West Town Bank & Trust Mortgage Rates, Fees & Info

North Riverside, IL

LEI: 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.

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 6.66% 6/16/24
30 Year Conventional Refi 6.58% 6/16/24
30 Year Cash-out Refi 6.79% 6/16/24
30 Year FHA Purchase 7.19% 6/16/24
30 Year FHA Refi 7.29% 6/16/24
30 Year VA Purchase 6.31% 6/16/24
30 Year VA Refi 5.82% 6/16/24
30 Year USDA Purchase 6.60% 6/16/24
15 Year Conventional Purchase 6.32% 6/16/24
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.

West Town Bank & Trust Mortgage Calculator






Your Estimates

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

This is not an official calculator from West Town 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

7

Origination Dollar Volume (All Markets)

$24,795,000

Relative 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%
West Town Bank & Trust's top markets include Myrtle Beach, Rocky Mount, and Chicago among others.

Their top states include:
  • North Carolina (FHA|USDA|VA)
  • Illinois (FHA|USDA|VA)
  • 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.

    ABNB Federal Credit Union
    Similarity Rank: 65
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    POINT BREEZE
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    DRAGAS MORTGAGE COMPANY
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    IDB Global Federal Credit Union
    Similarity Rank: 416

    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

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $1MM+ 2 $23,610,000 $11,805,000 $0 7.95%
    $200k-400k 2 $500,000 $250,000 $0 7.55%
    $100,000 or less 1 $75,000 $75,000 $0 7.50%
    $100k-200k 1 $125,000 $125,000 $0 7.00%
    $400k-600k 1 $485,000 $485,000 $0 7.85%

    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

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 5 $24,595,000 $4,919,000 $0 7.77%
    Black 1 $125,000 $125,000 $0 7.00%
    White 1 $75,000 $75,000 $0 7.50%

    Approval Rates

    Total approvals of all applications
    98.31%

    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 origination
    85.71%

    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

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    7 $24,795,000 $3,542,143

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    40-60% 3 $7,825,000 $2,608,333 $0 7.60%
    60-80% 3 $16,895,000 $5,631,667 $0 7.68%
    Under 20% 1 $75,000 $75,000 $0 7.50%