Bank Iowa Mortgage Rates, Fees & Info
West Des Moines, IALEI: 549300NDNZ6EWP8BJI88
Tax ID: 42-0181970
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Mortgage Data
Review & Overview
Bank Iowa is a smaller bank specializing in Home Purchase loans. Bank Iowa has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Des Moines, Pella, Oskaloosa, Omaha, and Las Vegas among others. We have data for 30 markets. (Some data included below & more in-depth data is available with an active subscription.)Bank Iowa 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 Iowa 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 7.86% | 11/17/24 |
| 30 Year Conventional Purchase | 6.60% | 11/17/24 |
| 30 Year Conventional Refi | 6.70% | 11/17/24 |
| 30 Year Cash-out Refi | 6.75% | 11/17/24 |
| 30 Year USDA Purchase | 6.57% | 11/17/24 |
| 15 Year Conventional Purchase | 6.19% | 11/17/24 |
| 15 Year Conventional Refi | 6.31% | 11/17/24 |
| 15 Year Cash-out Refi | 6.31% | 11/17/24 |
| 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 Iowa Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
805Origination Dollar Volume (All Markets)
$104,775,000Awards
Bank Iowa - 2023
Bank Iowa 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 Iowa's average 30 year fixed mortgage rate was
6.5%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of 0.02%.
Relative Fees (Closing Costs)
Bank Iowa's average total fees/closing costs for a 30 year fixed rate
mortgage were $3,518.
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 |
|---|---|---|---|---|---|
| DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) | 246 | $44,180,000 | $179,593 | $3,494 | 6.72% |
| Outside of Metro Areas | 396 | $36,160,000 | $91,313 | $3,254 | 6.98% |
| Pella, IA (FHA|USDA|VA) | 23 | $5,595,000 | $243,261 | $3,969 | 6.72% |
| Oskaloosa, IA (FHA|USDA|VA) | 64 | $5,160,000 | $80,625 | $2,748 | 6.89% |
| OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) | 15 | $2,005,000 | $133,667 | $4,206 | 7.22% |
| LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) | 5 | $1,605,000 | $321,000 | $4,323 | 6.75% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 2 | $1,450,000 | $725,000 | $8,976 | 6.38% |
| Ottumwa, IA (FHA|USDA|VA) | 5 | $1,025,000 | $205,000 | $4,420 | 6.12% |
| AMES, IA (FHA|USDA|VA) | 4 | $930,000 | $232,500 | $4,611 | 7.58% |
| KANSAS CITY, MO-KS (FHA|USDA|VA) | 3 | $735,000 | $245,000 | $4,166 | 7.08% |
| WATERLOO-CEDAR FALLS, IA (FHA|USDA|VA) | 7 | $715,000 | $102,143 | $3,442 | 6.80% |
| Marshalltown, IA (FHA|USDA|VA) | 4 | $700,000 | $175,000 | $2,677 | 6.77% |
| Fort Dodge, IA (FHA|USDA|VA) | 5 | $495,000 | $99,000 | $2,260 | 7.46% |
| DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) | 3 | $455,000 | $151,667 | $2,627 | 6.78% |
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 1 | $395,000 | $395,000 | $0 | 7.50% |
| CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) | 1 | $365,000 | $365,000 | $4,048 | 6.99% |
| Carroll, IA (FHA|USDA|VA) | 5 | $315,000 | $63,000 | $2,822 | 6.73% |
| Spirit Lake, IA (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $5,647 | 6.88% |
| Newberry, SC (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $3,654 | 6.38% |
| Mason City, IA (FHA|USDA|VA) | 2 | $290,000 | $145,000 | $2,802 | 7.53% |
| FAYETTEVILLE-SPRINGDALE-ROGERS, AR (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $0 | 8.00% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $4,182 | 6.13% |
| IOWA CITY, IA (FHA|USDA|VA) | 3 | $225,000 | $75,000 | $3,635 | 6.69% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $2,817 | 6.13% |
| Storm Lake, IA (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $0 | 7.15% |
| Fort Madison-Keokuk, IA-IL-MO (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $4,412 | 7.13% |
| DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $2,687 | 6.88% |
| Fairfield, IA (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $2,371 | 7.25% |
| Glenwood Springs, CO (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 7.35% |
| SAVANNAH, GA (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $0 | 7.35% |
Similar Lenders
We use machine learning to identify the top lenders compared against Bank Iowa based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 402 | $75,090,000 | $186,791 | $3,382 | 6.82% |
| HELOC | 379 | $26,455,000 | $69,802 | n/a | 6.99% |
| USDA | 24 | $3,230,000 | $134,583 | $4,306 | 6.30% |
For 2023, Bank Iowa's most frequently originated type of loan was Conventional, with 402 originations. Their 2nd most popular type was HELOC, with 379 originations.
Loan Reason
For 2023, Bank Iowa's most frequently cited loan purpose was Home Purchase, with 373 originations. The 2nd most popular reason was Other, with 234 originations.
Loan Duration/Length
For 2023, Bank Iowa's most frequently cited loan duration was 5 Year, with 425 originations. The 2nd most popular length was 30 Year, with 273 originations.
Origination Fees/Closing Costs
Bank Iowa's average total fees were $3,518, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 160 originations.
Interest Rates
During 2023, Bank Iowa's average interest rate for loans was 6.50%, while their most frequently originated rate bucket for loans was 6-7%, with 243 originations.
Loan Sizing
2023 saw Bank Iowa place emphasis on $100,000 or less loans with 443 originations, totaling $20,465,000 in origination value.
Applicant Income
Bank Iowa lent most frequently to those with incomes in the $50k-75k range, with 172 originations. The second most popular income band? $100k-150k, with 145 originations.
Applicant Debt to Income Ratio
Bank Iowa lent most frequently to those with DTI ratios of 20-30%, with 186 originations. The next most common DTI ratio? 30-36%, with 137 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications92.19%
Bank Iowa has an average approval rate.
Pick Rate
Approvals leading to origination82.86%
Bank Iowa has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 805 | $104,775,000 | $130,155 |