American Midwest Mortgage Corporation Rates, Fees & Info
PARMA HTS, OHLEI: 254900MJC4429E0HGL47
Tax ID: 34-1180767
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Mortgage Data
Review & Overview
American Midwest Mortgage Corporation is a smaller mortgage company specializing in Home Purchase loans. American Midwest Mortgage Corporation has a high proportion of conventional loans. They have a a high proportion of FHA loans. Their top markets by origination volume include: Cleveland, Akron, Youngstown, Columbus, and Canton among others. We have data for 14 markets. (Some data included below & more in-depth data is available with an active subscription.)American Midwest Mortgage Corporation 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. American Midwest Mortgage Corporation is typically an average 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.89% | 11/17/24 |
| 30 Year Conventional Refi | 6.81% | 11/17/24 |
| 30 Year Cash-out Refi | 6.95% | 11/17/24 |
| 30 Year FHA Purchase | 7.90% | 11/17/24 |
| 30 Year FHA Refi | 7.44% | 11/17/24 |
| 30 Year VA Purchase | 6.62% | 11/17/24 |
| 30 Year VA Refi | 6.88% | 11/17/24 |
| 30 Year USDA Purchase | 7.14% | 11/17/24 |
| 15 Year Conventional Purchase | 6.55% | 11/17/24 |
| 15 Year Conventional Refi | 6.42% | 11/17/24 |
| 15 Year Cash-out Refi | 6.42% | 11/17/24 |
| 15 Year FHA Purchase | 7.30% | 11/17/24 |
| 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. | ||
American Midwest Mortgage Corporation Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
317Origination Dollar Volume (All Markets)
$57,705,000Awards
American Midwest Mortgage Corporation - 2023
American Midwest Mortgage Corporation is a 2023 , due to their low .
For 2023, less than of lenders were eligible for this award.
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Relative Rate
American Midwest Mortgage Corporation's average 30 year fixed mortgage rate was
6.94%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of 0.46%.
Relative Fees (Closing Costs)
American Midwest Mortgage Corporation's average total fees/closing costs for a 30 year fixed rate
mortgage were $7,098.
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 |
|---|---|---|---|---|---|
| CLEVELAND-ELYRIA, OH (FHA|USDA|VA) | 206 | $38,900,000 | $188,835 | $7,504 | 6.95% |
| AKRON, OH (FHA|USDA|VA) | 45 | $8,235,000 | $183,000 | $6,387 | 6.82% |
| YOUNGSTOWN-WARREN-BOARDMAN, OH-PA (FHA|USDA|VA) | 34 | $4,050,000 | $119,118 | $5,410 | 7.09% |
| COLUMBUS, OH (FHA|USDA|VA) | 5 | $1,525,000 | $305,000 | $7,782 | 7.12% |
| CANTON-MASSILLON, OH (FHA|USDA|VA) | 7 | $1,465,000 | $209,286 | $6,759 | 6.46% |
| Ashtabula, OH (FHA|USDA|VA) | 8 | $1,220,000 | $152,500 | $7,154 | 7.25% |
| Sandusky, OH (FHA|USDA|VA) | 3 | $605,000 | $201,667 | $6,539 | 6.67% |
| Wooster, OH (FHA|USDA|VA) | 2 | $540,000 | $270,000 | $6,302 | 6.81% |
| DAYTON-KETTERING, OH (FHA|USDA|VA) | 2 | $310,000 | $155,000 | $7,470 | 6.44% |
| Urbana, OH (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $6,872 | 6.50% |
| New Philadelphia-Dover, OH (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $10,997 | 6.25% |
| Outside of Metro Areas | 1 | $145,000 | $145,000 | $6,180 | 6.99% |
| Findlay, OH (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $7,817 | 6.99% |
| Ashland, OH (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $5,822 | 6.50% |
Similar Lenders
We use machine learning to identify the top lenders compared against American Midwest Mortgage Corporation based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 9
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 192 | $36,350,000 | $189,323 | $6,209 | 6.90% |
| FHA | 109 | $17,705,000 | $162,431 | $8,557 | 7.02% |
| VA | 16 | $3,650,000 | $228,125 | $7,460 | 6.76% |
For 2023, American Midwest Mortgage Corporation's most frequently originated type of loan was Conventional, with 192 originations. Their 2nd most popular type was FHA, with 109 originations.
Loan Reason
For 2023, American Midwest Mortgage Corporation's most frequently cited loan purpose was Home Purchase, with 300 originations. The 2nd most popular reason was Cash Out Refi, with 10 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 315 | $57,475,000 | $182,460 | $7,098 | 6.94% |
| 15 Year | 1 | $85,000 | $85,000 | $4,761 | 6.50% |
| Other | 1 | $145,000 | $145,000 | $4,567 | 6.75% |
For 2023, American Midwest Mortgage Corporation's most frequently cited loan duration was 30 Year, with 315 originations. The 2nd most popular length was 15 Year, with 1 originations.
Origination Fees/Closing Costs
American Midwest Mortgage Corporation's average total fees were $7,098, while their most frequently occuring range of origination fees (closing costs) were in the $3k-4k bucket, with 93 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 180 | $33,390,000 | $185,500 |
| 7-8% | 115 | $20,835,000 | $181,174 |
| 5-6% | 17 | $2,795,000 | $164,412 |
| Over 8% | 5 | $685,000 | $137,000 |
During 2023, American Midwest Mortgage Corporation's average interest rate for loans was 6.94%, while their most frequently originated rate bucket for loans was 6-7%, with 180 originations.
Loan Sizing
2023 saw American Midwest Mortgage Corporation place emphasis on $100k-200k loans with 160 originations, totaling $23,560,000 in origination value.
Applicant Income
American Midwest Mortgage Corporation lent most frequently to those with incomes in the $50k-75k range, with 97 originations. The second most popular income band? $50k or less, with 78 originations.
Applicant Debt to Income Ratio
American Midwest Mortgage Corporation lent most frequently to those with DTI ratios of 30-36%, with 45 originations. The next most common DTI ratio? 20-30%, with 43 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications97.22%
American Midwest Mortgage Corporation has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination89.91%
American Midwest Mortgage Corporation has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 317 | $57,705,000 | $182,035 |