Northwest Bank Mortgage Rates, Fees & Info

Spencer, IA

LEI: 549300RBJCM5B02O5U05

Tax ID: 42-1325507

5 stars - Updated: 6/23/24 - out of 5 stars, based on 43 reviews

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

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Mortgage Data

Review & Overview

Northwest Bank is a smaller bank specializing in Home Purchase loans. Northwest Bank has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) 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: Des Moines, Spirit Lake, Omaha, Sioux City, and Ames among others. We have data for 49 markets. (Some data included below & more in-depth data is available with an active subscription.)

Northwest 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. Northwest 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
Home Equity Line of Credit (HELOC) 5.98% 6/23/24
30 Year Conventional Purchase 6.65% 6/23/24
30 Year Conventional Refi 6.60% 6/23/24
30 Year Cash-out Refi 6.69% 6/23/24
30 Year FHA Purchase 7.48% 6/23/24
30 Year FHA Refi 6.39% 6/23/24
30 Year VA Purchase 6.06% 6/23/24
30 Year USDA Purchase 6.84% 6/23/24
15 Year Conventional Purchase 5.93% 6/23/24
15 Year Conventional Refi 5.94% 6/23/24
15 Year Cash-out Refi 5.94% 6/23/24
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.

Northwest Bank Mortgage Calculator






Your Estimates

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

This is not an official calculator from Northwest 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

1,863

Origination Dollar Volume (All Markets)

$394,835,000
Show all (6) awards

Relative Rate

Northwest Bank's average 30 year fixed mortgage rate was 6.4%.

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

This yields a difference of -0.08%.

Relative Fees (Closing Costs)

Northwest Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $4,264.

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
DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) 469 $131,115,000 $279,563 $4,345 6.63%
Outside of Metro Areas 409 $55,665,000 $136,100 $3,015 6.97%
Spirit Lake, IA (FHA|USDA|VA) 202 $44,240,000 $219,010 $4,112 6.99%
OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) 177 $38,755,000 $218,955 $4,079 7.02%
SIOUX CITY, IA-NE-SD (FHA|USDA|VA) 190 $33,050,000 $173,947 $4,258 7.00%
AMES, IA (FHA|USDA|VA) 74 $24,840,000 $335,676 $4,166 6.70%
Spencer, IA (FHA|USDA|VA) 142 $18,460,000 $130,000 $3,074 6.90%
Fort Dodge, IA (FHA|USDA|VA) 93 $11,695,000 $125,753 $3,119 7.03%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 12 $5,670,000 $472,500 $7,421 6.58%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 4 $4,760,000 $1,190,000 $11,541 6.44%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 10 $3,790,000 $379,000 $4,299 6.91%
LINCOLN, NE (FHA|USDA|VA) 7 $2,955,000 $422,143 $2,675 7.03%
Storm Lake, IA (FHA|USDA|VA) 14 $2,370,000 $169,286 $3,792 6.87%
Mason City, IA (FHA|USDA|VA) 6 $1,770,000 $295,000 $2,734 6.71%
KANSAS CITY, MO-KS (FHA|USDA|VA) 4 $1,710,000 $427,500 $6,816 5.31%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $1,605,000 $1,605,000 $0 8.50%
Fairmont, MN (FHA|USDA|VA) 5 $1,265,000 $253,000 $4,282 6.62%
Marshalltown, IA (FHA|USDA|VA) 3 $1,205,000 $401,667 $8,866 7.37%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 2 $970,000 $485,000 $10,476 5.50%
Pella, IA (FHA|USDA|VA) 4 $840,000 $210,000 $3,929 6.53%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 2 $660,000 $330,000 $0 7.49%
IOWA CITY, IA (FHA|USDA|VA) 4 $530,000 $132,500 $3,832 6.76%
HOUMA-THIBODAUX, LA (FHA|USDA|VA) 1 $505,000 $505,000 $19,746 6.25%
DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) 1 $485,000 $485,000 $7,222 7.88%
KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 1 $475,000 $475,000 $8,089 4.99%
Bozeman, MT (FHA|USDA|VA) 1 $455,000 $455,000 $7,039 5.50%
TUCSON, AZ (FHA|USDA|VA) 1 $415,000 $415,000 $8,962 6.00%
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 1 $405,000 $405,000 $8,790 4.99%
Alexandria, MN (FHA|USDA|VA) 1 $385,000 $385,000 $7,293 6.00%
Albert Lea, MN (FHA|USDA|VA) 2 $380,000 $190,000 $0 5.99%
PUNTA GORDA, FL (FHA|USDA|VA) 1 $345,000 $345,000 $9,145 6.75%
SIOUX FALLS, SD (FHA|USDA|VA) 2 $320,000 $160,000 $3,474 6.88%
Sebastian-Vero Beach, FL (FHA|USDA|VA) 1 $305,000 $305,000 $6,841 6.25%
Vermillion, SD (FHA|USDA|VA) 1 $305,000 $305,000 $4,697 5.50%
BLOOMINGTON, IN (FHA|USDA|VA) 1 $285,000 $285,000 $6,161 7.50%
WATERLOO-CEDAR FALLS, IA (FHA|USDA|VA) 1 $245,000 $245,000 $4,781 6.88%
PORT ST. LUCIE, FL (FHA|USDA|VA) 1 $215,000 $215,000 $3,167 5.75%
Yankton, SD (FHA|USDA|VA) 1 $195,000 $195,000 $0 6.99%
Norfolk, NE (FHA|USDA|VA) 1 $185,000 $185,000 $0 8.75%
Kirksville, MO (FHA|USDA|VA) 1 $175,000 $175,000 $2,015 7.63%
Pierre, SD (FHA|USDA|VA) 1 $175,000 $175,000 $2,725 6.50%
Beatrice, NE (FHA|USDA|VA) 1 $155,000 $155,000 $0 6.50%
Marshall, MN (FHA|USDA|VA) 1 $145,000 $145,000 $3,947 6.63%
LITTLE ROCK-NORTH LITTLE ROCK-CONWAY, AR (FHA|USDA|VA) 1 $135,000 $135,000 $0 6.50%
Fremont, NE (FHA|USDA|VA) 1 $75,000 $75,000 $0 6.50%
LAKE HAVASU CITY-KINGMAN, AZ (FHA|USDA|VA) 1 $55,000 $55,000 $0 7.25%
SPRINGFIELD, MO (FHA|USDA|VA) 1 $55,000 $55,000 $0 6.99%
CEDAR RAPIDS, IA (FHA|USDA|VA) 1 $25,000 $25,000 $0 7.50%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 1 $15,000 $15,000 $0 6.99%
Northwest Bank's top markets include Des Moines, Spirit Lake, Omaha, Sioux City, and Ames among others.

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

    We use machine learning to identify the top lenders compared against Northwest 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
    METRO CU
    Similarity Rank: 56
    FINANCIAL PLUS Credit Union
    Similarity Rank: 60
    Primebank
    Similarity Rank: 80
    South Metro Federal Credit Union
    Similarity Rank: 130
    MEMBERS1st Community Credit Union
    Similarity Rank: 144
    Raccoon Valley Bank
    Similarity Rank: 175
    Cobalt Credit Union
    Similarity Rank: 192

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,231 $319,025,000 $259,159 $3,761 6.71%
    HELOC 572 $63,040,000 $110,210 n/a 7.22%
    FHA 27 $6,125,000 $226,852 $8,166 6.75%
    VA 18 $4,640,000 $257,778 $7,939 6.73%
    USDA 14 $1,980,000 $141,429 $4,336 6.55%
    FHA 1 $25,000 $25,000 $0 7.50%

    For 2023, Northwest Bank's most frequently originated type of loan was Conventional, with 1,231 originations. Their 2nd most popular type was HELOC, with 572 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 1,171 $306,755,000 $261,960 $4,221 6.63%
    Home Improvement 277 $24,105,000 $87,022 $210 7.41%
    Refi 207 $39,405,000 $190,362 $3,320 7.00%
    Other 180 $20,350,000 $113,056 $618 7.41%
    Cash Out Refi 28 $4,220,000 $150,714 $3,047 6.69%

    For 2023, Northwest Bank's most frequently cited loan purpose was Home Purchase, with 1,171 originations. The 2nd most popular reason was Home Improvement, with 277 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 981 $265,965,000 $271,116 $4,264 6.40%
    10 Year 623 $66,535,000 $106,798 $331 7.33%
    5 Year 94 $22,260,000 $236,809 $228 7.13%
    Other 91 $23,135,000 $254,231 $953 8.60%
    15 Year 49 $10,915,000 $222,755 $3,280 5.90%
    1 Year 17 $4,625,000 $272,059 $0 8.96%
    20 Year 5 $1,355,000 $271,000 $3,766 6.65%
    3 Year 3 $45,000 $15,000 $225 7.75%

    For 2023, Northwest Bank's most frequently cited loan duration was 30 Year, with 981 originations. The 2nd most popular length was 10 Year, with 623 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 410 $71,070,000 $173,341
    $1k-2k 288 $58,150,000 $201,910
    $3k-4k 133 $36,935,000 $277,707
    $2k-3k 110 $21,650,000 $196,818
    $5k+ 109 $72,195,000 $662,339
    $4k-5k 79 $28,855,000 $365,253

    Northwest Bank's average total fees were $4,264, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 410 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 669 $133,925,000 $200,187
    5-6% 491 $134,575,000 $274,084
    7-8% 446 $76,490,000 $171,502
    Over 8% 222 $34,700,000 $156,306
    4-5% 34 $14,570,000 $428,529
    3-4% 1 $575,000 $575,000

    During 2023, Northwest Bank's average interest rate for loans was 6.40%, while their most frequently originated rate bucket for loans was 6-7%, with 669 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 597 $30,535,000 $51,147 $1,547 7.38%
    $100k-200k 541 $79,305,000 $146,590 $3,025 6.81%
    $200k-400k 510 $141,250,000 $276,961 $4,329 6.52%
    $400k-600k 133 $64,255,000 $483,120 $5,766 6.42%
    $600k-1MM 63 $45,795,000 $726,905 $8,515 6.31%
    $1MM+ 19 $33,695,000 $1,773,421 $13,895 6.74%

    2023 saw Northwest Bank place emphasis on $100,000 or less loans with 597 originations, totaling $30,535,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 379 $74,095,000 $195,501 $4,049 6.84%
    $50k-75k 337 $45,775,000 $135,831 $3,093 6.87%
    $150k-250k 314 $83,700,000 $266,561 $4,711 6.85%
    $75k-100k 279 $42,555,000 $152,527 $3,362 6.88%
    $250k+ 219 $88,325,000 $403,311 $6,872 6.66%
    $50k or less 206 $20,660,000 $100,291 $2,619 6.85%

    Northwest Bank lent most frequently to those with incomes in the $100k-150k range, with 379 originations. The second most popular income band? $50k-75k, with 337 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 395 $64,915,000 $164,342 $3,302 6.87%
    30-36% 347 $69,145,000 $199,265 $3,969 6.76%
    <20% 194 $32,840,000 $169,278 $3,647 6.84%
    37% 90 $18,490,000 $205,444 $3,802 6.76%
    39% 87 $20,325,000 $233,621 $4,753 6.92%
    38% 69 $16,845,000 $244,130 $4,742 6.85%
    41% 64 $16,490,000 $257,656 $4,521 6.67%
    40% 63 $15,015,000 $238,333 $3,962 6.82%
    42% 62 $13,050,000 $210,484 $3,911 6.73%
    36% 62 $11,960,000 $192,903 $3,368 6.93%
    43% 58 $15,410,000 $265,690 $4,606 6.59%
    45% 45 $11,055,000 $245,667 $4,929 6.79%
    49% 39 $9,295,000 $238,333 $3,462 7.02%
    44% 38 $9,140,000 $240,526 $3,708 6.82%
    47% 35 $8,025,000 $229,286 $4,280 6.97%
    46% 34 $7,600,000 $223,529 $4,375 6.78%
    48% 33 $6,915,000 $209,545 $2,739 6.76%
    50-60% 18 $5,230,000 $290,556 $5,388 6.89%
    >60% 12 $5,430,000 $452,500 $7,616 7.76%

    Northwest Bank lent most frequently to those with DTI ratios of 20-30%, with 395 originations. The next most common DTI ratio? 30-36%, with 347 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,518 $303,690,000 $200,059 $3,952 6.85%
    Not provided 174 $39,050,000 $224,425 $4,039 6.68%
    Not applicable 98 $35,270,000 $359,898 $0 7.47%
    Asian 40 $9,960,000 $249,000 $3,467 6.65%
    Black 14 $3,440,000 $245,714 $3,744 6.20%
    American Indian 10 $1,520,000 $152,000 $3,572 7.45%
    Asian Indian 3 $715,000 $238,333 $1,981 7.79%
    Native Hawaiian or Islander 3 $555,000 $185,000 $5,777 7.46%
    Filipino 1 $405,000 $405,000 $7,515 5.63%
    Chinese 1 $145,000 $145,000 $3,612 6.50%
    Other Asian 1 $85,000 $85,000 $0 6.99%

    Approval Rates

    Total approvals of all applications
    93.51%

    Northwest Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    81.80%

    Northwest Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    0.0 2 $40,000 $20,000
    NA 1,861 $394,795,000 $212,141

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,863 $394,835,000 $211,935

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 282 $33,750,000 $119,681 $2,019 7.21%
    40-60% 195 $52,335,000 $268,385 $3,779 6.88%
    60-80% 438 $120,260,000 $274,566 $4,345 6.72%
    80-100% 651 $170,605,000 $262,066 $4,195 6.51%
    Over 100% 3 $1,135,000 $378,333 $14,948 6.58%
    Under 20% 294 $16,750,000 $56,973 $436 7.54%