Northwest Bank Mortgage Rates, Fees & Info

Spencer, IA

LEI: 549300RBJCM5B02O5U05

Tax ID: 42-1325507

5 stars - Updated: 12/4/23 - out of 5 stars, based on 49 reviews

Latest/2022 | 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. Their top markets by origination volume include: Des Moines, Omaha, Spirit Lake, Sioux City, and Spencer among others. We have data for 70 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) 5.98% 12/4/23
30 Year Conventional Purchase 6.65% 12/4/23
30 Year Conventional Refi 6.60% 12/4/23
30 Year Cash-out Refi 6.69% 12/4/23
30 Year FHA Purchase 7.48% 12/4/23
30 Year FHA Refi 6.39% 12/4/23
30 Year VA Purchase 6.06% 12/4/23
30 Year USDA Purchase 6.84% 12/4/23
15 Year Conventional Purchase 5.93% 12/4/23
15 Year Conventional Refi 5.94% 12/4/23
15 Year Cash-out Refi 5.94% 12/4/23
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

2,362

Origination Dollar Volume (All Markets)

$476,710,000
Show all (16) awards

Relative Rate

Northwest Bank's average 30 year fixed mortgage rate was 4.54%.

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

This yields a difference of -0.22%.

Relative Fees (Closing Costs)

Northwest Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $3,662.

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
DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) 615 $151,355,000 $246,106 $3,696 4.47%
Outside of Metro Areas 564 $76,560,000 $135,745 $2,812 4.52%
OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) 262 $58,470,000 $223,168 $3,053 4.52%
Spirit Lake, IA (FHA|USDA|VA) 229 $54,705,000 $238,886 $2,921 4.22%
SIOUX CITY, IA-NE-SD (FHA|USDA|VA) 193 $27,815,000 $144,119 $3,772 4.58%
Spencer, IA (FHA|USDA|VA) 155 $21,065,000 $135,903 $2,762 4.51%
Fort Dodge, IA (FHA|USDA|VA) 147 $18,845,000 $128,197 $2,524 4.88%
AMES, IA (FHA|USDA|VA) 48 $16,850,000 $351,042 $3,609 4.73%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 11 $6,435,000 $585,000 $6,755 4.34%
SIOUX FALLS, SD (FHA|USDA|VA) 12 $3,880,000 $323,333 $3,936 4.36%
Steamboat Springs, CO (FHA|USDA|VA) 1 $3,685,000 $3,685,000 $24,833 3.13%
WATERLOO-CEDAR FALLS, IA (FHA|USDA|VA) 5 $2,815,000 $563,000 $4,474 4.42%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 10 $2,660,000 $266,000 $3,448 4.40%
IOWA CITY, IA (FHA|USDA|VA) 9 $2,255,000 $250,556 $3,768 4.35%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 4 $1,890,000 $472,500 $5,213 4.25%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 4 $1,450,000 $362,500 $5,115 3.75%
KANSAS CITY, MO-KS (FHA|USDA|VA) 4 $1,410,000 $352,500 $4,073 4.38%
Spearfish, SD (FHA|USDA|VA) 2 $1,290,000 $645,000 $7,291 4.45%
LINCOLN, NE (FHA|USDA|VA) 6 $1,190,000 $198,333 $3,354 4.92%
PORT ST. LUCIE, FL (FHA|USDA|VA) 1 $1,185,000 $1,185,000 $15,091 5.13%
Jackson, WY-ID (FHA|USDA|VA) 1 $1,165,000 $1,165,000 $13,027 4.50%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $1,005,000 $1,005,000 $18,848 3.75%
Storm Lake, IA (FHA|USDA|VA) 7 $895,000 $127,857 $2,124 4.66%
REDDING, CA (FHA|USDA|VA) 2 $880,000 $440,000 $8,298 4.88%
Vermillion, SD (FHA|USDA|VA) 3 $855,000 $285,000 $3,899 5.00%
Brainerd, MN (FHA|USDA|VA) 2 $820,000 $410,000 $0 4.40%
Mason City, IA (FHA|USDA|VA) 3 $795,000 $265,000 $2,307 4.54%
Pella, IA (FHA|USDA|VA) 3 $785,000 $261,667 $4,920 4.00%
ST. CLOUD, MN (FHA|USDA|VA) 3 $765,000 $255,000 $3,068 4.33%
DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) 2 $740,000 $370,000 $4,406 4.38%
PANAMA CITY, FL (FHA|USDA|VA) 1 $735,000 $735,000 $0 4.50%
Sebastian-Vero Beach, FL (FHA|USDA|VA) 1 $695,000 $695,000 $0 8.63%
DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) 5 $675,000 $135,000 $3,234 3.85%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 1 $575,000 $575,000 $8,339 4.00%
Okeechobee, FL (FHA|USDA|VA) 1 $565,000 $565,000 $15,518 5.00%
GRAND JUNCTION, CO (FHA|USDA|VA) 1 $545,000 $545,000 $3,065 5.25%
Marshalltown, IA (FHA|USDA|VA) 3 $525,000 $175,000 $3,579 5.21%
LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 1 $475,000 $475,000 $4,853 5.75%
CEDAR RAPIDS, IA (FHA|USDA|VA) 3 $445,000 $148,333 $3,542 3.88%
Branson, MO (FHA|USDA|VA) 1 $435,000 $435,000 $6,745 4.25%
Alexandria, MN (FHA|USDA|VA) 1 $415,000 $415,000 $3,190 3.38%
AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 1 $405,000 $405,000 $0 3.75%
MEMPHIS, TN-MS-AR (FHA|USDA|VA) 2 $400,000 $200,000 $3,406 5.19%
FAYETTEVILLE-SPRINGDALE-ROGERS, AR (FHA|USDA|VA) 1 $325,000 $325,000 $3,744 3.95%
FARGO, ND-MN (FHA|USDA|VA) 1 $305,000 $305,000 $5,312 4.50%
Fremont, NE (FHA|USDA|VA) 3 $295,000 $98,333 $2,091 4.38%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $275,000 $275,000 $336 5.13%
BAKERSFIELD, CA (FHA|USDA|VA) 1 $275,000 $275,000 $5,892 3.63%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 1 $265,000 $265,000 $6,801 3.95%
ST. LOUIS, MO-IL (FHA|USDA|VA) 1 $265,000 $265,000 $4,624 5.25%
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 1 $255,000 $255,000 $1,250 4.75%
Whitewater, WI (FHA|USDA|VA) 1 $245,000 $245,000 $4,839 4.13%
SANTA FE, NM (FHA|USDA|VA) 1 $245,000 $245,000 $13,034 5.00%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $235,000 $235,000 $3,588 4.75%
DAYTON-KETTERING, OH (FHA|USDA|VA) 1 $235,000 $235,000 $3,238 4.25%
ROCHESTER, MN (FHA|USDA|VA) 1 $225,000 $225,000 $1,716 3.88%
CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 1 $215,000 $215,000 $4,481 4.75%
Cullowhee, NC (FHA|USDA|VA) 1 $205,000 $205,000 $0 3.90%
WICHITA, KS (FHA|USDA|VA) 1 $195,000 $195,000 $3,680 4.63%
TULSA, OK (FHA|USDA|VA) 1 $185,000 $185,000 $5,167 4.00%
COLUMBUS, OH (FHA|USDA|VA) 1 $175,000 $175,000 $0 3.75%
Aberdeen, SD (FHA|USDA|VA) 2 $140,000 $70,000 $3,377 4.88%
Yankton, SD (FHA|USDA|VA) 2 $140,000 $70,000 $0 1.99%
DECATUR, IL (FHA|USDA|VA) 1 $135,000 $135,000 $2,417 3.63%
Fairmont, MN (FHA|USDA|VA) 1 $125,000 $125,000 $0 4.99%
WAUSAU-WESTON, WI (FHA|USDA|VA) 1 $105,000 $105,000 $1,481 4.25%
TUCSON, AZ (FHA|USDA|VA) 1 $75,000 $75,000 $0 3.75%
Marshall, MO (FHA|USDA|VA) 1 $65,000 $65,000 $1,921 5.75%
Cañon City, CO (FHA|USDA|VA) 1 $55,000 $55,000 $0 7.50%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 1 $45,000 $45,000 $0 5.25%
Northwest Bank's top markets include Des Moines, Omaha, Spirit Lake, Sioux City, and Spencer among others.

Their top states include:
  • Iowa (FHA|USDA|VA)
  • Nebraska (FHA|USDA|VA)
  • South Dakota (FHA|USDA|VA)
  • Florida (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
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    METRO CU
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,536 $384,720,000 $250,469 $3,156 4.67%
    HELOC 745 $77,075,000 $103,456 n/a 4.11%
    FHA 39 $7,635,000 $195,769 $7,207 4.95%
    USDA 26 $2,920,000 $112,308 $3,769 5.07%
    VA 16 $4,360,000 $272,500 $7,725 4.59%

    For 2022, Northwest Bank's most frequently originated type of loan was Conventional, with 1,536 originations. Their 2nd most popular type was HELOC, with 745 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 1,306 $323,960,000 $248,055 $3,651 4.74%
    Refi 374 $83,420,000 $223,048 $2,689 4.30%
    Home Improvement 324 $24,730,000 $76,327 $577 4.09%
    Other 279 $29,615,000 $106,147 $1,838 4.26%
    Cash Out Refi 79 $14,985,000 $189,684 $2,172 4.12%

    For 2022, Northwest Bank's most frequently cited loan purpose was Home Purchase, with 1,306 originations. The 2nd most popular reason was Refi, with 374 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 1,139 $310,045,000 $272,208 $3,662 4.54%
    10 Year 726 $79,150,000 $109,022 $695 4.23%
    5 Year 160 $38,390,000 $239,938 $447 5.22%
    15 Year 120 $21,730,000 $181,083 $2,351 3.73%
    Other 109 $15,555,000 $142,706 $785 6.13%
    3 Year 65 $3,765,000 $57,923 $0 3.80%
    20 Year 32 $5,580,000 $174,375 $2,319 4.12%
    1 Year 11 $2,495,000 $226,818 $0 5.35%

    For 2022, Northwest Bank's most frequently cited loan duration was 30 Year, with 1,139 originations. The 2nd most popular length was 10 Year, with 726 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 673 $135,335,000 $201,092
    $1k-2k 341 $59,055,000 $173,182
    $2k-3k 217 $57,675,000 $265,783
    $3k-4k 112 $42,460,000 $379,107
    $5k+ 50 $41,080,000 $821,600
    $4k-5k 39 $17,435,000 $447,051

    Northwest Bank's average total fees were $3,662, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 673 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 739 $176,305,000 $238,572
    4-5% 729 $158,875,000 $217,936
    5-6% 438 $76,550,000 $174,772
    6-7% 190 $27,010,000 $142,158
    <2.5% 164 $17,270,000 $105,305
    2.5-3% 51 $13,975,000 $274,020
    7-8% 37 $3,935,000 $106,351
    Over 8% 14 $2,790,000 $199,286

    During 2022, Northwest Bank's average interest rate for loans was 4.54%, while their most frequently originated rate bucket for loans was 3-4%, with 739 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 810 $42,170,000 $52,062 $1,895 4.55%
    $100k-200k 699 $102,315,000 $146,373 $2,844 4.60%
    $200k-400k 581 $161,095,000 $277,272 $3,678 4.46%
    $400k-600k 180 $85,530,000 $475,167 $4,539 4.20%
    $600k-1MM 67 $46,285,000 $690,821 $5,378 4.23%
    $1MM+ 25 $39,315,000 $1,572,600 $11,521 4.37%

    2022 saw Northwest Bank place emphasis on $100,000 or less loans with 810 originations, totaling $42,170,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 505 $99,215,000 $196,465 $3,358 4.35%
    $50k-75k 414 $56,210,000 $135,773 $2,956 4.59%
    $75k-100k 392 $63,790,000 $162,730 $3,281 4.61%
    $150k-250k 346 $89,740,000 $259,364 $3,662 4.36%
    $50k or less 317 $32,315,000 $101,940 $2,687 4.55%
    $250k+ 203 $86,545,000 $426,330 $5,504 4.32%

    Northwest Bank lent most frequently to those with incomes in the $100k-150k range, with 505 originations. The second most popular income band? $50k-75k, with 414 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 516 $89,130,000 $172,733 $3,121 4.33%
    30-36% 407 $81,525,000 $200,307 $3,325 4.44%
    <20% 298 $47,500,000 $159,396 $2,968 4.16%
    41% 90 $19,950,000 $221,667 $3,183 4.71%
    36% 84 $15,980,000 $190,238 $3,086 4.52%
    42% 81 $18,715,000 $231,049 $3,923 4.66%
    38% 79 $15,655,000 $198,165 $3,372 4.83%
    37% 77 $14,765,000 $191,753 $3,402 4.46%
    43% 77 $20,615,000 $267,727 $3,796 4.70%
    44% 76 $16,670,000 $219,342 $3,381 4.40%
    40% 74 $18,020,000 $243,514 $3,562 4.79%
    39% 66 $16,160,000 $244,848 $3,668 4.56%
    48% 56 $10,950,000 $195,536 $3,333 4.55%
    45% 48 $9,160,000 $190,833 $3,105 4.57%
    47% 44 $8,120,000 $184,545 $3,114 4.50%
    46% 39 $8,405,000 $215,513 $3,272 4.76%
    49% 36 $10,060,000 $279,444 $4,070 4.37%
    50-60% 27 $7,165,000 $265,370 $4,219 4.12%
    >60% 8 $2,060,000 $257,500 $5,353 5.33%

    Northwest Bank lent most frequently to those with DTI ratios of 20-30%, with 516 originations. The next most common DTI ratio? 30-36%, with 407 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,886 $367,080,000 $194,634 $3,292 4.46%
    Not provided 282 $57,980,000 $205,603 $3,577 4.44%
    Not applicable 143 $42,005,000 $293,741 $0 5.14%
    Asian 27 $5,715,000 $211,667 $4,097 4.29%
    Black 17 $2,705,000 $159,118 $3,017 5.21%
    Asian Indian 2 $540,000 $270,000 $2,156 6.06%
    American Indian 4 $490,000 $122,500 $2,877 5.12%
    Native Hawaiian or Islander 1 $195,000 $195,000 $4,196 4.50%

    Approval Rates

    Total approvals of all applications
    95.90%

    Northwest 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
    80.27%

    Northwest Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    200.0 1 $15,000 $15,000
    341.09 1 $125,000 $125,000
    NA 2,360 $476,570,000 $201,936

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    2,362 $476,710,000 $201,825

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 365 $43,115,000 $118,123 $1,975 4.28%
    40-60% 239 $50,705,000 $212,155 $2,904 4.41%
    60-80% 555 $149,075,000 $268,604 $3,264 4.49%
    80-100% 828 $214,200,000 $258,696 $3,719 4.67%
    Over 100% 7 $2,205,000 $315,000 $11,081 4.25%
    Under 20% 368 $17,410,000 $47,310 $400 4.45%