Northwest Bank Mortgage Rates, Fees & Info
Spencer, IALEI: 549300RBJCM5B02O5U05
Tax ID: 42-1325507
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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. Their top markets by origination volume include: Des Moines, Spirit Lake, Omaha, Sioux City, and Spencer among others. We have data for 57 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 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 |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 5.09% | 4/5/25 |
| 30 Year Conventional Purchase | 6.80% | 4/5/25 |
| 30 Year Conventional Refi | 6.83% | 4/5/25 |
| 30 Year Cash-out Refi | 6.85% | 4/5/25 |
| 30 Year FHA Purchase | 7.63% | 4/5/25 |
| 30 Year FHA Refi | 7.46% | 4/5/25 |
| 30 Year VA Purchase | 6.57% | 4/5/25 |
| 30 Year USDA Purchase | 7.27% | 4/5/25 |
| 15 Year Conventional Purchase | 6.03% | 4/5/25 |
| 15 Year Conventional Refi | 6.12% | 4/5/25 |
| 15 Year Cash-out Refi | 6.12% | 4/5/25 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
1,853Origination Dollar Volume (All Markets)
$386,475,000Awards
Northwest Bank - 2024
Northwest Bank is a 2024 , due to their low .
For 2024, less than of lenders were eligible for this award.
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Relative Rate
Northwest Bank's average 30 year fixed mortgage rate was
6.61%.
The 2024 average 30 year fixed rate mortgage across all markets and lenders was 6.55%.
This yields a difference of 0.06%.
Relative Fees (Closing Costs)
Northwest Bank's average total fees/closing costs for a 30 year fixed rate
mortgage were $3,758.
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 $8,356.
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) | 461 | $126,545,000 | $274,501 | $3,717 | 6.65% |
| Outside of Metro Areas | 434 | $63,010,000 | $145,184 | $3,037 | 6.82% |
| Spirit Lake, IA (FHA|USDA|VA) | 206 | $49,110,000 | $238,398 | $3,826 | 6.82% |
| OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) | 189 | $43,325,000 | $229,233 | $3,093 | 6.69% |
| SIOUX CITY, IA-NE-SD (FHA|USDA|VA) | 148 | $25,550,000 | $172,635 | $4,047 | 6.81% |
| Spencer, IA (FHA|USDA|VA) | 145 | $17,695,000 | $122,034 | $2,802 | 6.95% |
| AMES, IA (FHA|USDA|VA) | 60 | $17,010,000 | $283,500 | $3,534 | 6.76% |
| Fort Dodge, IA (FHA|USDA|VA) | 91 | $11,385,000 | $125,110 | $3,136 | 6.96% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 5 | $2,785,000 | $557,000 | $4,687 | 6.53% |
| SIOUX FALLS, SD (FHA|USDA|VA) | 7 | $2,445,000 | $349,286 | $7,059 | 6.57% |
| Marshalltown, IA (FHA|USDA|VA) | 15 | $2,315,000 | $154,333 | $4,195 | 6.58% |
| Pella, IA (FHA|USDA|VA) | 8 | $2,060,000 | $257,500 | $5,065 | 6.42% |
| Mason City, IA (FHA|USDA|VA) | 5 | $1,975,000 | $395,000 | $4,128 | 6.35% |
| Storm Lake, IA (FHA|USDA|VA) | 13 | $1,625,000 | $125,000 | $2,857 | 7.31% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 2 | $1,440,000 | $720,000 | $14,036 | 7.00% |
| Steamboat Springs, CO (FHA|USDA|VA) | 1 | $1,155,000 | $1,155,000 | $14,579 | 6.50% |
| Fremont, NE (FHA|USDA|VA) | 4 | $920,000 | $230,000 | $2,958 | 6.76% |
| KANSAS CITY, MO-KS (FHA|USDA|VA) | 3 | $885,000 | $295,000 | $2,751 | 7.67% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 5 | $825,000 | $165,000 | $2,723 | 7.28% |
| CEDAR RAPIDS, IA (FHA|USDA|VA) | 2 | $790,000 | $395,000 | $2,573 | 7.88% |
| Spearfish, SD (FHA|USDA|VA) | 1 | $765,000 | $765,000 | $9,940 | 7.75% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 2 | $750,000 | $375,000 | $4,924 | 7.04% |
| FORT COLLINS, CO (FHA|USDA|VA) | 2 | $740,000 | $370,000 | $3,626 | 6.25% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 2 | $720,000 | $360,000 | $7,981 | 6.56% |
| IOWA CITY, IA (FHA|USDA|VA) | 3 | $695,000 | $231,667 | $2,418 | 6.42% |
| Kearney, NE (FHA|USDA|VA) | 1 | $675,000 | $675,000 | $2,944 | 7.00% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 2 | $620,000 | $310,000 | $9,222 | 6.75% |
| CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) | 1 | $605,000 | $605,000 | $0 | 6.00% |
| PUNTA GORDA, FL (FHA|USDA|VA) | 1 | $525,000 | $525,000 | $10,315 | 6.88% |
| LINCOLN, NE (FHA|USDA|VA) | 5 | $505,000 | $101,000 | $0 | 7.10% |
| KNOXVILLE, TN (FHA|USDA|VA) | 1 | $485,000 | $485,000 | $4,041 | 6.63% |
| HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) | 1 | $475,000 | $475,000 | $8,520 | 7.88% |
| MEMPHIS, TN-MS-AR (FHA|USDA|VA) | 2 | $470,000 | $235,000 | $2,954 | 6.00% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 1 | $455,000 | $455,000 | $10,499 | 6.50% |
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 1 | $455,000 | $455,000 | $6,625 | 6.50% |
| ROCKFORD, IL (FHA|USDA|VA) | 1 | $395,000 | $395,000 | $4,326 | 6.13% |
| Brainerd, MN (FHA|USDA|VA) | 1 | $395,000 | $395,000 | $3,873 | 6.88% |
| ALBUQUERQUE, NM (FHA|USDA|VA) | 1 | $385,000 | $385,000 | $3,359 | 6.13% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 1 | $355,000 | $355,000 | $0 | 6.95% |
| REDDING, CA (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $0 | 6.75% |
| Carroll, IA (FHA|USDA|VA) | 2 | $320,000 | $160,000 | $3,044 | 7.06% |
| COLUMBIA, MO (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $0 | 7.50% |
| BOISE CITY, ID (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $4,092 | 6.75% |
| THE VILLAGES, FL (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $6,334 | 6.88% |
| BAKERSFIELD, CA (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $9,598 | 6.00% |
| ST. CLOUD, MN (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $3,074 | 7.00% |
| LAWRENCE, KS (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $2,355 | 7.00% |
| ST. LOUIS, MO-IL (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $2,911 | 6.88% |
| ROCHESTER, MN (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $2,323 | 6.25% |
| Ottumwa, IA (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $3,322 | 6.63% |
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $0 | 8.50% |
| LITTLE ROCK-NORTH LITTLE ROCK-CONWAY, AR (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 6.25% |
| WATERLOO-CEDAR FALLS, IA (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $4,343 | 7.00% |
| Oskaloosa, IA (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $2,588 | 6.50% |
| Worthington, MN (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $1,836 | 6.75% |
| Fergus Falls, MN (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 6.00% |
| Willmar, MN (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 8.00% |
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.
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Product Mix
For 2024, Northwest Bank's most frequently originated type of loan was Conventional, with 1,245 originations. Their 2nd most popular type was HELOC, with 543 originations.
Loan Reason
For 2024, Northwest Bank's most frequently cited loan purpose was Home Purchase, with 1,155 originations. The 2nd most popular reason was Home Improvement, with 255 originations.
Loan Duration/Length
For 2024, Northwest Bank's most frequently cited loan duration was 30 Year, with 1,019 originations. The 2nd most popular length was 10 Year, with 580 originations.
Origination Fees/Closing Costs
Northwest Bank's average total fees were $3,758, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 451 originations.
Interest Rates
During 2024, Northwest Bank's average interest rate for loans was 6.61%, while their most frequently originated rate bucket for loans was 6-7%, with 834 originations.
Loan Sizing
2024 saw Northwest Bank place emphasis on $100,000 or less loans with 563 originations, totaling $28,745,000 in origination value.
Applicant Income
Northwest Bank lent most frequently to those with incomes in the $100k-150k range, with 380 originations. The second most popular income band? $50k-75k, with 328 originations.
Applicant Debt to Income Ratio
Northwest Bank lent most frequently to those with DTI ratios of 20-30%, with 372 originations. The next most common DTI ratio? 30-36%, with 339 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications94.44%
Northwest Bank has an average approval rate.
Pick Rate
Approvals leading to origination81.87%
Northwest Bank has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| 0.0 | 6 | $330,000 | $55,000 |
| NA | 1,847 | $386,145,000 | $209,066 |