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™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • 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)

    • 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: Spirit Lake, Aberdeen, Watertown, Fairmont, and New Ulm among others. We have data for 27 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

    261

    Origination Dollar Volume (All Markets)

    $70,475,000

    Awards

    Bank Midwest 30 Year Conventional Loans gold Bank Midwest 30 Year Conventional Loans gold Bank Midwest 30 Year Conventional Loans gold Bank Midwest 30 Year Conventional Loans bronze
    Show all (4) 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
    Spirit Lake, IA (FHA|USDA|VA) 42 $11,710,000 $278,810 $2,368 4.94%
    Aberdeen, SD (FHA|USDA|VA) 1 $11,095,000 $11,095,000 $0 4.60%
    Outside of Metro Areas 71 $10,245,000 $144,296 $3,678 5.06%
    Watertown, SD (FHA|USDA|VA) 1 $8,975,000 $8,975,000 $0 3.95%
    Fairmont, MN (FHA|USDA|VA) 53 $7,405,000 $139,717 $3,764 5.04%
    New Ulm, MN (FHA|USDA|VA) 38 $6,460,000 $170,000 $3,039 5.19%
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 21 $6,015,000 $286,429 $2,911 4.60%
    Red Wing, MN (FHA|USDA|VA) 3 $1,495,000 $498,333 $3,551 4.50%
    OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) 5 $895,000 $179,000 $2,857 5.29%
    DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) 1 $805,000 $805,000 $3,175 4.38%
    MANKATO, MN (FHA|USDA|VA) 3 $675,000 $225,000 $3,711 4.51%
    SIOUX FALLS, SD (FHA|USDA|VA) 4 $650,000 $162,500 $3,942 4.61%
    Worthington, MN (FHA|USDA|VA) 3 $585,000 $195,000 $4,075 5.37%
    PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 1 $575,000 $575,000 $7,406 6.38%
    Brainerd, MN (FHA|USDA|VA) 1 $515,000 $515,000 $4,339 5.50%
    PUNTA GORDA, FL (FHA|USDA|VA) 1 $405,000 $405,000 $0 5.50%
    Mason City, IA (FHA|USDA|VA) 2 $340,000 $170,000 $3,736 4.20%
    RAPID CITY, SD (FHA|USDA|VA) 1 $305,000 $305,000 $3,638 4.00%
    CEDAR RAPIDS, IA (FHA|USDA|VA) 1 $245,000 $245,000 $3,230 3.63%
    Storm Lake, IA (FHA|USDA|VA) 1 $205,000 $205,000 $0 5.50%
    Brookings, SD (FHA|USDA|VA) 1 $195,000 $195,000 $0 3.95%
    Bemidji, MN (FHA|USDA|VA) 1 $175,000 $175,000 $0 4.15%
    ST. CLOUD, MN (FHA|USDA|VA) 1 $165,000 $165,000 $0 6.50%
    ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 1 $135,000 $135,000 $3,851 7.50%
    Willmar, MN (FHA|USDA|VA) 1 $95,000 $95,000 $3,040 4.88%
    Carroll, IA (FHA|USDA|VA) 1 $75,000 $75,000 $4,051 3.88%
    Marshall, MN (FHA|USDA|VA) 1 $35,000 $35,000 $0 6.25%
    Bank Midwest's top markets include Spirit Lake, Aberdeen, Watertown, Fairmont, and New Ulm among others.

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

    Northwest Bank
    Similarity Rank: 280
    MY Credit Union
    Similarity Rank: 304
    Central Bank
    Similarity Rank: 350
    Bank Midwest
    Similarity Rank: 378
    South Metro Federal Credit Union
    Similarity Rank: 429
    Cornerstone State Bank
    Similarity Rank: 464
    WESTconsin Credit Union
    Similarity Rank: 684
    Coulee Bank
    Similarity Rank: 1309
    MEMBERS COOPERATIVE
    Similarity Rank: 1610
    Liberty Bank Minnesota
    Similarity Rank: 1660

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 244 $68,390,000 $280,287 $3,213 4.99%
    USDA 17 $2,085,000 $122,647 $5,144 5.10%

    For 2022, Bank Midwest's most frequently originated type of loan was Conventional, with 244 originations. Their 2nd most popular type was USDA, with 17 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 201 $61,885,000 $307,886 $3,569 5.07%
    Refi 34 $4,900,000 $144,118 $2,509 4.58%
    Cash Out Refi 14 $2,150,000 $153,571 $3,195 4.63%
    Home Improvement 10 $460,000 $46,000 $575 5.21%
    Other 2 $1,080,000 $540,000 $2,496 6.00%

    For 2022, Bank Midwest's most frequently cited loan purpose was Home Purchase, with 201 originations. The 2nd most popular reason was Refi, with 34 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 178 $38,380,000 $215,618 $3,493 5.09%
    20 Year 27 $3,555,000 $131,667 $2,308 4.99%
    15 Year 17 $2,545,000 $149,706 $3,451 4.08%
    Other 15 $22,975,000 $1,531,667 $382 5.03%
    5 Year 13 $1,885,000 $145,000 $2,764 5.39%
    10 Year 10 $980,000 $98,000 $2,247 4.46%
    3 Year 1 $155,000 $155,000 $0 4.63%

    For 2022, Bank Midwest's most frequently cited loan duration was 30 Year, with 178 originations. The 2nd most popular length was 20 Year, with 27 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 121 $22,405,000 $185,165
    $2k-3k 52 $9,270,000 $178,269
    $<1k 34 $10,010,000 $294,412
    $3k-4k 3 $625,000 $208,333
    $4k-5k 1 $575,000 $575,000
    $5k+ 1 $165,000 $165,000

    Bank Midwest's average total fees were $3,493, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 121 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 89 $17,435,000 $195,899
    4-5% 72 $24,970,000 $346,806
    3-4% 43 $17,405,000 $404,767
    6-7% 39 $7,795,000 $199,872
    2.5-3% 11 $1,745,000 $158,636
    7-8% 4 $440,000 $110,000
    <2.5% 3 $685,000 $228,333

    During 2022, Bank Midwest's average interest rate for loans was 5.09%, while their most frequently originated rate bucket for loans was 5-6%, with 89 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 103 $15,525,000 $150,728 $3,697 5.07%
    $100,000 or less 68 $4,430,000 $65,147 $2,834 5.06%
    $200k-400k 67 $17,925,000 $267,537 $3,330 4.84%
    $400k-600k 15 $7,025,000 $468,333 $3,546 4.94%
    $600k-1MM 5 $3,695,000 $739,000 $2,433 5.05%
    $1MM+ 3 $21,875,000 $7,291,667 $4,252 4.65%

    2022 saw Bank Midwest place emphasis on $100k-200k loans with 103 originations, totaling $15,525,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 54 $8,770,000 $162,407 $3,681 5.14%
    $50k or less 54 $5,720,000 $105,926 $3,270 4.85%
    $100k-150k 43 $9,045,000 $210,349 $3,227 5.14%
    $75k-100k 31 $5,675,000 $183,065 $3,250 5.12%
    $150k-250k 23 $6,175,000 $268,478 $3,763 5.09%
    $250k+ 13 $7,435,000 $571,923 $3,032 5.09%

    Bank Midwest lent most frequently to those with incomes in the $50k-75k range, with 54 originations. The second most popular income band? $50k or less, with 54 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 66 $10,820,000 $163,939 $3,373 4.94%
    30-36% 41 $9,075,000 $221,341 $3,406 4.82%
    <20% 29 $5,495,000 $189,483 $3,070 4.87%
    38% 13 $2,395,000 $184,231 $3,423 5.80%
    40% 9 $1,775,000 $197,222 $4,324 5.07%
    49% 9 $2,025,000 $225,000 $3,668 4.75%
    50-60% 7 $1,615,000 $230,714 $2,207 5.27%
    37% 7 $1,015,000 $145,000 $4,393 5.18%
    36% 6 $1,120,000 $186,667 $3,696 5.71%
    46% 5 $1,225,000 $245,000 $3,053 4.67%
    43% 5 $1,415,000 $283,000 $3,257 4.54%
    41% 4 $920,000 $230,000 $3,823 5.12%
    45% 4 $620,000 $155,000 $3,198 4.00%
    39% 3 $485,000 $161,667 $3,047 4.99%
    >60% 2 $380,000 $190,000 $2,139 5.88%
    42% 2 $500,000 $250,000 $2,868 4.38%
    47% 2 $440,000 $220,000 $3,555 5.94%
    48% 2 $260,000 $130,000 $2,521 2.94%
    44% 1 $1,805,000 $1,805,000 $4,252 5.40%

    Bank Midwest lent most frequently to those with DTI ratios of 20-30%, with 66 originations. The next most common DTI ratio? 30-36%, with 41 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 216 $42,710,000 $197,731 $3,385 5.01%
    Not applicable 33 $25,485,000 $772,273 $0 4.94%
    Not provided 6 $1,380,000 $230,000 $2,937 4.44%
    Black 2 $220,000 $110,000 $3,832 7.12%
    American Indian 1 $215,000 $215,000 $3,123 3.25%
    Asian 1 $205,000 $205,000 $2,999 4.13%
    Asian Indian 1 $175,000 $175,000 $1,875 5.88%
    Native Hawaiian or Islander 1 $85,000 $85,000 $0 4.65%

    Approval Rates

    Total approvals of all applications
    91.79%

    Bank Midwest has an average approval rate.

    Pick Rate

    Approvals leading to origination
    80.46%

    Bank Midwest has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    250.0 2 $160,000 $80,000
    495.0 1 $15,000 $15,000
    NA 258 $70,300,000 $272,481

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    261 $70,475,000 $270,019

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 18 $2,130,000 $118,333 $2,221 4.96%
    40-60% 28 $4,060,000 $145,000 $2,873 4.52%
    60-80% 90 $37,800,000 $420,000 $3,321 4.95%
    80-100% 119 $25,805,000 $216,849 $3,661 5.14%
    Under 20% 6 $680,000 $113,333 $2,257 5.35%