Midwestone Bank Mortgage Rates, Fees & Info

Iowa City, IA

LEI: 549300LZLYU85WF65870

Tax ID: 42-0335350

5 stars - Updated: 11/3/24 - out of 5 stars, based on 37 reviews

Latest/2023 | 2022 Data | 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, Denver, Dubuque, Madison, and Iowa City among others. We have data for 46 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 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% 11/3/24
30 Year Conventional Purchase 6.56% 11/3/24
30 Year Conventional Refi 6.34% 11/3/24
30 Year Cash-out Refi 6.63% 11/3/24
30 Year FHA Purchase 6.27% 11/3/24
30 Year USDA Purchase 7.02% 11/3/24
15 Year Conventional Purchase 5.85% 11/3/24
15 Year Conventional Refi 6.05% 11/3/24
15 Year Cash-out Refi 6.05% 11/3/24
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

1,351

Origination Dollar Volume (All Markets)

$302,155,000

Awards

MidWestOne Bank 30 Year Conventional Loans bronze
Show all (1) awards

Relative Rate

Midwestone Bank's average 30 year fixed mortgage rate was 6.67%.

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

This yields a difference of 0.19%.

Relative Fees (Closing Costs)

Midwestone Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $3,610.

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
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 252 $69,460,000 $275,635 $5,110 6.38%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 9 $34,635,000 $3,848,333 $0 6.04%
DUBUQUE, IA (FHA|USDA|VA) 222 $31,360,000 $141,261 $2,266 6.36%
MADISON, WI (FHA|USDA|VA) 3 $24,675,000 $8,225,000 $2,888 7.10%
IOWA CITY, IA (FHA|USDA|VA) 132 $24,230,000 $183,561 $2,319 6.47%
Outside of Metro Areas 175 $22,525,000 $128,714 $3,696 6.67%
Muscatine, IA (FHA|USDA|VA) 144 $18,360,000 $127,500 $2,333 7.01%
MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 3 $13,925,000 $4,641,667 $3,101 6.50%
DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) 48 $11,070,000 $230,625 $2,790 6.52%
CEDAR RAPIDS, IA (FHA|USDA|VA) 72 $7,480,000 $103,889 $2,401 6.66%
Oskaloosa, IA (FHA|USDA|VA) 38 $4,710,000 $123,947 $3,245 6.43%
Platteville, WI (FHA|USDA|VA) 33 $3,815,000 $115,606 $2,650 6.25%
Fairfield, IA (FHA|USDA|VA) 36 $3,630,000 $100,833 $4,176 6.58%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 14 $3,630,000 $259,286 $7,439 6.14%
WATERLOO-CEDAR FALLS, IA (FHA|USDA|VA) 26 $3,200,000 $123,077 $2,485 6.21%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 8 $2,950,000 $368,750 $0 6.42%
Breckenridge, CO (FHA|USDA|VA) 2 $2,410,000 $1,205,000 $23,717 5.87%
Pella, IA (FHA|USDA|VA) 11 $2,055,000 $186,818 $2,654 6.63%
Burlington, IA-IL (FHA|USDA|VA) 28 $1,950,000 $69,643 $2,070 6.57%
Marshalltown, IA (FHA|USDA|VA) 17 $1,645,000 $96,765 $3,222 7.18%
Fort Madison-Keokuk, IA-IL-MO (FHA|USDA|VA) 20 $1,590,000 $79,500 $2,653 6.70%
GREELEY, CO (FHA|USDA|VA) 2 $1,540,000 $770,000 $18,887 6.37%
ROCHESTER, MN (FHA|USDA|VA) 4 $1,360,000 $340,000 $6,156 6.56%
CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 2 $1,290,000 $645,000 $4,781 6.45%
Brainerd, MN (FHA|USDA|VA) 5 $1,165,000 $233,000 $7,500 6.91%
DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) 11 $1,125,000 $102,273 $3,415 6.25%
PUNTA GORDA, FL (FHA|USDA|VA) 2 $970,000 $485,000 $16,096 7.37%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 3 $895,000 $298,333 $7,148 7.25%
EAU CLAIRE, WI (FHA|USDA|VA) 1 $885,000 $885,000 $0 5.93%
Ottumwa, IA (FHA|USDA|VA) 8 $740,000 $92,500 $1,807 7.08%
Glenwood Springs, CO (FHA|USDA|VA) 1 $485,000 $485,000 $0 6.13%
Effingham, IL (FHA|USDA|VA) 1 $365,000 $365,000 $2,771 6.88%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 1 $345,000 $345,000 $8,361 7.00%
DULUTH, MN-WI (FHA|USDA|VA) 4 $340,000 $85,000 $3,554 6.47%
TUCSON, AZ (FHA|USDA|VA) 1 $275,000 $275,000 $3,979 6.13%
Menomonie, WI (FHA|USDA|VA) 1 $205,000 $205,000 $0 5.79%
OCALA, FL (FHA|USDA|VA) 1 $175,000 $175,000 $0 5.99%
ST. CLOUD, MN (FHA|USDA|VA) 1 $125,000 $125,000 $0 6.50%
FORT COLLINS, CO (FHA|USDA|VA) 1 $115,000 $115,000 $0 4.99%
AMES, IA (FHA|USDA|VA) 2 $110,000 $55,000 $2,671 6.75%
Faribault-Northfield, MN (FHA|USDA|VA) 1 $105,000 $105,000 $0 6.74%
GREEN BAY, WI (FHA|USDA|VA) 1 $95,000 $95,000 $0 5.75%
JOPLIN, MO (FHA|USDA|VA) 1 $75,000 $75,000 $2,387 6.25%
HOMOSASSA SPRINGS, FL (FHA|USDA|VA) 1 $35,000 $35,000 $0 6.24%
Clinton, IA (FHA|USDA|VA) 1 $25,000 $25,000 $0 6.24%
Red Wing, MN (FHA|USDA|VA) 1 $5,000 $5,000 $0 11.00%
Midwestone Bank's top markets include Minneapolis, Denver, Dubuque, Madison, and Iowa City among others.

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

    Bank
    Similarity Rank: 26
    Mound City Bank
    Similarity Rank: 33
    ASCENTRA
    Similarity Rank: 48
    Royal Bank
    Similarity Rank: 48
    South Metro Federal Credit Union
    Similarity Rank: 55
    Two Rivers Bank & Trust
    Similarity Rank: 60
    FINANCIAL PLUS Credit Union
    Similarity Rank: 60
    DuTrac Community Credit Union
    Similarity Rank: 110
    FIRST
    Similarity Rank: 112
    LINN AREA
    Similarity Rank: 128

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 892 $102,060,000 $114,417 n/a 6.40%
    Conventional 456 $199,660,000 $437,851 $3,408 6.82%
    USDA 3 $435,000 $145,000 $4,545 5.92%

    For 2023, Midwestone Bank's most frequently originated type of loan was HELOC, with 892 originations. Their 2nd most popular type was Conventional, with 456 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 394 $157,690,000 $400,228 $3,507 6.74%
    Other 376 $37,500,000 $99,734 $191 6.37%
    Refi 334 $83,400,000 $249,701 $2,635 6.47%
    Home Improvement 219 $18,485,000 $84,406 $5,806 6.53%
    Cash Out Refi 28 $5,080,000 $181,429 $2,762 6.85%

    For 2023, Midwestone Bank's most frequently cited loan purpose was Home Purchase, with 394 originations. The 2nd most popular reason was Other, with 376 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    10 Year 903 $107,875,000 $119,463 $154 6.38%
    30 Year 308 $80,620,000 $261,753 $3,610 6.67%
    5 Year 62 $70,920,000 $1,143,871 $202 7.09%
    15 Year 31 $8,625,000 $278,226 $2,522 6.34%
    Other 17 $30,035,000 $1,766,765 $0 8.39%
    1 Year 14 $1,950,000 $139,286 $3,022 8.38%
    3 Year 10 $1,000,000 $100,000 $0 8.48%
    20 Year 6 $1,130,000 $188,333 $3,126 6.10%

    For 2023, Midwestone Bank's most frequently cited loan duration was 10 Year, with 903 originations. The 2nd most popular length was 30 Year, with 308 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 193 $38,745,000 $200,751
    $1k-2k 82 $20,540,000 $250,488
    $2k-3k 28 $7,550,000 $269,643
    $5k+ 17 $11,305,000 $665,000
    $3k-4k 12 $4,700,000 $391,667
    $4k-5k 8 $2,670,000 $333,750

    Midwestone Bank's average total fees were $3,610, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 193 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 509 $115,535,000 $226,984
    5-6% 464 $84,080,000 $181,207
    7-8% 175 $70,875,000 $405,000
    Over 8% 115 $12,915,000 $112,304
    4-5% 86 $18,450,000 $214,535
    <2.5% 1 $15,000 $15,000
    3-4% 1 $285,000 $285,000

    During 2023, Midwestone Bank's average interest rate for loans was 6.67%, while their most frequently originated rate bucket for loans was 6-7%, with 509 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 622 $30,330,000 $48,762 $2,056 6.63%
    $100k-200k 398 $53,900,000 $135,427 $2,751 6.41%
    $200k-400k 235 $64,225,000 $273,298 $3,500 6.54%
    $400k-600k 53 $26,235,000 $495,000 $4,808 6.50%
    $600k-1MM 26 $20,460,000 $786,923 $7,002 6.55%
    $1MM+ 17 $107,005,000 $6,294,412 $16,069 6.45%

    2023 saw Midwestone Bank place emphasis on $100,000 or less loans with 622 originations, totaling $30,330,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 271 $39,165,000 $144,520 $3,120 6.48%
    $50k-75k 261 $25,945,000 $99,406 $2,851 6.48%
    $75k-100k 208 $27,640,000 $132,885 $3,179 6.54%
    $150k-250k 188 $34,420,000 $183,085 $4,013 6.50%
    $50k or less 186 $13,550,000 $72,849 $2,585 6.57%
    $250k+ 111 $43,815,000 $394,730 $6,228 6.34%

    Midwestone Bank lent most frequently to those with incomes in the $100k-150k range, with 271 originations. The second most popular income band? $50k-75k, with 261 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 363 $50,215,000 $138,333 $3,251 6.35%
    <20% 226 $27,640,000 $122,301 $2,885 6.30%
    30-36% 211 $29,875,000 $141,588 $3,426 6.48%
    42% 65 $10,975,000 $168,846 $3,631 6.45%
    38% 47 $8,865,000 $188,617 $3,208 6.51%
    36% 44 $6,970,000 $158,409 $2,955 6.38%
    37% 42 $6,380,000 $151,905 $3,689 6.84%
    41% 41 $6,045,000 $147,439 $3,625 6.37%
    39% 33 $5,615,000 $170,152 $2,702 6.16%
    40% 33 $3,915,000 $118,636 $3,221 6.71%
    43% 25 $6,445,000 $257,800 $4,756 6.46%
    49% 17 $4,115,000 $242,059 $3,520 6.47%
    48% 16 $4,120,000 $257,500 $4,125 6.84%
    46% 12 $2,440,000 $203,333 $3,153 6.84%
    44% 11 $2,945,000 $267,727 $3,565 6.92%
    45% 11 $1,865,000 $169,545 $2,733 6.52%
    47% 11 $2,125,000 $193,182 $2,678 6.28%
    50-60% 11 $4,035,000 $366,818 $5,172 6.77%
    >60% 1 $505,000 $505,000 $2,678 6.38%

    Midwestone Bank lent most frequently to those with DTI ratios of 20-30%, with 363 originations. The next most common DTI ratio? <20%, with 226 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,064 $161,610,000 $151,889 $3,380 6.49%
    Not applicable 73 $109,405,000 $1,498,699 $0 7.46%
    Not provided 176 $25,150,000 $142,898 $4,129 6.44%
    Asian 20 $3,460,000 $173,000 $3,275 6.30%
    Black 10 $1,850,000 $185,000 $5,815 6.47%
    Native Hawaiian or Islander 3 $315,000 $105,000 $2,180 6.62%
    Asian Indian 1 $175,000 $175,000 $0 7.25%
    American Indian 3 $115,000 $38,333 $0 7.58%
    Other Asian 1 $75,000 $75,000 $2,557 7.25%

    Approval Rates

    Total approvals of all applications
    82.35%

    Midwestone Bank has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    85.94%

    Midwestone Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,351 $302,155,000 $223,653

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,351 $302,155,000 $223,653

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 378 $39,680,000 $104,974 $2,509 6.39%
    40-60% 191 $87,215,000 $456,623 $3,504 6.48%
    60-80% 221 $100,925,000 $456,674 $3,673 6.66%
    80-100% 231 $58,095,000 $251,494 $3,503 6.59%
    Under 20% 328 $16,050,000 $48,933 $1,106 6.62%