Bank Iowa Mortgage Rates, Fees & Info

West Des Moines, IA

LEI: 549300NDNZ6EWP8BJI88

Tax ID: 42-0181970

5 stars - Updated: 12/16/24 - out of 5 stars, based on 28 reviews

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

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Relative Rates
  • Relative Fees
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • 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.

    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) 7.86% 12/16/24
    30 Year Conventional Purchase 6.60% 12/16/24
    30 Year Conventional Refi 6.70% 12/16/24
    30 Year Cash-out Refi 6.75% 12/16/24
    30 Year USDA Purchase 6.57% 12/16/24
    15 Year Conventional Purchase 6.19% 12/16/24
    15 Year Conventional Refi 6.31% 12/16/24
    15 Year Cash-out Refi 6.31% 12/16/24
    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






    Your Estimates

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

    This is not an official calculator from Bank Iowa. 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

    805

    Origination Dollar Volume (All Markets)

    $104,775,000
    Show all (5) awards

    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%
    Bank Iowa's top markets include Des Moines, Pella, Oskaloosa, Omaha, and Las Vegas among others.

    Their top states include:
  • Iowa (FHA|USDA|VA)
  • Missouri (FHA|USDA|VA)
  • Nevada (FHA|USDA|VA)
  • Arizona (FHA|USDA|VA)
  • South Carolina (FHA|USDA|VA)

    • 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.

    Bank
    Similarity Rank: 26
    FINANCIAL PLUS Credit Union
    Similarity Rank: 60
    GREATER IOWA CREDIT UNION
    Similarity Rank: 168
    Raccoon Valley Bank
    Similarity Rank: 175
    Cathay Bank
    Similarity Rank: 184
    Collins Community Credit Union
    Similarity Rank: 300
    CLARK COUNTY CREDIT UNION
    Similarity Rank: 330
    East West Bank
    Similarity Rank: 333
    SILVER STATE SCHOOLS SERVICE COMPANY, LLC
    Similarity Rank: 356
    COMMUNITY 1ST CREDIT UNION
    Similarity Rank: 384

    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

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 373 $71,565,000 $191,863 $3,520 6.75%
    Other 234 $15,670,000 $66,966 $0 6.85%
    Refi 100 $10,840,000 $108,400 $3,076 7.08%
    Home Improvement 91 $5,665,000 $62,253 $0 7.32%
    Cash Out Refi 7 $1,035,000 $147,857 $2,252 6.54%

    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

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    5 Year 425 $29,615,000 $69,682 $0 7.01%
    30 Year 273 $60,045,000 $219,945 $3,518 6.50%
    Other 36 $6,820,000 $189,444 $1,894 7.43%
    20 Year 25 $3,815,000 $152,600 $2,504 7.14%
    15 Year 16 $1,680,000 $105,000 $3,528 6.69%
    10 Year 15 $845,000 $56,333 $0 7.08%
    1 Year 13 $1,765,000 $135,769 $0 8.64%
    3 Year 2 $190,000 $95,000 $0 8.05%

    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

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 160 $34,580,000 $216,125
    $2k-3k 42 $7,110,000 $169,286
    $<1k 32 $4,880,000 $152,500
    $3k-4k 17 $4,075,000 $239,706
    $4k-5k 13 $4,185,000 $321,923
    $5k+ 12 $6,070,000 $505,833

    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

    Loan Rate Originations Total Value Average Loan
    6-7% 243 $45,065,000 $185,453
    5-6% 242 $30,260,000 $125,041
    7-8% 233 $22,685,000 $97,361
    Over 8% 85 $6,345,000 $74,647
    2.5-3% 1 $5,000 $5,000
    4-5% 1 $415,000 $415,000

    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

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 443 $20,465,000 $46,196 $2,651 7.04%
    $100k-200k 197 $27,855,000 $141,396 $3,195 6.75%
    $200k-400k 131 $36,505,000 $278,664 $3,658 6.68%
    $400k-600k 25 $11,815,000 $472,600 $4,943 6.44%
    $600k-1MM 7 $5,205,000 $743,571 $7,112 6.11%
    $1MM+ 2 $2,930,000 $1,465,000 $2,702 6.75%

    2023 saw Bank Iowa place emphasis on $100,000 or less loans with 443 originations, totaling $20,465,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 172 $18,170,000 $105,640 $3,199 6.85%
    $100k-150k 145 $21,165,000 $145,966 $4,062 6.87%
    $50k or less 141 $10,195,000 $72,305 $2,871 6.98%
    $75k-100k 117 $12,205,000 $104,316 $3,539 6.79%
    $150k-250k 92 $16,790,000 $182,500 $3,643 6.78%
    $250k+ 50 $14,370,000 $287,400 $4,498 6.79%

    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

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 186 $18,150,000 $97,581 $3,037 6.88%
    30-36% 137 $18,455,000 $134,708 $3,580 6.77%
    <20% 124 $11,460,000 $92,419 $3,015 6.95%
    37% 33 $4,085,000 $123,788 $4,903 7.09%
    39% 31 $4,645,000 $149,839 $3,360 6.95%
    36% 26 $2,970,000 $114,231 $3,001 6.79%
    38% 25 $3,605,000 $144,200 $3,394 6.39%
    40% 20 $2,320,000 $116,000 $3,162 7.04%
    42% 19 $3,995,000 $210,263 $3,842 6.42%
    43% 15 $3,705,000 $247,000 $4,649 6.56%
    44% 15 $3,575,000 $238,333 $3,509 6.77%
    41% 12 $2,410,000 $200,833 $3,517 6.67%
    50-60% 11 $2,285,000 $207,727 $4,554 6.82%
    46% 11 $2,275,000 $206,818 $3,219 6.61%
    47% 9 $1,915,000 $212,778 $3,177 6.59%
    48% 9 $1,425,000 $158,333 $3,244 6.89%
    49% 6 $1,210,000 $201,667 $3,030 6.81%
    >60% 5 $975,000 $195,000 $4,930 6.78%
    45% 4 $840,000 $210,000 $2,996 6.42%

    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

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 716 $90,420,000 $126,285 $3,408 6.86%
    Not applicable 52 $8,260,000 $158,846 $0 7.39%
    Asian 12 $2,270,000 $189,167 $3,368 6.40%
    Not provided 17 $2,035,000 $119,706 $3,567 6.69%
    Black 3 $655,000 $218,333 $3,064 6.15%
    Korean 1 $415,000 $415,000 $18,966 4.75%
    Other Asian 2 $310,000 $155,000 $3,719 6.56%
    Asian Indian 1 $295,000 $295,000 $3,754 6.99%
    American Indian 1 $115,000 $115,000 $2,326 8.00%

    Approval Rates

    Total approvals of all applications
    92.19%

    Bank Iowa has an average approval rate.

    Pick Rate

    Approvals leading to origination
    82.86%

    Bank Iowa has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 805 $104,775,000 $130,155

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    805 $104,775,000 $130,155

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 155 $11,705,000 $75,516 $1,986 7.09%
    40-60% 86 $11,640,000 $135,349 $2,875 6.88%
    60-80% 145 $26,385,000 $181,966 $3,303 6.99%
    80-100% 218 $46,500,000 $213,303 $3,665 6.56%
    Over 100% 3 $245,000 $81,667 $4,271 8.12%
    Under 20% 198 $8,300,000 $41,919 $1,892 6.98%