Reliabank Dakota Mortgage Rates, Fees & Info

Estelline, SD

LEI: 549300KCR7QWQQCWBG94

Tax ID: 46-0133683

5 stars - Updated: 10/29/24 - out of 5 stars, based on 15 reviews

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

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Mortgage Data

Review & Overview

Reliabank Dakota is a smaller bank specializing in Home Purchase loans. Reliabank Dakota 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: Sioux Falls, Watertown, Spirit Lake, Brookings, and Spearfish among others. We have data for 17 markets. (Some data included below & more in-depth data is available with an active subscription.)

Reliabank Dakota 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. Reliabank Dakota 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
Home Equity Line of Credit (HELOC) 6.27% 10/29/24
30 Year Conventional Purchase 6.60% 10/29/24
30 Year Conventional Refi 6.50% 10/29/24
30 Year Cash-out Refi 6.70% 10/29/24
30 Year FHA Purchase 7.40% 10/29/24
30 Year FHA Refi 6.46% 10/29/24
30 Year VA Purchase 6.33% 10/29/24
30 Year USDA Purchase 6.61% 10/29/24
15 Year Conventional Purchase 6.21% 10/29/24
15 Year Conventional Refi 5.77% 10/29/24
15 Year Cash-out Refi 5.77% 10/29/24
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.

Reliabank Dakota Mortgage Calculator






Your Estimates

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

This is not an official calculator from Reliabank Dakota. 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

219

Origination Dollar Volume (All Markets)

$53,385,000

Awards

Reliabank Dakota FHA Loans bronze Reliabank Dakota FHA Loans silver
Show all (2) awards

Relative Rate

Reliabank Dakota's average 30 year fixed mortgage rate was 6.55%.

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

This yields a difference of 0.07%.

Relative Fees (Closing Costs)

Reliabank Dakota's average total fees/closing costs for a 30 year fixed rate mortgage were $5,530.

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 FALLS, SD (FHA|USDA|VA) 120 $33,690,000 $280,750 $5,395 6.98%
Outside of Metro Areas 43 $8,745,000 $203,372 $5,334 6.71%
Watertown, SD (FHA|USDA|VA) 25 $4,105,000 $164,200 $4,190 7.05%
Spirit Lake, IA (FHA|USDA|VA) 3 $1,125,000 $375,000 $8,422 6.67%
Brookings, SD (FHA|USDA|VA) 4 $1,060,000 $265,000 $6,756 6.83%
Spearfish, SD (FHA|USDA|VA) 2 $980,000 $490,000 $7,055 7.43%
Aberdeen, SD (FHA|USDA|VA) 4 $660,000 $165,000 $8,511 7.81%
Worthington, MN (FHA|USDA|VA) 3 $555,000 $185,000 $6,841 6.54%
SIOUX CITY, IA-NE-SD (FHA|USDA|VA) 3 $525,000 $175,000 $4,040 6.08%
Vermillion, SD (FHA|USDA|VA) 3 $405,000 $135,000 $2,280 7.72%
Mitchell, SD (FHA|USDA|VA) 2 $350,000 $175,000 $4,456 7.13%
Pierre, SD (FHA|USDA|VA) 1 $265,000 $265,000 $7,547 7.13%
Bemidji, MN (FHA|USDA|VA) 1 $255,000 $255,000 $3,813 5.99%
Spencer, IA (FHA|USDA|VA) 2 $250,000 $125,000 $5,285 6.75%
Fergus Falls, MN (FHA|USDA|VA) 1 $165,000 $165,000 $7,341 6.00%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 1 $125,000 $125,000 $2,834 8.02%
OKLAHOMA CITY, OK (FHA|USDA|VA) 1 $125,000 $125,000 $6,380 6.13%
Reliabank Dakota's top markets include Sioux Falls, Watertown, Spirit Lake, Brookings, and Spearfish among others.

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

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

    SIOUX FALLS
    Similarity Rank: 120
    CU MORTGAGE DIRECT, LLC
    Similarity Rank: 276
    First Dakota National Bank
    Similarity Rank: 510
    American Bank & Trust
    Similarity Rank: 528
    Reliabank Dakota
    Similarity Rank: 578
    Dacotah Bank
    Similarity Rank: 594
    American State Bank
    Similarity Rank: 650
    BLACK HILLS FEDERAL CREDIT UNION
    Similarity Rank: 810
    CORTRUST MORTGAGE, INC.
    Similarity Rank: 840

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 157 $39,415,000 $251,051 $4,452 7.12%
    FHA 39 $8,915,000 $228,590 $7,419 6.61%
    USDA 14 $2,510,000 $179,286 $5,616 6.42%
    VA 9 $2,545,000 $282,778 $6,843 5.82%

    For 2023, Reliabank Dakota's most frequently originated type of loan was Conventional, with 157 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 174 $41,060,000 $235,977 $5,408 6.87%
    Refi 32 $9,860,000 $308,125 $4,733 7.11%
    Cash Out Refi 9 $1,945,000 $216,111 $6,130 6.72%
    Home Improvement 2 $240,000 $120,000 $0 9.00%
    Other 2 $280,000 $140,000 $3,729 7.70%

    For 2023, Reliabank Dakota's most frequently cited loan purpose was Home Purchase, with 174 originations. The 2nd most popular reason was Refi, with 32 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 164 $39,810,000 $242,744 $5,530 6.55%
    5 Year 30 $9,670,000 $322,333 $4,095 8.07%
    15 Year 7 $1,035,000 $147,857 $3,831 6.55%
    1 Year 7 $1,055,000 $150,714 $1,221 9.00%
    Other 4 $540,000 $135,000 $0 8.49%
    10 Year 4 $810,000 $202,500 $1,997 7.99%
    3 Year 2 $210,000 $105,000 $0 8.80%
    20 Year 1 $255,000 $255,000 $0 8.50%

    For 2023, Reliabank Dakota's most frequently cited loan duration was 30 Year, with 164 originations. The 2nd most popular length was 5 Year, with 30 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 74 $15,830,000 $213,919
    $3k-4k 32 $9,230,000 $288,438
    $2k-3k 31 $5,765,000 $185,968
    $1k-2k 16 $2,550,000 $159,375
    $4k-5k 11 $3,575,000 $325,000
    $5k+ 11 $6,955,000 $632,273

    Reliabank Dakota's average total fees were $5,530, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 74 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 89 $22,165,000 $249,045
    7-8% 48 $12,980,000 $270,417
    5-6% 46 $10,660,000 $231,739
    Over 8% 36 $7,580,000 $210,556

    During 2023, Reliabank Dakota's average interest rate for loans was 6.55%, while their most frequently originated rate bucket for loans was 6-7%, with 89 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 103 $27,785,000 $269,757 $5,869 6.71%
    $100k-200k 77 $11,235,000 $145,909 $4,098 6.96%
    $100,000 or less 17 $1,115,000 $65,588 $2,963 7.94%
    $400k-600k 17 $8,265,000 $486,176 $7,462 7.03%
    $600k-1MM 3 $2,075,000 $691,667 $8,157 6.80%
    $1MM+ 2 $2,910,000 $1,455,000 $10,948 7.82%

    2023 saw Reliabank Dakota place emphasis on $200k-400k loans with 103 originations, totaling $27,785,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 50 $9,850,000 $197,000 $4,777 6.44%
    $100k-150k 46 $13,200,000 $286,957 $6,616 6.63%
    $75k-100k 46 $9,640,000 $209,565 $5,015 6.78%
    $150k-250k 18 $6,800,000 $377,778 $5,776 6.75%
    $50k or less 18 $2,300,000 $127,778 $3,746 6.53%
    $250k+ 7 $3,855,000 $550,714 $8,558 7.90%

    Reliabank Dakota lent most frequently to those with incomes in the $50k-75k range, with 50 originations. The second most popular income band? $100k-150k, with 46 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 36 $8,330,000 $231,389 $5,293 6.73%
    20-30% 29 $5,995,000 $206,724 $4,441 6.54%
    37% 13 $2,985,000 $229,615 $6,052 6.49%
    49% 10 $5,210,000 $521,000 $7,385 6.83%
    39% 10 $2,830,000 $283,000 $5,229 6.70%
    36% 9 $2,005,000 $222,778 $6,861 6.36%
    40% 9 $2,125,000 $236,111 $5,451 6.72%
    42% 8 $1,730,000 $216,250 $4,623 6.03%
    45% 8 $1,580,000 $197,500 $5,602 6.55%
    48% 8 $1,910,000 $238,750 $4,950 6.36%
    <20% 7 $1,125,000 $160,714 $3,228 6.57%
    41% 7 $1,645,000 $235,000 $5,670 6.57%
    38% 6 $1,380,000 $230,000 $5,701 7.08%
    46% 6 $1,760,000 $293,333 $5,543 7.27%
    43% 5 $1,175,000 $235,000 $4,856 6.73%
    50-60% 5 $1,295,000 $259,000 $5,524 6.71%
    44% 3 $735,000 $245,000 $7,264 6.63%
    47% 2 $440,000 $220,000 $5,381 6.44%
    >60% 2 $890,000 $445,000 $2,699 7.66%

    Reliabank Dakota lent most frequently to those with DTI ratios of 30-36%, with 36 originations. The next most common DTI ratio? 20-30%, with 29 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 152 $38,400,000 $252,632 $5,411 6.76%
    Not provided 37 $9,175,000 $247,973 $4,990 6.66%
    Not applicable 27 $4,995,000 $185,000 $3,319 8.32%
    Asian 2 $500,000 $250,000 $5,853 6.00%
    American Indian 1 $315,000 $315,000 $7,893 7.13%

    Approval Rates

    Total approvals of all applications
    96.27%

    Reliabank Dakota 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
    82.19%

    Reliabank Dakota has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 219 $53,385,000 $243,767

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    219 $53,385,000 $243,767

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 16 $3,450,000 $215,625 $3,214 7.15%
    40-60% 14 $2,950,000 $210,714 $4,513 6.81%
    60-80% 35 $10,985,000 $313,857 $5,525 6.93%
    80-100% 126 $30,470,000 $241,825 $5,607 6.65%
    Over 100% 4 $900,000 $225,000 $5,783 6.13%
    Under 20% 24 $4,630,000 $192,917 $2,654 8.44%