Gate City Bank Mortgage Rates, Fees & Info
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Tax ID: 45-0138060
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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 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: Fargo, Bismarck, Grand Forks, Minot, and Fergus Falls among others. We have data for 68 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 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) | 6.25% | 11/17/24 |
| 30 Year Conventional Purchase | 6.31% | 11/17/24 |
| 30 Year Conventional Refi | 6.23% | 11/17/24 |
| 30 Year Cash-out Refi | 6.22% | 11/17/24 |
| 30 Year FHA Purchase | 7.14% | 11/17/24 |
| 30 Year FHA Refi | 6.87% | 11/17/24 |
| 30 Year VA Purchase | 5.92% | 11/17/24 |
| 30 Year VA Refi | 6.14% | 11/17/24 |
| 30 Year USDA Purchase | 6.70% | 11/17/24 |
| 15 Year Conventional Purchase | 5.73% | 11/17/24 |
| 15 Year Conventional Refi | 5.76% | 11/17/24 |
| 15 Year Cash-out Refi | 5.76% | 11/17/24 |
| 15 Year VA Purchase | 5.33% | 11/17/24 |
| 15 Year VA Refi | 5.70% | 11/17/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
3,752Origination Dollar Volume (All Markets)
$824,980,000Awards
Gate City Bank - 2022
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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 |
|---|---|---|---|---|---|
| FARGO, ND-MN (FHA|USDA|VA) | 1,309 | $300,735,000 | $229,744 | $4,068 | 4.39% |
| BISMARCK, ND (FHA|USDA|VA) | 707 | $151,715,000 | $214,590 | $4,042 | 4.42% |
| GRAND FORKS, ND-MN (FHA|USDA|VA) | 371 | $90,895,000 | $245,000 | $3,842 | 4.48% |
| Outside of Metro Areas | 339 | $63,775,000 | $188,127 | $4,328 | 4.36% |
| Minot, ND (FHA|USDA|VA) | 263 | $51,765,000 | $196,825 | $4,598 | 4.36% |
| Fergus Falls, MN (FHA|USDA|VA) | 164 | $35,030,000 | $213,598 | $4,360 | 4.42% |
| Williston, ND (FHA|USDA|VA) | 120 | $27,660,000 | $230,500 | $5,071 | 4.57% |
| Wahpeton, ND-MN (FHA|USDA|VA) | 88 | $13,870,000 | $157,614 | $3,555 | 4.47% |
| Dickinson, ND (FHA|USDA|VA) | 73 | $13,835,000 | $189,521 | $3,912 | 4.36% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 41 | $13,515,000 | $329,634 | $5,390 | 4.33% |
| Alexandria, MN (FHA|USDA|VA) | 56 | $11,580,000 | $206,786 | $4,680 | 4.53% |
| Jamestown, ND (FHA|USDA|VA) | 73 | $9,095,000 | $124,589 | $2,893 | 4.49% |
| ST. CLOUD, MN (FHA|USDA|VA) | 45 | $7,885,000 | $175,222 | $3,242 | 4.12% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 17 | $5,915,000 | $347,941 | $5,883 | 4.06% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 5 | $1,675,000 | $335,000 | $6,092 | 3.96% |
| BOULDER, CO (FHA|USDA|VA) | 1 | $1,425,000 | $1,425,000 | $20,513 | 3.13% |
| ST. LOUIS, MO-IL (FHA|USDA|VA) | 3 | $1,405,000 | $468,333 | $5,109 | 4.13% |
| Bemidji, MN (FHA|USDA|VA) | 5 | $1,365,000 | $273,000 | $4,908 | 4.81% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 2 | $1,260,000 | $630,000 | $11,395 | 4.13% |
| Spearfish, SD (FHA|USDA|VA) | 3 | $1,195,000 | $398,333 | $0 | 3.73% |
| MANKATO, MN (FHA|USDA|VA) | 4 | $1,130,000 | $282,500 | $5,543 | 4.16% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 2 | $970,000 | $485,000 | $6,252 | 5.50% |
| Brainerd, MN (FHA|USDA|VA) | 4 | $920,000 | $230,000 | $4,549 | 4.11% |
| DULUTH, MN-WI (FHA|USDA|VA) | 4 | $900,000 | $225,000 | $5,128 | 4.69% |
| MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) | 3 | $855,000 | $285,000 | $4,738 | 3.71% |
| SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) | 1 | $705,000 | $705,000 | $10,561 | 5.13% |
| BOISE CITY, ID (FHA|USDA|VA) | 2 | $640,000 | $320,000 | $3,475 | 4.94% |
| ROCHESTER, MN (FHA|USDA|VA) | 2 | $570,000 | $285,000 | $3,931 | 2.94% |
| RAPID CITY, SD (FHA|USDA|VA) | 1 | $555,000 | $555,000 | $3,633 | 3.50% |
| Willmar, MN (FHA|USDA|VA) | 2 | $500,000 | $250,000 | $5,228 | 4.94% |
| LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) | 1 | $485,000 | $485,000 | $8,420 | 4.13% |
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 1 | $485,000 | $485,000 | $8,024 | 3.13% |
| Helena, MT (FHA|USDA|VA) | 1 | $475,000 | $475,000 | $9,146 | 4.88% |
| KANSAS CITY, MO-KS (FHA|USDA|VA) | 1 | $445,000 | $445,000 | $6,494 | 4.00% |
| Rexburg, ID (FHA|USDA|VA) | 1 | $425,000 | $425,000 | $0 | 4.00% |
| Brookings, SD (FHA|USDA|VA) | 1 | $425,000 | $425,000 | $7,416 | 3.50% |
| TUCSON, AZ (FHA|USDA|VA) | 2 | $420,000 | $210,000 | $5,693 | 4.31% |
| CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) | 1 | $405,000 | $405,000 | $0 | 4.50% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 1 | $405,000 | $405,000 | $4,610 | 3.88% |
| PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) | 1 | $395,000 | $395,000 | $7,897 | 4.38% |
| COLORADO SPRINGS, CO (FHA|USDA|VA) | 2 | $390,000 | $195,000 | $4,612 | 5.25% |
| FORT COLLINS, CO (FHA|USDA|VA) | 1 | $385,000 | $385,000 | $6,570 | 4.25% |
| Lake City, FL (FHA|USDA|VA) | 1 | $355,000 | $355,000 | $500 | 4.40% |
| INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $0 | 6.25% |
| Aberdeen, SD (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $7,351 | 2.88% |
| PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) | 1 | $335,000 | $335,000 | $4,119 | 3.38% |
| Oskaloosa, IA (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $5,446 | 3.25% |
| PUNTA GORDA, FL (FHA|USDA|VA) | 2 | $320,000 | $160,000 | $3,749 | 4.66% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $8,195 | 4.25% |
| MANHATTAN, KS (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $5,525 | 4.38% |
| Clewiston, FL (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $5,306 | 4.88% |
| THE VILLAGES, FL (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $7,250 | 3.25% |
| HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $7,425 | 4.88% |
| Owatonna, MN (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $5,230 | 3.38% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $8,940 | 3.25% |
| Fairfield, IA (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $4,637 | 3.00% |
| OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) | 2 | $250,000 | $125,000 | $2,388 | 6.65% |
| SIOUX FALLS, SD (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $1,460 | 3.88% |
| ALBUQUERQUE, NM (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $4,687 | 3.38% |
| CASPER, WY (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $0 | 5.00% |
| Bozeman, MT (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $0 | 4.25% |
| ATHENS-CLARKE COUNTY, GA (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $4,990 | 5.00% |
| Red Wing, MN (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $3,948 | 5.00% |
| Grand Rapids, MN (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $4,482 | 4.63% |
| MEMPHIS, TN-MS-AR (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $5,035 | 3.50% |
| Winona, MN (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $3,932 | 4.50% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $0 | 4.25% |
| Cedar City, UT (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 3.95% |
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.
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Product Mix
For 2022, Gate City Bank's most frequently originated type of loan was Conventional, with 3,093 originations. Their 2nd most popular type was HELOC, with 428 originations.
Loan Reason
For 2022, Gate City Bank's most frequently cited loan purpose was Home Purchase, with 1,999 originations. The 2nd most popular reason was Home Improvement, with 573 originations.
Loan Duration/Length
For 2022, Gate City Bank's most frequently cited loan duration was 30 Year, with 2,084 originations. The 2nd most popular length was 10 Year, with 659 originations.
Origination Fees/Closing Costs
Gate City Bank's average total fees were $5,498, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 1,174 originations.
Interest Rates
During 2022, Gate City Bank's average interest rate for loans was 4.31%, while their most frequently originated rate bucket for loans was 4-5%, with 1,166 originations.
Loan Sizing
2022 saw Gate City Bank place emphasis on $200k-400k loans with 1,227 originations, totaling $343,825,000 in origination value.
Applicant Income
Gate City Bank lent most frequently to those with incomes in the $100k-150k range, with 1,006 originations. The second most popular income band? $150k-250k, with 707 originations.
Applicant Debt to Income Ratio
Gate City Bank lent most frequently to those with DTI ratios of 20-30%, with 854 originations. The next most common DTI ratio? 30-36%, with 713 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications94.46%
Gate City Bank has an average approval rate.
Pick Rate
Approvals leading to origination85.31%
Gate City Bank has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 3,752 | $824,980,000 | $219,877 |