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, Auburn, and Huntington 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 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 6.72% | 4/5/25 |
| 30 Year Conventional Purchase | 7.74% | 4/5/25 |
| 30 Year Conventional Refi | 6.94% | 4/5/25 |
| 30 Year Cash-out Refi | 7.01% | 4/5/25 |
| 15 Year Conventional Purchase | 7.04% | 4/5/25 |
| 15 Year Conventional Refi | 8.39% | 4/5/25 |
| 15 Year Cash-out Refi | 8.39% | 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. | ||
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
366Origination Dollar Volume (All Markets)
$43,500,000Awards
MIDWEST AMERICA - 2024
MIDWEST AMERICA is a 2024 , due to their low .
For 2024, 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
6.95%.
The 2024 average 30 year fixed rate mortgage across all markets and lenders was 6.55%.
This yields a difference of 0.4%.
Relative Fees (Closing Costs)
Midwest America's average total fees/closing costs for a 30 year fixed rate
mortgage were $2,574.
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 |
|---|---|---|---|---|---|
| FORT WAYNE, IN (FHA|USDA|VA) | 235 | $26,005,000 | $110,660 | $2,594 | 7.63% |
| Angola, IN (FHA|USDA|VA) | 13 | $2,655,000 | $204,231 | $2,853 | 7.53% |
| Decatur, IN (FHA|USDA|VA) | 25 | $2,425,000 | $97,000 | $2,208 | 7.36% |
| Auburn, IN (FHA|USDA|VA) | 7 | $2,045,000 | $292,143 | $0 | 7.37% |
| Huntington, IN (FHA|USDA|VA) | 20 | $1,990,000 | $99,500 | $2,370 | 7.28% |
| Kendallville, IN (FHA|USDA|VA) | 14 | $1,510,000 | $107,857 | $3,122 | 7.80% |
| Bluffton, IN (FHA|USDA|VA) | 14 | $1,430,000 | $102,143 | $2,646 | 7.68% |
| Warsaw, IN (FHA|USDA|VA) | 9 | $1,185,000 | $131,667 | $2,189 | 7.00% |
| Outside of Metro Areas | 6 | $940,000 | $156,667 | $2,636 | 7.50% |
| INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) | 4 | $910,000 | $227,500 | $3,760 | 7.28% |
| Defiance, OH (FHA|USDA|VA) | 4 | $780,000 | $195,000 | $3,755 | 7.34% |
| Marion, IN (FHA|USDA|VA) | 4 | $550,000 | $137,500 | $2,480 | 6.91% |
| Coldwater, MI (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $0 | 6.75% |
| Wabash, IN (FHA|USDA|VA) | 4 | $300,000 | $75,000 | $2,102 | 7.25% |
| TOLEDO, OH (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 7.25% |
| Hillsdale, MI (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $5,151 | 7.50% |
| MUNCIE, IN (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 7.25% |
| Van Wert, OH (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 8.49% |
| TERRE HAUTE, IN (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 5.99% |
| SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 8.49% |
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: 156
Similarity Rank: 192
Similarity Rank: 329
Similarity Rank: 350
Similarity Rank: 384
Similarity Rank: 495
Similarity Rank: 646
Similarity Rank: 728
Similarity Rank: 891
Similarity Rank: 920
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 361 | $42,085,000 | $116,579 | $2,582 | 7.53% |
| HELOC | 5 | $1,415,000 | $283,000 | n/a | 9.10% |
For 2024, Midwest America's most frequently originated type of loan was Conventional, with 361 originations. Their 2nd most popular type was HELOC, with 5 originations.
Loan Reason
For 2024, Midwest America's most frequently cited loan purpose was Refi, with 165 originations. The 2nd most popular reason was Home Purchase, with 99 originations.
Loan Duration/Length
For 2024, Midwest America's most frequently cited loan duration was 10 Year, with 93 originations. The 2nd most popular length was Other, with 86 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 74 | $13,970,000 | $188,784 |
| $3k-4k | 2 | $330,000 | $165,000 |
| $1k-2k | 1 | $435,000 | $435,000 |
Midwest America's average total fees were $2,574, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 74 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 7-8% | 143 | $15,745,000 | $110,105 |
| 6-7% | 140 | $19,870,000 | $141,929 |
| Over 8% | 77 | $7,445,000 | $96,688 |
| 5-6% | 6 | $440,000 | $73,333 |
During 2024, Midwest America's average interest rate for loans was 6.95%, while their most frequently originated rate bucket for loans was 7-8%, with 143 originations.
Loan Sizing
2024 saw Midwest America place emphasis on $100,000 or less loans with 225 originations, totaling $11,215,000 in origination value.
Applicant Income
Midwest America lent most frequently to those with incomes in the $50k-75k range, with 87 originations. The second most popular income band? $100k-150k, with 68 originations.
Applicant Debt to Income Ratio
Midwest America lent most frequently to those with DTI ratios of 20-30%, with 93 originations. The next most common DTI ratio? <20%, with 63 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications88.89%
Midwest America has an average approval rate.
Pick Rate
Approvals leading to origination78.42%
Midwest America has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| 0.0 | 2 | $130,000 | $65,000 |
| 1234.0 | 1 | $295,000 | $295,000 |
| 199.0 | 38 | $1,500,000 | $39,474 |
| 249.0 | 2 | $210,000 | $105,000 |
| 299.0 | 51 | $3,985,000 | $78,137 |
| 399.0 | 29 | $1,865,000 | $64,310 |
| 494.0 | 1 | $35,000 | $35,000 |
| 499.0 | 2 | $270,000 | $135,000 |
| 523.0 | 4 | $330,000 | $82,500 |
| 524.0 | 5 | $435,000 | $87,000 |
| 549.0 | 7 | $555,000 | $79,286 |
| 574.0 | 4 | $210,000 | $52,500 |
| 584.0 | 1 | $25,000 | $25,000 |
| 599.0 | 7 | $685,000 | $97,857 |
| 624.0 | 3 | $185,000 | $61,667 |
| 649.0 | 5 | $425,000 | $85,000 |
| 665.0 | 1 | $55,000 | $55,000 |
| 699.0 | 6 | $700,000 | $116,667 |
| 724.0 | 1 | $125,000 | $125,000 |
| 749.0 | 1 | $225,000 | $225,000 |
| 774.0 | 2 | $280,000 | $140,000 |
| 799.0 | 4 | $510,000 | $127,500 |
| 814.0 | 1 | $325,000 | $325,000 |
| 882.0 | 1 | $75,000 | $75,000 |
| 99.0 | 61 | $2,545,000 | $41,721 |
| NA | 126 | $27,520,000 | $218,413 |