Valley Mortgage Rates, Fees & Info

FARGO, ND

LEI: 549300PLVU3OBFUIPI18

Tax ID: 41-1981350

5 stars - out of 5 stars, based on 28 reviews

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

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Mortgage Data

  • SimulatedRates™
  • 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

    Valley Mortgage is a smaller mortgage company specializing in Home Purchase and Refi loans. Valley Mortgage has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Fargo, Minneapolis, Fergus Falls, Bemidji, and Wahpeton among others. We have data for 17 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Valley Mortgage has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. Valley Mortgage is typically an average 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
    30 Year Conventional Purchase 6.40% 3/19/23
    30 Year Conventional Refi 6.34% 3/19/23
    30 Year Cash-out Refi 6.68% 3/19/23
    30 Year FHA Purchase 7.25% 3/19/23
    30 Year FHA Refi 6.84% 3/19/23
    30 Year VA Purchase 5.98% 3/19/23
    30 Year VA Refi 5.94% 3/19/23
    30 Year USDA Purchase 6.43% 3/19/23
    30 Year USDA Refi 6.42% 3/19/23
    15 Year Conventional Purchase 5.79% 3/19/23
    15 Year Conventional Refi 5.84% 3/19/23
    15 Year Cash-out Refi 5.84% 3/19/23
    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.


    Originations

    780

    Origination Dollar Volume (All Markets)

    $186,670,000
    Show all (11) awards

    Relative Rate

    Valley Mortgage's average 30 year fixed mortgage rate was 2.83%.

    The 2021 average 30 year fixed rate mortgage across all markets and lenders was 3.15%.

    This yields a difference of -0.32%.

    Relative Fees (Closing Costs)

    Valley Mortgage's average total fees/closing costs for a 30 year fixed rate mortgage were $4,353.

    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
    FARGO, ND-MN (FHA|USDA|VA) 603 $144,955,000 $240,390 $4,268 2.78%
    Outside of Metro Areas 94 $18,710,000 $199,043 $4,137 2.71%
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 16 $6,010,000 $375,625 $3,869 2.78%
    Fergus Falls, MN (FHA|USDA|VA) 18 $4,530,000 $251,667 $4,048 2.69%
    Bemidji, MN (FHA|USDA|VA) 11 $3,565,000 $324,091 $4,570 2.76%
    Wahpeton, ND-MN (FHA|USDA|VA) 11 $2,385,000 $216,818 $3,947 2.64%
    GRAND FORKS, ND-MN (FHA|USDA|VA) 11 $1,935,000 $175,909 $3,508 2.84%
    Brainerd, MN (FHA|USDA|VA) 4 $920,000 $230,000 $4,018 2.81%
    BISMARCK, ND (FHA|USDA|VA) 2 $740,000 $370,000 $5,065 2.62%
    Minot, ND (FHA|USDA|VA) 2 $650,000 $325,000 $1,727 2.93%
    ROCHESTER, MN (FHA|USDA|VA) 1 $545,000 $545,000 $5,214 2.75%
    DULUTH, MN-WI (FHA|USDA|VA) 2 $390,000 $195,000 $3,185 2.93%
    Jamestown, ND (FHA|USDA|VA) 1 $325,000 $325,000 $10,033 2.50%
    New Ulm, MN (FHA|USDA|VA) 1 $325,000 $325,000 $2,461 2.38%
    Red Wing, MN (FHA|USDA|VA) 1 $255,000 $255,000 $3,575 2.99%
    Grand Rapids, MN (FHA|USDA|VA) 1 $215,000 $215,000 $0 2.50%
    Alexandria, MN (FHA|USDA|VA) 1 $215,000 $215,000 $3,384 2.50%
    Valley Mortgage's top markets include Fargo, Minneapolis, Fergus Falls, Bemidji, and Wahpeton among others.

    Their top states include:
  • North Dakota (FHA|USDA|VA)
  • Minnesota (FHA|USDA|VA)
  • (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against VALLEY MORTGAGE based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    FIRST COMMUNITY CREDIT UNION
    Similarity Rank: 602
    CAPITAL CREDIT UNION
    Similarity Rank: 684
    Farmers & Merchants Savings Bank
    Similarity Rank: 720
    Anoka Hennepin Credit Union
    Similarity Rank: 826
    Starion Bank
    Similarity Rank: 1044
    MY Credit Union
    Similarity Rank: 1200
    Western State Bank
    Similarity Rank: 1204
    Deere Employees Credit Union
    Similarity Rank: 1228
    TOWN AND COUNTRY Credit Union
    Similarity Rank: 1428
    Liberty Bank Minnesota
    Similarity Rank: 1488

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 589 $141,965,000 $241,027 $3,796 2.77%
    FHA 120 $27,660,000 $230,500 $6,237 2.91%
    VA 46 $12,790,000 $278,043 $4,842 2.47%
    USDA 25 $4,255,000 $170,200 $3,328 2.59%

    For 2021, Valley Mortgage's most frequently originated type of loan was Conventional, with 589 originations. Their 2nd most popular type was FHA, with 120 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 498 $123,350,000 $247,691 $4,377 2.84%
    Refi 278 $62,280,000 $224,029 $3,934 2.62%
    NA 3 $815,000 $271,667 $4,153 2.93%
    Cash Out Refi 1 $225,000 $225,000 $4,866 3.38%

    For 2021, Valley Mortgage's most frequently cited loan purpose was Home Purchase, with 498 originations. The 2nd most popular reason was Refi, with 278 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 661 $160,965,000 $243,517 $4,353 2.83%
    15 Year 70 $14,780,000 $211,143 $3,437 2.30%
    20 Year 27 $6,185,000 $229,074 $3,600 2.62%
    Other 17 $4,155,000 $244,412 $3,570 2.66%
    10 Year 5 $585,000 $117,000 $2,964 2.00%

    For 2021, Valley Mortgage's most frequently cited loan duration was 30 Year, with 661 originations. The 2nd most popular length was 15 Year, with 70 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 310 $73,460,000 $236,968
    $1k-2k 194 $36,290,000 $187,062
    $2k-3k 188 $46,870,000 $249,309
    $3k-4k 62 $19,840,000 $320,000
    $4k-5k 19 $7,345,000 $386,579
    $5k+ 7 $2,865,000 $409,286

    Valley Mortgage's average total fees were $4,353, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 310 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 418 $101,720,000 $243,349
    <2.5% 247 $58,755,000 $237,874
    3-4% 110 $24,940,000 $226,727
    4-5% 5 $1,255,000 $251,000

    During 2021, Valley Mortgage's average interest rate for loans was 2.83%, while their most frequently originated rate bucket for loans was 2.5-3%, with 418 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 441 $117,925,000 $267,404 $4,700 2.78%
    $100k-200k 268 $42,030,000 $156,828 $3,345 2.76%
    $400k-600k 49 $22,545,000 $460,102 $5,310 2.66%
    $100,000 or less 18 $1,460,000 $81,111 $2,131 2.72%
    $600k-1MM 4 $2,710,000 $677,500 $5,622 2.87%

    2021 saw Valley Mortgage place emphasis on $200k-400k loans with 441 originations, totaling $117,925,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 229 $48,045,000 $209,803 $4,056 2.77%
    $100k-150k 178 $50,250,000 $282,303 $4,723 2.75%
    $75k-100k 144 $34,920,000 $242,500 $4,447 2.79%
    $50k or less 143 $24,425,000 $170,804 $3,546 2.75%
    $150k-250k 64 $21,380,000 $334,063 $4,516 2.73%
    $250k+ 21 $7,435,000 $354,048 $3,945 2.89%

    Valley Mortgage lent most frequently to those with incomes in the $50k-75k range, with 229 originations. The second most popular income band? $100k-150k, with 178 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 166 $38,570,000 $232,349 $3,802 2.71%
    30-36% 166 $39,210,000 $236,205 $3,947 2.77%
    <20% 47 $10,845,000 $230,745 $3,925 2.60%
    39% 43 $10,625,000 $247,093 $4,288 2.84%
    41% 41 $9,845,000 $240,122 $4,264 2.84%
    50-60% 37 $9,605,000 $259,595 $7,146 2.80%
    44% 36 $8,750,000 $243,056 $4,050 2.71%
    38% 36 $9,200,000 $255,556 $4,523 2.77%
    42% 35 $9,175,000 $262,143 $4,527 2.88%
    40% 33 $8,135,000 $246,515 $3,892 2.82%
    37% 30 $6,020,000 $200,667 $3,172 2.67%
    36% 26 $5,590,000 $215,000 $3,543 2.73%
    43% 26 $5,910,000 $227,308 $4,746 2.92%
    46% 14 $3,830,000 $273,571 $4,446 2.93%
    45% 14 $3,510,000 $250,714 $4,084 2.76%
    48% 12 $3,100,000 $258,333 $4,968 2.86%
    49% 11 $3,175,000 $288,636 $6,808 2.89%
    47% 7 $1,575,000 $225,000 $5,127 2.91%

    Valley Mortgage lent most frequently to those with DTI ratios of 20-30%, with 166 originations. The next most common DTI ratio? 30-36%, with 166 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 729 $174,315,000 $239,115 $4,130 2.76%
    Not provided 18 $5,000,000 $277,778 $5,848 2.94%
    Black 14 $3,640,000 $260,000 $7,407 2.83%
    Asian 12 $2,300,000 $191,667 $3,942 2.62%
    Not applicable 7 $1,415,000 $202,143 $3,305 2.66%

    Approval Rates

    Total approvals of all applications
    98.14%

    Valley Mortgage has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    92.18%

    Valley Mortgage has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 780 $186,670,000 $239,321

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    780 $186,670,000 $239,321

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 10 $1,440,000 $144,000 $3,152 2.50%
    40-60% 50 $10,160,000 $203,200 $3,388 2.53%
    60-80% 222 $54,720,000 $246,486 $3,960 2.73%
    80-100% 491 $117,985,000 $240,295 $4,334 2.82%
    Over 100% 7 $2,365,000 $337,857 $11,745 2.45%