Minnwest Bank Mortgage Rates, Fees & Info

Redwood Falls, MN

LEI: 549300WYC8C6REMY4E38

Tax ID: 41-1571815

5 stars - Updated: 6/22/25 - out of 5 stars, based on 22 reviews

Latest/2024 | 2023 Data | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Relative Rates
  • Relative Fees
  • 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

    Minnwest Bank is a smaller bank specializing in Home Purchase loans. Minnwest Bank has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Minneapolis, Sioux Falls, St. Cloud, Marshall, and Rochester among others. We have data for 31 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Minnwest Bank 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. Minnwest Bank 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.

    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
    Home Equity Line of Credit (HELOC) 8.46% 6/22/25
    30 Year Conventional Purchase 6.56% 6/22/25
    30 Year Conventional Refi 6.10% 6/22/25
    30 Year Cash-out Refi 6.29% 6/22/25
    30 Year USDA Purchase 7.89% 6/22/25
    15 Year Conventional Purchase 6.29% 6/22/25
    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.

    Minnwest Bank Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Minnwest Bank. 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

    502

    Origination Dollar Volume (All Markets)

    $155,340,000
    Show all (6) awards

    Relative Rate

    Minnwest Bank's average 30 year fixed mortgage rate was 6.32%.

    The 2024 average 30 year fixed rate mortgage across all markets and lenders was 6.55%.

    This yields a difference of -0.23%.

    Relative Fees (Closing Costs)

    Minnwest Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $4,558.

    The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $8,356.

    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) 99 $52,085,000 $526,111 $5,185 6.89%
    Outside of Metro Areas 233 $32,175,000 $138,090 $4,455 7.26%
    SIOUX FALLS, SD (FHA|USDA|VA) 26 $28,320,000 $1,089,231 $4,705 7.70%
    ST. CLOUD, MN (FHA|USDA|VA) 13 $7,455,000 $573,462 $5,318 7.31%
    Marshall, MN (FHA|USDA|VA) 28 $6,140,000 $219,286 $4,533 6.69%
    ROCHESTER, MN (FHA|USDA|VA) 23 $5,375,000 $233,696 $4,792 6.56%
    Key West, FL (FHA|USDA|VA) 1 $4,335,000 $4,335,000 $0 6.55%
    AMARILLO, TX (FHA|USDA|VA) 1 $2,405,000 $2,405,000 $0 8.00%
    Winona, MN (FHA|USDA|VA) 9 $2,275,000 $252,778 $3,482 7.14%
    Faribault-Northfield, MN (FHA|USDA|VA) 9 $1,895,000 $210,556 $6,396 6.67%
    MANKATO, MN (FHA|USDA|VA) 11 $1,785,000 $162,273 $5,156 7.54%
    FARGO, ND-MN (FHA|USDA|VA) 2 $1,600,000 $800,000 $5,298 6.97%
    Alexandria, MN (FHA|USDA|VA) 3 $1,125,000 $375,000 $8,977 6.34%
    Brainerd, MN (FHA|USDA|VA) 2 $890,000 $445,000 $7,934 7.03%
    Owatonna, MN (FHA|USDA|VA) 4 $890,000 $222,500 $4,378 7.35%
    DULUTH, MN-WI (FHA|USDA|VA) 5 $875,000 $175,000 $10,645 7.50%
    Willmar, MN (FHA|USDA|VA) 4 $780,000 $195,000 $4,724 6.38%
    Effingham, IL (FHA|USDA|VA) 1 $675,000 $675,000 $0 7.50%
    EAU CLAIRE, WI (FHA|USDA|VA) 2 $650,000 $325,000 $0 8.00%
    New Ulm, MN (FHA|USDA|VA) 2 $560,000 $280,000 $11,165 6.25%
    Red Wing, MN (FHA|USDA|VA) 3 $535,000 $178,333 $4,708 6.92%
    Worthington, MN (FHA|USDA|VA) 7 $385,000 $55,000 $4,959 7.42%
    Grand Rapids, MN (FHA|USDA|VA) 2 $380,000 $190,000 $5,284 7.95%
    PUNTA GORDA, FL (FHA|USDA|VA) 1 $325,000 $325,000 $6,930 6.38%
    Austin, MN (FHA|USDA|VA) 3 $305,000 $101,667 $3,576 7.43%
    Brookings, SD (FHA|USDA|VA) 1 $285,000 $285,000 $7,250 5.49%
    Albert Lea, MN (FHA|USDA|VA) 3 $245,000 $81,667 $4,148 7.93%
    Hutchinson, MN (FHA|USDA|VA) 1 $205,000 $205,000 $4,961 6.88%
    LA CROSSE-ONALASKA, WI-MN (FHA|USDA|VA) 1 $195,000 $195,000 $0 7.00%
    Mitchell, SD (FHA|USDA|VA) 1 $155,000 $155,000 $0 7.90%
    Watertown, SD (FHA|USDA|VA) 1 $35,000 $35,000 $0 7.50%
    Minnwest Bank's top markets include Minneapolis, Sioux Falls, St. Cloud, Marshall, and Rochester among others.

    Their top states include:
  • Minnesota (FHA|USDA|VA)
  • South Dakota (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Wisconsin (FHA|USDA|VA)
  • Texas (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against Minnwest Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    MY Credit Union
    Similarity Rank: 130
    SHAREPOINT CREDIT UNION
    Similarity Rank: 348
    ST. CLOUD FINANCIAL
    Similarity Rank: 742
    VERIDIAN CREDIT UNION
    Similarity Rank: 915
    Cornerstone State Bank
    Similarity Rank: 936
    TOPLINE FEDERAL CREDIT UNION
    Similarity Rank: 975
    Liberty Bank Minnesota
    Similarity Rank: 1188
    IDEAL
    Similarity Rank: 1200
    University of Wisconsin Credit Union
    Similarity Rank: 1295
    CENTRAL MINNESOTA Credit Union
    Similarity Rank: 1323

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 270 $133,920,000 $496,000 $4,858 6.48%
    HELOC 231 $21,245,000 $91,970 n/a 7.89%
    USDA 1 $175,000 $175,000 $4,238 7.25%

    For 2024, Minnwest Bank's most frequently originated type of loan was Conventional, with 270 originations. Their 2nd most popular type was HELOC, with 231 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 228 $117,180,000 $513,947 $5,091 6.55%
    Home Improvement 141 $11,585,000 $82,163 $2,112 7.69%
    Other 63 $5,505,000 $87,381 $5,378 7.88%
    Refi 61 $19,955,000 $327,131 $4,188 7.39%
    Cash Out Refi 9 $1,115,000 $123,889 $3,377 6.17%

    For 2024, Minnwest Bank's most frequently cited loan purpose was Home Purchase, with 228 originations. The 2nd most popular reason was Home Improvement, with 141 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    5 Year 225 $24,075,000 $107,000 $0 7.82%
    30 Year 195 $48,135,000 $246,846 $4,558 6.32%
    10 Year 22 $1,540,000 $70,000 $2,983 8.57%
    30+ year 18 $8,830,000 $490,556 $9,425 5.49%
    Other 18 $8,990,000 $499,444 $466 7.52%
    15 Year 10 $1,600,000 $160,000 $4,116 6.08%
    20 Year 7 $1,075,000 $153,571 $3,922 7.21%
    3 Year 4 $55,400,000 $13,850,000 $0 7.44%
    1 Year 3 $5,695,000 $1,898,333 $0 8.00%

    For 2024, Minnwest Bank's most frequently cited loan duration was 5 Year, with 225 originations. The 2nd most popular length was 30 Year, with 195 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $2k-3k 64 $13,220,000 $206,563
    $1k-2k 54 $6,430,000 $119,074
    $<1k 35 $7,625,000 $217,857
    $3k-4k 34 $10,350,000 $304,412
    $5k+ 26 $15,190,000 $584,231
    $4k-5k 12 $5,100,000 $425,000

    Minnwest Bank's average total fees were $4,558, while their most frequently occuring range of origination fees (closing costs) were in the $2k-3k bucket, with 64 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    7-8% 184 $65,720,000 $357,174
    6-7% 131 $34,265,000 $261,565
    Over 8% 96 $9,510,000 $99,063
    5-6% 72 $42,320,000 $587,778
    4-5% 17 $3,475,000 $204,412
    2.5-3% 2 $50,000 $25,000

    During 2024, Minnwest Bank's average interest rate for loans was 6.32%, while their most frequently originated rate bucket for loans was 7-8%, with 184 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 207 $10,555,000 $50,990 $2,292 7.59%
    $100k-200k 130 $18,640,000 $143,385 $3,765 7.05%
    $200k-400k 103 $27,865,000 $270,534 $5,173 6.55%
    $400k-600k 37 $18,165,000 $490,946 $7,333 6.61%
    $600k-1MM 18 $12,610,000 $700,556 $9,802 6.84%
    $1MM+ 7 $67,505,000 $9,643,571 $0 7.23%

    2024 saw Minnwest Bank place emphasis on $100,000 or less loans with 207 originations, totaling $10,555,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 99 $12,445,000 $125,707 $4,008 6.89%
    $100k-150k 95 $15,645,000 $164,684 $5,087 7.31%
    $150k-250k 81 $20,015,000 $247,099 $6,545 7.06%
    $75k-100k 81 $11,375,000 $140,432 $4,489 7.21%
    $50k or less 51 $4,555,000 $89,314 $3,346 6.80%
    $250k+ 36 $14,190,000 $394,167 $9,314 7.38%

    Minnwest Bank lent most frequently to those with incomes in the $50k-75k range, with 99 originations. The second most popular income band? $100k-150k, with 95 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 116 $16,190,000 $139,569 $4,341 7.20%
    <20% 91 $10,905,000 $119,835 $4,021 7.15%
    30-36% 75 $12,735,000 $169,800 $4,752 6.96%
    39% 22 $4,220,000 $191,818 $4,915 7.55%
    36% 21 $3,235,000 $154,048 $5,944 7.65%
    38% 20 $3,220,000 $161,000 $4,411 7.47%
    41% 17 $3,595,000 $211,471 $5,869 7.13%
    42% 15 $3,165,000 $211,000 $4,581 7.08%
    49% 14 $5,640,000 $402,857 $5,885 6.10%
    37% 12 $1,560,000 $130,000 $4,771 7.04%
    40% 10 $1,830,000 $183,000 $4,080 6.47%
    43% 9 $2,025,000 $225,000 $5,125 6.57%
    48% 9 $3,605,000 $400,556 $7,391 6.05%
    46% 8 $2,130,000 $266,250 $4,973 6.28%
    45% 6 $1,630,000 $271,667 $4,107 5.85%
    47% 5 $1,275,000 $255,000 $5,650 6.35%
    44% 5 $1,935,000 $387,000 $6,264 6.33%
    50-60% 3 $585,000 $195,000 $4,178 8.55%
    >60% 3 $1,105,000 $368,333 $4,308 7.75%

    Minnwest Bank lent most frequently to those with DTI ratios of 20-30%, with 116 originations. The next most common DTI ratio? <20%, with 91 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 421 $74,035,000 $175,855 $4,858 7.07%
    Not applicable 34 $73,360,000 $2,157,647 $0 7.72%
    Not provided 28 $4,310,000 $153,929 $4,289 7.56%
    Asian 10 $1,900,000 $190,000 $4,876 6.87%
    Black 3 $1,065,000 $355,000 $6,065 5.88%
    American Indian 6 $670,000 $111,667 $4,357 7.05%

    Approval Rates

    Total approvals of all applications
    88.11%

    Minnwest Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    81.27%

    Minnwest Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 502 $155,340,000 $309,442

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    502 $155,340,000 $309,442

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 117 $16,105,000 $137,650 $3,427 7.61%
    40-60% 56 $10,060,000 $179,643 $4,561 7.32%
    60-80% 101 $87,685,000 $868,168 $5,040 6.83%
    80-100% 125 $36,885,000 $295,080 $5,185 6.29%
    Over 100% 1 $305,000 $305,000 $5,572 7.75%
    Under 20% 102 $4,300,000 $42,157 $1,088 7.79%