Western State Bank Mortgage Rates, Fees & Info

Devils Lake, ND

LEI: 254900P681DTTH4I3144

Tax ID: 45-0106740

5 stars - Updated: 9/25/23 - out of 5 stars, based on 18 reviews

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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Relative Rates
  • Relative Fees
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Western State Bank is a smaller bank specializing in Home Purchase loans. Western State Bank has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Fargo, Phoenix, Fergus Falls, Jamestown, and Grand Forks among others. We have data for 19 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Western State Bank 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. Western State Bank 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 about average 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% 9/25/23
    30 Year Conventional Refi 6.91% 9/25/23
    30 Year Cash-out Refi 7.08% 9/25/23
    30 Year FHA Purchase 6.71% 9/25/23
    30 Year FHA Refi 6.27% 9/25/23
    30 Year VA Purchase 6.31% 9/25/23
    15 Year Conventional Purchase 6.31% 9/25/23
    15 Year Conventional Refi 6.19% 9/25/23
    15 Year Cash-out Refi 6.19% 9/25/23
    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.

    Western State Bank Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Western State Bank. 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

    317

    Origination Dollar Volume (All Markets)

    $170,205,000
    Show all (6) awards

    Relative Rate

    Western State Bank's average 30 year fixed mortgage rate was 4.79%.

    The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.

    This yields a difference of 0.03%.

    Relative Fees (Closing Costs)

    Western State Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $4,382.

    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 $4,750.

    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
    FARGO, ND-MN (FHA|USDA|VA) 173 $73,525,000 $425,000 $4,001 4.84%
    PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 70 $72,940,000 $1,042,000 $6,700 5.00%
    Outside of Metro Areas 43 $14,395,000 $334,767 $3,440 5.14%
    Fergus Falls, MN (FHA|USDA|VA) 4 $1,340,000 $335,000 $1,859 5.31%
    Jamestown, ND (FHA|USDA|VA) 2 $1,300,000 $650,000 $3,249 5.43%
    GRAND FORKS, ND-MN (FHA|USDA|VA) 4 $1,090,000 $272,500 $3,231 5.20%
    Show Low, AZ (FHA|USDA|VA) 3 $815,000 $271,667 $3,779 4.40%
    Nogales, AZ (FHA|USDA|VA) 2 $800,000 $400,000 $3,141 4.75%
    FLAGSTAFF, AZ (FHA|USDA|VA) 2 $760,000 $380,000 $7,087 5.88%
    FAYETTEVILLE-SPRINGDALE-ROGERS, AR (FHA|USDA|VA) 2 $750,000 $375,000 $5,590 3.75%
    TUCSON, AZ (FHA|USDA|VA) 2 $530,000 $265,000 $0 5.77%
    PRESCOTT VALLEY-PRESCOTT, AZ (FHA|USDA|VA) 1 $365,000 $365,000 $4,039 4.25%
    ALBUQUERQUE, NM (FHA|USDA|VA) 1 $355,000 $355,000 $4,803 4.88%
    Wahpeton, ND-MN (FHA|USDA|VA) 2 $340,000 $170,000 $4,468 4.50%
    Payson, AZ (FHA|USDA|VA) 1 $265,000 $265,000 $1,906 5.13%
    ALEXANDRIA, LA (FHA|USDA|VA) 2 $210,000 $105,000 $0 3.75%
    Gillette, WY (FHA|USDA|VA) 1 $205,000 $205,000 $2,095 5.50%
    Williston, ND (FHA|USDA|VA) 1 $125,000 $125,000 $3,201 3.50%
    BISMARCK, ND (FHA|USDA|VA) 1 $95,000 $95,000 $3,964 4.85%
    Western State Bank's top markets include Fargo, Phoenix, Fergus Falls, Jamestown, and Grand Forks among others.

    Their top states include:
  • Arizona (FHA|USDA|VA)
  • North Dakota (FHA|USDA|VA)
  • Minnesota (FHA|USDA|VA)
  • Arkansas (FHA|USDA|VA)
  • New Mexico (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against Western State Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    First Credit Union
    Similarity Rank: 210
    CAPITAL CREDIT UNION
    Similarity Rank: 576
    VALLEY MORTGAGE, INC.
    Similarity Rank: 610
    Starion Bank
    Similarity Rank: 638
    FIRST COMMUNITY CREDIT UNION
    Similarity Rank: 645
    CENTRAL MINNESOTA Credit Union
    Similarity Rank: 885
    TOWN AND COUNTRY Credit Union
    Similarity Rank: 918
    Choice Financial Group
    Similarity Rank: 1054
    ARIZONA CENTRAL
    Similarity Rank: 1166
    LOANFLIGHT LENDING, LLC
    Similarity Rank: 1170

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 284 $163,850,000 $576,937 $3,971 4.97%
    FHA 28 $4,810,000 $171,786 $5,385 4.32%
    VA 5 $1,545,000 $309,000 $7,550 5.19%

    For 2022, Western State Bank's most frequently originated type of loan was Conventional, with 284 originations. Their 2nd most popular type was FHA, with 28 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 244 $136,750,000 $560,451 $4,543 4.93%
    Refi 41 $22,955,000 $559,878 $2,741 4.96%
    Cash Out Refi 22 $5,490,000 $249,545 $3,624 4.62%
    Home Improvement 8 $4,960,000 $620,000 $679 5.37%
    Other 2 $50,000 $25,000 $827 5.13%

    For 2022, Western State Bank's most frequently cited loan purpose was Home Purchase, with 244 originations. The 2nd most popular reason was Refi, with 41 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 212 $59,960,000 $282,830 $4,382 4.79%
    5 Year 34 $16,900,000 $497,059 $883 5.40%
    10 Year 28 $38,610,000 $1,378,929 $397 5.35%
    15 Year 12 $2,750,000 $229,167 $3,434 4.21%
    1 Year 11 $8,405,000 $764,091 $9,125 5.67%
    Other 11 $40,535,000 $3,685,000 $0 5.02%
    20 Year 7 $1,175,000 $167,857 $3,463 4.86%
    3 Year 2 $1,870,000 $935,000 $0 3.99%

    For 2022, Western State Bank's most frequently cited loan duration was 30 Year, with 212 originations. The 2nd most popular length was 5 Year, with 34 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 150 $32,860,000 $219,067
    $1k-2k 21 $4,555,000 $216,905
    $3k-4k 21 $6,285,000 $299,286
    $2k-3k 20 $4,310,000 $215,500
    $5k+ 20 $13,740,000 $687,000
    $4k-5k 11 $3,695,000 $335,909

    Western State Bank's average total fees were $4,382, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 150 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 115 $64,025,000 $556,739
    4-5% 107 $69,835,000 $652,664
    3-4% 52 $23,850,000 $458,654
    6-7% 26 $7,770,000 $298,846
    2.5-3% 9 $2,295,000 $255,000
    <2.5% 4 $520,000 $130,000
    7-8% 4 $1,910,000 $477,500

    During 2022, Western State Bank's average interest rate for loans was 4.79%, while their most frequently originated rate bucket for loans was 5-6%, with 115 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 131 $35,585,000 $271,641 $4,465 4.99%
    $100k-200k 80 $12,500,000 $156,250 $3,186 4.96%
    $100,000 or less 35 $1,635,000 $46,714 $1,366 4.57%
    $400k-600k 30 $14,080,000 $469,333 $5,032 4.93%
    $600k-1MM 23 $17,885,000 $777,609 $7,461 4.74%
    $1MM+ 18 $88,520,000 $4,917,778 $20,456 5.17%

    2022 saw Western State Bank place emphasis on $200k-400k loans with 131 originations, totaling $35,585,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 62 $12,090,000 $195,000 $3,724 4.87%
    $75k-100k 52 $11,520,000 $221,538 $3,797 4.69%
    $100k-150k 48 $14,030,000 $292,292 $4,530 5.12%
    $150k-250k 34 $13,120,000 $385,882 $6,002 4.99%
    $50k or less 33 $3,935,000 $119,242 $2,726 4.45%
    $250k+ 19 $11,215,000 $590,263 $7,122 4.84%

    Western State Bank lent most frequently to those with incomes in the $50k-75k range, with 62 originations. The second most popular income band? $75k-100k, with 52 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 54 $14,090,000 $260,926 $3,511 4.90%
    30-36% 41 $9,145,000 $223,049 $3,482 4.72%
    44% 16 $4,420,000 $276,250 $5,642 4.68%
    42% 16 $4,740,000 $296,250 $4,344 5.07%
    41% 15 $3,655,000 $243,667 $4,751 4.59%
    37% 13 $3,645,000 $280,385 $3,789 4.89%
    <20% 12 $3,040,000 $253,333 $4,747 4.39%
    43% 12 $2,330,000 $194,167 $2,582 4.70%
    47% 12 $2,820,000 $235,000 $5,771 4.74%
    39% 11 $3,425,000 $311,364 $3,899 5.11%
    40% 9 $3,175,000 $352,778 $4,544 4.64%
    36% 8 $2,100,000 $262,500 $3,973 4.60%
    46% 8 $2,950,000 $368,750 $6,205 4.94%
    48% 7 $2,405,000 $343,571 $5,914 5.21%
    49% 7 $1,675,000 $239,286 $3,805 4.81%
    38% 6 $1,490,000 $248,333 $4,399 5.19%
    45% 4 $720,000 $180,000 $3,917 5.60%
    >60% 3 $1,635,000 $545,000 $10,590 5.55%
    50-60% 2 $560,000 $280,000 $4,286 5.20%

    Western State Bank lent most frequently to those with DTI ratios of 20-30%, with 54 originations. The next most common DTI ratio? 30-36%, with 41 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 58 $101,110,000 $1,743,276 $0 5.29%
    White 223 $58,335,000 $261,592 $4,225 4.93%
    Not provided 17 $6,185,000 $363,824 $4,456 4.69%
    Black 10 $1,850,000 $185,000 $3,708 3.53%
    American Indian 5 $1,375,000 $275,000 $3,314 4.63%
    Asian 3 $1,105,000 $368,333 $4,640 3.61%
    Asian Indian 1 $245,000 $245,000 $4,843 4.95%

    Approval Rates

    Total approvals of all applications
    90.39%

    Western State Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    75.39%

    Western State Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 317 $170,205,000 $536,924

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    317 $170,205,000 $536,924

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 21 $7,585,000 $361,190 $1,967 4.90%
    40-60% 41 $56,245,000 $1,371,829 $6,813 5.03%
    60-80% 98 $70,060,000 $714,898 $4,600 5.01%
    80-100% 138 $35,270,000 $255,580 $4,170 4.89%
    Over 100% 2 $590,000 $295,000 $14,856 6.19%
    Under 20% 17 $455,000 $26,765 $473 4.26%