West Gate Bank Mortgage Rates, Fees & Info

Lincoln, NE

LEI: 549300QLO8TSQW5JTK72

Tax ID: 47-0523112

5 stars - Updated: 6/9/24 - out of 5 stars, based on 35 reviews

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

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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.

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 6.52% 6/9/24
30 Year Conventional Refi 6.32% 6/9/24
30 Year Cash-out Refi 6.63% 6/9/24
30 Year FHA Purchase 7.23% 6/9/24
30 Year VA Purchase 5.89% 6/9/24
30 Year VA Refi 5.39% 6/9/24
30 Year USDA Purchase 6.55% 6/9/24
15 Year Conventional Purchase 5.88% 6/9/24
15 Year Conventional Refi 5.86% 6/9/24
15 Year Cash-out Refi 5.86% 6/9/24
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

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

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

1,215

Origination Dollar Volume (All Markets)

$334,155,000
Show all (11) awards

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%
West Gate Bank's top markets include Omaha, Lincoln, Des Moines, Norfolk, and Kearney among others.

Their top states include:
  • Nebraska (FHA|USDA|VA)
  • Iowa (FHA|USDA|VA)
  • Wyoming (FHA|USDA|VA)
  • Kansas (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Similar Lenders

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

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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,125 $311,115,000 $276,547 $2,933 6.73%
    VA 51 $16,325,000 $320,098 $7,353 6.15%
    USDA 21 $2,665,000 $126,905 $3,758 6.42%
    FHA 18 $4,050,000 $225,000 $6,991 6.35%

    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

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 1,033 $300,385,000 $290,789 $3,375 6.64%
    Refi 90 $22,520,000 $250,222 $2,410 6.94%
    Cash Out Refi 44 $6,590,000 $149,773 $3,036 6.98%
    Other 33 $3,695,000 $111,970 $1,525 7.13%
    Home Improvement 15 $965,000 $64,333 $910 7.21%

    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

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 1,036 $264,230,000 $255,048 $3,384 6.77%
    Other 62 $9,090,000 $146,613 $790 7.24%
    5 Year 50 $30,940,000 $618,800 $0 5.46%
    15 Year 40 $8,580,000 $214,500 $3,022 6.40%
    10 Year 14 $890,000 $63,571 $1,102 3.65%
    20 Year 9 $2,235,000 $248,333 $3,304 6.69%
    1 Year 3 $2,085,000 $695,000 $420 7.02%
    3 Year 1 $16,105,000 $16,105,000 $0 6.85%

    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

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 541 $130,505,000 $241,229
    $1k-2k 398 $92,190,000 $231,633
    $2k-3k 89 $20,525,000 $230,618
    $3k-4k 55 $13,625,000 $247,727
    $5k+ 31 $14,775,000 $476,613
    $4k-5k 25 $8,705,000 $348,200

    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

    Loan Rate Originations Total Value Average Loan
    6-7% 613 $171,535,000 $279,829
    7-8% 366 $88,430,000 $241,612
    5-6% 159 $42,995,000 $270,409
    Over 8% 36 $6,320,000 $175,556
    4-5% 31 $13,835,000 $446,290
    <2.5% 7 $35,000 $5,000
    3-4% 2 $10,950,000 $5,475,000
    2.5-3% 1 $55,000 $55,000

    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

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 493 $137,955,000 $279,828 $3,507 6.65%
    $100k-200k 407 $62,115,000 $152,617 $2,806 6.76%
    $100,000 or less 139 $8,965,000 $64,496 $1,925 6.71%
    $400k-600k 127 $60,295,000 $474,764 $4,223 6.68%
    $600k-1MM 39 $27,155,000 $696,282 $4,811 6.89%
    $1MM+ 10 $37,670,000 $3,767,000 $6,705 5.98%

    2023 saw West Gate Bank place emphasis on $200k-400k loans with 493 originations, totaling $137,955,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 270 $72,700,000 $269,259 $3,560 6.80%
    $50k-75k 254 $41,250,000 $162,402 $2,939 6.63%
    $150k-250k 209 $71,895,000 $343,995 $3,219 6.80%
    $75k-100k 196 $40,280,000 $205,510 $3,221 6.76%
    $50k or less 129 $14,585,000 $113,062 $2,566 6.65%
    $250k+ 100 $43,150,000 $431,500 $3,815 6.90%

    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

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 234 $52,190,000 $223,034 $2,899 6.78%
    30-36% 232 $53,250,000 $229,526 $3,013 6.70%
    <20% 78 $15,510,000 $198,846 $2,846 6.74%
    39% 58 $16,060,000 $276,897 $3,894 6.78%
    41% 58 $11,860,000 $204,483 $2,869 6.80%
    42% 51 $14,095,000 $276,373 $3,024 6.89%
    49% 48 $15,180,000 $316,250 $3,379 6.85%
    43% 47 $13,665,000 $290,745 $4,141 6.77%
    46% 47 $13,005,000 $276,702 $2,861 6.78%
    40% 43 $10,535,000 $245,000 $3,175 6.84%
    44% 43 $10,705,000 $248,953 $3,398 6.59%
    47% 41 $11,635,000 $283,780 $3,354 6.72%
    36% 40 $8,570,000 $214,250 $3,088 6.98%
    38% 36 $9,560,000 $265,556 $3,617 6.64%
    37% 35 $7,345,000 $209,857 $3,499 6.36%
    45% 33 $10,195,000 $308,939 $3,317 6.87%
    48% 31 $9,295,000 $299,839 $4,151 6.67%
    50-60% 2 $1,150,000 $575,000 $21,102 6.00%
    >60% 1 $55,000 $55,000 $342 3.00%

    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

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,063 $257,865,000 $242,582 $3,209 6.75%
    Not applicable 57 $50,295,000 $882,368 $0 5.60%
    Not provided 56 $13,970,000 $249,464 $2,986 6.87%
    Asian 19 $4,545,000 $239,211 $3,825 6.57%
    Black 11 $4,035,000 $366,818 $4,440 6.44%
    Asian Indian 2 $1,500,000 $750,000 $1,106 6.19%
    American Indian 5 $1,305,000 $261,000 $2,714 6.85%
    Vietnamese 2 $640,000 $320,000 $2,119 6.06%

    Approval Rates

    Total approvals of all applications
    94.96%

    West Gate Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    86.67%

    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

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,215 $334,155,000 $275,025

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 71 $10,955,000 $154,296 $2,191 6.92%
    40-60% 124 $29,600,000 $238,710 $2,933 6.72%
    60-80% 384 $138,900,000 $361,719 $3,100 6.72%
    80-100% 579 $147,685,000 $255,069 $3,389 6.70%
    Over 100% 14 $5,070,000 $362,143 $13,213 6.18%
    Under 20% 43 $1,945,000 $45,233 $745 6.06%