Midwest America Mortgage Rates, Fees & Info
Fort Wayne, INLEI: 54930030UYPZM65LOF37
Tax ID: 35-0316722
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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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 7.01% | 11/17/24 |
| 30 Year Conventional Refi | 7.09% | 11/17/24 |
| 30 Year Cash-out Refi | 7.05% | 11/17/24 |
| 30 Year VA Purchase | 6.27% | 11/17/24 |
| 30 Year USDA Purchase | 6.27% | 11/17/24 |
| 15 Year Conventional Purchase | 6.70% | 11/17/24 |
| 15 Year Conventional Refi | 6.71% | 11/17/24 |
| 15 Year Cash-out Refi | 6.71% | 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. | ||
Midwest America Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
371Origination Dollar Volume (All Markets)
$41,485,000Awards
MIDWEST AMERICA - 2023
MIDWEST AMERICA is a 2023 , due to their low .
For 2023, less than of lenders were eligible for this award.
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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% |
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.
Similarity Rank: 85
Similarity Rank: 120
Similarity Rank: 285
Similarity Rank: 336
Similarity Rank: 420
Similarity Rank: 495
Similarity Rank: 582
Similarity Rank: 621
Similarity Rank: 640
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
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
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
2023 saw Midwest America place emphasis on $100,000 or less loans with 243 originations, totaling $10,875,000 in origination value.
Applicant Income
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
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
Approval Rates
Total approvals of all applications87.88%
Midwest America has an average approval rate.
Pick Rate
Approvals leading to origination79.78%
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 |