Bank Iowa Mortgage Rates, Fees & Info

West Des Moines, IA

LEI: 549300NDNZ6EWP8BJI88

Tax ID: 42-0181970

5 stars - Updated: 7/7/25 - out of 5 stars, based on 26 reviews

Latest/2024 | 2023 Data | 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 and Refi 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, Ames, Davenport, Oskaloosa, and Pella among others. We have data for 29 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Bank Iowa 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. 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) 8.22% 7/7/25
    30 Year Conventional Purchase 6.89% 7/7/25
    30 Year Conventional Refi 6.76% 7/7/25
    30 Year Cash-out Refi 6.85% 7/7/25
    30 Year USDA Purchase 7.16% 7/7/25
    15 Year Conventional Purchase 6.30% 7/7/25
    15 Year Conventional Refi 5.89% 7/7/25
    15 Year Cash-out Refi 5.89% 7/7/25
    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

    689

    Origination Dollar Volume (All Markets)

    $134,705,000

    Awards

    Bank Iowa 30 Year Conventional Loans silver Bank Iowa USDA Loans bronze Bank Iowa 30 Year Conventional Loans bronze Bank Iowa USDA Loans silver
    Show all (4) awards

    Relative Rate

    Bank Iowa's average 30 year fixed mortgage rate was 6.72%.

    The 2024 average 30 year fixed rate mortgage across all markets and lenders was 6.55%.

    This yields a difference of 0.17%.

    Relative Fees (Closing Costs)

    Bank Iowa's average total fees/closing costs for a 30 year fixed rate mortgage were $3,754.

    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 $8,356.

    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) 218 $60,990,000 $279,771 $3,514 7.13%
    Outside of Metro Areas 329 $29,665,000 $90,167 $3,343 7.62%
    AMES, IA (FHA|USDA|VA) 10 $11,730,000 $1,173,000 $2,896 6.85%
    DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) 2 $8,260,000 $4,130,000 $0 7.55%
    Oskaloosa, IA (FHA|USDA|VA) 58 $6,860,000 $118,276 $3,353 7.61%
    Pella, IA (FHA|USDA|VA) 22 $2,850,000 $129,545 $3,637 7.43%
    ST. LOUIS, MO-IL (FHA|USDA|VA) 1 $2,555,000 $2,555,000 $22,826 6.50%
    WATERLOO-CEDAR FALLS, IA (FHA|USDA|VA) 10 $1,850,000 $185,000 $2,420 7.65%
    OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) 8 $1,730,000 $216,250 $5,284 6.69%
    PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 2 $1,100,000 $550,000 $8,141 6.31%
    OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) 1 $1,005,000 $1,005,000 $10,788 7.25%
    Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 1 $915,000 $915,000 $15,843 6.62%
    CEDAR RAPIDS, IA (FHA|USDA|VA) 2 $910,000 $455,000 $2,864 7.31%
    ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 2 $550,000 $275,000 $4,682 6.44%
    Fort Dodge, IA (FHA|USDA|VA) 6 $510,000 $85,000 $0 8.84%
    Storm Lake, IA (FHA|USDA|VA) 2 $410,000 $205,000 $3,089 7.31%
    LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 1 $385,000 $385,000 $7,032 6.50%
    Huntington, IN (FHA|USDA|VA) 1 $365,000 $365,000 $4,752 7.63%
    Ottumwa, IA (FHA|USDA|VA) 2 $360,000 $180,000 $3,306 7.06%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 1 $325,000 $325,000 $0 8.50%
    STOCKTON, CA (FHA|USDA|VA) 1 $305,000 $305,000 $0 7.45%
    Mason City, IA (FHA|USDA|VA) 1 $225,000 $225,000 $2,339 7.38%
    HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 1 $225,000 $225,000 $4,334 6.38%
    RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 1 $225,000 $225,000 $964 7.50%
    Marshalltown, IA (FHA|USDA|VA) 2 $160,000 $80,000 $3,962 7.66%
    Branson, MO (FHA|USDA|VA) 1 $125,000 $125,000 $3,418 6.75%
    Hastings, NE (FHA|USDA|VA) 1 $55,000 $55,000 $0 7.80%
    SIOUX CITY, IA-NE-SD (FHA|USDA|VA) 1 $45,000 $45,000 $0 8.05%
    Carroll, IA (FHA|USDA|VA) 1 $15,000 $15,000 $0 7.85%
    Bank Iowa's top markets include Des Moines, Ames, Davenport, Oskaloosa, and Pella among others.

    Their top states include:
  • Iowa (FHA|USDA|VA)
  • Missouri (FHA|USDA|VA)
  • California (FHA|USDA|VA)
  • Arizona (FHA|USDA|VA)
  • District of Columbia (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: 42
    FINANCIAL PLUS Credit Union
    Similarity Rank: 72
    Bankers Trust Company
    Similarity Rank: 180
    GREATER IOWA CREDIT UNION
    Similarity Rank: 187
    Farmers State Bank
    Similarity Rank: 276
    Tradesmen Community Credit Union
    Similarity Rank: 360
    Luana Savings Bank
    Similarity Rank: 399
    GREATER NEVADA LLC
    Similarity Rank: 432
    Collins Community Credit Union
    Similarity Rank: 442
    Community Choice Credit Union
    Similarity Rank: 510

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 407 $114,025,000 $280,160 $3,522 7.03%
    HELOC 260 $18,380,000 $70,692 n/a 8.12%
    USDA 22 $2,300,000 $104,545 $4,843 6.55%

    For 2024, Bank Iowa's most frequently originated type of loan was Conventional, with 407 originations. Their 2nd most popular type was HELOC, with 260 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 329 $78,265,000 $237,888 $3,611 7.00%
    Other 134 $11,240,000 $83,881 $3,209 8.01%
    Refi 130 $34,860,000 $268,154 $3,497 7.61%
    Home Improvement 80 $5,290,000 $66,125 $837 8.03%
    Cash Out Refi 16 $5,050,000 $315,625 $4,538 6.91%

    For 2024, Bank Iowa's most frequently cited loan purpose was Home Purchase, with 329 originations. The 2nd most popular reason was Other, with 134 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    5 Year 309 $48,045,000 $155,485 $0 8.00%
    30 Year 257 $67,465,000 $262,510 $3,754 6.72%
    Other 35 $5,625,000 $160,714 $1,350 7.74%
    20 Year 33 $3,855,000 $116,818 $3,825 7.24%
    15 Year 20 $2,530,000 $126,500 $3,126 6.84%
    1 Year 19 $5,915,000 $311,316 $3,994 8.18%
    10 Year 15 $895,000 $59,667 $457 7.24%
    3 Year 1 $375,000 $375,000 $0 7.55%

    For 2024, Bank Iowa's most frequently cited loan duration was 5 Year, with 309 originations. The 2nd most popular length was 30 Year, with 257 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 129 $34,905,000 $270,581
    $1k-2k 71 $12,115,000 $170,634
    $2k-3k 40 $6,420,000 $160,500
    $5k+ 12 $10,200,000 $850,000
    $3k-4k 11 $2,905,000 $264,091
    $4k-5k 6 $2,730,000 $455,000

    Bank Iowa's average total fees were $3,754, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 129 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    7-8% 316 $48,990,000 $155,032
    6-7% 197 $64,525,000 $327,538
    Over 8% 140 $13,840,000 $98,857
    5-6% 33 $6,905,000 $209,242
    2.5-3% 1 $25,000 $25,000
    4-5% 1 $215,000 $215,000
    3-4% 1 $205,000 $205,000

    During 2024, Bank Iowa's average interest rate for loans was 6.72%, while their most frequently originated rate bucket for loans was 7-8%, with 316 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 349 $16,575,000 $47,493 $3,366 7.80%
    $100k-200k 164 $23,340,000 $142,317 $3,258 7.17%
    $200k-400k 130 $35,620,000 $274,000 $3,314 6.94%
    $600k-1MM 17 $13,155,000 $773,824 $4,327 7.03%
    $400k-600k 16 $7,550,000 $471,875 $4,525 6.81%
    $1MM+ 13 $38,465,000 $2,958,846 $11,848 6.96%

    2024 saw Bank Iowa place emphasis on $100,000 or less loans with 349 originations, totaling $16,575,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 139 $13,565,000 $97,590 $3,492 7.35%
    $100k-150k 113 $16,965,000 $150,133 $3,387 7.40%
    $50k or less 105 $7,775,000 $74,048 $3,314 7.39%
    $150k-250k 94 $15,700,000 $167,021 $3,141 7.53%
    $75k-100k 85 $10,375,000 $122,059 $3,478 7.51%
    $250k+ 56 $25,850,000 $461,607 $5,588 7.26%

    Bank Iowa lent most frequently to those with incomes in the $50k-75k range, with 139 originations. The second most popular income band? $100k-150k, with 113 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 145 $19,755,000 $136,241 $3,538 7.53%
    30-36% 116 $20,870,000 $179,914 $4,261 7.48%
    <20% 86 $12,370,000 $143,837 $4,186 7.54%
    39% 29 $3,695,000 $127,414 $2,833 7.53%
    38% 20 $3,970,000 $198,500 $3,146 7.26%
    40% 17 $2,105,000 $123,824 $3,132 7.85%
    43% 16 $2,070,000 $129,375 $2,891 7.23%
    44% 16 $2,310,000 $144,375 $2,853 7.11%
    49% 15 $3,395,000 $226,333 $2,959 6.93%
    41% 15 $3,295,000 $219,667 $4,863 6.83%
    50-60% 14 $2,710,000 $193,571 $3,839 7.45%
    37% 14 $2,110,000 $150,714 $3,537 7.55%
    36% 13 $1,985,000 $152,692 $3,086 7.19%
    42% 10 $1,650,000 $165,000 $2,900 7.03%
    45% 10 $2,120,000 $212,000 $2,830 6.84%
    48% 10 $2,340,000 $234,000 $3,731 6.72%
    46% 7 $1,365,000 $195,000 $4,233 6.89%
    47% 6 $1,130,000 $188,333 $3,469 6.65%
    >60% 3 $465,000 $155,000 $2,379 8.04%

    Bank Iowa lent most frequently to those with DTI ratios of 20-30%, with 145 originations. The next most common DTI ratio? 30-36%, with 116 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 571 $82,415,000 $144,335 $3,552 7.43%
    Not applicable 72 $39,790,000 $552,639 $0 7.56%
    Not provided 29 $9,015,000 $310,862 $4,592 7.21%
    Asian 9 $2,135,000 $237,222 $3,313 6.83%
    Black 7 $1,285,000 $183,571 $4,397 7.45%
    American Indian 1 $65,000 $65,000 $3,927 7.75%

    Approval Rates

    Total approvals of all applications
    89.73%

    Bank Iowa has an average approval rate.

    Pick Rate

    Approvals leading to origination
    87.23%

    Bank Iowa has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 689 $134,705,000 $195,508

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    689 $134,705,000 $195,508

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 134 $21,200,000 $158,209 $2,568 7.82%
    40-60% 77 $18,325,000 $237,987 $2,922 7.36%
    60-80% 123 $32,515,000 $264,350 $3,446 7.20%
    80-100% 213 $54,885,000 $257,676 $3,880 6.95%
    Over 100% 4 $1,540,000 $385,000 $5,461 7.19%
    Under 20% 137 $6,185,000 $45,146 $2,377 8.02%