Bank Midwest Mortgage Rates, Fees & Info
Spirit Lake, IALEI: 549300USNPUCH96WTF23
Tax ID: 41-0256760
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Mortgage Data
Review & Overview
Bank Midwest is a smaller bank specializing in Home Purchase and Refi loans. Bank Midwest has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Mankato, Aberdeen, Spirit Lake, Fairmont, and Minneapolis among others. We have data for 18 markets. (Some data included below & more in-depth data is available with an active subscription.)Bank Midwest has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders.
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 |
|---|---|---|
| 30 Year Conventional Purchase | 6.55% | 12/16/24 |
| 30 Year Conventional Refi | 6.07% | 12/16/24 |
| 30 Year Cash-out Refi | 6.79% | 12/16/24 |
| 30 Year FHA Purchase | 6.27% | 12/16/24 |
| 30 Year USDA Purchase | 6.56% | 12/16/24 |
| 15 Year Conventional Purchase | 6.33% | 12/16/24 |
| 15 Year Conventional Refi | 6.21% | 12/16/24 |
| 15 Year Cash-out Refi | 6.21% | 12/16/24 |
| 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. | ||
Bank Midwest Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
124Origination Dollar Volume (All Markets)
$52,520,000Top 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 |
|---|---|---|---|---|---|
| MANKATO, MN (FHA|USDA|VA) | 9 | $16,425,000 | $1,825,000 | $0 | 0.00% |
| Aberdeen, SD (FHA|USDA|VA) | 2 | $11,850,000 | $5,925,000 | $0 | 0.00% |
| Outside of Metro Areas | 50 | $7,320,000 | $146,400 | $0 | 0.00% |
| Spirit Lake, IA (FHA|USDA|VA) | 15 | $7,175,000 | $478,333 | $0 | 0.00% |
| Fairmont, MN (FHA|USDA|VA) | 24 | $3,850,000 | $160,417 | $0 | 0.00% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 5 | $1,925,000 | $385,000 | $0 | 0.00% |
| Storm Lake, IA (FHA|USDA|VA) | 2 | $690,000 | $345,000 | $0 | 0.00% |
| New Ulm, MN (FHA|USDA|VA) | 7 | $625,000 | $89,286 | $0 | 0.00% |
| Albert Lea, MN (FHA|USDA|VA) | 1 | $535,000 | $535,000 | $0 | 0.00% |
| SIOUX FALLS, SD (FHA|USDA|VA) | 1 | $445,000 | $445,000 | $0 | 0.00% |
| Willmar, MN (FHA|USDA|VA) | 1 | $385,000 | $385,000 | $0 | 0.00% |
| Oxford, MS (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $0 | 0.00% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $0 | 0.00% |
| Brookings, SD (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $0 | 0.00% |
| PANAMA CITY, FL (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $0 | 0.00% |
| Bemidji, MN (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $0 | 0.00% |
| Brainerd, MN (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $0 | 0.00% |
| Marshall, MN (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $0 | 0.00% |
Similar Lenders
We use machine learning to identify the top lenders compared against Bank Midwest based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 48
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 112 | $50,850,000 | $454,018 | $0 | 0.00% |
| USDA | 11 | $1,465,000 | $133,182 | $0 | 0.00% |
| VA | 1 | $205,000 | $205,000 | $0 | 0.00% |
For 2023, Bank Midwest's most frequently originated type of loan was Conventional, with 112 originations. Their 2nd most popular type was USDA, with 11 originations.
Loan Reason
For 2023, Bank Midwest's most frequently cited loan purpose was Home Purchase, with 98 originations. The 2nd most popular reason was Home Improvement, with 11 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 124 | $52,520,000 | $423,548 | $0 | 0.00% |
For 2023, Bank Midwest's most frequently cited loan duration was Other, with 124 originations.
Loan Sizing
2023 saw Bank Midwest place emphasis on $100k-200k loans with 43 originations, totaling $6,475,000 in origination value.
Applicant Income
Bank Midwest lent most frequently to those with incomes in the $50k-75k range, with 25 originations. The second most popular income band? $100k-150k, with 22 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 124 | $52,520,000 | $423,548 | $0 | 0.00% |
Bank Midwest lent most frequently to those with DTI ratios of Exempt%, with 124 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications85.88%
Bank Midwest has an average approval rate.
Pick Rate
Approvals leading to origination77.42%
Bank Midwest has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 124 | $52,520,000 | $423,548 |