Central Bank Mortgage Rates, Fees & Info

Storm Lake, IA

LEI: 549300Q76VHK6FGPX546

Tax ID: 42-0191897

5 stars - Updated: 12/4/24 - out of 5 stars, based on 32 reviews

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

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Mortgage Data

Review & Overview

Central Bank is a smaller bank specializing in Home Purchase and Refi loans. Central Bank has a high proportion of conventional loans. They have a low ratio of USDA loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Sioux Falls, Des Moines, Sioux City, Spirit Lake, and Storm Lake among others. We have data for 40 markets. (Some data included below & more in-depth data is available with an active subscription.)

Central Bank 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. Central Bank 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 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) 6.55% 12/4/24
30 Year Conventional Purchase 6.61% 12/4/24
30 Year Conventional Refi 6.49% 12/4/24
30 Year Cash-out Refi 6.52% 12/4/24
30 Year FHA Purchase 6.27% 12/4/24
30 Year VA Purchase 6.27% 12/4/24
30 Year USDA Purchase 7.30% 12/4/24
15 Year Conventional Purchase 6.19% 12/4/24
15 Year Conventional Refi 6.15% 12/4/24
15 Year Cash-out Refi 6.15% 12/4/24
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.

Central Bank Mortgage Calculator






Your Estimates

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

This is not an official calculator from Central Bank. 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

1,050

Origination Dollar Volume (All Markets)

$273,760,000
Show all (9) awards

Relative Rate

Central Bank's average 30 year fixed mortgage rate was 6.29%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of -0.19%.

Relative Fees (Closing Costs)

Central Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $4,861.

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
SIOUX FALLS, SD (FHA|USDA|VA) 169 $72,025,000 $426,183 $6,704 6.70%
DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) 236 $57,270,000 $242,669 $3,934 7.00%
SIOUX CITY, IA-NE-SD (FHA|USDA|VA) 240 $47,200,000 $196,667 $4,573 6.91%
Spirit Lake, IA (FHA|USDA|VA) 80 $24,400,000 $305,000 $4,577 7.22%
Outside of Metro Areas 146 $22,410,000 $153,493 $4,190 7.05%
Storm Lake, IA (FHA|USDA|VA) 99 $13,095,000 $132,273 $3,098 7.11%
CEDAR RAPIDS, IA (FHA|USDA|VA) 2 $12,530,000 $6,265,000 $2,581 5.13%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 5 $5,905,000 $1,181,000 $19,550 6.70%
Brookings, SD (FHA|USDA|VA) 16 $3,330,000 $208,125 $3,817 6.90%
OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) 6 $1,970,000 $328,333 $4,308 6.12%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 3 $1,525,000 $508,333 $6,945 6.49%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 5 $1,295,000 $259,000 $0 6.65%
Spencer, IA (FHA|USDA|VA) 9 $1,055,000 $117,222 $2,644 7.25%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 3 $885,000 $295,000 $6,577 6.66%
Spearfish, SD (FHA|USDA|VA) 2 $800,000 $400,000 $16,517 7.88%
RAPID CITY, SD (FHA|USDA|VA) 2 $690,000 $345,000 $10,520 6.81%
DULUTH, MN-WI (FHA|USDA|VA) 1 $605,000 $605,000 $4,038 5.99%
AMES, IA (FHA|USDA|VA) 3 $555,000 $185,000 $3,506 6.88%
NILES, MI (FHA|USDA|VA) 1 $505,000 $505,000 $0 7.25%
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 1 $495,000 $495,000 $12,985 6.25%
KANSAS CITY, MO-KS (FHA|USDA|VA) 2 $440,000 $220,000 $3,670 6.31%
PUNTA GORDA, FL (FHA|USDA|VA) 1 $405,000 $405,000 $0 8.00%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $375,000 $375,000 $0 9.00%
IOWA CITY, IA (FHA|USDA|VA) 1 $375,000 $375,000 $2,491 5.99%
SALT LAKE CITY, UT (FHA|USDA|VA) 1 $365,000 $365,000 $3,158 5.99%
OCALA, FL (FHA|USDA|VA) 1 $355,000 $355,000 $8,595 6.50%
Faribault-Northfield, MN (FHA|USDA|VA) 1 $345,000 $345,000 $6,808 5.50%
DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) 1 $325,000 $325,000 $5,521 6.75%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 1 $295,000 $295,000 $0 7.75%
MUSKEGON, MI (FHA|USDA|VA) 1 $295,000 $295,000 $8,796 6.25%
WATERLOO-CEDAR FALLS, IA (FHA|USDA|VA) 1 $275,000 $275,000 $4,733 6.50%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 1 $275,000 $275,000 $0 7.25%
Vermillion, SD (FHA|USDA|VA) 1 $225,000 $225,000 $0 7.90%
Fergus Falls, MN (FHA|USDA|VA) 1 $215,000 $215,000 $6,545 5.99%
LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) 1 $175,000 $175,000 $3,733 7.38%
NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 1 $165,000 $165,000 $0 7.50%
Fort Dodge, IA (FHA|USDA|VA) 1 $125,000 $125,000 $3,883 7.13%
Mitchell, SD (FHA|USDA|VA) 1 $115,000 $115,000 $3,105 5.99%
Willmar, MN (FHA|USDA|VA) 1 $55,000 $55,000 $2,856 8.25%
Pella, IA (FHA|USDA|VA) 1 $15,000 $15,000 $456 9.50%
Central Bank's top markets include Sioux Falls, Des Moines, Sioux City, Spirit Lake, and Storm Lake among others.

Their top states include:
  • Iowa (FHA|USDA|VA)
  • South Dakota (FHA|USDA|VA)
  • Nebraska (FHA|USDA|VA)
  • Arizona (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Similar Lenders

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

    Bank
    Similarity Rank: 26
    SIOUXLAND FEDERAL CREDIT UNION
    Similarity Rank: 36
    United Bank of Iowa
    Similarity Rank: 45
    FINANCIAL PLUS Credit Union
    Similarity Rank: 60
    Primebank
    Similarity Rank: 80
    SIOUX FALLS
    Similarity Rank: 120
    GREATER IOWA CREDIT UNION
    Similarity Rank: 168
    Raccoon Valley Bank
    Similarity Rank: 175
    COMMUNITY 1ST CREDIT UNION
    Similarity Rank: 272
    CU MORTGAGE DIRECT, LLC
    Similarity Rank: 276

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 818 $242,920,000 $296,968 $4,661 6.59%
    HELOC 215 $28,925,000 $134,535 n/a 8.32%
    USDA 16 $1,750,000 $109,375 $4,613 6.82%
    FHA 1 $165,000 $165,000 $7,157 6.75%

    For 2023, Central Bank's most frequently originated type of loan was Conventional, with 818 originations. Their 2nd most popular type was HELOC, with 215 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 690 $181,460,000 $262,986 $4,957 6.48%
    Home Improvement 124 $10,390,000 $83,790 $1,636 8.15%
    Refi 97 $61,645,000 $635,515 $6,066 7.29%
    Other 80 $11,370,000 $142,125 $2,787 8.21%
    Cash Out Refi 59 $8,895,000 $150,763 $2,360 7.70%

    For 2023, Central Bank's most frequently cited loan purpose was Home Purchase, with 690 originations. The 2nd most popular reason was Home Improvement, with 124 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 588 $151,700,000 $257,993 $4,861 6.29%
    10 Year 210 $26,710,000 $127,190 $724 8.28%
    Other 93 $53,895,000 $579,516 $407 7.43%
    5 Year 60 $12,090,000 $201,500 $427 7.34%
    20 Year 44 $3,870,000 $87,955 $697 8.03%
    30+ year 26 $19,610,000 $754,231 $11,435 6.38%
    15 Year 16 $2,270,000 $141,875 $3,124 6.58%
    1 Year 12 $3,600,000 $300,000 $0 8.15%
    3 Year 1 $15,000 $15,000 $0 7.95%

    For 2023, Central Bank's most frequently cited loan duration was 30 Year, with 588 originations. The 2nd most popular length was 10 Year, with 210 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 201 $40,035,000 $199,179
    $2k-3k 138 $24,620,000 $178,406
    $3k-4k 104 $26,650,000 $256,250
    $1k-2k 103 $12,795,000 $124,223
    $5k+ 77 $53,665,000 $696,948
    $4k-5k 52 $17,090,000 $328,654

    Central Bank's average total fees were $4,861, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 201 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 338 $89,390,000 $264,467
    5-6% 278 $72,550,000 $260,971
    Over 8% 236 $33,100,000 $140,254
    7-8% 166 $29,240,000 $176,145
    4-5% 17 $7,995,000 $470,294
    3-4% 15 $41,485,000 $2,765,667

    During 2023, Central Bank's average interest rate for loans was 6.29%, while their most frequently originated rate bucket for loans was 6-7%, with 338 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 359 $98,015,000 $273,022 $4,727 6.64%
    $100k-200k 291 $42,815,000 $147,131 $3,694 6.80%
    $100,000 or less 274 $14,010,000 $51,131 $1,795 7.80%
    $400k-600k 76 $35,600,000 $468,421 $7,297 6.47%
    $600k-1MM 35 $26,085,000 $745,286 $9,898 6.11%
    $1MM+ 15 $57,235,000 $3,815,667 $26,103 6.17%

    2023 saw Central Bank place emphasis on $200k-400k loans with 359 originations, totaling $98,015,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 203 $39,425,000 $194,212 $3,834 6.97%
    $50k-75k 185 $26,245,000 $141,865 $3,738 6.76%
    $150k-250k 148 $39,640,000 $267,838 $5,434 7.07%
    $75k-100k 126 $22,500,000 $178,571 $4,322 6.82%
    $50k or less 117 $11,645,000 $99,530 $3,308 6.84%
    $250k+ 116 $63,640,000 $548,621 $10,602 7.02%

    Central Bank lent most frequently to those with incomes in the $100k-150k range, with 203 originations. The second most popular income band? $50k-75k, with 185 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 202 $46,700,000 $231,188 $5,052 6.86%
    30-36% 182 $40,040,000 $220,000 $4,525 6.69%
    42% 57 $11,975,000 $210,088 $4,598 7.23%
    <20% 56 $13,440,000 $240,000 $4,588 6.58%
    41% 54 $15,300,000 $283,333 $5,026 7.22%
    38% 48 $8,680,000 $180,833 $4,160 6.87%
    40% 47 $8,665,000 $184,362 $4,157 7.10%
    39% 39 $8,615,000 $220,897 $4,255 6.97%
    36% 39 $9,875,000 $253,205 $4,721 6.92%
    37% 31 $6,385,000 $205,968 $4,266 6.87%
    44% 22 $5,000,000 $227,273 $4,634 6.78%
    43% 22 $5,270,000 $239,545 $4,728 6.51%
    49% 20 $3,940,000 $197,000 $4,459 6.49%
    47% 17 $4,015,000 $236,176 $4,674 6.73%
    45% 16 $5,010,000 $313,125 $4,244 6.79%
    46% 14 $4,300,000 $307,143 $4,526 6.62%
    48% 12 $2,670,000 $222,500 $4,761 6.53%
    >60% 9 $2,225,000 $247,222 $3,760 8.53%
    50-60% 7 $2,625,000 $375,000 $23,574 8.39%

    Central Bank lent most frequently to those with DTI ratios of 20-30%, with 202 originations. The next most common DTI ratio? 30-36%, with 182 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 866 $194,950,000 $225,115 $4,599 6.92%
    Not applicable 125 $63,445,000 $507,560 $0 7.21%
    Not provided 24 $5,400,000 $225,000 $5,086 7.22%
    Asian 17 $5,325,000 $313,235 $5,716 6.57%
    Black 11 $2,385,000 $216,818 $4,972 6.45%
    American Indian 6 $1,990,000 $331,667 $7,777 5.85%
    Asian Indian 1 $265,000 $265,000 $0 8.50%

    Approval Rates

    Total approvals of all applications
    93.89%

    Central Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    84.19%

    Central Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,050 $273,760,000 $260,724

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,050 $273,760,000 $260,724

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 120 $16,350,000 $136,250 $2,681 7.85%
    40-60% 89 $24,065,000 $270,393 $5,020 6.95%
    60-80% 280 $114,620,000 $409,357 $6,161 6.60%
    80-100% 386 $105,970,000 $274,534 $4,550 6.41%
    Over 100% 4 $2,710,000 $677,500 $11,731 7.99%
    Under 20% 168 $9,070,000 $53,988 $788 8.10%