Midwestone Bank Mortgage Rates, Fees & Info
Iowa City, IALEI: 549300LZLYU85WF65870
Tax ID: 42-0335350
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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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 6.27% | 4/21/24 |
| 30 Year Conventional Purchase | 6.56% | 4/21/24 |
| 30 Year Conventional Refi | 6.34% | 4/21/24 |
| 30 Year Cash-out Refi | 6.63% | 4/21/24 |
| 30 Year FHA Purchase | 6.27% | 4/21/24 |
| 30 Year USDA Purchase | 7.02% | 4/21/24 |
| 15 Year Conventional Purchase | 5.85% | 4/21/24 |
| 15 Year Conventional Refi | 6.05% | 4/21/24 |
| 15 Year Cash-out Refi | 6.05% | 4/21/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
1,908Origination Dollar Volume (All Markets)
$408,250,000Awards
MidWestOne Bank - 2022
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For 2022, less than of lenders were eligible for this award.
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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% |
Similar Lenders
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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
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
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
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
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
2022 saw Midwestone Bank place emphasis on $100,000 or less loans with 772 originations, totaling $39,640,000 in origination value.
Applicant Income
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
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
Approval Rates
Total approvals of all applications87.09%
Midwestone Bank has an average approval rate.
Pick Rate
Approvals leading to origination89.36%
Midwestone Bank has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 1,908 | $408,250,000 | $213,968 |
LTV Distribution
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% |