Midwest America Mortgage Rates, Fees & Info

Fort Wayne, IN

LEI: 54930030UYPZM65LOF37

Tax ID: 35-0316722

5 stars - Updated: 5/19/24 - out of 5 stars, based on 19 reviews

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

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Mortgage Data

Review & Overview

Midwest America is a smaller mortgage company specializing in Refi and Home Purchase loans. Midwest America has a high proportion of conventional loans. Their top markets by origination volume include: Fort Wayne, Angola, Decatur, Huntington, and Kendallville among others. We have data for 20 markets. (Some data included below & more in-depth data is available with an active subscription.)

Midwest America has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Midwest America 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 7.01% 5/19/24
30 Year Conventional Refi 7.09% 5/19/24
30 Year Cash-out Refi 7.05% 5/19/24
30 Year VA Purchase 6.27% 5/19/24
30 Year USDA Purchase 6.27% 5/19/24
15 Year Conventional Purchase 6.70% 5/19/24
15 Year Conventional Refi 6.71% 5/19/24
15 Year Cash-out Refi 6.71% 5/19/24
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 America Mortgage Calculator






Your Estimates

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

This is not an official calculator from Midwest America. 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

371

Origination Dollar Volume (All Markets)

$41,485,000

Awards

MIDWEST AMERICA 30 Year Conventional Loans silver MIDWEST AMERICA 30 Year Conventional Loans gold
Show all (2) awards

Relative Rate

Midwest America's average 30 year fixed mortgage rate was 7.03%.

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

This yields a difference of 0.55%.

Relative Fees (Closing Costs)

Midwest America's average total fees/closing costs for a 30 year fixed rate mortgage were $2,588.

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
FORT WAYNE, IN (FHA|USDA|VA) 228 $23,400,000 $102,632 $2,535 6.85%
Angola, IN (FHA|USDA|VA) 21 $5,305,000 $252,619 $3,218 6.49%
Decatur, IN (FHA|USDA|VA) 36 $2,560,000 $71,111 $2,228 7.11%
Huntington, IN (FHA|USDA|VA) 21 $2,105,000 $100,238 $2,853 6.59%
Kendallville, IN (FHA|USDA|VA) 16 $1,360,000 $85,000 $2,669 7.08%
Bluffton, IN (FHA|USDA|VA) 13 $1,175,000 $90,385 $2,248 6.99%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $1,105,000 $1,105,000 $0 6.50%
Warsaw, IN (FHA|USDA|VA) 7 $905,000 $129,286 $4,034 7.05%
Outside of Metro Areas 7 $745,000 $106,429 $1,381 6.35%
Auburn, IN (FHA|USDA|VA) 6 $690,000 $115,000 $1,163 6.45%
COLUMBUS, OH (FHA|USDA|VA) 1 $545,000 $545,000 $2,565 6.00%
Wabash, IN (FHA|USDA|VA) 4 $380,000 $95,000 $2,249 6.06%
Coldwater, MI (FHA|USDA|VA) 1 $365,000 $365,000 $3,404 7.13%
Marion, IN (FHA|USDA|VA) 1 $305,000 $305,000 $3,751 6.88%
MUNCIE, IN (FHA|USDA|VA) 2 $240,000 $120,000 $0 7.00%
Hillsdale, MI (FHA|USDA|VA) 1 $105,000 $105,000 $0 6.09%
DANVILLE, IL (FHA|USDA|VA) 2 $100,000 $50,000 $0 6.09%
Van Wert, OH (FHA|USDA|VA) 1 $35,000 $35,000 $0 6.59%
Celina, OH (FHA|USDA|VA) 1 $35,000 $35,000 $0 7.49%
Defiance, OH (FHA|USDA|VA) 1 $25,000 $25,000 $0 6.50%
Midwest America's top markets include Fort Wayne, Angola, Decatur, Huntington, and Kendallville among others.

Their top states include:
  • Indiana (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Ohio (FHA|USDA|VA)
  • Michigan (FHA|USDA|VA)
  • Illinois (FHA|USDA|VA)
  • Similar Lenders

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

    Crossroads Bank
    Similarity Rank: 85
    INTERRA CREDIT UNION
    Similarity Rank: 120
    ProFed Federal Credit Union
    Similarity Rank: 285
    BEACON CREDIT UNION
    Similarity Rank: 420
    Lake City Bank
    Similarity Rank: 495
    First Federal Bank of the Midwest
    Similarity Rank: 582
    PARTNERS 1ST Federal Credit Union
    Similarity Rank: 621
    MIDWEST AMERICA
    Similarity Rank: 640
    STAR Financial Bank
    Similarity Rank: 828

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 364 $40,440,000 $111,099 $2,646 6.80%
    HELOC 7 $1,045,000 $149,286 n/a 8.32%

    For 2023, Midwest America's most frequently originated type of loan was Conventional, with 364 originations. Their 2nd most popular type was HELOC, with 7 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 177 $14,555,000 $82,232 $6,805 6.75%
    Home Improvement 96 $5,320,000 $55,417 $399 6.97%
    Home Purchase 88 $19,250,000 $218,750 $2,708 6.80%
    Cash Out Refi 10 $2,360,000 $236,000 $1,693 7.06%

    For 2023, Midwest America's most frequently cited loan purpose was Refi, with 177 originations. The 2nd most popular reason was Home Improvement, with 96 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 143 $11,495,000 $80,385 $2,216 6.22%
    10 Year 90 $5,160,000 $57,333 $2,167 6.78%
    15 Year 57 $6,095,000 $106,930 $3,383 7.97%
    30 Year 43 $9,615,000 $223,605 $2,588 7.03%
    5 Year 20 $5,320,000 $266,000 $0 7.13%
    20 Year 8 $1,440,000 $180,000 $2,365 6.38%
    1 Year 5 $755,000 $151,000 $0 9.10%
    30+ year 4 $1,490,000 $372,500 $3,909 7.22%
    3 Year 1 $115,000 $115,000 $0 7.75%

    For 2023, Midwest America's most frequently cited loan duration was Other, with 143 originations. The 2nd most popular length was 10 Year, with 90 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 60 $11,930,000 $198,833
    $1k-2k 9 $5,125,000 $569,444
    $5k+ 1 $315,000 $315,000

    Midwest America's average total fees were $2,588, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 60 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 117 $14,965,000 $127,906
    7-8% 84 $10,210,000 $121,548
    5-6% 68 $8,230,000 $121,029
    Over 8% 54 $3,750,000 $69,444
    4-5% 47 $4,265,000 $90,745

    During 2023, Midwest America's average interest rate for loans was 7.03%, while their most frequently originated rate bucket for loans was 6-7%, with 117 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 243 $10,875,000 $44,753 $1,862 6.91%
    $100k-200k 75 $10,305,000 $137,400 $2,203 6.59%
    $200k-400k 38 $10,190,000 $268,158 $3,001 6.74%
    $400k-600k 10 $4,520,000 $452,000 $3,193 6.92%
    $600k-1MM 3 $2,185,000 $728,333 $4,380 7.33%
    $1MM+ 2 $3,410,000 $1,705,000 $6,805 5.88%

    2023 saw Midwest America place emphasis on $100,000 or less loans with 243 originations, totaling $10,875,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 82 $8,480,000 $103,415 $3,051 6.85%
    $50k-75k 81 $6,285,000 $77,593 $2,501 6.86%
    $75k-100k 74 $6,340,000 $85,676 $2,524 6.62%
    $50k or less 67 $3,495,000 $52,164 $2,329 6.66%
    $150k-250k 31 $4,845,000 $156,290 $2,737 6.99%
    $250k+ 8 $5,670,000 $708,750 $4,056 6.33%

    Midwest America lent most frequently to those with incomes in the $100k-150k range, with 82 originations. The second most popular income band? $50k-75k, with 81 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 101 $8,185,000 $81,040 $2,690 6.56%
    30-36% 77 $7,935,000 $103,052 $2,589 6.81%
    <20% 58 $4,920,000 $84,828 $1,603 6.37%
    41% 15 $1,815,000 $121,000 $3,243 7.40%
    37% 15 $1,585,000 $105,667 $5,084 7.20%
    40% 14 $1,350,000 $96,429 $2,400 7.05%
    36% 13 $1,355,000 $104,231 $2,286 7.45%
    42% 12 $1,550,000 $129,167 $3,028 7.11%
    43% 8 $560,000 $70,000 $0 7.05%
    38% 6 $460,000 $76,667 $0 6.96%
    39% 6 $680,000 $113,333 $0 6.11%
    >60% 6 $670,000 $111,667 $1,681 7.65%
    45% 5 $945,000 $189,000 $2,347 6.63%
    50-60% 5 $3,215,000 $643,000 $6,805 6.94%
    47% 3 $605,000 $201,667 $2,576 7.58%
    44% 3 $485,000 $161,667 $0 7.25%
    46% 1 $115,000 $115,000 $3,060 7.63%
    48% 1 $75,000 $75,000 $2,244 4.75%

    Midwest America lent most frequently to those with DTI ratios of 20-30%, with 101 originations. The next most common DTI ratio? 30-36%, with 77 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 311 $33,685,000 $108,312 $2,636 6.77%
    Not applicable 21 $4,915,000 $234,048 $0 7.81%
    Not provided 12 $1,450,000 $120,833 $3,140 6.70%
    Black 16 $640,000 $40,000 $0 6.41%
    Asian 5 $545,000 $109,000 $2,475 6.60%
    5 $195,000 $39,000 $0 7.01%
    Other Asian 1 $55,000 $55,000 $0 9.99%

    Approval Rates

    Total approvals of all applications
    87.88%

    Midwest America has an average approval rate.

    Pick Rate

    Approvals leading to origination
    79.78%

    Midwest America has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    0.0 1 $45,000 $45,000
    1189.0 1 $305,000 $305,000
    1384.0 1 $275,000 $275,000
    1539.0 1 $405,000 $405,000
    1854.0 1 $405,000 $405,000
    199.0 37 $1,175,000 $31,757
    249.0 4 $450,000 $112,500
    299.0 73 $4,515,000 $61,849
    399.0 39 $2,975,000 $76,282
    494.0 2 $130,000 $65,000
    499.0 4 $250,000 $62,500
    523.0 2 $140,000 $70,000
    524.0 4 $320,000 $80,000
    549.0 6 $350,000 $58,333
    565.5 1 $35,000 $35,000
    574.0 9 $475,000 $52,778
    599.0 1 $105,000 $105,000
    623.0 1 $95,000 $95,000
    624.0 2 $140,000 $70,000
    648.0 1 $155,000 $155,000
    649.0 6 $280,000 $46,667
    674.0 3 $215,000 $71,667
    699.0 3 $265,000 $88,333
    723.0 2 $420,000 $210,000
    724.0 1 $55,000 $55,000
    749.0 1 $15,000 $15,000
    774.0 2 $240,000 $120,000
    789.0 1 $75,000 $75,000
    794.0 1 $205,000 $205,000
    824.0 2 $330,000 $165,000
    849.0 1 $105,000 $105,000
    874.0 3 $305,000 $101,667
    99.0 51 $1,495,000 $29,314
    NA 103 $24,735,000 $240,146

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    371 $41,485,000 $111,819

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 94 $6,150,000 $65,426 $2,247 6.86%
    40-60% 74 $6,890,000 $93,108 $2,526 6.28%
    60-80% 67 $16,115,000 $240,522 $2,993 6.69%
    80-100% 38 $8,890,000 $233,947 $2,629 6.77%
    Under 20% 97 $3,375,000 $34,794 $399 7.31%