West Town Bank & Trust Mortgage Rates, Fees & Info
North Riverside, ILLEI: 5493009ZQ1VZ1HZCL108
Tax ID: 36-1950478
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Mortgage Data
Review & Overview
West Town Bank & Trust is a smaller bank specializing in Refi loans. West Town Bank & Trust has a high proportion of conventional loans. Their top markets by origination volume include: Myrtle Beach, Rocky Mount, and Chicago among others. We have data for 3 markets. (Some data included below & more in-depth data is available with an active subscription.)West Town 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. 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 | 6.66% | 4/21/24 |
| 30 Year Conventional Refi | 6.58% | 4/21/24 |
| 30 Year Cash-out Refi | 6.79% | 4/21/24 |
| 30 Year FHA Purchase | 7.19% | 4/21/24 |
| 30 Year FHA Refi | 7.29% | 4/21/24 |
| 30 Year VA Purchase | 6.31% | 4/21/24 |
| 30 Year VA Refi | 5.82% | 4/21/24 |
| 30 Year USDA Purchase | 6.60% | 4/21/24 |
| 15 Year Conventional Purchase | 6.32% | 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. | ||
West Town Bank & Trust Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
7Origination Dollar Volume (All Markets)
$24,795,000Relative Rate
West Town Bank & Trust's average 30 year fixed mortgage rate was
7.95%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of 1.47%.
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 |
|---|---|---|---|---|---|
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) | 1 | $16,395,000 | $16,395,000 | $0 | 7.95% |
| ROCKY MOUNT, NC (FHA|USDA|VA) | 1 | $7,215,000 | $7,215,000 | $0 | 7.95% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 5 | $1,185,000 | $237,000 | $0 | 7.49% |
Similar Lenders
We use machine learning to identify the top lenders compared against West Town Bank & Trust based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 17
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 7 | $24,795,000 | $3,542,143 | $0 | 7.62% |
For 2023, West Town Bank & Trust's most frequently originated type of loan was Conventional, with 7 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Refi | 4 | $23,910,000 | $5,977,500 | $0 | 7.81% |
| Home Purchase | 3 | $885,000 | $295,000 | $0 | 7.37% |
For 2023, West Town Bank & Trust's most frequently cited loan purpose was Refi, with 4 originations. The 2nd most popular reason was Home Purchase, with 3 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 5 Year | 4 | $910,000 | $227,500 | $0 | 7.55% |
| 30 Year | 2 | $23,610,000 | $11,805,000 | $0 | 7.95% |
| Other | 1 | $275,000 | $275,000 | $0 | 7.25% |
For 2023, West Town Bank & Trust's most frequently cited loan duration was 5 Year, with 4 originations. The 2nd most popular length was 30 Year, with 2 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 7-8% | 6 | $24,670,000 | $4,111,667 |
| 6-7% | 1 | $125,000 | $125,000 |
During 2023, West Town Bank & Trust's average interest rate for loans was 7.95%, while their most frequently originated rate bucket for loans was 7-8%, with 6 originations.
Loan Sizing
2023 saw West Town Bank & Trust place emphasis on $1MM+ loans with 2 originations, totaling $23,610,000 in origination value.
Applicant Income
| Applicant Income | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100k-150k | 1 | $75,000 | $75,000 | $0 | 7.50% |
| $50k-75k | 1 | $125,000 | $125,000 | $0 | 7.00% |
West Town Bank & Trust lent most frequently to those with incomes in the $100k-150k range, with 1 originations. The second most popular income band? $50k-75k, with 1 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| <20% | 1 | $125,000 | $125,000 | $0 | 7.00% |
| >60% | 1 | $75,000 | $75,000 | $0 | 7.50% |
West Town Bank & Trust lent most frequently to those with DTI ratios of <20%, with 1 originations. The next most common DTI ratio? >60%, with 1 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications98.31%
West Town 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 origination85.71%
West Town Bank & Trust has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 7 | $24,795,000 | $3,542,143 |