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, 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 5.98% | 4/28/24 |
| 30 Year Conventional Purchase | 6.65% | 4/28/24 |
| 30 Year Conventional Refi | 6.60% | 4/28/24 |
| 30 Year Cash-out Refi | 6.69% | 4/28/24 |
| 30 Year FHA Purchase | 7.48% | 4/28/24 |
| 30 Year FHA Refi | 6.39% | 4/28/24 |
| 30 Year VA Purchase | 6.06% | 4/28/24 |
| 30 Year USDA Purchase | 6.84% | 4/28/24 |
| 15 Year Conventional Purchase | 5.93% | 4/28/24 |
| 15 Year Conventional Refi | 5.94% | 4/28/24 |
| 15 Year Cash-out Refi | 5.94% | 4/28/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
2,362Origination Dollar Volume (All Markets)
$476,710,000Awards
Northwest Bank - 2022
Northwest 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 |
|---|---|---|---|---|---|
| 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% |
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 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
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
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
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
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
2022 saw Northwest Bank place emphasis on $100,000 or less loans with 810 originations, totaling $42,170,000 in origination value.
Applicant Income
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
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
Approval Rates
Total approvals of all applications95.90%
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 origination80.27%
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 |