Gate City Bank Mortgage Rates, Fees & Info

Fargo, ND

LEI: 549300TQVOMKNKFOH392

Tax ID: 45-0138060

5 stars - Updated: 5/13/24 - out of 5 stars, based on 54 reviews

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

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Mortgage Data

Review & Overview

Gate City Bank is a smaller bank specializing in Home Purchase loans. Gate City Bank has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Fargo, Bismarck, Grand Forks, Minot, and Williston among others. We have data for 53 markets. (Some data included below & more in-depth data is available with an active subscription.)

Gate City 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. Gate City Bank is typically an average 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) 6.25% 5/13/24
30 Year Conventional Purchase 6.31% 5/13/24
30 Year Conventional Refi 6.23% 5/13/24
30 Year Cash-out Refi 6.22% 5/13/24
30 Year FHA Purchase 7.14% 5/13/24
30 Year FHA Refi 6.87% 5/13/24
30 Year VA Purchase 5.92% 5/13/24
30 Year VA Refi 6.14% 5/13/24
30 Year USDA Purchase 6.70% 5/13/24
15 Year Conventional Purchase 5.73% 5/13/24
15 Year Conventional Refi 5.76% 5/13/24
15 Year Cash-out Refi 5.76% 5/13/24
15 Year VA Purchase 5.33% 5/13/24
15 Year VA Refi 5.70% 5/13/24
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.

Gate City Bank Mortgage Calculator






Your Estimates

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

This is not an official calculator from Gate City 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

2,913

Origination Dollar Volume (All Markets)

$545,335,000
Show all (22) awards

Relative Rate

Gate City Bank's average 30 year fixed mortgage rate was 6.34%.

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

This yields a difference of -0.14%.

Relative Fees (Closing Costs)

Gate City Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $5,491.

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
FARGO, ND-MN (FHA|USDA|VA) 991 $189,935,000 $191,660 $3,606 6.80%
BISMARCK, ND (FHA|USDA|VA) 532 $100,700,000 $189,286 $3,509 6.92%
Outside of Metro Areas 251 $48,325,000 $192,530 $4,380 6.61%
GRAND FORKS, ND-MN (FHA|USDA|VA) 302 $43,510,000 $144,073 $3,089 6.93%
Minot, ND (FHA|USDA|VA) 206 $37,960,000 $184,272 $4,314 6.81%
Williston, ND (FHA|USDA|VA) 107 $24,415,000 $228,178 $4,662 6.85%
Fergus Falls, MN (FHA|USDA|VA) 134 $23,520,000 $175,522 $3,683 7.08%
Dickinson, ND (FHA|USDA|VA) 54 $11,450,000 $212,037 $3,239 7.09%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 37 $10,535,000 $284,730 $4,761 6.77%
Wahpeton, ND-MN (FHA|USDA|VA) 86 $10,270,000 $119,419 $2,432 5.62%
Jamestown, ND (FHA|USDA|VA) 69 $7,505,000 $108,768 $1,905 6.48%
ST. CLOUD, MN (FHA|USDA|VA) 36 $5,420,000 $150,556 $1,825 6.33%
Alexandria, MN (FHA|USDA|VA) 39 $5,175,000 $132,692 $2,365 7.61%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 5 $4,515,000 $903,000 $14,263 6.38%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 11 $3,485,000 $316,818 $7,861 5.76%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 3 $1,805,000 $601,667 $6,869 5.79%
Red Wing, MN (FHA|USDA|VA) 1 $1,105,000 $1,105,000 $12,524 6.63%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 2 $1,000,000 $500,000 $10,707 6.25%
Brainerd, MN (FHA|USDA|VA) 4 $930,000 $232,500 $8,243 6.63%
RAPID CITY, SD (FHA|USDA|VA) 2 $830,000 $415,000 $7,730 5.81%
Bemidji, MN (FHA|USDA|VA) 3 $795,000 $265,000 $10,050 7.08%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $685,000 $685,000 $12,965 6.38%
Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 1 $665,000 $665,000 $11,094 6.25%
Washington, NC (FHA|USDA|VA) 2 $660,000 $330,000 $5,462 7.75%
BILLINGS, MT (FHA|USDA|VA) 2 $620,000 $310,000 $6,623 4.69%
Centralia, WA (FHA|USDA|VA) 1 $555,000 $555,000 $2,645 5.88%
Grand Rapids, MN (FHA|USDA|VA) 2 $510,000 $255,000 $5,921 6.44%
COLUMBIA, MO (FHA|USDA|VA) 2 $460,000 $230,000 $2,593 6.44%
Spearfish, SD (FHA|USDA|VA) 1 $445,000 $445,000 $0 6.13%
AMES, IA (FHA|USDA|VA) 1 $435,000 $435,000 $6,751 6.25%
Marshall, MN (FHA|USDA|VA) 3 $435,000 $145,000 $5,759 7.46%
TUCSON, AZ (FHA|USDA|VA) 1 $435,000 $435,000 $8,418 5.50%
EUGENE-SPRINGFIELD, OR (FHA|USDA|VA) 1 $425,000 $425,000 $8,363 6.88%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $415,000 $415,000 $8,944 6.88%
LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 1 $415,000 $415,000 $7,381 6.13%
Watertown, SD (FHA|USDA|VA) 1 $415,000 $415,000 $6,610 6.88%
PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 1 $395,000 $395,000 $7,348 6.38%
SALT LAKE CITY, UT (FHA|USDA|VA) 1 $395,000 $395,000 $7,203 6.13%
CHATTANOOGA, TN-GA (FHA|USDA|VA) 1 $385,000 $385,000 $5,811 5.88%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 1 $375,000 $375,000 $7,476 6.25%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 1 $345,000 $345,000 $5,376 6.75%
COLORADO SPRINGS, CO (FHA|USDA|VA) 1 $325,000 $325,000 $6,985 7.38%
Albert Lea, MN (FHA|USDA|VA) 1 $275,000 $275,000 $4,800 6.63%
MANHATTAN, KS (FHA|USDA|VA) 1 $255,000 $255,000 $4,543 5.88%
GREELEY, CO (FHA|USDA|VA) 1 $255,000 $255,000 $5,111 5.88%
GREENVILLE, NC (FHA|USDA|VA) 1 $225,000 $225,000 $5,035 7.00%
OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) 1 $225,000 $225,000 $5,248 6.88%
SPRINGFIELD, IL (FHA|USDA|VA) 1 $225,000 $225,000 $4,855 6.88%
OCALA, FL (FHA|USDA|VA) 1 $215,000 $215,000 $4,708 6.50%
ROCHESTER, MN (FHA|USDA|VA) 1 $205,000 $205,000 $4,543 7.00%
DULUTH, MN-WI (FHA|USDA|VA) 1 $175,000 $175,000 $3,719 5.63%
KANSAS CITY, MO-KS (FHA|USDA|VA) 1 $155,000 $155,000 $4,007 6.75%
Shelton, WA (FHA|USDA|VA) 1 $145,000 $145,000 $5,420 6.00%
Gate City Bank's top markets include Fargo, Bismarck, Grand Forks, Minot, and Williston among others.

Their top states include:
  • North Dakota (FHA|USDA|VA)
  • Minnesota (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Arizona (FHA|USDA|VA)
  • Montana (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against Gate City Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    WESTERN COOPERATIVE CREDIT UNION
    Similarity Rank: 20
    South Metro Federal Credit Union
    Similarity Rank: 55
    Unify Home Lending Inc.
    Similarity Rank: 66
    MY Credit Union
    Similarity Rank: 225
    Dakota Community Bank & Trust
    Similarity Rank: 250
    American Bank Center
    Similarity Rank: 285
    VALLEY MORTGAGE, INC.
    Similarity Rank: 341
    Cornerstone State Bank
    Similarity Rank: 456
    FIRST COMMUNITY CREDIT UNION
    Similarity Rank: 552
    CAPITAL CREDIT UNION
    Similarity Rank: 611

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 2,226 $449,380,000 $201,878 $3,238 6.47%
    HELOC 471 $41,575,000 $88,270 n/a 8.58%
    FHA 140 $33,310,000 $237,929 $8,611 6.28%
    VA 72 $20,410,000 $283,472 $7,209 5.97%
    USDA 4 $660,000 $165,000 $4,125 5.93%

    For 2023, Gate City Bank's most frequently originated type of loan was Conventional, with 2,226 originations. Their 2nd most popular type was HELOC, with 471 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 1,412 $406,100,000 $287,606 $5,848 6.23%
    Home Improvement 698 $41,890,000 $60,014 $330 7.03%
    Other 446 $31,260,000 $70,090 $473 7.89%
    Refi 298 $52,000,000 $174,497 $2,126 7.37%
    Cash Out Refi 59 $14,085,000 $238,729 $4,384 6.18%

    For 2023, Gate City Bank's most frequently cited loan purpose was Home Purchase, with 1,412 originations. The 2nd most popular reason was Home Improvement, with 698 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 1,434 $402,650,000 $280,788 $5,491 6.34%
    10 Year 676 $49,910,000 $73,831 $375 7.90%
    15 Year 408 $33,610,000 $82,377 $687 6.43%
    5 Year 224 $36,810,000 $164,330 $175 6.61%
    Other 82 $4,970,000 $60,610 $452 7.10%
    20 Year 70 $8,270,000 $118,143 $1,463 7.47%
    30+ year 15 $8,645,000 $576,333 $10,190 6.93%
    1 Year 3 $135,000 $45,000 $0 8.42%
    3 Year 1 $335,000 $335,000 $0 7.25%

    For 2023, Gate City Bank's most frequently cited loan duration was 30 Year, with 1,434 originations. The 2nd most popular length was 10 Year, with 676 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 1,198 $125,280,000 $104,574
    $3k-4k 295 $81,515,000 $276,322
    $2k-3k 290 $55,620,000 $191,793
    $5k+ 235 $133,905,000 $569,809
    $4k-5k 159 $56,305,000 $354,119
    $1k-2k 124 $17,290,000 $139,435

    Gate City Bank's average total fees were $5,491, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 1,198 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 922 $210,080,000 $227,852
    Over 8% 648 $54,840,000 $84,630
    7-8% 568 $72,730,000 $128,046
    5-6% 490 $128,250,000 $261,735
    3-4% 151 $36,235,000 $239,967
    4-5% 76 $36,690,000 $482,763
    2.5-3% 55 $4,855,000 $88,273
    <2.5% 3 $1,655,000 $551,667

    During 2023, Gate City Bank's average interest rate for loans was 6.34%, while their most frequently originated rate bucket for loans was 6-7%, with 922 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 1,210 $57,880,000 $47,835 $492 7.28%
    $200k-400k 791 $219,515,000 $277,516 $5,762 6.37%
    $100k-200k 613 $89,215,000 $145,538 $3,015 6.88%
    $400k-600k 207 $98,315,000 $474,952 $8,078 5.85%
    $600k-1MM 71 $50,175,000 $706,690 $10,367 5.49%
    $1MM+ 21 $30,235,000 $1,439,762 $18,309 5.21%

    2023 saw Gate City Bank place emphasis on $100,000 or less loans with 1,210 originations, totaling $57,880,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 799 $140,155,000 $175,413 $3,766 6.78%
    $150k-250k 560 $123,600,000 $220,714 $4,030 7.02%
    $75k-100k 457 $71,785,000 $157,079 $3,697 6.69%
    $50k-75k 452 $58,380,000 $129,159 $3,118 6.45%
    $250k+ 205 $76,615,000 $373,732 $6,357 6.88%
    $50k or less 178 $17,150,000 $96,348 $2,615 6.58%

    Gate City Bank lent most frequently to those with incomes in the $100k-150k range, with 799 originations. The second most popular income band? $150k-250k, with 560 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 629 $102,315,000 $162,663 $3,006 6.69%
    30-36% 548 $98,480,000 $179,708 $3,449 6.92%
    <20% 216 $26,210,000 $121,343 $2,049 6.36%
    42% 139 $19,865,000 $142,914 $2,495 7.26%
    40% 138 $23,190,000 $168,043 $3,526 6.91%
    41% 125 $24,135,000 $193,080 $3,515 6.81%
    38% 116 $21,230,000 $183,017 $3,304 6.86%
    36% 116 $20,630,000 $177,845 $3,812 7.08%
    39% 106 $19,530,000 $184,245 $3,650 6.66%
    37% 93 $17,315,000 $186,183 $3,213 6.95%
    49% 93 $23,865,000 $256,613 $6,061 7.13%
    44% 76 $16,550,000 $217,763 $5,110 6.79%
    47% 67 $17,255,000 $257,537 $5,715 6.68%
    43% 65 $17,695,000 $272,231 $6,787 6.74%
    48% 64 $15,880,000 $248,125 $6,389 6.66%
    45% 62 $15,000,000 $241,935 $5,820 6.70%
    46% 61 $14,375,000 $235,656 $6,487 6.86%
    50-60% 37 $8,725,000 $235,811 $7,929 6.70%
    >60% 15 $6,125,000 $408,333 $7,840 5.89%

    Gate City Bank lent most frequently to those with DTI ratios of 20-30%, with 629 originations. The next most common DTI ratio? 30-36%, with 548 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 2,480 $457,330,000 $184,407 $3,734 6.80%
    Not provided 256 $38,790,000 $151,523 $2,608 6.93%
    Not applicable 100 $30,150,000 $301,500 $0 6.43%
    Asian 28 $7,000,000 $250,000 $4,493 6.75%
    Black 25 $6,875,000 $275,000 $7,550 6.43%
    American Indian 23 $5,165,000 $224,565 $5,392 6.57%
    Native Hawaiian or Islander 1 $25,000 $25,000 $152 8.29%

    Approval Rates

    Total approvals of all applications
    92.44%

    Gate City Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    85.20%

    Gate City Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 2,913 $545,335,000 $187,207

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    2,913 $545,335,000 $187,207

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 443 $46,145,000 $104,165 $804 7.40%
    40-60% 210 $44,310,000 $211,000 $3,718 6.60%
    60-80% 496 $163,620,000 $329,879 $6,106 6.25%
    80-100% 862 $247,700,000 $287,355 $5,891 6.21%
    Over 100% 16 $4,720,000 $295,000 $12,169 6.09%
    Under 20% 886 $38,840,000 $43,837 $252 7.41%