Bank Iowa Mortgage Rates, Fees & Info

West Des Moines, IA

LEI: 549300NDNZ6EWP8BJI88

Tax ID: 42-0181970

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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • 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)

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • Review & Overview

    Bank Iowa is a smaller bank specializing in Home Purchase loans. Bank Iowa has a high proportion of conventional loans. Their top markets by origination volume include: Des Moines, Denver, Oskaloosa, Las Vegas, and Pella among others. We have data for 21 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% 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

    504

    Origination Dollar Volume (All Markets)

    $68,790,000

    Employee count

    249 Show all (7) awards

    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) 155 $25,135,000 $162,161 $2,115 4.67%
    Outside of Metro Areas 248 $24,530,000 $98,911 $1,737 5.03%
    DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 2 $3,790,000 $1,895,000 $0 4.79%
    Oskaloosa, IA (FHA|USDA|VA) 34 $3,700,000 $108,824 $1,807 4.83%
    LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 2 $2,080,000 $1,040,000 $3,451 4.50%
    Pella, IA (FHA|USDA|VA) 13 $1,815,000 $139,615 $3,036 5.09%
    AMES, IA (FHA|USDA|VA) 6 $1,560,000 $260,000 $2,054 4.75%
    OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) 12 $1,460,000 $121,667 $2,172 5.31%
    WATERLOO-CEDAR FALLS, IA (FHA|USDA|VA) 10 $1,210,000 $121,000 $1,619 4.98%
    Spirit Lake, IA (FHA|USDA|VA) 4 $1,100,000 $275,000 $2,044 4.91%
    Ottumwa, IA (FHA|USDA|VA) 5 $535,000 $107,000 $3,119 5.34%
    LINCOLN, NE (FHA|USDA|VA) 2 $320,000 $160,000 $0 6.08%
    Fort Madison-Keokuk, IA-IL-MO (FHA|USDA|VA) 1 $255,000 $255,000 $1,908 4.75%
    Carroll, IA (FHA|USDA|VA) 1 $245,000 $245,000 $1,187 4.50%
    SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) 1 $215,000 $215,000 $2,195 4.63%
    Fort Dodge, IA (FHA|USDA|VA) 3 $205,000 $68,333 $1,508 4.79%
    ROCHESTER, MN (FHA|USDA|VA) 1 $195,000 $195,000 $2,528 4.63%
    KANSAS CITY, MO-KS (FHA|USDA|VA) 1 $185,000 $185,000 $1,726 5.13%
    Fairfield, IA (FHA|USDA|VA) 1 $105,000 $105,000 $0 5.75%
    CEDAR RAPIDS, IA (FHA|USDA|VA) 1 $85,000 $85,000 $0 5.00%
    SIOUX CITY, IA-NE-SD (FHA|USDA|VA) 1 $65,000 $65,000 $1,674 5.00%
    Bank Iowa's top markets include Des Moines, Denver, Oskaloosa, Las Vegas, and Pella among others.

    Their top states include:
  • Iowa (FHA|USDA|VA)
  • Colorado (FHA|USDA|VA)
  • Nevada (FHA|USDA|VA)
  • Nebraska (FHA|USDA|VA)
  • California (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.

    Charter Bank
    Similarity Rank: 36
    Raccoon Valley Bank
    Similarity Rank: 96
    MidWestOne Bank
    Similarity Rank: 123
    Guthrie County State Bank
    Similarity Rank: 166
    Community Choice Credit Union
    Similarity Rank: 187
    Collins Community Credit Union
    Similarity Rank: 273
    GREATER IOWA CREDIT UNION
    Similarity Rank: 286
    Luana Savings Bank
    Similarity Rank: 289
    Nevada Mortgage Inc.
    Similarity Rank: 363
    Fidelity Bank
    Similarity Rank: 428

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 458 $64,780,000 $141,441 $1,784 4.96%
    USDA 46 $4,010,000 $87,174 $2,918 4.43%

    For 2018, Bank Iowa's most frequently originated type of loan was Conventional, with 458 originations. Their 2nd most popular type was USDA, with 46 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 364 $50,240,000 $138,022 $2,115 4.86%
    Refi 87 $11,735,000 $134,885 $1,001 5.24%
    Cash Out Refi 44 $6,330,000 $143,864 $1,709 4.53%
    Home Improvement 7 $265,000 $37,857 $709 5.12%
    Other 2 $220,000 $110,000 $622 5.75%

    For 2018, Bank Iowa's most frequently cited loan purpose was Home Purchase, with 364 originations. The 2nd most popular reason was Refi, with 87 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 287 $42,505,000 $148,101 $2,121 4.77%
    15 Year 68 $7,130,000 $104,853 $1,592 4.34%
    5 Year 52 $4,180,000 $80,385 $439 5.81%
    Other 44 $8,270,000 $187,955 $440 5.53%
    20 Year 27 $2,945,000 $109,074 $1,756 4.80%
    10 Year 19 $3,005,000 $158,158 $759 5.11%
    1 Year 5 $415,000 $83,000 $666 5.09%
    3 Year 2 $340,000 $170,000 $0 6.31%

    For 2018, Bank Iowa's most frequently cited loan duration was 30 Year, with 287 originations. The 2nd most popular length was 15 Year, with 68 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 276 $38,150,000 $138,225
    $1k-2k 81 $9,985,000 $123,272
    $2k-3k 14 $2,910,000 $207,857
    $3k-4k 3 $835,000 $278,333
    $5k+ 1 $265,000 $265,000

    Bank Iowa's average total fees were $2,121, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 276 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 290 $46,430,000 $160,103
    5-6% 136 $15,100,000 $111,029
    3-4% 39 $5,275,000 $135,256
    6-7% 36 $1,870,000 $51,944
    7-8% 2 $100,000 $50,000
    2.5-3% 1 $15,000 $15,000

    During 2018, Bank Iowa's average interest rate for loans was 4.77%, while their most frequently originated rate bucket for loans was 4-5%, with 290 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 245 $14,175,000 $57,857 $1,758 5.08%
    $100k-200k 164 $22,910,000 $139,695 $2,049 4.76%
    $200k-400k 82 $21,140,000 $257,805 $2,009 4.75%
    $400k-600k 8 $3,630,000 $453,750 $1,878 4.53%
    $1MM+ 3 $5,435,000 $1,811,667 $0 4.61%
    $600k-1MM 2 $1,500,000 $750,000 $0 4.63%

    2018 saw Bank Iowa place emphasis on $100,000 or less loans with 245 originations, totaling $14,175,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 149 $11,695,000 $78,490 $1,992 4.85%
    $50k-75k 124 $14,060,000 $113,387 $1,897 4.85%
    $75k-100k 65 $9,645,000 $148,385 $1,895 4.89%
    $100k-150k 62 $10,050,000 $162,097 $1,940 5.08%
    $150k-250k 37 $7,725,000 $208,784 $1,616 4.75%
    $250k+ 16 $3,210,000 $200,625 $2,041 4.87%

    Bank Iowa lent most frequently to those with incomes in the $50k or less range, with 149 originations. The second most popular income band? $50k-75k, with 124 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 118 $14,500,000 $122,881 $1,754 4.71%
    30-36% 83 $10,625,000 $128,012 $2,094 4.75%
    <20% 71 $6,575,000 $92,606 $1,905 4.98%
    40% 18 $2,990,000 $166,111 $2,414 4.83%
    38% 15 $2,355,000 $157,000 $2,102 4.43%
    42% 14 $2,700,000 $192,857 $2,028 4.63%
    37% 14 $1,980,000 $141,429 $1,931 4.86%
    39% 14 $2,130,000 $152,143 $1,711 4.80%
    36% 12 $1,430,000 $119,167 $1,880 4.72%
    41% 9 $1,445,000 $160,556 $1,772 4.72%
    43% 9 $1,975,000 $219,444 $2,545 4.90%
    44% 8 $860,000 $107,500 $1,777 4.80%
    46% 7 $1,265,000 $180,714 $1,642 4.87%
    45% 6 $710,000 $118,333 $1,357 4.42%
    48% 5 $735,000 $147,000 $2,647 4.73%
    50-60% 5 $895,000 $179,000 $1,724 4.85%
    47% 4 $410,000 $102,500 $1,962 4.56%
    49% 4 $630,000 $157,500 $1,734 4.47%
    >60% 2 $240,000 $120,000 $753 5.62%

    Bank Iowa lent most frequently to those with DTI ratios of 20-30%, with 118 originations. The next most common DTI ratio? 30-36%, with 83 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 448 $55,760,000 $124,464 $1,911 4.89%
    Not applicable 36 $10,610,000 $294,722 $3,971 5.14%
    Not provided 12 $1,500,000 $125,000 $2,212 4.85%
    Asian 4 $750,000 $187,500 $1,743 4.56%
    American Indian 3 $115,000 $38,333 $859 5.97%
    Native Hawaiian or Islander 1 $55,000 $55,000 $0 5.50%

    Approval Rates

    Total approvals of all applications
    93.96%

    Bank Iowa has an average approval rate.

    Pick Rate

    Approvals leading to origination
    88.89%

    Bank Iowa has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 504 $68,790,000 $136,488

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Manufactured 2 $920,000 $460,000
    Multifamily:Site-Built 9 $4,765,000 $529,444
    Single Family (1-4 Units):Manufactured 2 $160,000 $80,000
    Single Family (1-4 Units):Site-Built 491 $62,945,000 $128,198

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 22 $4,080,000 $185,455 $1,159 5.03%
    40-60% 51 $6,065,000 $118,922 $1,317 4.95%
    60-80% 161 $25,175,000 $156,366 $1,775 4.99%
    80-100% 257 $32,665,000 $127,101 $2,142 4.82%
    Over 100% 1 $45,000 $45,000 $1,130 5.75%
    Under 20% 10 $510,000 $51,000 $326 5.00%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Bank Iowa 1108 Broadway Denison, IA 51442 Full Service B&M $71,079
    Bank Iowa 101 N. 15th Street Clarinda, IA 51632 Full Service B&M $93,099
    Bank Iowa 101 West Washington Street Clarinda, IA 51632 Limited, Drive-thru $0
    Bank Iowa 102 1st Avenue, Southwest Waucoma, IA 52171 Full Service B&M $29,367
    Bank Iowa 106 Southeast C Avenue Gilmore City, IA 50541 Full Service B&M $11,379
    Bank Iowa 1150 Jordan Creek Parkway West Des Moines, IA 50266 Full Service B&M $98,805
    Bank Iowa 121 Second Street Schleswig, IA 51461 Full Service B&M $34,803
    Bank Iowa 1300 West Nishna Road Shenandoah, IA 51601 Limited, Drive-thru $0
    Bank Iowa 1302 5th Avenue North Humboldt, IA 50548 Limited, Drive-thru $0
    Bank Iowa 165 North Woodward Avenue Fredericksburg, IA 50630 Full Service B&M $9,963
    Bank Iowa 17 Main Street Charter Oak, IA 51439 Full Service B&M $10,845
    Bank Iowa 1710 Third Avenue East Oskaloosa, IA 52577 Full Service B&M $72,747
    Bank Iowa 1805 North Broadway Red Oak, IA 51566 Full Service B&M $42,821
    Bank Iowa 210 East Main Street Fremont, IA 52561 Full Service B&M $19,579
    Bank Iowa 215 West 2nd Street North Newton, IA 50208 Full Service B&M $43,584
    Bank Iowa 300 South Third Avenue Villisca, IA 50864 Full Service B&M $27,023
    Bank Iowa 308 E Grove St Lawler, IA 52154 Full Service B&M $92,790
    Bank Iowa 341 Fourth Street Manilla, IA 51454 Full Service B&M $26,833
    Bank Iowa 420 8th Street Southeast Altoona, IA 50009 Full Service B&M $97,715
    Bank Iowa 506 Sumner Avenue Humboldt, IA 50548 Full Service B&M $140,337
    Bank Iowa 528 Iowa Street Essex, IA 51638 Full Service B&M $31,045
    Bank Iowa 5525 Merle Hay Rd, Suite 195 Johnston, IA 50131 Full Service B&M $16,423
    Bank Iowa 604 Franklin Street Pella, IA 50219 Full Service B&M $1,815
    Bank Iowa 606 West Milwaukee New Hampton, IA 50659 Full Service B&M $58,989
    Bank Iowa 701 West Sheridan Avenue Shenandoah, IA 51601 Full Service B&M $61,752

    For 2018, Bank Iowa had 25 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $50,971
    Net interest income $41,651
    Total noninterest income $6,420
    Gross Fiduciary activities income $2
    Service charges on deposit accounts $2,132
    Trading account gains and fees $0
    Additional Noninterest Income $4,286
    Pre-tax net operating income $14,425
    Securities gains (or losses, -) $57
    Income before extraordinary items $13,780
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $13,780
    Minority interest net income $0
    Net income $13,780
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $13,725

    Bank Iowa's gross interest income from loans was $50,971,000.
    Bank Iowa's net interest income from loans was $41,651,000.
    Bank Iowa's fee based income from loans was $2,132,000.
    Bank Iowa's net income from loans was $13,780,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $9,320
    Provision for credit losses $600
    Total noninterest expense $33,047
    Salaries and employee benefits $21,849
    Premises and equipment expense $2,621
    Additional noninterest expense $8,577
    Applicable income taxes $702
    Net charge-offs $76
    Cash dividends $10,000

    Bank Iowa's interest expense for loans was $9,320,000.
    Bank Iowa's payroll and benefits expense were $21,849,000.
    Bank Iowa's property, plant and equipment expenses $2,621,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 0.0%
    Real Estate loans 0.0%
    Construction & Land Development loans 0.0%
    Nonfarm, nonresidential loans 0.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 0.0%
    HELOC loans 0.0%
    All other family 0.0%
    Commercial & industrial loans 0.0%
    Personal loans 0.0%
    Credit card loans 0.0%
    Other individual loans 0.0%
    Auto loans 0.0%
    Other consumer loans 0.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $1,102,807
    Deposits held in domestic offices $1,102,807
    Deposits by Individuals, partnerships, and corporations $872,318
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $228,540
    Deposits by Commercial banks and other depository institutions in U.S. $1,949
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $83,525
    Demand deposits $54,478
    Nontransaction accounts $1,019,282
    Money market deposit accounts (MMDAs) $434,413
    Other savings deposits (excluding MMDAs) $202,832
    Total time deposits $382,037
    Total time and savings deposits $1,048,329
    Noninterest-bearing deposits $269,712
    Interest-bearing deposits $833,095
    Retail deposits $981,419
    IRAs and Keogh plan accounts $42,867
    Brokered deposits $54,569
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $1,273,574
    Cash & Balances due from depository institutions $28,526
    Interest-bearing balances $7,222
    Total securities $289,026
    Federal funds sold & reverse repurchase $544
    Net loans and leases $898,081
    Loan and leases loss allowance $14,179
    Trading account assets $0
    Bank premises and fixed assets $18,413
    Other real estate owned $48
    Goodwill and other intangibles $743
    All other assets $38,193

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $1,273,574
    Total Liabilities $1,159,247
    Total deposits $1,102,807
    Interest-bearing deposits $833,095
    Deposits held in domestic offices $1,102,807
    % insured (estimated) $76
    Federal funds purchased and repurchase agreements $9,025
    Trading liabilities $0
    Other borrowed funds $40,001
    Subordinated debt $0
    All other liabilities $7,414

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $898,081
    Loan and leases loss allowance $14,179
    Total loans and leases (domestic) $912,260
    All real estate loans $612,913
    Real estate loans in domestic offices $612,913
    Construction and development loans $27,712
    Residential 1-4 family construction $7,327
    Other construction, all land development and other land $20,385
    Loans secured by nonfarm nonresidential properties $145,158
    Nonfarm nonresidential secured by owner-occupied properties $62,761
    Commercial real estate & other non-farm, non-residential $82,397
    Multifamily residential real estate $37,885
    1-4 family residential loans $128,729
    Farmland loans $273,429
    Loans held in foreign offices $0
    Farm loans $165,523
    Commercial and industrial loans $86,043
    To non-U.S. addressees $0
    Loans to individuals $12,598
    Credit card loans $456
    Related Plans $205
    Consumer Auto Loans $6,664
    Other loans to individuals $5,273
    All other loans & leases $35,183
    Loans to foreign governments and official institutions $0
    Other loans $9,649
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $267
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $1,331
    Non 1-4 family restructured loans & leases $1,286
    Total loans and leases (foreign) $0

    Bank Iowa had $898,081,000 of loans outstanding in 2018. $612,913,000 of loans were in real estate loans. $27,712,000 of loans were in development loans. $37,885,000 of loans were in multifamily mortgage loans. $128,729,000 of loans were in 1-4 family mortgage loans. $165,523,000 of loans were in farm loans. $456,000 of loans were in credit card loans. $6,664,000 of loans were in the auto loan category.

    Small Business Loans

    Categorization # of Loans in Category $ amount of loans (in 000's) Average $/loan
    Nonfarm, nonresidential loans - <$1MM 312 $58,855 $188,638
    Nonfarm, nonresidential loans - <$100k 126 $4,461 $35,405
    Nonfarm, nonresidential loans - $100-250k 86 $11,481 $133,500
    Nonfarm, nonresidential loans - $250k-1MM 100 $42,913 $429,130
    Commercial & Industrial, US addressed loans - <$1MM 989 $53,767 $54,365
    Commercial & Industrial, US addressed loans - <$100k 772 $17,302 $22,412
    Commercial & Industrial, US addressed loans - $100-250k 138 $14,626 $105,986
    Commercial & Industrial, US addressed loans - $250k-1MM 79 $21,839 $276,443
    Farmland loans - <$1MM 855 $109,826 $128,451
    Farmland loans - <$100k 314 $11,134 $35,459
    Farmland loans - $100-250k 356 $45,467 $127,716
    Farmland loans - $250k-1MM 185 $53,225 $287,703
    Agriculture operations loans - <$1MM 1,968 $112,889 $57,362
    Agriculture operations loans - <$100k 1,438 $34,384 $23,911
    Agriculture operations loans - $100-250k 373 $41,339 $110,828
    Agriculture operations loans - $250k-1MM 157 $37,166 $236,726