Bank Iowa Mortgage Rates, Fees & Info

West Des Moines, IA

LEI: 549300NDNZ6EWP8BJI88

Tax ID: 42-0181970

5 stars - out of 5 stars, based on 30 reviews

Latest/2022 | 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 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, Chicago, and Las Vegas among others. We have data for 35 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 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) 7.86% 4/1/23
    30 Year Conventional Purchase 6.60% 4/1/23
    30 Year Conventional Refi 6.70% 4/1/23
    30 Year Cash-out Refi 6.75% 4/1/23
    30 Year USDA Purchase 6.57% 4/1/23
    15 Year Conventional Purchase 6.19% 4/1/23
    15 Year Conventional Refi 6.31% 4/1/23
    15 Year Cash-out Refi 6.31% 4/1/23
    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

    899

    Origination Dollar Volume (All Markets)

    $137,015,000
    Show all (15) awards

    Relative Rate

    Bank Iowa's average 30 year fixed mortgage rate was 4.64%.

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

    This yields a difference of -0.12%.

    Relative Fees (Closing Costs)

    Bank Iowa's average total fees/closing costs for a 30 year fixed rate mortgage were $2,945.

    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
    DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) 262 $62,630,000 $239,046 $2,609 4.83%
    Outside of Metro Areas 438 $38,470,000 $87,831 $2,601 5.29%
    Pella, IA (FHA|USDA|VA) 48 $7,170,000 $149,375 $2,398 5.14%
    Oskaloosa, IA (FHA|USDA|VA) 65 $6,605,000 $101,615 $2,479 5.19%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 2 $4,200,000 $2,100,000 $27,356 4.00%
    LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 11 $3,255,000 $295,909 $3,491 3.96%
    OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) 11 $2,815,000 $255,909 $3,209 4.44%
    PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 2 $1,220,000 $610,000 $4,588 3.69%
    WATERLOO-CEDAR FALLS, IA (FHA|USDA|VA) 17 $1,105,000 $65,000 $2,037 5.13%
    AMES, IA (FHA|USDA|VA) 4 $1,080,000 $270,000 $3,648 5.13%
    Carroll, IA (FHA|USDA|VA) 6 $1,000,000 $166,667 $2,628 5.13%
    Spirit Lake, IA (FHA|USDA|VA) 2 $970,000 $485,000 $2,253 4.44%
    DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) 5 $645,000 $129,000 $2,496 6.00%
    RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 1 $645,000 $645,000 $6,102 5.38%
    TUCSON, AZ (FHA|USDA|VA) 1 $635,000 $635,000 $5,469 3.75%
    BELLINGHAM, WA (FHA|USDA|VA) 1 $505,000 $505,000 $3,639 4.37%
    KANSAS CITY, MO-KS (FHA|USDA|VA) 2 $440,000 $220,000 $1,910 5.64%
    AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 1 $425,000 $425,000 $4,762 3.00%
    WACO, TX (FHA|USDA|VA) 1 $365,000 $365,000 $4,523 5.38%
    ST. LOUIS, MO-IL (FHA|USDA|VA) 1 $325,000 $325,000 $3,228 4.88%
    Clinton, IA (FHA|USDA|VA) 1 $275,000 $275,000 $1,823 3.38%
    PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 1 $255,000 $255,000 $5,898 6.63%
    Mason City, IA (FHA|USDA|VA) 2 $250,000 $125,000 $2,089 3.93%
    DULUTH, MN-WI (FHA|USDA|VA) 1 $245,000 $245,000 $3,078 5.38%
    Pahrump, NV (FHA|USDA|VA) 1 $245,000 $245,000 $0 4.13%
    Marshalltown, IA (FHA|USDA|VA) 2 $240,000 $120,000 $2,424 4.50%
    EVANSVILLE, IN-KY (FHA|USDA|VA) 1 $195,000 $195,000 $2,597 6.50%
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 1 $195,000 $195,000 $2,436 3.99%
    LA CROSSE-ONALASKA, WI-MN (FHA|USDA|VA) 1 $185,000 $185,000 $3,409 5.13%
    Branson, MO (FHA|USDA|VA) 1 $155,000 $155,000 $0 5.40%
    Fort Dodge, IA (FHA|USDA|VA) 2 $120,000 $60,000 $1,890 4.14%
    CEDAR RAPIDS, IA (FHA|USDA|VA) 1 $75,000 $75,000 $0 6.18%
    Ottumwa, IA (FHA|USDA|VA) 1 $35,000 $35,000 $0 6.60%
    IOWA CITY, IA (FHA|USDA|VA) 1 $25,000 $25,000 $0 5.40%
    Maryville, MO (FHA|USDA|VA) 1 $15,000 $15,000 $0 6.90%
    Bank Iowa's top markets include Des Moines, Pella, Oskaloosa, Chicago, and Las Vegas among others.

    Their top states include:
  • Iowa (FHA|USDA|VA)
  • Illinois (FHA|USDA|VA)
  • Nevada (FHA|USDA|VA)
  • Arizona (FHA|USDA|VA)
  • Missouri (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: 82
    VisionBank of Iowa
    Similarity Rank: 85
    RESIDENTIAL MORTGAGE NETWORK, INC.
    Similarity Rank: 90
    S&S Financial
    Similarity Rank: 264
    GREATER IOWA CREDIT UNION
    Similarity Rank: 420
    Luana Savings Bank
    Similarity Rank: 528
    ALOHA PACIFIC
    Similarity Rank: 536
    Serve Credit Union
    Similarity Rank: 640
    Peoples Bank
    Similarity Rank: 728
    I. H. MISSISSIPPI VALLEY CREDIT UNION
    Similarity Rank: 750

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 535 $111,945,000 $209,243 $2,704 4.91%
    HELOC 328 $21,090,000 $64,299 n/a 5.47%
    USDA 36 $3,980,000 $110,556 $3,656 4.42%

    For 2022, Bank Iowa's most frequently originated type of loan was Conventional, with 535 originations. Their 2nd most popular type was HELOC, with 328 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 429 $90,495,000 $210,944 $3,044 5.02%
    Other 178 $11,930,000 $67,022 $2,098 5.40%
    Refi 160 $23,060,000 $144,125 $2,049 4.90%
    Home Improvement 102 $5,970,000 $58,529 $2,783 5.51%
    Cash Out Refi 30 $5,560,000 $185,333 $2,237 3.94%

    For 2022, Bank Iowa's most frequently cited loan purpose was Home Purchase, with 429 originations. The 2nd most popular reason was Other, with 178 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    5 Year 380 $28,720,000 $75,579 $0 5.52%
    30 Year 329 $76,835,000 $233,541 $2,945 4.64%
    15 Year 72 $10,140,000 $140,833 $2,287 4.29%
    20 Year 41 $4,605,000 $112,317 $1,965 5.46%
    Other 40 $14,290,000 $357,250 $2,018 5.59%
    10 Year 28 $1,660,000 $59,286 $1,977 5.21%
    1 Year 8 $750,000 $93,750 $0 5.83%
    3 Year 1 $15,000 $15,000 $0 7.30%

    For 2022, Bank Iowa's most frequently cited loan duration was 5 Year, with 380 originations. The 2nd most popular length was 30 Year, with 329 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 227 $51,785,000 $228,128
    $1k-2k 117 $18,925,000 $161,752
    $2k-3k 24 $4,400,000 $183,333
    $3k-4k 14 $3,220,000 $230,000
    $5k+ 6 $6,510,000 $1,085,000
    $4k-5k 3 $825,000 $275,000

    Bank Iowa's average total fees were $2,945, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 227 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 262 $34,680,000 $132,366
    4-5% 238 $41,030,000 $172,395
    3-4% 170 $37,360,000 $219,765
    6-7% 148 $11,670,000 $78,851
    7-8% 34 $2,090,000 $61,471
    2.5-3% 34 $8,990,000 $264,412
    Over 8% 8 $260,000 $32,500
    <2.5% 5 $935,000 $187,000

    During 2022, Bank Iowa's average interest rate for loans was 4.64%, while their most frequently originated rate bucket for loans was 5-6%, with 262 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 494 $24,480,000 $49,555 $2,348 5.44%
    $100k-200k 217 $31,425,000 $144,816 $2,642 4.83%
    $200k-400k 140 $38,090,000 $272,071 $2,776 4.57%
    $400k-600k 31 $15,225,000 $491,129 $2,686 4.08%
    $600k-1MM 11 $7,775,000 $706,818 $5,125 4.80%
    $1MM+ 6 $20,020,000 $3,336,667 $17,603 4.38%

    2022 saw Bank Iowa place emphasis on $100,000 or less loans with 494 originations, totaling $24,480,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 202 $22,050,000 $109,158 $2,660 5.09%
    $100k-150k 182 $26,070,000 $143,242 $2,545 5.07%
    $50k or less 162 $11,130,000 $68,704 $2,586 5.08%
    $75k-100k 120 $15,080,000 $125,667 $2,605 5.17%
    $150k-250k 98 $20,920,000 $213,469 $3,017 4.88%
    $250k+ 36 $16,490,000 $458,056 $5,763 4.78%

    Bank Iowa lent most frequently to those with incomes in the $50k-75k range, with 202 originations. The second most popular income band? $100k-150k, with 182 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 208 $26,670,000 $128,221 $2,616 5.04%
    30-36% 176 $27,270,000 $154,943 $3,105 4.89%
    <20% 139 $11,255,000 $80,971 $2,192 5.27%
    39% 29 $3,735,000 $128,793 $2,426 5.09%
    36% 27 $5,895,000 $218,333 $3,501 4.95%
    42% 26 $5,540,000 $213,077 $2,975 4.94%
    37% 25 $3,775,000 $151,000 $2,869 4.63%
    40% 24 $4,460,000 $185,833 $2,653 4.97%
    38% 20 $3,330,000 $166,500 $2,806 5.23%
    43% 13 $2,585,000 $198,846 $2,739 4.63%
    41% 11 $3,125,000 $284,091 $2,600 4.30%
    45% 10 $2,550,000 $255,000 $2,892 4.33%
    44% 10 $2,080,000 $208,000 $3,006 5.20%
    50-60% 9 $905,000 $100,556 $2,306 5.71%
    47% 8 $1,740,000 $217,500 $2,616 4.28%
    >60% 8 $940,000 $117,500 $3,797 5.26%
    48% 6 $1,370,000 $228,333 $2,530 5.45%
    49% 6 $780,000 $130,000 $2,322 4.91%
    46% 5 $1,245,000 $249,000 $2,919 5.12%

    Bank Iowa lent most frequently to those with DTI ratios of 20-30%, with 208 originations. The next most common DTI ratio? 30-36%, with 176 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 804 $105,200,000 $130,846 $2,654 5.08%
    Not applicable 60 $21,000,000 $350,000 $0 5.57%
    Not provided 24 $8,300,000 $345,833 $5,990 4.56%
    Asian 3 $785,000 $261,667 $3,185 5.12%
    American Indian 4 $680,000 $170,000 $3,358 5.08%
    Black 2 $540,000 $270,000 $2,603 5.19%
    Asian Indian 1 $325,000 $325,000 $7,899 3.00%
    Other Pacific Islander 1 $185,000 $185,000 $2,191 5.50%

    Approval Rates

    Total approvals of all applications
    91.99%

    Bank Iowa has an average approval rate.

    Pick Rate

    Approvals leading to origination
    83.87%

    Bank Iowa has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 899 $137,015,000 $152,408

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    899 $137,015,000 $152,408

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 165 $12,385,000 $75,061 $1,949 5.29%
    40-60% 104 $14,660,000 $140,962 $2,393 4.96%
    60-80% 217 $51,715,000 $238,318 $3,160 4.82%
    80-100% 244 $50,250,000 $205,943 $2,779 4.91%
    Over 100% 1 $175,000 $175,000 $4,021 3.38%
    Under 20% 168 $7,830,000 $46,607 $1,642 5.62%