Bank Forward Mortgage Rates, Fees & Info
Hannaford, NDLEI: 549300J9E3YDKIBPUY45
Tax ID: 45-0192700
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Mortgage Data
Review & Overview
Bank Forward is a smaller bank specializing in Home Purchase loans. Bank Forward has a high proportion of conventional loans. Their top markets by origination volume include: Fargo, Minneapolis, Bemidji, Grand Forks, and Brainerd among others. We have data for 11 markets. (Some data included below & more in-depth data is available with an active subscription.)Bank Forward 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. Bank Forward 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.52% | 12/29/24 |
| 30 Year Conventional Refi | 6.49% | 12/29/24 |
| 30 Year Cash-out Refi | 6.44% | 12/29/24 |
| 30 Year VA Purchase | 6.27% | 12/29/24 |
| 30 Year VA Refi | 6.27% | 12/29/24 |
| 15 Year Conventional Purchase | 6.25% | 12/29/24 |
| 15 Year Conventional Refi | 5.98% | 12/29/24 |
| 15 Year Cash-out Refi | 5.98% | 12/29/24 |
| 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. | ||
Bank Forward Mortgage Calculator
Your Estimates
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This is not an official calculator from Bank Forward. 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
169Origination Dollar Volume (All Markets)
$110,845,000Awards
Bank Forward - 2023
Bank Forward is a 2023 , due to their low .
For 2023, less than of lenders were eligible for this award.
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Relative Rate
Bank Forward's average 30 year fixed mortgage rate was
6.47%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of -0.01%.
Relative Fees (Closing Costs)
Bank Forward's average total fees/closing costs for a 30 year fixed rate
mortgage were $4,435.
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) | 31 | $45,365,000 | $1,463,387 | $4,165 | 6.99% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 5 | $30,515,000 | $6,103,000 | $3,764 | 6.37% |
| Outside of Metro Areas | 59 | $17,905,000 | $303,475 | $3,410 | 6.81% |
| Bemidji, MN (FHA|USDA|VA) | 25 | $6,485,000 | $259,400 | $4,657 | 6.51% |
| GRAND FORKS, ND-MN (FHA|USDA|VA) | 19 | $4,115,000 | $216,579 | $4,061 | 6.87% |
| Brainerd, MN (FHA|USDA|VA) | 16 | $3,210,000 | $200,625 | $3,207 | 6.55% |
| Jamestown, ND (FHA|USDA|VA) | 8 | $1,350,000 | $168,750 | $3,849 | 7.11% |
| Fergus Falls, MN (FHA|USDA|VA) | 2 | $730,000 | $365,000 | $4,237 | 5.99% |
| Grand Rapids, MN (FHA|USDA|VA) | 2 | $630,000 | $315,000 | $6,199 | 6.00% |
| BISMARCK, ND (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $5,804 | 6.88% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $4,097 | 5.49% |
Similar Lenders
We use machine learning to identify the top lenders compared against Bank Forward based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 44
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 169 | $110,845,000 | $655,888 | $3,845 | 6.75% |
For 2023, Bank Forward's most frequently originated type of loan was Conventional, with 169 originations.
Loan Reason
For 2023, Bank Forward's most frequently cited loan purpose was Home Purchase, with 130 originations. The 2nd most popular reason was Refi, with 22 originations.
Loan Duration/Length
For 2023, Bank Forward's most frequently cited loan duration was 5 Year, with 70 originations. The 2nd most popular length was 30 Year, with 46 originations.
Origination Fees/Closing Costs
Bank Forward's average total fees were $4,435, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 35 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 60 | $28,940,000 | $482,333 |
| 7-8% | 48 | $26,100,000 | $543,750 |
| 5-6% | 34 | $48,310,000 | $1,420,882 |
| Over 8% | 16 | $1,300,000 | $81,250 |
| 4-5% | 11 | $6,195,000 | $563,182 |
During 2023, Bank Forward's average interest rate for loans was 6.47%, while their most frequently originated rate bucket for loans was 6-7%, with 60 originations.
Loan Sizing
2023 saw Bank Forward place emphasis on $200k-400k loans with 55 originations, totaling $15,725,000 in origination value.
Applicant Income
Bank Forward lent most frequently to those with incomes in the $50k-75k range, with 36 originations. The second most popular income band? $100k-150k, with 24 originations.
Applicant Debt to Income Ratio
Bank Forward lent most frequently to those with DTI ratios of 20-30%, with 30 originations. The next most common DTI ratio? 30-36%, with 23 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications98.54%
Bank Forward has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination80.47%
Bank Forward has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 169 | $110,845,000 | $655,888 |