West Gate Bank Mortgage Rates, Fees & Info

Lincoln, NE

LEI: 549300QLO8TSQW5JTK72

Tax ID: 47-0523112

5 stars - Updated: 2/19/24 - out of 5 stars, based on 48 reviews

Latest/2022 | 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, Kearney, Norfolk, and Fremont among others. We have data for 61 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 an above 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 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 6.52% 2/19/24
30 Year Conventional Refi 6.32% 2/19/24
30 Year Cash-out Refi 6.63% 2/19/24
30 Year FHA Purchase 7.23% 2/19/24
30 Year VA Purchase 5.89% 2/19/24
30 Year VA Refi 5.39% 2/19/24
30 Year USDA Purchase 6.55% 2/19/24
15 Year Conventional Purchase 5.88% 2/19/24
15 Year Conventional Refi 5.86% 2/19/24
15 Year Cash-out Refi 5.86% 2/19/24
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

2,314

Origination Dollar Volume (All Markets)

$578,550,000
Show all (35) awards

Relative Rate

West Gate Bank's average 30 year fixed mortgage rate was 4.72%.

The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.

This yields a difference of -0.04%.

Relative Fees (Closing Costs)

West Gate Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $2,972.

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
OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) 626 $200,600,000 $320,447 $3,166 4.42%
LINCOLN, NE (FHA|USDA|VA) 453 $117,295,000 $258,929 $2,534 4.59%
Outside of Metro Areas 511 $90,745,000 $177,583 $2,643 4.57%
Kearney, NE (FHA|USDA|VA) 114 $29,000,000 $254,386 $2,552 4.36%
Norfolk, NE (FHA|USDA|VA) 112 $23,370,000 $208,661 $2,862 4.58%
Fremont, NE (FHA|USDA|VA) 102 $21,750,000 $213,235 $2,790 4.81%
GRAND ISLAND, NE (FHA|USDA|VA) 76 $15,490,000 $203,816 $2,558 4.57%
Columbus, NE (FHA|USDA|VA) 41 $7,815,000 $190,610 $2,552 4.68%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 10 $7,430,000 $743,000 $1,853 5.65%
Hastings, NE (FHA|USDA|VA) 30 $5,840,000 $194,667 $2,349 4.61%
MANHATTAN, KS (FHA|USDA|VA) 22 $4,980,000 $226,364 $2,313 4.26%
Rock Springs, WY (FHA|USDA|VA) 21 $4,825,000 $229,762 $2,454 4.30%
Lexington, NE (FHA|USDA|VA) 25 $4,415,000 $176,600 $2,767 4.97%
SIOUX CITY, IA-NE-SD (FHA|USDA|VA) 15 $3,575,000 $238,333 $3,891 4.98%
AMARILLO, TX (FHA|USDA|VA) 12 $3,510,000 $292,500 $3,605 4.61%
DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) 13 $3,455,000 $265,769 $2,277 4.50%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 5 $3,255,000 $651,000 $4,192 4.68%
North Platte, NE (FHA|USDA|VA) 16 $2,530,000 $158,125 $2,218 4.48%
Scottsbluff, NE (FHA|USDA|VA) 11 $2,445,000 $222,273 $3,462 4.39%
Laramie, WY (FHA|USDA|VA) 5 $2,155,000 $431,000 $7,931 5.05%
Pella, IA (FHA|USDA|VA) 10 $1,880,000 $188,000 $2,048 3.38%
CHEYENNE, WY (FHA|USDA|VA) 6 $1,630,000 $271,667 $4,761 4.38%
KANSAS CITY, MO-KS (FHA|USDA|VA) 4 $1,620,000 $405,000 $2,333 4.78%
Beatrice, NE (FHA|USDA|VA) 8 $1,380,000 $172,500 $1,899 3.52%
Spirit Lake, IA (FHA|USDA|VA) 3 $1,375,000 $458,333 $3,215 2.83%
LUBBOCK, TX (FHA|USDA|VA) 1 $1,005,000 $1,005,000 $8,968 5.25%
Yankton, SD (FHA|USDA|VA) 5 $945,000 $189,000 $3,338 4.53%
Oskaloosa, IA (FHA|USDA|VA) 5 $805,000 $161,000 $2,124 4.08%
Fairfield, IA (FHA|USDA|VA) 4 $800,000 $200,000 $2,255 4.03%
PANAMA CITY, FL (FHA|USDA|VA) 2 $770,000 $385,000 $8,072 4.44%
TOPEKA, KS (FHA|USDA|VA) 3 $695,000 $231,667 $2,867 4.13%
FORT COLLINS, CO (FHA|USDA|VA) 3 $675,000 $225,000 $2,261 5.33%
LITTLE ROCK-NORTH LITTLE ROCK-CONWAY, AR (FHA|USDA|VA) 1 $655,000 $655,000 $13,978 5.00%
Spearfish, SD (FHA|USDA|VA) 1 $635,000 $635,000 $2,400 3.25%
Ottumwa, IA (FHA|USDA|VA) 5 $625,000 $125,000 $2,273 4.23%
LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 2 $620,000 $310,000 $2,792 4.19%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 2 $610,000 $305,000 $3,207 4.94%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $535,000 $535,000 $2,801 3.00%
LAWRENCE, KS (FHA|USDA|VA) 1 $515,000 $515,000 $2,047 5.75%
Evanston, WY (FHA|USDA|VA) 1 $485,000 $485,000 $3,354 5.00%
Salina, KS (FHA|USDA|VA) 3 $435,000 $145,000 $1,736 5.33%
TUCSON, AZ (FHA|USDA|VA) 1 $435,000 $435,000 $4,896 4.00%
LOUISVILLE, KY (FHA|USDA|VA) 1 $435,000 $435,000 $2,570 5.75%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $375,000 $375,000 $2,951 5.13%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 2 $360,000 $180,000 $4,933 4.63%
SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) 1 $355,000 $355,000 $5,943 4.88%
ST. LOUIS, MO-IL (FHA|USDA|VA) 2 $330,000 $165,000 $2,818 5.81%
PUEBLO, CO (FHA|USDA|VA) 1 $315,000 $315,000 $1,957 3.50%
Fergus Falls, MN (FHA|USDA|VA) 1 $305,000 $305,000 $4,165 5.63%
PUNTA GORDA, FL (FHA|USDA|VA) 1 $285,000 $285,000 $5,088 5.88%
CEDAR RAPIDS, IA (FHA|USDA|VA) 2 $260,000 $130,000 $2,290 4.19%
RAPID CITY, SD (FHA|USDA|VA) 1 $245,000 $245,000 $2,437 3.88%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 1 $245,000 $245,000 $10,672 4.50%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 1 $235,000 $235,000 $2,758 3.88%
WICHITA, KS (FHA|USDA|VA) 1 $225,000 $225,000 $2,273 4.75%
ROCHESTER, MN (FHA|USDA|VA) 1 $205,000 $205,000 $2,242 7.25%
AMES, IA (FHA|USDA|VA) 1 $175,000 $175,000 $1,732 3.50%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 1 $175,000 $175,000 $0 3.88%
GREELEY, CO (FHA|USDA|VA) 1 $165,000 $165,000 $2,797 3.25%
Winfield, KS (FHA|USDA|VA) 1 $145,000 $145,000 $2,764 3.00%
WATERLOO-CEDAR FALLS, IA (FHA|USDA|VA) 1 $105,000 $105,000 $1,854 4.75%
West Gate Bank's top markets include Omaha, Lincoln, Kearney, Norfolk, and Fremont among others.

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

    WESTERN VISTA
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    Farmers & Merchants Savings Bank
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    SIOUXLAND FEDERAL CREDIT UNION
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 2,178 $546,360,000 $250,854 $2,643 4.54%
    VA 66 $21,610,000 $327,424 $6,199 4.29%
    USDA 48 $6,420,000 $133,750 $3,670 4.26%
    FHA 22 $4,160,000 $189,091 $6,181 4.85%

    For 2022, West Gate Bank's most frequently originated type of loan was Conventional, with 2,178 originations. Their 2nd most popular type was VA, with 66 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 1,616 $426,340,000 $263,824 $3,059 4.71%
    Cash Out Refi 333 $68,275,000 $205,030 $2,316 4.12%
    Refi 318 $77,400,000 $243,396 $2,177 4.00%
    Other 32 $4,340,000 $135,625 $1,854 4.85%
    Home Improvement 15 $2,195,000 $146,333 $1,471 4.58%

    For 2022, West Gate Bank's most frequently cited loan purpose was Home Purchase, with 1,616 originations. The 2nd most popular reason was Cash Out Refi, with 333 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 1,748 $440,390,000 $251,939 $2,972 4.72%
    15 Year 287 $58,005,000 $202,108 $2,415 3.51%
    Other 127 $33,075,000 $260,433 $1,708 4.93%
    5 Year 57 $24,645,000 $432,368 $706 4.93%
    20 Year 44 $9,560,000 $217,273 $2,420 3.87%
    10 Year 43 $11,045,000 $256,860 $1,851 2.49%
    1 Year 8 $1,830,000 $228,750 $1,377 4.56%

    For 2022, West Gate Bank's most frequently cited loan duration was 30 Year, with 1,748 originations. The 2nd most popular length was 15 Year, with 287 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 1,154 $278,420,000 $241,265
    $1k-2k 731 $163,475,000 $223,632
    $2k-3k 152 $37,840,000 $248,947
    $3k-4k 52 $16,950,000 $325,962
    $4k-5k 41 $15,815,000 $385,732
    $5k+ 38 $18,530,000 $487,632

    West Gate Bank's average total fees were $2,972, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 1,154 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 623 $162,455,000 $260,762
    3-4% 623 $161,955,000 $259,960
    5-6% 562 $137,670,000 $244,964
    6-7% 196 $43,080,000 $219,796
    2.5-3% 179 $46,095,000 $257,514
    <2.5% 91 $20,475,000 $225,000
    7-8% 40 $6,820,000 $170,500

    During 2022, West Gate Bank's average interest rate for loans was 4.72%, while their most frequently originated rate bucket for loans was 4-5%, with 623 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 912 $253,980,000 $278,487 $3,028 4.58%
    $100k-200k 802 $121,880,000 $151,970 $2,506 4.59%
    $100,000 or less 290 $20,340,000 $70,138 $1,965 4.53%
    $400k-600k 221 $105,565,000 $477,670 $3,374 4.19%
    $600k-1MM 76 $54,740,000 $720,263 $4,774 4.32%
    $1MM+ 13 $22,045,000 $1,695,769 $4,111 4.73%

    2022 saw West Gate Bank place emphasis on $200k-400k loans with 912 originations, totaling $253,980,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 513 $136,485,000 $266,053 $2,944 4.54%
    $50k-75k 464 $78,400,000 $168,966 $2,652 4.58%
    $75k-100k 412 $87,540,000 $212,476 $2,727 4.50%
    $150k-250k 360 $124,900,000 $346,944 $2,954 4.47%
    $50k or less 319 $38,275,000 $119,984 $2,490 4.71%
    $250k+ 161 $74,925,000 $465,373 $3,436 4.21%

    West Gate Bank lent most frequently to those with incomes in the $100k-150k range, with 513 originations. The second most popular income band? $50k-75k, with 464 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 534 $126,280,000 $236,479 $2,648 4.39%
    30-36% 455 $109,285,000 $240,187 $2,825 4.53%
    <20% 189 $43,365,000 $229,444 $2,573 4.16%
    42% 97 $22,295,000 $229,845 $2,830 4.56%
    38% 97 $23,665,000 $243,969 $2,853 4.79%
    37% 95 $27,095,000 $285,211 $2,890 4.55%
    39% 91 $21,805,000 $239,615 $2,844 4.81%
    40% 86 $18,220,000 $211,860 $2,518 4.61%
    36% 77 $18,805,000 $244,221 $3,243 4.56%
    41% 77 $19,015,000 $246,948 $3,153 4.73%
    43% 73 $18,505,000 $253,493 $3,038 4.56%
    44% 72 $18,350,000 $254,861 $2,789 4.84%
    49% 63 $16,925,000 $268,651 $2,682 4.39%
    47% 62 $15,420,000 $248,710 $3,334 5.09%
    48% 57 $13,875,000 $243,421 $3,216 4.59%
    45% 52 $14,250,000 $274,038 $3,068 4.61%
    46% 49 $12,665,000 $258,469 $2,848 4.60%
    50-60% 2 $420,000 $210,000 $437 5.38%
    >60% 1 $285,000 $285,000 $3,055 5.00%

    West Gate Bank lent most frequently to those with DTI ratios of 20-30%, with 534 originations. The next most common DTI ratio? 30-36%, with 455 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 2,004 $479,160,000 $239,102 $2,808 4.53%
    Not provided 157 $41,915,000 $266,975 $2,824 4.42%
    Not applicable 82 $37,330,000 $455,244 $0 4.52%
    Asian 33 $11,005,000 $333,485 $2,999 4.80%
    Black 23 $5,115,000 $222,391 $2,827 4.60%
    American Indian 12 $2,870,000 $239,167 $2,691 4.93%
    Asian Indian 1 $985,000 $985,000 $0 6.13%
    Vietnamese 2 $170,000 $85,000 $0 5.00%

    Approval Rates

    Total approvals of all applications
    95.52%

    West Gate Bank 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
    90.67%

    West Gate Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 2,314 $578,550,000 $250,022

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    2,314 $578,550,000 $250,022

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 146 $21,090,000 $144,452 $2,087 4.33%
    40-60% 305 $73,165,000 $239,885 $2,617 4.14%
    60-80% 797 $233,735,000 $293,269 $2,865 4.43%
    80-100% 1,001 $244,305,000 $244,061 $2,935 4.80%
    Over 100% 11 $3,525,000 $320,455 $12,891 4.50%
    Under 20% 54 $2,730,000 $50,556 $525 3.83%

    Complaints

    Bank Name Product Issue 2022 CPFB Complaints % of Total Issues
    West Coast Servicing, Inc. Conventional home mortgage Trouble during payment process 1 100.0%