Bank Midwest Mortgage Rates, Fees & Info

Spirit Lake, IA

LEI: 549300USNPUCH96WTF23

Tax ID: 41-0256760

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

Jump to:

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.

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
30 Year Conventional Purchase 6.55% 3/27/24
30 Year Conventional Refi 6.07% 3/27/24
30 Year Cash-out Refi 6.79% 3/27/24
30 Year FHA Purchase 6.27% 3/27/24
30 Year USDA Purchase 6.56% 3/27/24
15 Year Conventional Purchase 6.33% 3/27/24
15 Year Conventional Refi 6.21% 3/27/24
15 Year Cash-out Refi 6.21% 3/27/24
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






Your Estimates

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

This is not an official calculator from Bank Midwest. 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

124

Origination Dollar Volume (All Markets)

$52,520,000

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
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%
Bank Midwest's top markets include Mankato, Aberdeen, Spirit Lake, Fairmont, and Minneapolis among others.

Their top states include:
  • Minnesota (FHA|USDA|VA)
  • South Dakota (FHA|USDA|VA)
  • Iowa (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Mississippi (FHA|USDA|VA)
  • 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.

    Citizens Bank Minnesota
    Similarity Rank: 48
    South Metro Federal Credit Union
    Similarity Rank: 55
    Central Bank
    Similarity Rank: 80
    Northwest Bank
    Similarity Rank: 196
    MY Credit Union
    Similarity Rank: 225
    Cornerstone State Bank
    Similarity Rank: 456
    IOWA BANKERS MORTGAGE CORPORATION
    Similarity Rank: 580
    SHAREPOINT CREDIT UNION
    Similarity Rank: 745
    Mortgages Unlimited Inc.
    Similarity Rank: 1122
    IDEAL
    Similarity Rank: 1152

    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

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 98 $37,500,000 $382,653 $0 0.00%
    Home Improvement 11 $1,375,000 $125,000 $0 0.00%
    Refi 7 $12,475,000 $1,782,143 $0 0.00%
    Other 4 $440,000 $110,000 $0 0.00%
    Cash Out Refi 4 $730,000 $182,500 $0 0.00%

    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

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 43 $6,475,000 $150,581 $0 0.00%
    $100,000 or less 35 $1,925,000 $55,000 $0 0.00%
    $200k-400k 30 $8,470,000 $282,333 $0 0.00%
    $400k-600k 7 $3,505,000 $500,714 $0 0.00%
    $1MM+ 5 $28,825,000 $5,765,000 $0 0.00%
    $600k-1MM 4 $3,320,000 $830,000 $0 0.00%

    2023 saw Bank Midwest place emphasis on $100k-200k loans with 43 originations, totaling $6,475,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 25 $3,155,000 $126,200 $0 0.00%
    $100k-150k 22 $4,640,000 $210,909 $0 0.00%
    $75k-100k 18 $3,310,000 $183,889 $0 0.00%
    $150k-250k 15 $3,765,000 $251,000 $0 0.00%
    $250k+ 12 $3,920,000 $326,667 $0 0.00%
    $50k or less 10 $1,050,000 $105,000 $0 0.00%

    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

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 18 $31,740,000 $1,763,333 $0 0.00%
    White 103 $19,875,000 $192,961 $0 0.00%
    Asian 3 $905,000 $301,667 $0 0.00%

    Approval Rates

    Total approvals of all applications
    85.88%

    Bank Midwest has an average approval rate.

    Pick Rate

    Approvals leading to origination
    77.42%

    Bank Midwest has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 124 $52,520,000 $423,548

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    124 $52,520,000 $423,548