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

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  • SimulatedRates™
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    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • 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: Minneapolis, Spirit Lake, Fairmont, New Ulm, and Aberdeen among others. We have data for 30 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Bank Midwest 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. Bank Midwest is typically a low 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.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.55% 11/21/24
    30 Year Conventional Refi 6.07% 11/21/24
    30 Year Cash-out Refi 6.79% 11/21/24
    30 Year FHA Purchase 6.27% 11/21/24
    30 Year USDA Purchase 6.56% 11/21/24
    15 Year Conventional Purchase 6.33% 11/21/24
    15 Year Conventional Refi 6.21% 11/21/24
    15 Year Cash-out Refi 6.21% 11/21/24
    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

    457

    Origination Dollar Volume (All Markets)

    $102,605,000

    Employee count

    189 Show all (7) awards

    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
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 74 $23,520,000 $317,838 $3,045 2.96%
    Outside of Metro Areas 141 $21,875,000 $155,142 $3,303 2.94%
    Spirit Lake, IA (FHA|USDA|VA) 63 $18,235,000 $289,444 $2,486 3.01%
    Fairmont, MN (FHA|USDA|VA) 57 $9,105,000 $159,737 $3,552 2.95%
    New Ulm, MN (FHA|USDA|VA) 53 $7,685,000 $145,000 $2,546 3.01%
    Aberdeen, SD (FHA|USDA|VA) 2 $7,060,000 $3,530,000 $0 4.00%
    MANKATO, MN (FHA|USDA|VA) 20 $4,490,000 $224,500 $3,006 2.84%
    SIOUX FALLS, SD (FHA|USDA|VA) 4 $1,250,000 $312,500 $4,000 2.69%
    Spencer, IA (FHA|USDA|VA) 5 $1,015,000 $203,000 $2,475 3.52%
    ROCHESTER, MN (FHA|USDA|VA) 4 $960,000 $240,000 $2,998 2.50%
    MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 2 $660,000 $330,000 $2,008 2.38%
    Marshall, MN (FHA|USDA|VA) 3 $615,000 $205,000 $4,235 3.73%
    Alexandria, MN (FHA|USDA|VA) 2 $550,000 $275,000 $3,736 2.69%
    DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) 3 $545,000 $181,667 $2,624 2.71%
    MADISON, WI (FHA|USDA|VA) 1 $495,000 $495,000 $2,804 3.13%
    OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) 4 $490,000 $122,500 $2,938 3.94%
    DULUTH, MN-WI (FHA|USDA|VA) 2 $430,000 $215,000 $3,741 2.19%
    Brookings, SD (FHA|USDA|VA) 2 $420,000 $210,000 $2,981 3.00%
    AMES, IA (FHA|USDA|VA) 2 $380,000 $190,000 $2,366 3.38%
    Willmar, MN (FHA|USDA|VA) 1 $345,000 $345,000 $3,362 2.13%
    Riverton, WY (FHA|USDA|VA) 1 $335,000 $335,000 $0 4.15%
    Carroll, IA (FHA|USDA|VA) 2 $310,000 $155,000 $3,589 2.31%
    Brainerd, MN (FHA|USDA|VA) 1 $285,000 $285,000 $3,141 2.88%
    PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 1 $275,000 $275,000 $4,625 4.10%
    IOWA CITY, IA (FHA|USDA|VA) 2 $270,000 $135,000 $2,690 3.25%
    Owatonna, MN (FHA|USDA|VA) 1 $265,000 $265,000 $4,366 2.75%
    Hutchinson, MN (FHA|USDA|VA) 1 $245,000 $245,000 $3,600 3.00%
    Fort Dodge, IA (FHA|USDA|VA) 1 $195,000 $195,000 $3,027 3.10%
    Worthington, MN (FHA|USDA|VA) 1 $155,000 $155,000 $3,618 2.99%
    ST. CLOUD, MN (FHA|USDA|VA) 1 $145,000 $145,000 $3,351 3.00%
    Bank Midwest's top markets include Minneapolis, Spirit Lake, Fairmont, New Ulm, and Aberdeen among others.

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

    Farmers & Merchants Savings Bank
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    Anoka Hennepin Credit Union
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    MY Credit Union
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    Liberty Bank Minnesota
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    LOANFLIGHT LENDING, LLC
    Similarity Rank: 2080
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    South Metro Federal Credit Union
    Similarity Rank: 2443
    Bank Midwest
    Similarity Rank: 2460

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 445 $101,295,000 $227,629 $3,033 2.98%
    USDA 11 $1,245,000 $113,182 $4,833 2.50%
    VA 1 $65,000 $65,000 $4,222 3.25%

    For 2021, Bank Midwest's most frequently originated type of loan was Conventional, with 445 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 177 $45,705,000 $258,220 $3,468 3.23%
    Refi 169 $36,145,000 $213,876 $2,745 2.83%
    Cash Out Refi 104 $20,240,000 $194,615 $3,076 2.74%
    Home Improvement 6 $390,000 $65,000 $324 3.46%
    Other 1 $125,000 $125,000 $2,461 3.63%

    For 2021, Bank Midwest's most frequently cited loan purpose was Home Purchase, with 177 originations. The 2nd most popular reason was Refi, with 169 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 255 $54,465,000 $213,588 $3,210 3.02%
    15 Year 103 $17,635,000 $171,214 $2,947 2.36%
    10 Year 43 $20,945,000 $487,093 $2,850 3.60%
    20 Year 33 $5,015,000 $151,970 $2,831 3.12%
    Other 13 $3,365,000 $258,846 $3,251 3.59%
    5 Year 9 $1,175,000 $130,556 $1,035 4.16%
    3 Year 1 $5,000 $5,000 $0 2.50%

    For 2021, Bank Midwest's most frequently cited loan duration was 30 Year, with 255 originations. The 2nd most popular length was 15 Year, with 103 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 271 $54,325,000 $200,461
    $2k-3k 90 $17,550,000 $195,000
    $<1k 13 $805,000 $61,923
    $3k-4k 7 $2,555,000 $365,000
    $4k-5k 1 $95,000 $95,000

    Bank Midwest's average total fees were $3,210, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 271 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 161 $32,785,000 $203,634
    <2.5% 149 $27,905,000 $187,282
    3-4% 90 $31,060,000 $345,111
    4-5% 51 $10,405,000 $204,020
    5-6% 5 $355,000 $71,000
    6-7% 1 $95,000 $95,000

    During 2021, Bank Midwest's average interest rate for loans was 3.02%, while their most frequently originated rate bucket for loans was 2.5-3%, with 161 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 202 $29,380,000 $145,446 $3,119 2.87%
    $200k-400k 124 $33,160,000 $267,419 $3,276 2.79%
    $100,000 or less 84 $5,710,000 $67,976 $2,655 3.32%
    $400k-600k 38 $17,650,000 $464,474 $3,199 3.16%
    $1MM+ 7 $14,955,000 $2,136,429 $4,144 3.85%
    $600k-1MM 2 $1,750,000 $875,000 $2,772 3.74%

    2021 saw Bank Midwest place emphasis on $100k-200k loans with 202 originations, totaling $29,380,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 90 $12,760,000 $141,778 $3,087 2.93%
    $100k-150k 80 $17,030,000 $212,875 $3,225 2.76%
    $75k-100k 73 $13,055,000 $178,836 $2,998 2.81%
    $150k-250k 67 $16,875,000 $251,866 $3,215 2.78%
    $50k or less 59 $5,815,000 $98,559 $2,925 3.27%
    $250k+ 24 $10,240,000 $426,667 $3,151 2.90%

    Bank Midwest lent most frequently to those with incomes in the $50k-75k range, with 90 originations. The second most popular income band? $100k-150k, with 80 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 127 $21,315,000 $167,835 $3,047 2.89%
    <20% 90 $18,860,000 $209,556 $3,187 2.71%
    30-36% 60 $13,240,000 $220,667 $3,188 2.78%
    40% 14 $2,540,000 $181,429 $3,389 2.68%
    38% 12 $3,220,000 $268,333 $2,901 3.14%
    46% 12 $2,650,000 $220,833 $3,021 2.64%
    37% 11 $1,735,000 $157,727 $2,652 3.35%
    43% 10 $1,710,000 $171,000 $2,983 2.81%
    41% 9 $2,235,000 $248,333 $3,354 2.99%
    36% 8 $1,620,000 $202,500 $3,299 2.47%
    42% 7 $975,000 $139,286 $3,015 2.64%
    39% 7 $915,000 $130,714 $2,831 2.93%
    47% 6 $1,130,000 $188,333 $2,787 2.37%
    45% 5 $1,125,000 $225,000 $2,689 2.50%
    44% 5 $725,000 $145,000 $3,165 3.04%
    48% 5 $1,605,000 $321,000 $2,591 3.62%
    49% 5 $1,175,000 $235,000 $3,312 2.85%
    50-60% 2 $300,000 $150,000 $1,924 4.24%

    Bank Midwest lent most frequently to those with DTI ratios of 20-30%, with 127 originations. The next most common DTI ratio? <20%, with 90 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 388 $74,780,000 $192,732 $3,102 2.87%
    Not applicable 45 $23,125,000 $513,889 $0 3.80%
    Not provided 12 $2,750,000 $229,167 $3,000 2.83%
    Asian 7 $895,000 $127,857 $2,570 3.07%
    Korean 1 $495,000 $495,000 $3,313 2.25%
    Other Asian 1 $365,000 $365,000 $2,663 2.25%
    Native Hawaiian or Islander 2 $150,000 $75,000 $0 4.25%
    Black 1 $45,000 $45,000 $2,723 5.13%

    Approval Rates

    Total approvals of all applications
    92.97%

    Bank Midwest has an average approval rate.

    Pick Rate

    Approvals leading to origination
    78.99%

    Bank Midwest has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    274.0 1 $25,000 $25,000
    NA 456 $102,580,000 $224,956

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    457 $102,605,000 $224,519

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 38 $9,290,000 $244,474 $2,592 3.12%
    40-60% 86 $16,580,000 $192,791 $2,852 2.75%
    60-80% 197 $50,305,000 $255,355 $3,064 2.94%
    80-100% 124 $21,960,000 $177,097 $3,426 3.09%
    Over 100% 2 $270,000 $135,000 $5,436 3.06%
    Under 20% 10 $4,200,000 $420,000 $859 3.60%

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    BANKUNITED, NATIONAL ASSOCIATION Conventional home mortgage Trouble during payment process 2 66.7%
    BANKUNITED, NATIONAL ASSOCIATION Other type of mortgage Closing on a mortgage 1 33.3%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Bank Midwest 640 First Avenue Westbrook, MN 56183 Full Service B&M $42,925
    Bank Midwest 525 Center St New Ulm, MN 56073 Full Service B&M $65,429
    Bank Midwest 102 West Second Street Wall Lake, IA 51466 Full Service B&M $69,935
    Bank Midwest 1102 Sanborn Avenue Okoboji, IA 51355 Full Service B&M $93,614
    Bank Midwest 1525 18th Street Spirit Lake, IA 51360 Full Service B&M $140,420
    Bank Midwest 225 S Minnesota Ave Sioux Falls, SD 57104 Full Service B&M $34,717
    Bank Midwest 245 Ninth Street Windom, MN 56101 Full Service B&M $190,922
    Bank Midwest 301 South State St Fairmont, MN 56031 Full Service B&M $173,197
    Bank Midwest 33 North Main Street Sherburn, MN 56171 Full Service B&M $29,498
    Bank Midwest 500 6th Street Armstrong, IA 50514 Full Service B&M $55,201
    Bank Midwest 509 Third Street Jackson, MN 56143 Full Service B&M $153,192

    For 2021, Bank Midwest had 11 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $44,734
    Net interest income $41,184
    Total noninterest income $11,447
    Gross Fiduciary activities income $250
    Service charges on deposit accounts $1,110
    Trading account gains and fees $0
    Additional Noninterest Income $10,087
    Pre-tax net operating income $19,766
    Securities gains (or losses, -) $213
    Income before extraordinary items $14,967
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $14,967
    Minority interest net income $0
    Net income $14,967
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $14,798

    Bank Midwest's gross interest income from loans was $44,734,000.
    Bank Midwest's net interest income from loans was $41,184,000.
    Bank Midwest's fee based income from loans was $1,110,000.
    Bank Midwest's net income from loans was $14,967,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $3,550
    Provision for credit losses $-1,400
    Total noninterest expense $34,265
    Salaries and employee benefits $20,669
    Premises and equipment expense $3,381
    Additional noninterest expense $10,215
    Applicable income taxes $5,012
    Net charge-offs $368
    Cash dividends $5,000

    Bank Midwest's interest expense for loans was $3,550,000.
    Bank Midwest's payroll and benefits expense were $20,669,000.
    Bank Midwest's property, plant and equipment expenses $3,381,000.

    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 0.0%
    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 0.0%
    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 $1,077,997
    Deposits held in domestic offices $1,077,997
    Deposits by Individuals, partnerships, and corporations $886,576
    Deposits by U.S. Government $4
    Deposits by States and political subdivisions in the U.S. $191,278
    Deposits by Commercial banks and other depository institutions in U.S. $139
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $686,145
    Demand deposits $520,250
    Nontransaction accounts $391,852
    Money market deposit accounts (MMDAs) $17,040
    Other savings deposits (excluding MMDAs) $228,341
    Total time deposits $146,471
    Total time and savings deposits $557,747
    Noninterest-bearing deposits $226,241
    Interest-bearing deposits $851,756
    Retail deposits $1,041,577
    IRAs and Keogh plan accounts $21,498
    Brokered deposits $22,376
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $1,234,147
    Cash & Balances due from depository institutions $22,053
    Interest-bearing balances $6,820
    Total securities $305,142
    Federal funds sold & reverse repurchase $0
    Net loans and leases $848,138
    Loan and leases loss allowance $9,846
    Trading account assets $0
    Bank premises and fixed assets $20,956
    Other real estate owned $0
    Goodwill and other intangibles $6,833
    All other assets $31,025

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $1,234,147
    Total Liabilities $1,123,535
    Total deposits $1,077,997
    Interest-bearing deposits $851,756
    Deposits held in domestic offices $1,077,997
    % insured (estimated) $75
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $37,000
    Subordinated debt $0
    All other liabilities $8,538

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $848,138
    Loan and leases loss allowance $9,846
    Total loans and leases (domestic) $857,984
    All real estate loans $425,457
    Real estate loans in domestic offices $425,457
    Construction and development loans $39,431
    Residential 1-4 family construction $4,895
    Other construction, all land development and other land $34,536
    Loans secured by nonfarm nonresidential properties $126,807
    Nonfarm nonresidential secured by owner-occupied properties $72,549
    Commercial real estate & other non-farm, non-residential $54,258
    Multifamily residential real estate $24,070
    1-4 family residential loans $78,924
    Farmland loans $156,225
    Loans held in foreign offices $0
    Farm loans $129,993
    Commercial and industrial loans $290,286
    To non-U.S. addressees $0
    Loans to individuals $10,234
    Credit card loans $303
    Related Plans $3,420
    Consumer Auto Loans $481
    Other loans to individuals $6,030
    All other loans & leases $2,014
    Loans to foreign governments and official institutions $0
    Other loans $1,605
    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 $404
    Non 1-4 family restructured loans & leases $404
    Total loans and leases (foreign) $0

    Bank Midwest had $848,138,000 of loans outstanding in 2021. $425,457,000 of loans were in real estate loans. $39,431,000 of loans were in development loans. $24,070,000 of loans were in multifamily mortgage loans. $78,924,000 of loans were in 1-4 family mortgage loans. $129,993,000 of loans were in farm loans. $303,000 of loans were in credit card loans. $481,000 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 229 $44,228 $193,135
    Nonfarm, nonresidential loans - <$100k 61 $2,531 $41,492
    Nonfarm, nonresidential loans - $100-250k 79 $9,942 $125,848
    Nonfarm, nonresidential loans - $250k-1MM 89 $31,755 $356,798
    Commercial & Industrial, US addressed loans - <$1MM 6,255 $228,610 $36,548
    Commercial & Industrial, US addressed loans - <$100k 5,368 $126,060 $23,484
    Commercial & Industrial, US addressed loans - $100-250k 759 $70,875 $93,379
    Commercial & Industrial, US addressed loans - $250k-1MM 128 $31,675 $247,461
    Farmland loans - <$1MM 599 $102,278 $170,748
    Farmland loans - <$100k 115 $2,916 $25,357
    Farmland loans - $100-250k 221 $19,604 $88,706
    Farmland loans - $250k-1MM 263 $79,758 $303,262
    Agriculture operations loans - <$1MM 983 $81,530 $82,940
    Agriculture operations loans - <$100k 538 $12,028 $22,357
    Agriculture operations loans - $100-250k 217 $16,715 $77,028
    Agriculture operations loans - $250k-1MM 228 $52,787 $231,522