Bank Midwest Mortgage Rates, Fees & Info

Spirit Lake, IA

LEI: 549300USNPUCH96WTF23

Tax ID: 41-0256760

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

Jump to:

Mortgage Data

Bank Data

Review & Overview

Bank Midwest is a smaller bank specializing in Home Purchase 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: Sioux Falls, Spirit Lake, New Ulm, Fairmont, and Minneapolis among others. We have data for 17 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% 4/21/24
30 Year Conventional Refi 6.07% 4/21/24
30 Year Cash-out Refi 6.79% 4/21/24
30 Year FHA Purchase 6.27% 4/21/24
30 Year USDA Purchase 6.56% 4/21/24
15 Year Conventional Purchase 6.33% 4/21/24
15 Year Conventional Refi 6.21% 4/21/24
15 Year Cash-out Refi 6.21% 4/21/24
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

219

Origination Dollar Volume (All Markets)

$35,815,000

Employee count

193

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
SIOUX FALLS, SD (FHA|USDA|VA) 37 $8,055,000 $217,703 $0 0.00%
Spirit Lake, IA (FHA|USDA|VA) 38 $7,250,000 $190,789 $0 0.00%
Outside of Metro Areas 52 $7,140,000 $137,308 $0 0.00%
New Ulm, MN (FHA|USDA|VA) 37 $4,135,000 $111,757 $0 0.00%
Fairmont, MN (FHA|USDA|VA) 34 $3,910,000 $115,000 $0 0.00%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 5 $2,275,000 $455,000 $0 0.00%
MANKATO, MN (FHA|USDA|VA) 5 $1,155,000 $231,000 $0 0.00%
Carroll, IA (FHA|USDA|VA) 2 $400,000 $200,000 $0 0.00%
AMES, IA (FHA|USDA|VA) 1 $245,000 $245,000 $0 0.00%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 1 $225,000 $225,000 $0 0.00%
Baraboo, WI (FHA|USDA|VA) 1 $185,000 $185,000 $0 0.00%
FAYETTEVILLE-SPRINGDALE-ROGERS, AR (FHA|USDA|VA) 1 $185,000 $185,000 $0 0.00%
Spencer, IA (FHA|USDA|VA) 1 $175,000 $175,000 $0 0.00%
DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) 1 $165,000 $165,000 $0 0.00%
Mason City, IA (FHA|USDA|VA) 1 $135,000 $135,000 $0 0.00%
Willmar, MN (FHA|USDA|VA) 1 $115,000 $115,000 $0 0.00%
ROCHESTER, MN (FHA|USDA|VA) 1 $65,000 $65,000 $0 0.00%
Bank Midwest's top markets include Sioux Falls, Spirit Lake, New Ulm, Fairmont, and Minneapolis among others.

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

    Central Bank
    Similarity Rank: 154
    Northwest Bank
    Similarity Rank: 196
    IOWA BANKERS MORTGAGE CORPORATION
    Similarity Rank: 318
    Cornerstone State Bank
    Similarity Rank: 408
    MEMBERS COOPERATIVE
    Similarity Rank: 630
    WESTconsin Credit Union
    Similarity Rank: 795
    SHAREPOINT CREDIT UNION
    Similarity Rank: 816
    South Metro Federal Credit Union
    Similarity Rank: 882
    First National Bank of Elk River
    Similarity Rank: 984
    Liberty Bank Minnesota
    Similarity Rank: 1080

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 200 $33,940,000 $169,700 $0 0.00%
    USDA 16 $1,430,000 $89,375 $0 0.00%
    VA 3 $445,000 $148,333 $0 0.00%

    For 2018, Bank Midwest's most frequently originated type of loan was Conventional, with 200 originations. Their 2nd most popular type was USDA, with 16 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 163 $27,155,000 $166,595 $0 0.00%
    Cash Out Refi 27 $5,475,000 $202,778 $0 0.00%
    Refi 25 $3,075,000 $123,000 $0 0.00%
    Home Improvement 4 $110,000 $27,500 $0 0.00%

    For 2018, Bank Midwest's most frequently cited loan purpose was Home Purchase, with 163 originations. The 2nd most popular reason was Cash Out Refi, with 27 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 219 $35,815,000 $163,539 $0 0.00%

    For 2018, Bank Midwest's most frequently cited loan duration was Other, with 219 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 82 $12,180,000 $148,537 $0 0.00%
    $100,000 or less 80 $5,220,000 $65,250 $0 0.00%
    $200k-400k 43 $10,835,000 $251,977 $0 0.00%
    $400k-600k 10 $4,460,000 $446,000 $0 0.00%
    $600k-1MM 3 $2,015,000 $671,667 $0 0.00%
    $1MM+ 1 $1,105,000 $1,105,000 $0 0.00%

    2018 saw Bank Midwest place emphasis on $100k-200k loans with 82 originations, totaling $12,180,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 58 $5,630,000 $97,069 $0 0.00%
    $75k-100k 34 $6,060,000 $178,235 $0 0.00%
    $50k-75k 29 $3,765,000 $129,828 $0 0.00%
    $100k-150k 26 $4,600,000 $176,923 $0 0.00%
    $150k-250k 20 $5,300,000 $265,000 $0 0.00%
    $250k+ 13 $4,275,000 $328,846 $0 0.00%

    Bank Midwest lent most frequently to those with incomes in the $50k or less range, with 58 originations. The second most popular income band? $75k-100k, with 34 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 219 $35,815,000 $163,539 $0 0.00%

    Bank Midwest lent most frequently to those with DTI ratios of Exempt%, with 219 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 188 $30,460,000 $162,021 $0 0.00%
    Not applicable 19 $3,435,000 $180,789 $0 0.00%
    Black 3 $785,000 $261,667 $0 0.00%
    Not provided 4 $590,000 $147,500 $0 0.00%
    Asian 3 $425,000 $141,667 $0 0.00%
    American Indian 1 $85,000 $85,000 $0 0.00%
    Native Hawaiian or Islander 1 $35,000 $35,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    87.92%

    Bank Midwest has an average approval rate.

    Pick Rate

    Approvals leading to origination
    80.37%

    Bank Midwest has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 219 $35,815,000 $163,539

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 5 $905,000 $181,000
    Single Family (1-4 Units):Manufactured 1 $15,000 $15,000
    Single Family (1-4 Units):Site-Built 213 $34,895,000 $163,826

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    BANKUNITED, NATIONAL ASSOCIATION Conventional home mortgage Struggling to pay mortgage 1 14.3%
    BANKUNITED, NATIONAL ASSOCIATION Conventional home mortgage Trouble during payment process 4 57.1%
    BANKUNITED, NATIONAL ASSOCIATION Home equity loan or line of credit (HELOC) Trouble during payment process 1 14.3%
    BANKUNITED, NATIONAL ASSOCIATION Other type of mortgage Closing on a mortgage 1 14.3%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Bank Midwest 640 First Avenue Westbrook, MN 56183 Full Service B&M $32,467
    Bank Midwest 102 West Second Street Wall Lake, IA 51466 Full Service B&M $51,572
    Bank Midwest 1102 Sanborn Avenue Okoboji, IA 51355 Full Service B&M $78,974
    Bank Midwest 1525 18th Street Spirit Lake, IA 51360 Full Service B&M $118,462
    Bank Midwest 225 S Minnesota Ave Sioux Falls, SD 57104 Full Service B&M $32,841
    Bank Midwest 245 Ninth Street Windom, MN 56101 Full Service B&M $114,784
    Bank Midwest 301 South State St Fairmont, MN 56031 Full Service B&M $114,939
    Bank Midwest 33 North Main Street Sherburn, MN 56171 Full Service B&M $23,339
    Bank Midwest 500 6th Street Armstrong, IA 50514 Full Service B&M $45,079
    Bank Midwest 509 Third Street Jackson, MN 56143 Full Service B&M $99,721
    Bank Midwest 525 Center St New Ulm, MN 56073 Full Service B&M $47,419

    For 2018, Bank Midwest had 11 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $39,166
    Net interest income $32,541
    Total noninterest income $10,293
    Gross Fiduciary activities income $445
    Service charges on deposit accounts $1,503
    Trading account gains and fees $0
    Additional Noninterest Income $8,345
    Pre-tax net operating income $12,994
    Securities gains (or losses, -) $30
    Income before extraordinary items $9,375
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $9,375
    Minority interest net income $0
    Net income $9,375
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $9,351

    Bank Midwest's gross interest income from loans was $39,166,000.
    Bank Midwest's net interest income from loans was $32,541,000.
    Bank Midwest's fee based income from loans was $1,503,000.
    Bank Midwest's net income from loans was $9,375,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $6,625
    Provision for credit losses $780
    Total noninterest expense $29,060
    Salaries and employee benefits $18,489
    Premises and equipment expense $3,093
    Additional noninterest expense $7,478
    Applicable income taxes $3,649
    Net charge-offs $239
    Cash dividends $6,875

    Bank Midwest's interest expense for loans was $6,625,000.
    Bank Midwest's payroll and benefits expense were $18,489,000.
    Bank Midwest's property, plant and equipment expenses $3,093,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 0.0%
    Real Estate loans 0.0%
    Construction & Land Development loans 1.0%
    Nonfarm, nonresidential loans 0.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 0.0%
    HELOC loans 0.0%
    All other family 0.0%
    Commercial & industrial loans 1.0%
    Personal loans 0.0%
    Credit card loans 0.0%
    Other individual loans 0.0%
    Auto loans 0.0%
    Other consumer loans 0.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $822,933
    Deposits held in domestic offices $822,933
    Deposits by Individuals, partnerships, and corporations $718,989
    Deposits by U.S. Government $3
    Deposits by States and political subdivisions in the U.S. $103,842
    Deposits by Commercial banks and other depository institutions in U.S. $99
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $137,918
    Demand deposits $123,778
    Nontransaction accounts $685,015
    Money market deposit accounts (MMDAs) $6,788
    Other savings deposits (excluding MMDAs) $446,907
    Total time deposits $231,320
    Total time and savings deposits $699,155
    Noninterest-bearing deposits $147,820
    Interest-bearing deposits $675,113
    Retail deposits $733,008
    IRAs and Keogh plan accounts $23,189
    Brokered deposits $66,516
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $927,044
    Cash & Balances due from depository institutions $25,486
    Interest-bearing balances $5,090
    Total securities $104,323
    Federal funds sold & reverse repurchase $0
    Net loans and leases $740,538
    Loan and leases loss allowance $9,083
    Trading account assets $0
    Bank premises and fixed assets $23,835
    Other real estate owned $0
    Goodwill and other intangibles $7,263
    All other assets $25,599

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $927,044
    Total Liabilities $838,047
    Total deposits $822,933
    Interest-bearing deposits $675,113
    Deposits held in domestic offices $822,933
    % insured (estimated) $78
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $10,000
    Subordinated debt $0
    All other liabilities $5,114

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $740,538
    Loan and leases loss allowance $9,083
    Total loans and leases (domestic) $749,621
    All real estate loans $394,781
    Real estate loans in domestic offices $394,781
    Construction and development loans $50,028
    Residential 1-4 family construction $2,575
    Other construction, all land development and other land $47,453
    Loans secured by nonfarm nonresidential properties $89,168
    Nonfarm nonresidential secured by owner-occupied properties $54,766
    Commercial real estate & other non-farm, non-residential $34,402
    Multifamily residential real estate $29,784
    1-4 family residential loans $75,288
    Farmland loans $150,513
    Loans held in foreign offices $0
    Farm loans $145,575
    Commercial and industrial loans $201,295
    To non-U.S. addressees $0
    Loans to individuals $7,186
    Credit card loans $353
    Related Plans $830
    Consumer Auto Loans $3,259
    Other loans to individuals $2,744
    All other loans & leases $784
    Loans to foreign governments and official institutions $0
    Other loans $342
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $0
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $6,054
    Non 1-4 family restructured loans & leases $6,054
    Total loans and leases (foreign) $0

    Bank Midwest had $740,538,000 of loans outstanding in 2018. $394,781,000 of loans were in real estate loans. $50,028,000 of loans were in development loans. $29,784,000 of loans were in multifamily mortgage loans. $75,288,000 of loans were in 1-4 family mortgage loans. $145,575,000 of loans were in farm loans. $353,000 of loans were in credit card loans. $3,259,000 of loans were in the auto loan category.

    Small Business Loans

    Categorization # of Loans in Category $ amount of loans (in 000's) Average $/loan
    Nonfarm, nonresidential loans - <$1MM 234 $30,474 $130,231
    Nonfarm, nonresidential loans - <$100k 64 $1,910 $29,844
    Nonfarm, nonresidential loans - $100-250k 84 $7,923 $94,321
    Nonfarm, nonresidential loans - $250k-1MM 86 $20,641 $240,012
    Commercial & Industrial, US addressed loans - <$1MM 4,463 $156,017 $34,958
    Commercial & Industrial, US addressed loans - <$100k 3,868 $91,257 $23,593
    Commercial & Industrial, US addressed loans - $100-250k 507 $45,131 $89,016
    Commercial & Industrial, US addressed loans - $250k-1MM 88 $19,629 $223,057
    Farmland loans - <$1MM 628 $111,577 $177,670
    Farmland loans - <$100k 126 $3,935 $31,230
    Farmland loans - $100-250k 249 $25,067 $100,671
    Farmland loans - $250k-1MM 253 $82,575 $326,383
    Agriculture operations loans - <$1MM 1,139 $105,155 $92,322
    Agriculture operations loans - <$100k 620 $15,194 $24,506
    Agriculture operations loans - $100-250k 276 $27,088 $98,145
    Agriculture operations loans - $250k-1MM 243 $62,873 $258,737