Bankiowa Of Cedar Rapids Mortgage Rates, Fees & Info
Cedar Rapids, IALEI: 54930038YN5XV3SDVZ83
Tax ID: 42-0247350
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Mortgage Data
Review & Overview
Bankiowa Of Cedar Rapids is a smaller bank specializing in Home Purchase and Refi loans. Bankiowa Of Cedar Rapids has a high proportion of conventional loans. They have a low ratio of USDA 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: Cedar Rapids, Waterloo, Iowa City, North Port, and Ottumwa among others. We have data for 10 markets. (Some data included below & more in-depth data is available with an active subscription.)Bankiowa Of Cedar Rapids 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. Bankiowa Of Cedar Rapids 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 | 6.13% | 12/16/24 |
| 30 Year Conventional Refi | 6.09% | 12/16/24 |
| 30 Year Cash-out Refi | 6.20% | 12/16/24 |
| 30 Year FHA Purchase | 6.90% | 12/16/24 |
| 30 Year VA Purchase | 5.91% | 12/16/24 |
| 30 Year VA Refi | 5.82% | 12/16/24 |
| 30 Year USDA Purchase | 6.59% | 12/16/24 |
| 15 Year Conventional Purchase | 6.02% | 12/16/24 |
| 15 Year Conventional Refi | 5.74% | 12/16/24 |
| 15 Year Cash-out Refi | 5.74% | 12/16/24 |
| 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. | ||
Bankiowa Of Cedar Rapids Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
201Origination Dollar Volume (All Markets)
$27,805,000Awards
BankIowa of Cedar Rapids - 2023
BankIowa of Cedar Rapids is a 2023 , due to their low .
For 2023, less than of lenders were eligible for this award.
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Relative Rate
Bankiowa Of Cedar Rapids's average 30 year fixed mortgage rate was
6.31%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of -0.17%.
Relative Fees (Closing Costs)
Bankiowa Of Cedar Rapids's average total fees/closing costs for a 30 year fixed rate
mortgage were $2,560.
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 |
|---|---|---|---|---|---|
| CEDAR RAPIDS, IA (FHA|USDA|VA) | 59 | $9,715,000 | $164,661 | $1,354 | 6.89% |
| Outside of Metro Areas | 75 | $9,315,000 | $124,200 | $1,293 | 7.05% |
| WATERLOO-CEDAR FALLS, IA (FHA|USDA|VA) | 52 | $4,670,000 | $89,808 | $315 | 7.25% |
| IOWA CITY, IA (FHA|USDA|VA) | 6 | $1,130,000 | $188,333 | $2,033 | 7.07% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 2 | $1,110,000 | $555,000 | $0 | 6.50% |
| Ottumwa, IA (FHA|USDA|VA) | 1 | $605,000 | $605,000 | $0 | 7.05% |
| DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) | 2 | $520,000 | $260,000 | $1,936 | 6.19% |
| DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) | 2 | $380,000 | $190,000 | $1,921 | 6.08% |
| AMES, IA (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $1,528 | 6.13% |
| LA CROSSE-ONALASKA, WI-MN (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $2,466 | 5.88% |
Similar Lenders
We use machine learning to identify the top lenders compared against BankIowa of Cedar Rapids based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
For 2023, Bankiowa Of Cedar Rapids's most frequently originated type of loan was Conventional, with 193 originations. Their 2nd most popular type was USDA, with 4 originations.
Loan Reason
For 2023, Bankiowa Of Cedar Rapids's most frequently cited loan purpose was Home Purchase, with 99 originations. The 2nd most popular reason was Refi, with 42 originations.
Loan Duration/Length
For 2023, Bankiowa Of Cedar Rapids's most frequently cited loan duration was Other, with 81 originations. The 2nd most popular length was 30 Year, with 57 originations.
Origination Fees/Closing Costs
Bankiowa Of Cedar Rapids's average total fees were $2,560, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 128 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 7-8% | 82 | $8,410,000 | $102,561 |
| 6-7% | 77 | $10,895,000 | $141,494 |
| 5-6% | 24 | $6,190,000 | $257,917 |
| Over 8% | 15 | $725,000 | $48,333 |
| 4-5% | 3 | $1,585,000 | $528,333 |
During 2023, Bankiowa Of Cedar Rapids's average interest rate for loans was 6.31%, while their most frequently originated rate bucket for loans was 7-8%, with 82 originations.
Loan Sizing
2023 saw Bankiowa Of Cedar Rapids place emphasis on $100,000 or less loans with 115 originations, totaling $5,705,000 in origination value.
Applicant Income
Bankiowa Of Cedar Rapids lent most frequently to those with incomes in the $100k-150k range, with 35 originations. The second most popular income band? $50k-75k, with 28 originations.
Applicant Debt to Income Ratio
Bankiowa Of Cedar Rapids lent most frequently to those with DTI ratios of 20-30%, with 39 originations. The next most common DTI ratio? 30-36%, with 37 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications95.80%
Bankiowa Of Cedar Rapids has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination86.57%
Bankiowa Of Cedar Rapids has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 201 | $27,805,000 | $138,333 |