West Gate Bank Mortgage Rates, Fees & Info
Lincoln, NELEI: 549300QLO8TSQW5JTK72
Tax ID: 47-0523112
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Mortgage Data
Review & Overview
West Gate Bank is a smaller bank specializing in Home Purchase loans. West Gate 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: Omaha, Lincoln, Des Moines, Norfolk, and Kearney among others. We have data for 60 markets. (Some data included below & more in-depth data is available with an active subscription.)West Gate 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. West Gate Bank 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 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.52% | 4/18/24 |
| 30 Year Conventional Refi | 6.32% | 4/18/24 |
| 30 Year Cash-out Refi | 6.63% | 4/18/24 |
| 30 Year FHA Purchase | 7.23% | 4/18/24 |
| 30 Year VA Purchase | 5.89% | 4/18/24 |
| 30 Year VA Refi | 5.39% | 4/18/24 |
| 30 Year USDA Purchase | 6.55% | 4/18/24 |
| 15 Year Conventional Purchase | 5.88% | 4/18/24 |
| 15 Year Conventional Refi | 5.86% | 4/18/24 |
| 15 Year Cash-out Refi | 5.86% | 4/18/24 |
| 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. | ||
West Gate Bank Mortgage Calculator
Your Estimates
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This is not an official calculator from West Gate 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
1,215Origination Dollar Volume (All Markets)
$334,155,000Awards
West Gate Bank - 2023
West Gate Bank is a 2023 , due to their low .
For 2023, less than of lenders were eligible for this award.
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Relative Rate
West Gate Bank's average 30 year fixed mortgage rate was
6.77%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of 0.29%.
Relative Fees (Closing Costs)
West Gate Bank's average total fees/closing costs for a 30 year fixed rate
mortgage were $3,384.
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 |
|---|---|---|---|---|---|
| OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) | 302 | $96,120,000 | $318,278 | $3,625 | 6.66% |
| LINCOLN, NE (FHA|USDA|VA) | 269 | $77,695,000 | $288,829 | $2,557 | 6.56% |
| Outside of Metro Areas | 279 | $52,545,000 | $188,333 | $2,814 | 6.81% |
| DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) | 8 | $18,170,000 | $2,271,250 | $3,075 | 6.56% |
| Norfolk, NE (FHA|USDA|VA) | 54 | $12,170,000 | $225,370 | $2,993 | 6.80% |
| Kearney, NE (FHA|USDA|VA) | 42 | $11,430,000 | $272,143 | $3,189 | 6.77% |
| Fremont, NE (FHA|USDA|VA) | 51 | $11,255,000 | $220,686 | $2,973 | 6.91% |
| CHEYENNE, WY (FHA|USDA|VA) | 16 | $5,650,000 | $353,125 | $4,327 | 6.85% |
| GRAND ISLAND, NE (FHA|USDA|VA) | 27 | $5,555,000 | $205,741 | $3,231 | 6.59% |
| North Platte, NE (FHA|USDA|VA) | 21 | $4,165,000 | $198,333 | $3,205 | 6.35% |
| SIOUX CITY, IA-NE-SD (FHA|USDA|VA) | 19 | $3,585,000 | $188,684 | $4,690 | 6.50% |
| Hastings, NE (FHA|USDA|VA) | 15 | $3,245,000 | $216,333 | $2,691 | 6.88% |
| Columbus, NE (FHA|USDA|VA) | 13 | $2,495,000 | $191,923 | $2,545 | 6.95% |
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 4 | $2,060,000 | $515,000 | $3,801 | 6.56% |
| BILLINGS, MT (FHA|USDA|VA) | 4 | $2,060,000 | $515,000 | $12,182 | 7.44% |
| Rock Springs, WY (FHA|USDA|VA) | 7 | $1,715,000 | $245,000 | $3,022 | 6.32% |
| KANSAS CITY, MO-KS (FHA|USDA|VA) | 4 | $1,420,000 | $355,000 | $3,426 | 6.09% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 3 | $1,295,000 | $431,667 | $3,985 | 7.04% |
| LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) | 2 | $1,290,000 | $645,000 | $13,053 | 6.75% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 2 | $1,250,000 | $625,000 | $3,467 | 6.69% |
| MANHATTAN, KS (FHA|USDA|VA) | 5 | $1,205,000 | $241,000 | $2,501 | 5.98% |
| Lexington, NE (FHA|USDA|VA) | 7 | $1,085,000 | $155,000 | $2,713 | 7.00% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 3 | $1,075,000 | $358,333 | $3,049 | 6.29% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 1 | $1,035,000 | $1,035,000 | $18,632 | 7.88% |
| SIOUX FALLS, SD (FHA|USDA|VA) | 3 | $915,000 | $305,000 | $5,351 | 7.58% |
| AMES, IA (FHA|USDA|VA) | 3 | $885,000 | $295,000 | $2,249 | 6.67% |
| WICHITA, KS (FHA|USDA|VA) | 3 | $835,000 | $278,333 | $8,636 | 6.79% |
| Ottumwa, IA (FHA|USDA|VA) | 5 | $825,000 | $165,000 | $2,696 | 6.60% |
| GREELEY, CO (FHA|USDA|VA) | 2 | $770,000 | $385,000 | $6,353 | 7.13% |
| WATERLOO-CEDAR FALLS, IA (FHA|USDA|VA) | 2 | $700,000 | $350,000 | $6,472 | 6.19% |
| Clinton, IA (FHA|USDA|VA) | 1 | $645,000 | $645,000 | $2,609 | 6.63% |
| Laramie, WY (FHA|USDA|VA) | 2 | $610,000 | $305,000 | $7,004 | 5.88% |
| Salina, KS (FHA|USDA|VA) | 2 | $510,000 | $255,000 | $2,939 | 6.25% |
| Beatrice, NE (FHA|USDA|VA) | 2 | $500,000 | $250,000 | $3,583 | 6.44% |
| Spirit Lake, IA (FHA|USDA|VA) | 1 | $485,000 | $485,000 | $3,178 | 8.63% |
| Scottsbluff, NE (FHA|USDA|VA) | 4 | $450,000 | $112,500 | $3,446 | 6.47% |
| COLORADO SPRINGS, CO (FHA|USDA|VA) | 1 | $435,000 | $435,000 | $17,767 | 6.38% |
| NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) | 1 | $405,000 | $405,000 | $738 | 5.75% |
| Sebastian-Vero Beach, FL (FHA|USDA|VA) | 1 | $395,000 | $395,000 | $9,152 | 6.13% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 1 | $375,000 | $375,000 | $5,357 | 6.75% |
| GRAND FORKS, ND-MN (FHA|USDA|VA) | 2 | $360,000 | $180,000 | $2,776 | 7.18% |
| Kalispell, MT (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $1,834 | 7.00% |
| Yankton, SD (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $2,039 | 6.38% |
| Fairfield, IA (FHA|USDA|VA) | 2 | $330,000 | $165,000 | $2,541 | 6.38% |
| Roswell, NM (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $1,888 | 7.00% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $4,282 | 8.00% |
| Pampa, TX (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $4,024 | 7.25% |
| BISMARCK, ND (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $6,008 | 7.25% |
| CEDAR RAPIDS, IA (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $4,527 | 6.75% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $9,395 | 7.63% |
| TUCSON, AZ (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $4,354 | 6.75% |
| RAPID CITY, SD (FHA|USDA|VA) | 2 | $230,000 | $115,000 | $2,836 | 6.88% |
| JEFFERSON CITY, MO (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $2,450 | 7.63% |
| Oskaloosa, IA (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $2,818 | 7.25% |
| Bartlesville, OK (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $4,082 | 6.63% |
| TULSA, OK (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $4,028 | 6.25% |
| Vermillion, SD (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $5,015 | 6.50% |
| Lincoln, IL (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $2,376 | 6.13% |
| AMARILLO, TX (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $3,040 | 7.13% |
| Bozeman, MT (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $4,610 | 8.38% |
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Product Mix
For 2023, West Gate Bank's most frequently originated type of loan was Conventional, with 1,125 originations. Their 2nd most popular type was VA, with 51 originations.
Loan Reason
For 2023, West Gate Bank's most frequently cited loan purpose was Home Purchase, with 1,033 originations. The 2nd most popular reason was Refi, with 90 originations.
Loan Duration/Length
For 2023, West Gate Bank's most frequently cited loan duration was 30 Year, with 1,036 originations. The 2nd most popular length was Other, with 62 originations.
Origination Fees/Closing Costs
West Gate Bank's average total fees were $3,384, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 541 originations.
Interest Rates
During 2023, West Gate Bank's average interest rate for loans was 6.77%, while their most frequently originated rate bucket for loans was 6-7%, with 613 originations.
Loan Sizing
2023 saw West Gate Bank place emphasis on $200k-400k loans with 493 originations, totaling $137,955,000 in origination value.
Applicant Income
West Gate Bank lent most frequently to those with incomes in the $100k-150k range, with 270 originations. The second most popular income band? $50k-75k, with 254 originations.
Applicant Debt to Income Ratio
West Gate Bank lent most frequently to those with DTI ratios of 20-30%, with 234 originations. The next most common DTI ratio? 30-36%, with 232 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications94.96%
West Gate Bank has an average approval rate.
Pick Rate
Approvals leading to origination86.67%
West Gate Bank has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 1,215 | $334,155,000 | $275,025 |