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, 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.52% | 4/22/24 |
| 30 Year Conventional Refi | 6.32% | 4/22/24 |
| 30 Year Cash-out Refi | 6.63% | 4/22/24 |
| 30 Year FHA Purchase | 7.23% | 4/22/24 |
| 30 Year VA Purchase | 5.89% | 4/22/24 |
| 30 Year VA Refi | 5.39% | 4/22/24 |
| 30 Year USDA Purchase | 6.55% | 4/22/24 |
| 15 Year Conventional Purchase | 5.88% | 4/22/24 |
| 15 Year Conventional Refi | 5.86% | 4/22/24 |
| 15 Year Cash-out Refi | 5.86% | 4/22/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
2,314Origination Dollar Volume (All Markets)
$578,550,000Awards
West Gate Bank - 2022
West Gate Bank is a 2022 , due to their low .
For 2022, less than of lenders were eligible for this award.
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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% |
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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
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
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
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
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
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
2022 saw West Gate Bank place emphasis on $200k-400k loans with 912 originations, totaling $253,980,000 in origination value.
Applicant Income
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
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
Approval Rates
Total approvals of all applications95.52%
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 origination90.67%
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 |
LTV Distribution
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% |