First Western Bank & Trust Mortgage Rates, Fees & Info

Minot, ND

LEI: 5493005A0757T9GRRI44

Tax ID: 45-0279825

5 stars - Updated: 5/20/24 - out of 5 stars, based on 25 reviews

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

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Mortgage Data

Review & Overview

First Western Bank & Trust is a smaller bank specializing in Home Purchase loans. First Western Bank & Trust has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Fargo, Brainerd, Minot, Alexandria, and Bismarck among others. We have data for 36 markets. (Some data included below & more in-depth data is available with an active subscription.)

First Western Bank & Trust 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. First Western Bank & Trust is typically an average 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 6.38% 5/20/24
30 Year Conventional Refi 6.36% 5/20/24
30 Year Cash-out Refi 6.52% 5/20/24
30 Year FHA Purchase 7.04% 5/20/24
30 Year FHA Refi 6.47% 5/20/24
30 Year VA Purchase 5.95% 5/20/24
30 Year VA Refi 5.81% 5/20/24
30 Year USDA Purchase 6.39% 5/20/24
30 Year USDA Refi 6.59% 5/20/24
15 Year Conventional Purchase 5.88% 5/20/24
15 Year Conventional Refi 5.88% 5/20/24
15 Year Cash-out Refi 5.88% 5/20/24
15 Year FHA Refi 5.68% 5/20/24
15 Year VA Purchase 5.68% 5/20/24
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.

First Western Bank & Trust Mortgage Calculator






Your Estimates

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

This is not an official calculator from First Western Bank & Trust. 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

618

Origination Dollar Volume (All Markets)

$166,720,000
Show all (11) awards

Relative Rate

First Western Bank & Trust's average 30 year fixed mortgage rate was 6.26%.

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

This yields a difference of -0.22%.

Relative Fees (Closing Costs)

First Western Bank & Trust's average total fees/closing costs for a 30 year fixed rate mortgage were $5,131.

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
FARGO, ND-MN (FHA|USDA|VA) 131 $37,355,000 $285,153 $4,999 6.67%
Brainerd, MN (FHA|USDA|VA) 119 $26,995,000 $226,849 $3,771 6.65%
Minot, ND (FHA|USDA|VA) 97 $22,095,000 $227,784 $4,685 6.54%
Alexandria, MN (FHA|USDA|VA) 68 $16,620,000 $244,412 $5,060 6.51%
BISMARCK, ND (FHA|USDA|VA) 54 $16,460,000 $304,815 $5,714 6.68%
Outside of Metro Areas 67 $12,485,000 $186,343 $4,168 6.67%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 30 $10,430,000 $347,667 $5,454 6.96%
Mitchell, SD (FHA|USDA|VA) 1 $7,995,000 $7,995,000 $0 7.00%
Fergus Falls, MN (FHA|USDA|VA) 8 $2,840,000 $355,000 $5,684 6.92%
SIOUX FALLS, SD (FHA|USDA|VA) 4 $1,300,000 $325,000 $2,747 6.47%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 2 $1,260,000 $630,000 $7,063 6.63%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 3 $1,095,000 $365,000 $5,048 6.13%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $1,075,000 $1,075,000 $19,172 5.50%
Wahpeton, ND-MN (FHA|USDA|VA) 3 $955,000 $318,333 $7,121 5.83%
Spearfish, SD (FHA|USDA|VA) 2 $720,000 $360,000 $3,932 5.38%
ST. CLOUD, MN (FHA|USDA|VA) 3 $705,000 $235,000 $5,733 6.25%
Williston, ND (FHA|USDA|VA) 2 $670,000 $335,000 $9,858 6.69%
Grand Rapids, MN (FHA|USDA|VA) 3 $625,000 $208,333 $4,223 5.75%
Watertown, SD (FHA|USDA|VA) 2 $620,000 $310,000 $4,556 7.00%
LOUISVILLE, KY (FHA|USDA|VA) 1 $605,000 $605,000 $4,871 6.13%
FARMINGTON, NM (FHA|USDA|VA) 1 $535,000 $535,000 $4,704 6.38%
IOWA CITY, IA (FHA|USDA|VA) 1 $365,000 $365,000 $0 6.75%
Bemidji, MN (FHA|USDA|VA) 1 $325,000 $325,000 $0 8.25%
Aberdeen, SD (FHA|USDA|VA) 1 $305,000 $305,000 $6,100 6.25%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $305,000 $305,000 $5,467 6.00%
Willmar, MN (FHA|USDA|VA) 2 $300,000 $150,000 $565 7.00%
CLEVELAND, TN (FHA|USDA|VA) 1 $265,000 $265,000 $3,245 6.00%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 1 $225,000 $225,000 $7,448 7.13%
MANKATO, MN (FHA|USDA|VA) 1 $215,000 $215,000 $3,790 6.13%
PUNTA GORDA, FL (FHA|USDA|VA) 1 $185,000 $185,000 $0 7.50%
TOLEDO, OH (FHA|USDA|VA) 1 $175,000 $175,000 $2,895 5.88%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $165,000 $165,000 $4,007 5.63%
CASPER, WY (FHA|USDA|VA) 1 $145,000 $145,000 $3,860 5.63%
COLORADO SPRINGS, CO (FHA|USDA|VA) 1 $135,000 $135,000 $0 6.00%
APPLETON, WI (FHA|USDA|VA) 1 $125,000 $125,000 $0 6.75%
Worthington, MN (FHA|USDA|VA) 1 $45,000 $45,000 $2,640 5.75%
First Western Bank & Trust's top markets include Fargo, Brainerd, Minot, Alexandria, and Bismarck among others.

Their top states include:
  • North Dakota (FHA|USDA|VA)
  • Minnesota (FHA|USDA|VA)
  • South Dakota (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Arizona (FHA|USDA|VA)
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 553 $150,585,000 $272,306 $4,201 6.66%
    FHA 39 $9,205,000 $236,026 $8,832 6.35%
    VA 21 $5,755,000 $274,048 $5,912 6.11%
    USDA 5 $1,175,000 $235,000 $6,807 6.25%

    For 2023, First Western Bank & Trust's most frequently originated type of loan was Conventional, with 553 originations. Their 2nd most popular type was FHA, with 39 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 509 $148,135,000 $291,031 $5,244 6.55%
    Refi 65 $11,665,000 $179,462 $2,217 6.85%
    Other 20 $2,330,000 $116,500 $1,744 7.11%
    Home Improvement 18 $1,910,000 $106,111 $1,403 7.38%
    Cash Out Refi 6 $2,680,000 $446,667 $7,173 6.31%

    For 2023, First Western Bank & Trust's most frequently cited loan purpose was Home Purchase, with 509 originations. The 2nd most popular reason was Refi, with 65 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 389 $107,175,000 $275,514 $5,131 6.26%
    Other 93 $21,475,000 $230,914 $1,737 7.41%
    5 Year 82 $25,020,000 $305,122 $0 7.45%
    3 Year 19 $5,725,000 $301,316 $2,370 6.79%
    1 Year 15 $2,555,000 $170,333 $3,620 7.67%
    15 Year 14 $4,210,000 $300,714 $5,291 5.63%
    20 Year 3 $435,000 $145,000 $4,950 5.50%
    10 Year 3 $125,000 $41,667 $955 6.08%

    For 2023, First Western Bank & Trust's most frequently cited loan duration was 30 Year, with 389 originations. The 2nd most popular length was Other, with 93 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 122 $22,800,000 $186,885
    $1k-2k 102 $20,520,000 $201,176
    $2k-3k 98 $23,970,000 $244,592
    $3k-4k 66 $20,770,000 $314,697
    $4k-5k 34 $12,010,000 $353,235
    $5k+ 32 $19,120,000 $597,500

    First Western Bank & Trust's average total fees were $5,131, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 122 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 264 $84,910,000 $321,629
    5-6% 173 $44,825,000 $259,104
    7-8% 147 $30,295,000 $206,088
    Over 8% 25 $3,635,000 $145,400
    4-5% 9 $3,055,000 $339,444

    During 2023, First Western Bank & Trust's average interest rate for loans was 6.26%, while their most frequently originated rate bucket for loans was 6-7%, with 264 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 301 $84,155,000 $279,585 $5,278 6.48%
    $100k-200k 147 $22,375,000 $152,211 $3,653 6.68%
    $100,000 or less 97 $6,185,000 $63,763 $1,782 7.10%
    $400k-600k 43 $20,065,000 $466,628 $5,868 6.50%
    $600k-1MM 21 $14,565,000 $693,571 $8,170 6.32%
    $1MM+ 9 $19,375,000 $2,152,778 $14,786 6.65%

    2023 saw First Western Bank & Trust place emphasis on $200k-400k loans with 301 originations, totaling $84,155,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 121 $28,755,000 $237,645 $4,470 6.54%
    $50k-75k 99 $17,045,000 $172,172 $4,412 6.38%
    $75k-100k 87 $18,635,000 $214,195 $5,104 6.54%
    $150k-250k 77 $26,015,000 $337,857 $5,923 6.58%
    $250k+ 44 $20,030,000 $455,227 $7,128 6.48%
    $50k or less 38 $3,860,000 $101,579 $2,628 6.37%

    First Western Bank & Trust lent most frequently to those with incomes in the $100k-150k range, with 121 originations. The second most popular income band? $50k-75k, with 99 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 106 $26,650,000 $251,415 $4,322 6.44%
    30-36% 95 $23,995,000 $252,579 $4,518 6.46%
    <20% 37 $8,535,000 $230,676 $4,430 6.38%
    39% 26 $6,070,000 $233,462 $4,876 6.34%
    41% 23 $7,195,000 $312,826 $5,357 6.47%
    50-60% 22 $4,670,000 $212,273 $7,117 6.70%
    37% 19 $5,285,000 $278,158 $4,581 6.31%
    38% 18 $3,910,000 $217,222 $4,324 6.28%
    44% 17 $4,215,000 $247,941 $4,375 6.57%
    40% 17 $3,775,000 $222,059 $4,456 6.56%
    49% 16 $4,700,000 $293,750 $5,204 6.46%
    45% 16 $4,220,000 $263,750 $4,082 6.64%
    42% 15 $2,905,000 $193,667 $4,269 6.73%
    36% 15 $4,945,000 $329,667 $6,002 6.73%
    43% 14 $4,010,000 $286,429 $5,182 6.61%
    48% 13 $3,435,000 $264,231 $4,263 6.31%
    46% 10 $2,390,000 $239,000 $4,831 6.40%
    47% 9 $1,785,000 $198,333 $5,209 6.28%
    >60% 7 $1,385,000 $197,857 $3,675 7.11%

    First Western Bank & Trust lent most frequently to those with DTI ratios of 20-30%, with 106 originations. The next most common DTI ratio? 30-36%, with 95 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 460 $116,010,000 $252,196 $4,698 6.49%
    Not applicable 118 $41,660,000 $353,051 $0 7.16%
    Not provided 23 $5,545,000 $241,087 $4,011 6.40%
    Black 6 $1,570,000 $261,667 $7,535 6.69%
    Asian 8 $1,310,000 $163,750 $3,898 6.96%
    American Indian 3 $625,000 $208,333 $6,352 5.92%

    Approval Rates

    Total approvals of all applications
    96.39%

    First Western Bank & Trust has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    83.33%

    First Western Bank & Trust has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    250.0 2 $120,000 $60,000
    274.0 1 $75,000 $75,000
    307.75 1 $65,000 $65,000
    312.5 2 $60,000 $30,000
    334.2 1 $75,000 $75,000
    362.5 1 $105,000 $105,000
    516.5 1 $105,000 $105,000
    NA 609 $166,115,000 $272,767

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    618 $166,720,000 $269,773

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 49 $6,675,000 $136,224 $2,553 6.95%
    40-60% 63 $18,515,000 $293,889 $4,167 6.68%
    60-80% 205 $65,245,000 $318,268 $4,893 6.65%
    80-100% 270 $73,070,000 $270,630 $5,423 6.44%
    Over 100% 4 $900,000 $225,000 $7,217 6.53%
    Under 20% 27 $2,315,000 $85,741 $1,092 7.52%