Primebank Mortgage Rates, Fees & Info

Le Mars, IA

LEI: 549300EP58VNEJR7BV48

Tax ID: 42-0376810

5 stars - Updated: 6/23/24 - out of 5 stars, based on 17 reviews

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

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Mortgage Data

Review & Overview

Primebank is a smaller bank specializing in Home Purchase loans. Primebank has a high proportion of conventional loans. Their top markets by origination volume include: Sioux City, Spirit Lake, Sioux Falls, Watertown, and Yankton among others. We have data for 10 markets. (Some data included below & more in-depth data is available with an active subscription.)

Primebank 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. Primebank 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.

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 6.57% 6/23/24
30 Year Conventional Refi 6.49% 6/23/24
30 Year Cash-out Refi 6.58% 6/23/24
15 Year Conventional Purchase 6.09% 6/23/24
15 Year Conventional Refi 5.80% 6/23/24
15 Year Cash-out Refi 5.80% 6/23/24
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.

Primebank Mortgage Calculator






Your Estimates

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

This is not an official calculator from Primebank. 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

277

Origination Dollar Volume (All Markets)

$60,335,000

Awards

Primebank 30 Year Conventional Loans gold Primebank 30 Year Conventional Loans silver Primebank 30 Year Conventional Loans bronze
Show all (3) awards

Relative Rate

Primebank'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)

Primebank's average total fees/closing costs for a 30 year fixed rate mortgage were $4,318.

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
SIOUX CITY, IA-NE-SD (FHA|USDA|VA) 178 $36,040,000 $202,472 $3,714 6.94%
Outside of Metro Areas 85 $19,225,000 $226,176 $3,520 6.80%
Spirit Lake, IA (FHA|USDA|VA) 7 $2,385,000 $340,714 $4,647 7.07%
SIOUX FALLS, SD (FHA|USDA|VA) 1 $805,000 $805,000 $2,392 6.63%
Watertown, SD (FHA|USDA|VA) 1 $405,000 $405,000 $2,464 6.25%
Yankton, SD (FHA|USDA|VA) 1 $405,000 $405,000 $0 6.25%
OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) 1 $315,000 $315,000 $4,609 5.75%
Mason City, IA (FHA|USDA|VA) 1 $295,000 $295,000 $4,909 6.25%
DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) 1 $265,000 $265,000 $4,461 6.50%
Vermillion, SD (FHA|USDA|VA) 1 $195,000 $195,000 $3,937 5.88%
Primebank's top markets include Sioux City, Spirit Lake, Sioux Falls, Watertown, and Yankton among others.

Their top states include:
  • Iowa (FHA|USDA|VA)
  • South Dakota (FHA|USDA|VA)
  • Nebraska (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against Primebank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    SIOUXLAND FEDERAL CREDIT UNION
    Similarity Rank: 36
    Primebank
    Similarity Rank: 80
    Great Southern Bank
    Similarity Rank: 348
    IOWA BANKERS MORTGAGE CORPORATION
    Similarity Rank: 522
    Northwest Bank
    Similarity Rank: 588
    Central Bank
    Similarity Rank: 640
    West Gate Bank
    Similarity Rank: 1020
    Heritage Bank
    Similarity Rank: 2737
    Mortgage Research Center, LLC
    Similarity Rank: 2754
    Citizens Bank
    Similarity Rank: 3810

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 277 $60,335,000 $217,816 $3,675 6.88%

    For 2023, Primebank's most frequently originated type of loan was Conventional, with 277 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 216 $53,240,000 $246,481 $4,327 6.76%
    Home Improvement 24 $2,200,000 $91,667 $1,431 7.45%
    Other 20 $1,500,000 $75,000 $1,388 7.24%
    Refi 16 $3,180,000 $198,750 $2,368 7.17%
    Cash Out Refi 1 $215,000 $215,000 $3,569 7.63%

    For 2023, Primebank's most frequently cited loan purpose was Home Purchase, with 216 originations. The 2nd most popular reason was Home Improvement, with 24 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 136 $37,390,000 $274,926 $4,318 6.31%
    20 Year 49 $9,215,000 $188,061 $2,234 7.58%
    15 Year 31 $3,205,000 $103,387 $1,744 7.15%
    1 Year 19 $3,535,000 $186,053 $0 7.69%
    10 Year 18 $1,550,000 $86,111 $1,377 7.34%
    Other 17 $4,005,000 $235,588 $0 7.17%
    5 Year 5 $135,000 $27,000 $0 8.13%
    3 Year 2 $1,300,000 $650,000 $0 6.68%

    For 2023, Primebank's most frequently cited loan duration was 30 Year, with 136 originations. The 2nd most popular length was 20 Year, with 49 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 47 $6,905,000 $146,915
    $1k-2k 42 $5,990,000 $142,619
    $2k-3k 42 $9,170,000 $218,333
    $3k-4k 26 $7,970,000 $306,538
    $4k-5k 10 $3,950,000 $395,000
    $5k+ 9 $6,675,000 $741,667

    Primebank's average total fees were $4,318, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 47 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 102 $26,170,000 $256,569
    7-8% 73 $10,355,000 $141,849
    5-6% 63 $17,255,000 $273,889
    Over 8% 37 $5,495,000 $148,514
    4-5% 2 $1,060,000 $530,000

    During 2023, Primebank's average interest rate for loans was 6.31%, while their most frequently originated rate bucket for loans was 6-7%, with 102 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 84 $12,210,000 $145,357 $3,344 6.88%
    $100,000 or less 80 $4,500,000 $56,250 $1,662 7.37%
    $200k-400k 79 $21,365,000 $270,443 $4,453 6.53%
    $400k-600k 22 $10,450,000 $475,000 $5,970 6.55%
    $600k-1MM 7 $5,225,000 $746,429 $4,373 6.35%
    $1MM+ 5 $6,585,000 $1,317,000 $9,821 6.75%

    2023 saw Primebank place emphasis on $100k-200k loans with 84 originations, totaling $12,210,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 38 $7,890,000 $207,632 $3,589 6.64%
    $150k-250k 36 $10,870,000 $301,944 $4,330 6.68%
    $50k or less 36 $3,810,000 $105,833 $3,130 6.50%
    $50k-75k 35 $6,185,000 $176,714 $3,506 6.50%
    $75k-100k 28 $4,420,000 $157,857 $3,202 6.75%
    $250k+ 21 $11,565,000 $550,714 $4,855 6.49%

    Primebank lent most frequently to those with incomes in the $100k-150k range, with 38 originations. The second most popular income band? $150k-250k, with 36 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 38 $8,480,000 $223,158 $3,549 6.63%
    20-30% 30 $7,640,000 $254,667 $3,610 6.61%
    42% 17 $3,205,000 $188,529 $3,825 6.18%
    <20% 12 $4,410,000 $367,500 $4,843 6.20%
    41% 12 $2,050,000 $170,833 $3,405 6.84%
    40% 11 $3,555,000 $323,182 $4,037 6.14%
    37% 11 $1,785,000 $162,273 $2,010 7.35%
    38% 10 $2,420,000 $242,000 $4,155 6.31%
    43% 9 $1,885,000 $209,444 $3,739 6.14%
    39% 8 $1,050,000 $131,250 $2,573 6.27%
    36% 5 $755,000 $151,000 $3,368 6.75%
    49% 4 $870,000 $217,500 $4,892 6.66%
    47% 4 $970,000 $242,500 $4,670 6.13%
    44% 2 $820,000 $410,000 $6,717 6.88%
    48% 2 $430,000 $215,000 $3,732 6.38%
    45% 2 $210,000 $105,000 $2,409 6.94%
    46% 1 $155,000 $155,000 $3,446 6.88%

    Primebank lent most frequently to those with DTI ratios of 30-36%, with 38 originations. The next most common DTI ratio? 20-30%, with 30 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 188 $40,120,000 $213,404 $3,702 6.74%
    Not applicable 62 $12,690,000 $204,677 $0 7.47%
    Not provided 14 $3,050,000 $217,857 $2,635 6.59%
    Asian 9 $2,905,000 $322,778 $5,054 6.64%
    Black 3 $825,000 $275,000 $3,630 6.17%
    Asian Indian 1 $745,000 $745,000 $2,166 4.99%

    Approval Rates

    Total approvals of all applications
    95.75%

    Primebank 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
    94.22%

    Primebank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    25.0 1 $15,000 $15,000
    NA 276 $60,320,000 $218,551

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    277 $60,335,000 $217,816

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 35 $5,665,000 $161,857 $1,372 7.43%
    40-60% 32 $7,510,000 $234,688 $3,857 6.97%
    60-80% 98 $23,700,000 $241,837 $4,404 6.77%
    80-100% 84 $22,220,000 $264,524 $4,208 6.59%
    Under 20% 28 $1,240,000 $44,286 $1,299 7.35%