 $3,975,000 $46,765 $711 7.44%
    $100k-200k 62 $9,960,000 $160,645 $1,929 6.86%
    $200k-400k 55 $16,185,000 $294,273 $3,387 6.65%
    $400k-600k 22 $11,030,000 $501,364 $4,306 6.69%
    $600k-1MM 11 $8,385,000 $762,273 $5,985 6.95%
    $1MM+ 9 $13,385,000 $1,487,222 $9,285 7.03%

    2023 saw Midwest Heritage Bank Fsb place emphasis on $100,000 or less loans with 85 originations, totaling $3,975,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 48 $8,560,000 $178,333 $1,970 7.33%
    $250k+ 43 $22,355,000 $519,884 $4,654 6.80%
    $150k-250k 37 $10,485,000 $283,378 $2,808 6.96%
    $50k-75k 30 $2,770,000 $92,333 $1,644 6.88%
    $75k-100k 25 $2,745,000 $109,800 $1,338 7.13%
    $50k or less 18 $1,820,000 $101,111 $1,413 6.81%

    Midwest Heritage Bank Fsb lent most frequently to those with incomes in the $100k-150k range, with 48 originations. The second most popular income band? $250k+, with 43 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 46 $11,320,000 $246,087 $2,824 6.87%
    30-36% 34 $6,580,000 $193,529 $2,145 6.97%
    <20% 23 $12,455,000 $541,522 $4,273 6.81%
    41% 12 $1,940,000 $161,667 $1,559 7.33%
    38% 12 $2,900,000 $241,667 $2,857 7.01%
    39% 11 $3,045,000 $276,818 $2,659 6.56%
    43% 9 $1,255,000 $139,444 $1,227 6.61%
    42% 7 $835,000 $119,286 $1,321 8.29%
    36% 7 $965,000 $137,857 $989 6.46%
    44% 6 $1,290,000 $215,000 $2,672 7.52%
    40% 6 $550,000 $91,667 $1,393 7.71%
    46% 5 $1,025,000 $205,000 $2,616 7.28%
    45% 5 $675,000 $135,000 $1,387 8.05%
    37% 4 $680,000 $170,000 $1,576 6.97%
    48% 2 $820,000 $410,000 $2,758 7.31%
    50-60% 2 $440,000 $220,000 $3,546 6.75%
    47% 1 $75,000 $75,000 $572 7.50%
    49% 1 $315,000 $315,000 $4,466 6.38%

    Midwest Heritage Bank Fsb lent most frequently to those with DTI ratios of 20-30%, with 46 originations. The next most common DTI ratio? 30-36%, with 34 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 192 $46,690,000 $243,177 $2,487 7.02%
    Not applicable 39 $13,915,000 $356,795 $0 7.01%
    Asian 8 $1,600,000 $200,000 $0 6.78%
    Not provided 5 $715,000 $143,000 $1,859 6.88%

    Approval Rates

    Total approvals of all applications
    91.51%

    Midwest Heritage Bank Fsb has an average approval rate.

    Pick Rate

    Approvals leading to origination
    80.74%

    Midwest Heritage Bank Fsb has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 244 $62,920,000 $257,869

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    244 $62,920,000 $257,869

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 41 $8,145,000 $198,659 $639 7.49%
    40-60% 20 $7,310,000 $365,500 $2,503 6.78%
    60-80% 56 $20,610,000 $368,036 $4,007 6.58%
    80-100% 65 $22,745,000 $349,923 $3,987 6.76%
    Under 20% 62 $4,110,000 $66,290 $450 7.41%