Midwestone Bank Mortgage Rates, Fees & Info

Iowa City, IA

LEI: 549300LZLYU85WF65870

Tax ID: 42-0335350

5 stars - Updated: 2/26/24 - out of 5 stars, based on 44 reviews

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

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Mortgage Data

Review & Overview

Midwestone Bank is a smaller bank specializing in Home Purchase and Refi loans. Midwestone Bank has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Minneapolis, Iowa City, Dubuque, Cape Coral, and Des Moines among others. We have data for 54 markets. (Some data included below & more in-depth data is available with an active subscription.)

Midwestone Bank has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Midwestone Bank 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 about average 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% 2/26/24
30 Year Conventional Purchase 6.56% 2/26/24
30 Year Conventional Refi 6.34% 2/26/24
30 Year Cash-out Refi 6.63% 2/26/24
30 Year FHA Purchase 6.27% 2/26/24
30 Year USDA Purchase 7.02% 2/26/24
15 Year Conventional Purchase 5.85% 2/26/24
15 Year Conventional Refi 6.05% 2/26/24
15 Year Cash-out Refi 6.05% 2/26/24
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.

Midwestone Bank Mortgage Calculator






Your Estimates

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

This is not an official calculator from Midwestone Bank. 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

1,908

Origination Dollar Volume (All Markets)

$408,250,000
Show all (5) awards

Relative Rate

Midwestone Bank's average 30 year fixed mortgage rate was 4.7%.

The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.

This yields a difference of -0.06%.

Relative Fees (Closing Costs)

Midwestone Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $3,217.

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 $4,750.

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
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 446 $90,870,000 $203,744 $4,482 3.65%
IOWA CITY, IA (FHA|USDA|VA) 227 $84,935,000 $374,163 $2,016 3.50%
DUBUQUE, IA (FHA|USDA|VA) 353 $53,875,000 $152,620 $1,911 3.61%
Outside of Metro Areas 215 $34,375,000 $159,884 $3,219 3.87%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 51 $32,195,000 $631,275 $7,282 3.61%
DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) 55 $12,155,000 $221,000 $3,112 3.65%
CEDAR RAPIDS, IA (FHA|USDA|VA) 57 $9,125,000 $160,088 $2,418 4.12%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 13 $9,055,000 $696,538 $3,389 3.02%
Platteville, WI (FHA|USDA|VA) 80 $8,700,000 $108,750 $1,975 3.66%
Breckenridge, CO (FHA|USDA|VA) 4 $7,080,000 $1,770,000 $15,680 2.37%
Muscatine, IA (FHA|USDA|VA) 54 $6,950,000 $128,704 $2,095 4.56%
WATERLOO-CEDAR FALLS, IA (FHA|USDA|VA) 53 $6,045,000 $114,057 $2,341 3.68%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 22 $5,440,000 $247,273 $4,318 3.26%
Oskaloosa, IA (FHA|USDA|VA) 50 $5,090,000 $101,800 $2,588 4.19%
Fairfield, IA (FHA|USDA|VA) 46 $4,310,000 $93,696 $2,261 3.52%
Pella, IA (FHA|USDA|VA) 25 $4,035,000 $161,400 $2,821 3.74%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 3 $4,005,000 $1,335,000 $4,156 5.08%
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 1 $3,825,000 $3,825,000 $16,838 4.63%
DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) 14 $3,130,000 $223,571 $3,309 4.72%
Marshalltown, IA (FHA|USDA|VA) 28 $2,650,000 $94,643 $2,745 3.68%
Fort Madison-Keokuk, IA-IL-MO (FHA|USDA|VA) 24 $2,470,000 $102,917 $2,795 3.94%
Burlington, IA-IL (FHA|USDA|VA) 26 $1,800,000 $69,231 $2,577 3.65%
Brainerd, MN (FHA|USDA|VA) 3 $1,705,000 $568,333 $9,142 4.33%
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 1 $1,075,000 $1,075,000 $9,561 5.00%
Glenwood Springs, CO (FHA|USDA|VA) 1 $1,015,000 $1,015,000 $0 3.50%
Payson, AZ (FHA|USDA|VA) 1 $895,000 $895,000 $15,876 3.63%
Steamboat Springs, CO (FHA|USDA|VA) 1 $855,000 $855,000 $11,900 3.13%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 2 $820,000 $410,000 $6,599 4.38%
AMES, IA (FHA|USDA|VA) 5 $815,000 $163,000 $0 3.67%
MADISON, WI (FHA|USDA|VA) 7 $775,000 $110,714 $2,130 3.16%
Ottumwa, IA (FHA|USDA|VA) 8 $750,000 $93,750 $2,498 3.84%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 2 $750,000 $375,000 $0 4.37%
PUNTA GORDA, FL (FHA|USDA|VA) 1 $655,000 $655,000 $0 3.99%
KANSAS CITY, MO-KS (FHA|USDA|VA) 2 $620,000 $310,000 $8,355 5.44%
Clinton, IA (FHA|USDA|VA) 2 $610,000 $305,000 $2,196 4.25%
Galesburg, IL (FHA|USDA|VA) 1 $565,000 $565,000 $7,795 5.75%
Key West, FL (FHA|USDA|VA) 1 $505,000 $505,000 $4,252 3.38%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 1 $395,000 $395,000 $0 5.12%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 1 $395,000 $395,000 $7,646 4.63%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 3 $365,000 $121,667 $0 2.58%
MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 2 $340,000 $170,000 $4,899 5.93%
Mason City, IA (FHA|USDA|VA) 2 $270,000 $135,000 $2,735 4.25%
Watertown-Fort Atkinson, WI (FHA|USDA|VA) 1 $245,000 $245,000 $2,058 4.75%
HOMOSASSA SPRINGS, FL (FHA|USDA|VA) 1 $225,000 $225,000 $0 4.90%
DULUTH, MN-WI (FHA|USDA|VA) 3 $215,000 $71,667 $4,352 4.75%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $185,000 $185,000 $0 3.85%
OSHKOSH-NEENAH, WI (FHA|USDA|VA) 1 $165,000 $165,000 $2,902 5.38%
Menomonie, WI (FHA|USDA|VA) 1 $155,000 $155,000 $3,834 5.50%
Beaver Dam, WI (FHA|USDA|VA) 1 $145,000 $145,000 $0 5.25%
Grand Rapids, MN (FHA|USDA|VA) 1 $145,000 $145,000 $3,240 3.38%
JANESVILLE-BELOIT, WI (FHA|USDA|VA) 1 $135,000 $135,000 $1,530 3.25%
Clewiston, FL (FHA|USDA|VA) 1 $125,000 $125,000 $0 1.99%
Alexandria, MN (FHA|USDA|VA) 1 $115,000 $115,000 $2,480 3.38%
Manitowoc, WI (FHA|USDA|VA) 1 $105,000 $105,000 $3,177 5.88%
Midwestone Bank's top markets include Minneapolis, Iowa City, Dubuque, Cape Coral, and Des Moines among others.

Their top states include:
  • Iowa (FHA|USDA|VA)
  • Minnesota (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Wisconsin (FHA|USDA|VA)
  • Colorado (FHA|USDA|VA)
  • Similar Lenders

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

    Mound City Bank
    Similarity Rank: 70
    Bank
    Similarity Rank: 82
    Heartland Credit Union (Madison)
    Similarity Rank: 84
    Royal Bank
    Similarity Rank: 84
    VisionBank of Iowa
    Similarity Rank: 85
    ASCENTRA
    Similarity Rank: 105
    BankIowa of Cedar Rapids
    Similarity Rank: 195
    Community Savings Bank
    Similarity Rank: 310
    FIRST
    Similarity Rank: 336
    Hills Bank and Trust Company
    Similarity Rank: 418

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 1,080 $123,400,000 $114,259 n/a 3.12%
    Conventional 824 $284,320,000 $345,049 $2,955 4.50%
    USDA 4 $530,000 $132,500 $4,238 4.72%

    For 2022, Midwestone Bank's most frequently originated type of loan was HELOC, with 1,080 originations. Their 2nd most popular type was Conventional, with 824 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 570 $218,700,000 $383,684 $3,189 4.59%
    Other 503 $51,845,000 $103,072 $0 3.05%
    Refi 503 $89,095,000 $177,127 $2,327 3.38%
    Home Improvement 190 $15,420,000 $81,158 $2,983 3.41%
    Cash Out Refi 142 $33,190,000 $233,732 $2,727 4.16%

    For 2022, Midwestone Bank's most frequently cited loan purpose was Home Purchase, with 570 originations. The 2nd most popular reason was Other, with 503 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    10 Year 1,112 $123,160,000 $110,755 $1,646 3.16%
    30 Year 538 $152,310,000 $283,104 $3,217 4.70%
    15 Year 102 $17,180,000 $168,431 $2,045 3.59%
    5 Year 68 $77,650,000 $1,141,912 $45 4.54%
    Other 43 $30,895,000 $718,488 $0 4.22%
    20 Year 28 $4,340,000 $155,000 $2,140 3.80%
    1 Year 13 $1,955,000 $150,385 $0 5.56%
    3 Year 3 $605,000 $201,667 $0 4.18%
    30+ year 1 $155,000 $155,000 $5,120 6.50%

    For 2022, Midwestone Bank's most frequently cited loan duration was 10 Year, with 1,112 originations. The 2nd most popular length was 30 Year, with 538 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 410 $86,120,000 $210,049
    $1k-2k 147 $39,995,000 $272,075
    $2k-3k 42 $9,710,000 $231,190
    $5k+ 33 $27,955,000 $847,121
    $3k-4k 22 $5,760,000 $261,818
    $4k-5k 9 $3,405,000 $378,333

    Midwestone Bank's average total fees were $3,217, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 410 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    <2.5% 637 $70,925,000 $111,342
    3-4% 429 $133,035,000 $310,105
    4-5% 366 $76,370,000 $208,661
    5-6% 242 $86,250,000 $356,405
    2.5-3% 122 $25,170,000 $206,311
    6-7% 73 $12,915,000 $176,918
    7-8% 30 $3,360,000 $112,000
    Over 8% 9 $225,000 $25,000

    During 2022, Midwestone Bank's average interest rate for loans was 4.70%, while their most frequently originated rate bucket for loans was <2.5%, with 637 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 772 $39,640,000 $51,347 $1,998 3.46%
    $100k-200k 588 $82,030,000 $139,507 $2,410 3.79%
    $200k-400k 380 $101,840,000 $268,000 $2,782 3.96%
    $400k-600k 103 $49,255,000 $478,204 $4,212 4.16%
    $600k-1MM 36 $27,110,000 $753,056 $7,034 4.10%
    $1MM+ 29 $108,375,000 $3,737,069 $11,885 3.85%

    2022 saw Midwestone Bank place emphasis on $100,000 or less loans with 772 originations, totaling $39,640,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 388 $64,530,000 $166,314 $2,899 3.66%
    $50k-75k 363 $43,835,000 $120,758 $2,608 3.75%
    $75k-100k 291 $40,425,000 $138,918 $2,534 3.55%
    $50k or less 281 $24,515,000 $87,242 $2,171 3.93%
    $150k-250k 251 $55,455,000 $220,936 $3,776 3.63%
    $250k+ 160 $60,120,000 $375,750 $5,447 3.48%

    Midwestone Bank lent most frequently to those with incomes in the $100k-150k range, with 388 originations. The second most popular income band? $50k-75k, with 363 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 496 $69,000,000 $139,113 $2,597 3.52%
    <20% 393 $57,455,000 $146,196 $2,932 3.12%
    30-36% 294 $53,510,000 $182,007 $3,037 3.74%
    42% 70 $10,190,000 $145,571 $3,887 3.72%
    38% 68 $9,740,000 $143,235 $2,430 3.80%
    36% 60 $10,090,000 $168,167 $3,235 4.03%
    40% 55 $8,245,000 $149,909 $3,615 3.72%
    41% 54 $6,500,000 $120,370 $2,282 3.76%
    37% 53 $10,535,000 $198,774 $3,235 3.94%
    39% 46 $6,940,000 $150,870 $3,220 3.94%
    43% 34 $7,090,000 $208,529 $3,460 4.81%
    44% 23 $6,775,000 $294,565 $2,573 4.36%
    49% 22 $6,300,000 $286,364 $3,236 4.63%
    50-60% 17 $6,425,000 $377,941 $3,211 4.35%
    47% 16 $4,000,000 $250,000 $2,365 4.40%
    48% 15 $3,025,000 $201,667 $2,419 4.27%
    46% 15 $4,505,000 $300,333 $3,039 4.52%
    45% 15 $6,315,000 $421,000 $3,697 4.84%
    >60% 5 $3,685,000 $737,000 $4,866 5.45%

    Midwestone Bank lent most frequently to those with DTI ratios of 20-30%, with 496 originations. The next most common DTI ratio? <20%, with 393 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,506 $253,300,000 $168,194 $2,889 3.71%
    Not applicable 116 $110,670,000 $954,052 $0 4.49%
    Not provided 221 $26,555,000 $120,158 $2,663 3.25%
    Black 31 $11,035,000 $355,968 $5,211 4.81%
    Asian 22 $3,610,000 $164,091 $2,399 3.39%
    Chinese 2 $1,110,000 $555,000 $0 4.50%
    American Indian 6 $1,040,000 $173,333 $2,859 3.89%
    Other Asian 2 $600,000 $300,000 $0 4.13%
    Asian Indian 1 $265,000 $265,000 $1,925 5.75%
    Native Hawaiian or Islander 1 $65,000 $65,000 $0 4.74%

    Approval Rates

    Total approvals of all applications
    87.09%

    Midwestone Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    89.36%

    Midwestone Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,908 $408,250,000 $213,968

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,908 $408,250,000 $213,968

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 446 $50,280,000 $112,735 $2,612 3.27%
    40-60% 277 $62,775,000 $226,625 $3,057 3.36%
    60-80% 434 $178,790,000 $411,959 $3,009 4.16%
    80-100% 359 $93,485,000 $260,404 $3,030 4.52%
    Under 20% 392 $22,920,000 $58,469 $1,237 3.27%

    Complaints

    Bank Name Product Issue 2022 CPFB Complaints % of Total Issues
    Midwest Loan Services, Inc. Conventional home mortgage Struggling to pay mortgage 1 100.0%