Western State Bank Mortgage Rates, Fees & Info

Devils Lake, ND

LEI: 254900P681DTTH4I3144

Tax ID: 45-0106740

5 stars - Updated: 4/5/25 - out of 5 stars, based on 13 reviews

Latest/2024 | 2023 Data | 2022 Data | 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: Phoenix, Fargo, Minneapolis, Chicago, and Grand Forks among others. We have data for 18 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.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.56% 4/5/25
    30 Year Conventional Refi 6.92% 4/5/25
    30 Year Cash-out Refi 7.00% 4/5/25
    30 Year FHA Purchase 6.80% 4/5/25
    30 Year VA Purchase 6.31% 4/5/25
    30 Year VA Refi 6.72% 4/5/25
    15 Year Conventional Purchase 6.06% 4/5/25
    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

    171

    Origination Dollar Volume (All Markets)

    $86,735,000
    Show all (7) awards

    Relative Rate

    Western State Bank's average 30 year fixed mortgage rate was 6.39%.

    The 2024 average 30 year fixed rate mortgage across all markets and lenders was 6.55%.

    This yields a difference of -0.16%.

    Relative Fees (Closing Costs)

    Western State Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $4,887.

    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 $8,356.

    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
    PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 51 $54,495,000 $1,068,529 $5,070 7.00%
    FARGO, ND-MN (FHA|USDA|VA) 69 $20,555,000 $297,899 $4,701 6.41%
    Outside of Metro Areas 29 $4,145,000 $142,931 $3,154 6.98%
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 2 $940,000 $470,000 $8,153 6.19%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 3 $855,000 $285,000 $4,368 6.71%
    GRAND FORKS, ND-MN (FHA|USDA|VA) 4 $820,000 $205,000 $2,519 6.44%
    PRESCOTT VALLEY-PRESCOTT, AZ (FHA|USDA|VA) 2 $690,000 $345,000 $7,954 8.00%
    SANTA FE, NM (FHA|USDA|VA) 1 $635,000 $635,000 $11,841 6.75%
    BILLINGS, MT (FHA|USDA|VA) 1 $555,000 $555,000 $7,057 6.75%
    Show Low, AZ (FHA|USDA|VA) 1 $545,000 $545,000 $10,641 7.85%
    TYLER, TX (FHA|USDA|VA) 1 $475,000 $475,000 $9,972 7.40%
    MISSOULA, MT (FHA|USDA|VA) 1 $435,000 $435,000 $3,676 6.38%
    Spearfish, SD (FHA|USDA|VA) 1 $375,000 $375,000 $0 7.25%
    Brainerd, MN (FHA|USDA|VA) 1 $355,000 $355,000 $7,106 7.21%
    SAVANNAH, GA (FHA|USDA|VA) 1 $305,000 $305,000 $3,646 5.75%
    LAS CRUCES, NM (FHA|USDA|VA) 1 $255,000 $255,000 $0 7.13%
    MCALLEN-EDINBURG-MISSION, TX (FHA|USDA|VA) 1 $165,000 $165,000 $7,314 7.63%
    Wahpeton, ND-MN (FHA|USDA|VA) 1 $135,000 $135,000 $4,199 6.88%
    Western State Bank's top markets include Phoenix, Fargo, Minneapolis, Chicago, and Grand Forks among others.

    Their top states include:
  • Arizona (FHA|USDA|VA)
  • North Dakota (FHA|USDA|VA)
  • Minnesota (FHA|USDA|VA)
  • Montana (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 COMMUNITY CREDIT UNION
    Similarity Rank: 128
    AFFINITY PLUS
    Similarity Rank: 175
    First Credit Union
    Similarity Rank: 180
    VALLEY MORTGAGE, INC.
    Similarity Rank: 190
    Merchants Bank
    Similarity Rank: 250
    Bankers Trust Company
    Similarity Rank: 380
    CAPITAL CREDIT UNION
    Similarity Rank: 400
    Dacotah Bank
    Similarity Rank: 432
    UNIVERSAL LENDING CORPORATION
    Similarity Rank: 504
    CENTRAL MINNESOTA Credit Union
    Similarity Rank: 546

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 152 $82,270,000 $541,250 $4,386 6.82%
    FHA 14 $2,850,000 $203,571 $7,347 6.06%
    VA 5 $1,615,000 $323,000 $4,320 6.20%

    For 2024, Western State Bank's most frequently originated type of loan was Conventional, with 152 originations. Their 2nd most popular type was FHA, with 14 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 133 $70,475,000 $529,887 $5,288 6.53%
    Cash Out Refi 15 $5,115,000 $341,000 $3,576 6.78%
    Refi 13 $5,735,000 $441,154 $2,429 7.36%
    Home Improvement 5 $5,225,000 $1,045,000 $354 8.49%
    Other 5 $185,000 $37,000 $419 8.94%

    For 2024, Western State Bank's most frequently cited loan purpose was Home Purchase, with 133 originations. The 2nd most popular reason was Cash Out Refi, with 15 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 126 $38,050,000 $301,984 $4,887 6.39%
    5 Year 16 $4,430,000 $276,875 $404 7.99%
    1 Year 8 $10,050,000 $1,256,250 $3,737 8.32%
    Other 7 $18,275,000 $2,610,714 $3,828 7.89%
    10 Year 6 $11,750,000 $1,958,333 $7,511 7.38%
    15 Year 3 $835,000 $278,333 $5,793 6.78%
    20 Year 2 $630,000 $315,000 $3,210 5.63%
    30+ year 2 $1,480,000 $740,000 $12,507 7.38%
    3 Year 1 $1,235,000 $1,235,000 $0 7.75%

    For 2024, Western State Bank's most frequently cited loan duration was 30 Year, with 126 originations. The 2nd most popular length was 5 Year, with 16 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 90 $21,160,000 $235,111
    $5k+ 17 $18,615,000 $1,095,000
    $2k-3k 14 $3,650,000 $260,714
    $1k-2k 9 $2,275,000 $252,778
    $3k-4k 8 $2,760,000 $345,000
    $4k-5k 5 $1,465,000 $293,000

    Western State Bank's average total fees were $4,887, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 90 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 66 $19,900,000 $301,515
    7-8% 54 $54,780,000 $1,014,444
    5-6% 40 $11,190,000 $279,750
    Over 8% 10 $850,000 $85,000
    <2.5% 1 $15,000 $15,000

    During 2024, Western State Bank's average interest rate for loans was 6.39%, while their most frequently originated rate bucket for loans was 6-7%, with 66 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 62 $17,630,000 $284,355 $4,651 6.37%
    $100k-200k 40 $5,860,000 $146,500 $3,399 6.76%
    $100,000 or less 22 $1,120,000 $50,909 $1,693 7.22%
    $400k-600k 21 $10,165,000 $484,048 $6,019 6.83%
    $1MM+ 13 $42,535,000 $3,271,923 $22,437 7.51%
    $600k-1MM 13 $9,425,000 $725,000 $8,377 6.75%

    2024 saw Western State Bank place emphasis on $200k-400k loans with 62 originations, totaling $17,630,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 36 $11,130,000 $309,167 $5,134 6.44%
    $50k-75k 28 $5,140,000 $183,571 $3,402 6.17%
    $75k-100k 26 $4,960,000 $190,769 $3,272 6.88%
    $150k-250k 24 $9,130,000 $380,417 $5,765 6.85%
    $250k+ 22 $17,690,000 $804,091 $7,485 7.25%
    $50k or less 15 $2,945,000 $196,333 $3,890 6.55%

    Western State Bank lent most frequently to those with incomes in the $100k-150k range, with 36 originations. The second most popular income band? $50k-75k, with 28 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 33 $7,455,000 $225,909 $4,042 6.39%
    20-30% 22 $12,550,000 $570,455 $3,177 6.80%
    <20% 15 $7,655,000 $510,333 $8,768 7.08%
    43% 9 $2,265,000 $251,667 $4,525 6.05%
    44% 9 $2,045,000 $227,222 $3,140 6.79%
    49% 8 $1,800,000 $225,000 $3,571 6.81%
    39% 7 $1,565,000 $223,571 $3,016 6.52%
    40% 7 $2,265,000 $323,571 $5,778 6.76%
    41% 6 $1,950,000 $325,000 $5,027 6.13%
    50-60% 6 $1,660,000 $276,667 $3,953 7.99%
    42% 5 $1,185,000 $237,000 $3,096 6.08%
    38% 5 $1,355,000 $271,000 $6,897 6.05%
    48% 4 $1,900,000 $475,000 $7,283 6.84%
    47% 4 $1,380,000 $345,000 $4,600 6.59%
    >60% 4 $2,710,000 $677,500 $10,387 6.98%
    45% 3 $395,000 $131,667 $5,222 6.42%
    36% 3 $745,000 $248,333 $3,135 6.01%
    37% 2 $880,000 $440,000 $5,046 6.75%
    46% 2 $380,000 $190,000 $1,787 7.93%

    Western State Bank lent most frequently to those with DTI ratios of 30-36%, with 33 originations. The next most common DTI ratio? 20-30%, with 22 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 119 $42,655,000 $358,445 $4,588 6.70%
    Not applicable 16 $34,540,000 $2,158,750 $0 7.61%
    Not provided 22 $5,860,000 $266,364 $5,315 6.69%
    Asian 9 $2,405,000 $267,222 $5,024 6.64%
    American Indian 4 $1,030,000 $257,500 $3,198 5.13%
    Black 1 $245,000 $245,000 $4,836 6.13%

    Approval Rates

    Total approvals of all applications
    90.57%

    Western State Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    60.82%

    Western State Bank has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 171 $86,735,000 $507,222

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    171 $86,735,000 $507,222

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 14 $3,630,000 $259,286 $2,772 7.14%
    40-60% 30 $30,300,000 $1,010,000 $6,389 7.11%
    60-80% 49 $33,635,000 $686,429 $5,406 6.78%
    80-100% 64 $18,170,000 $283,906 $4,840 6.30%
    Under 20% 14 $1,000,000 $71,429 $1,309 7.45%