Bankiowa Of Cedar Rapids Mortgage Rates, Fees & Info

Cedar Rapids, IA

LEI: 54930038YN5XV3SDVZ83

Tax ID: 42-0247350

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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • 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

    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 a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) They have a low ratio of USDA loans. Their top markets by origination volume include: Cedar Rapids, Waterloo, Iowa City, Omaha, and Mason City among others. We have data for 15 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 an above 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 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 6.13% 4/21/24
    30 Year Conventional Refi 6.09% 4/21/24
    30 Year Cash-out Refi 6.20% 4/21/24
    30 Year FHA Purchase 6.90% 4/21/24
    30 Year VA Purchase 5.91% 4/21/24
    30 Year VA Refi 5.82% 4/21/24
    30 Year USDA Purchase 6.59% 4/21/24
    15 Year Conventional Purchase 6.02% 4/21/24
    15 Year Conventional Refi 5.74% 4/21/24
    15 Year Cash-out Refi 5.74% 4/21/24
    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






    Your Estimates

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

    This is not an official calculator from Bankiowa Of Cedar Rapids. 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

    320

    Origination Dollar Volume (All Markets)

    $56,980,000
    Show all (9) awards

    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) 116 $18,520,000 $159,655 $1,741 4.41%
    WATERLOO-CEDAR FALLS, IA (FHA|USDA|VA) 55 $14,505,000 $263,727 $1,400 4.54%
    Outside of Metro Areas 119 $13,175,000 $110,714 $1,680 4.65%
    IOWA CITY, IA (FHA|USDA|VA) 14 $3,530,000 $252,143 $1,166 4.08%
    OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) 2 $2,760,000 $1,380,000 $0 4.31%
    Mason City, IA (FHA|USDA|VA) 1 $1,205,000 $1,205,000 $0 4.38%
    North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $965,000 $965,000 $0 3.95%
    MEMPHIS, TN-MS-AR (FHA|USDA|VA) 2 $430,000 $215,000 $0 5.50%
    DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) 3 $425,000 $141,667 $0 5.33%
    DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) 2 $410,000 $205,000 $1,616 4.13%
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 1 $345,000 $345,000 $3,521 4.38%
    Mitchell, SD (FHA|USDA|VA) 1 $335,000 $335,000 $0 4.25%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $165,000 $165,000 $3,700 3.00%
    DUBUQUE, IA (FHA|USDA|VA) 1 $135,000 $135,000 $1,516 4.25%
    DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 1 $75,000 $75,000 $0 4.60%
    Bankiowa Of Cedar Rapids's top markets include Cedar Rapids, Waterloo, Iowa City, Omaha, and Mason City among others.

    Their top states include:
  • Iowa (FHA|USDA|VA)
  • Nebraska (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Tennessee (FHA|USDA|VA)
  • Minnesota (FHA|USDA|VA)

    • 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.

    LINN AREA
    Similarity Rank: 136
    FIRST
    Similarity Rank: 144
    Farmers State Bank
    Similarity Rank: 171
    Hills Bank and Trust Company
    Similarity Rank: 190
    Community Savings Bank
    Similarity Rank: 200
    Farmers & Merchants Savings Bank
    Similarity Rank: 240
    BankIowa of Cedar Rapids
    Similarity Rank: 315
    HOMESERVICES LENDING, LLC
    Similarity Rank: 490
    Ohnward Bank & Trust
    Similarity Rank: 544
    Collins Community Credit Union
    Similarity Rank: 561

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 296 $50,920,000 $172,027 $1,233 4.54%
    VA 15 $4,595,000 $306,333 $5,926 4.18%
    FHA 6 $980,000 $163,333 $4,089 4.02%
    USDA 3 $485,000 $161,667 $3,426 4.46%

    For 2022, Bankiowa Of Cedar Rapids's most frequently originated type of loan was Conventional, with 296 originations. Their 2nd most popular type was VA, with 15 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 160 $30,610,000 $191,313 $2,576 4.63%
    Refi 68 $18,730,000 $275,441 $1,604 4.25%
    Home Improvement 39 $1,805,000 $46,282 $194 4.78%
    Other 31 $1,595,000 $51,452 $91 4.77%
    Cash Out Refi 22 $4,240,000 $192,727 $2,381 3.65%

    For 2022, Bankiowa Of Cedar Rapids's most frequently cited loan purpose was Home Purchase, with 160 originations. The 2nd most popular reason was Refi, with 68 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 125 $26,405,000 $211,240 $2,589 4.25%
    Other 94 $8,910,000 $94,787 $153 4.81%
    5 Year 64 $14,500,000 $226,563 $0 5.02%
    15 Year 18 $3,190,000 $177,222 $2,355 3.49%
    10 Year 6 $2,190,000 $365,000 $1,297 3.18%
    3 Year 5 $815,000 $163,000 $70 4.63%
    1 Year 4 $230,000 $57,500 $0 5.63%
    20 Year 4 $740,000 $185,000 $1,334 3.13%

    For 2022, Bankiowa Of Cedar Rapids's most frequently cited loan duration was 30 Year, with 125 originations. The 2nd most popular length was Other, with 94 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 195 $28,525,000 $146,282
    $1k-2k 15 $2,025,000 $135,000
    $2k-3k 7 $1,385,000 $197,857
    $3k-4k 4 $1,290,000 $322,500
    $5k+ 1 $585,000 $585,000

    Bankiowa Of Cedar Rapids's average total fees were $2,589, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 195 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 110 $21,320,000 $193,818
    3-4% 89 $14,725,000 $165,449
    5-6% 65 $7,015,000 $107,923
    6-7% 29 $1,915,000 $66,034
    2.5-3% 19 $10,535,000 $554,474
    <2.5% 7 $1,325,000 $189,286
    7-8% 1 $145,000 $145,000

    During 2022, Bankiowa Of Cedar Rapids's average interest rate for loans was 4.25%, while their most frequently originated rate bucket for loans was 4-5%, with 110 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 151 $7,485,000 $49,570 $570 4.79%
    $100k-200k 91 $12,825,000 $140,934 $1,901 4.34%
    $200k-400k 56 $15,330,000 $273,750 $2,727 4.27%
    $400k-600k 10 $4,740,000 $474,000 $2,931 4.21%
    $1MM+ 6 $11,890,000 $1,981,667 $0 3.88%
    $600k-1MM 6 $4,710,000 $785,000 $6,415 3.47%

    2022 saw Bankiowa Of Cedar Rapids place emphasis on $100,000 or less loans with 151 originations, totaling $7,485,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 62 $6,970,000 $112,419 $1,445 4.36%
    $100k-150k 60 $10,520,000 $175,333 $1,987 4.28%
    $50k or less 45 $3,535,000 $78,556 $1,391 4.38%
    $75k-100k 39 $4,775,000 $122,436 $1,773 4.54%
    $150k-250k 29 $5,605,000 $193,276 $1,562 4.35%
    $250k+ 19 $5,675,000 $298,684 $2,058 4.55%

    Bankiowa Of Cedar Rapids lent most frequently to those with incomes in the $50k-75k range, with 62 originations. The second most popular income band? $100k-150k, with 60 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 79 $9,145,000 $115,759 $1,295 4.58%
    30-36% 51 $8,235,000 $161,471 $1,649 4.01%
    <20% 32 $3,440,000 $107,500 $921 4.14%
    36% 11 $2,485,000 $225,909 $1,864 4.51%
    39% 9 $1,915,000 $212,778 $2,293 5.05%
    37% 7 $855,000 $122,143 $1,305 4.57%
    42% 7 $1,095,000 $156,429 $1,856 4.36%
    44% 5 $865,000 $173,000 $1,764 4.18%
    38% 5 $885,000 $177,000 $1,701 4.74%
    40% 5 $1,485,000 $297,000 $5,219 3.55%
    43% 5 $1,095,000 $219,000 $1,810 3.99%
    46% 5 $765,000 $153,000 $3,164 4.49%
    41% 4 $730,000 $182,500 $2,208 3.44%
    47% 4 $530,000 $132,500 $2,006 5.00%
    48% 3 $1,355,000 $451,667 $4,411 3.54%
    45% 1 $105,000 $105,000 $5,236 6.75%

    Bankiowa Of Cedar Rapids lent most frequently to those with DTI ratios of 20-30%, with 79 originations. The next most common DTI ratio? 30-36%, with 51 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 242 $34,550,000 $142,769 $1,545 4.36%
    Not applicable 62 $19,610,000 $316,290 $0 5.08%
    Not provided 10 $1,380,000 $138,000 $1,499 4.52%
    Black 5 $855,000 $171,000 $3,814 4.89%
    Asian 1 $585,000 $585,000 $15,510 4.63%

    Approval Rates

    Total approvals of all applications
    94.05%

    Bankiowa Of Cedar Rapids has an average approval rate.

    Pick Rate

    Approvals leading to origination
    91.25%

    Bankiowa Of Cedar Rapids has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    15.0 4 $570,000 $142,500
    30.0 1 $145,000 $145,000
    NA 315 $56,265,000 $178,619

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    320 $56,980,000 $178,063

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 23 $1,265,000 $55,000 $494 4.64%
    40-60% 37 $6,225,000 $168,243 $1,520 4.18%
    60-80% 96 $26,470,000 $275,729 $1,881 4.31%
    80-100% 96 $19,610,000 $204,271 $2,670 4.45%
    Over 100% 13 $1,595,000 $122,692 $7,106 5.82%
    Under 20% 55 $1,815,000 $33,000 $174 4.85%

    Complaints

    Bank Name Product Issue 2022 CPFB Complaints % of Total Issues
    BANK OF NEW YORK MELLON CORPORATION, THE Reverse mortgage Struggling to pay mortgage 1 100.0%