Minnwest Bank Mortgage Rates, Fees & Info
Redwood Falls, MNLEI: 549300WYC8C6REMY4E38
Tax ID: 41-1571815
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Mortgage Data
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, Rochester, Sioux Falls, Aberdeen, and Marshall among others. We have data for 35 markets. (Some data included below & more in-depth data is available with an active subscription.)Minnwest Bank 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. Minnwest Bank is typically an average 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.41% | 11/30/23 |
| 30 Year Conventional Refi | 6.40% | 11/30/23 |
| 30 Year Cash-out Refi | 6.65% | 11/30/23 |
| 30 Year USDA Purchase | 7.24% | 11/30/23 |
| 15 Year Conventional Purchase | 6.13% | 11/30/23 |
| 15 Year Conventional Refi | 6.20% | 11/30/23 |
| 15 Year Cash-out Refi | 6.20% | 11/30/23 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
417Origination Dollar Volume (All Markets)
$232,735,000Relative Rate
Minnwest Bank's average 30 year fixed mortgage rate was
5%.
The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.
This yields a difference of 0.24%.
Relative Fees (Closing Costs)
Minnwest Bank's average total fees/closing costs for a 30 year fixed rate
mortgage were $4,926.
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 $4,750.
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) | 128 | $96,140,000 | $751,094 | $6,100 | 4.60% |
| ROCHESTER, MN (FHA|USDA|VA) | 18 | $32,110,000 | $1,783,889 | $4,764 | 4.77% |
| Outside of Metro Areas | 149 | $26,375,000 | $177,013 | $4,122 | 4.78% |
| SIOUX FALLS, SD (FHA|USDA|VA) | 13 | $25,235,000 | $1,941,154 | $4,827 | 5.01% |
| Aberdeen, SD (FHA|USDA|VA) | 4 | $21,930,000 | $5,482,500 | $0 | 4.30% |
| Marshall, MN (FHA|USDA|VA) | 27 | $5,365,000 | $198,704 | $4,592 | 5.19% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 1 | $3,835,000 | $3,835,000 | $0 | 4.00% |
| Faribault-Northfield, MN (FHA|USDA|VA) | 6 | $3,380,000 | $563,333 | $6,357 | 4.19% |
| DULUTH, MN-WI (FHA|USDA|VA) | 3 | $3,175,000 | $1,058,333 | $5,242 | 5.29% |
| Winona, MN (FHA|USDA|VA) | 15 | $2,455,000 | $163,667 | $4,631 | 3.98% |
| ST. CLOUD, MN (FHA|USDA|VA) | 4 | $1,020,000 | $255,000 | $3,607 | 4.81% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 4 | $1,010,000 | $252,500 | $4,973 | 4.24% |
| Owatonna, MN (FHA|USDA|VA) | 6 | $970,000 | $161,667 | $4,133 | 4.93% |
| Albert Lea, MN (FHA|USDA|VA) | 5 | $895,000 | $179,000 | $4,081 | 5.49% |
| MANKATO, MN (FHA|USDA|VA) | 3 | $825,000 | $275,000 | $5,531 | 4.96% |
| New Ulm, MN (FHA|USDA|VA) | 3 | $765,000 | $255,000 | $5,169 | 4.83% |
| Willmar, MN (FHA|USDA|VA) | 2 | $730,000 | $365,000 | $7,586 | 5.62% |
| PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) | 2 | $700,000 | $350,000 | $6,172 | 5.00% |
| CEDAR RAPIDS, IA (FHA|USDA|VA) | 2 | $660,000 | $330,000 | $0 | 5.38% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 1 | $645,000 | $645,000 | $10,704 | 6.63% |
| Fairmont, MN (FHA|USDA|VA) | 1 | $585,000 | $585,000 | $10,659 | 1.99% |
| Brainerd, MN (FHA|USDA|VA) | 3 | $575,000 | $191,667 | $5,285 | 4.04% |
| Hutchinson, MN (FHA|USDA|VA) | 2 | $500,000 | $250,000 | $8,719 | 6.19% |
| Fergus Falls, MN (FHA|USDA|VA) | 1 | $415,000 | $415,000 | $12,941 | 4.13% |
| LA CROSSE-ONALASKA, WI-MN (FHA|USDA|VA) | 2 | $280,000 | $140,000 | $0 | 5.79% |
| EAU CLAIRE, WI (FHA|USDA|VA) | 2 | $280,000 | $140,000 | $0 | 4.27% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $6,115 | 4.38% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $4,908 | 3.38% |
| Watertown, SD (FHA|USDA|VA) | 2 | $250,000 | $125,000 | $2,334 | 6.10% |
| FARGO, ND-MN (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $3,955 | 6.63% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $0 | 4.50% |
| Alexandria, MN (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $3,723 | 3.13% |
| Vermillion, SD (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $3,585 | 4.50% |
| PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $4,144 | 5.38% |
| Worthington, MN (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $3,857 | 5.13% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 409 | $231,655,000 | $566,394 | $4,943 | 4.72% |
| USDA | 8 | $1,080,000 | $135,000 | $4,687 | 5.48% |
For 2022, Minnwest Bank's most frequently originated type of loan was Conventional, with 409 originations. Their 2nd most popular type was USDA, with 8 originations.
Loan Reason
For 2022, Minnwest Bank's most frequently cited loan purpose was Home Purchase, with 317 originations. The 2nd most popular reason was Refi, with 46 originations.
Loan Duration/Length
For 2022, Minnwest Bank's most frequently cited loan duration was 30 Year, with 249 originations. The 2nd most popular length was 5 Year, with 49 originations.
Origination Fees/Closing Costs
Minnwest Bank's average total fees were $4,926, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 81 originations.
Interest Rates
During 2022, Minnwest Bank's average interest rate for loans was 5.00%, while their most frequently originated rate bucket for loans was 5-6%, with 128 originations.
Loan Sizing
2022 saw Minnwest Bank place emphasis on $200k-400k loans with 152 originations, totaling $43,050,000 in origination value.
Applicant Income
Minnwest Bank lent most frequently to those with incomes in the $100k-150k range, with 79 originations. The second most popular income band? $150k-250k, with 64 originations.
Applicant Debt to Income Ratio
Minnwest Bank lent most frequently to those with DTI ratios of 20-30%, with 75 originations. The next most common DTI ratio? 30-36%, with 68 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications94.27%
Minnwest Bank has an average approval rate.
Pick Rate
Approvals leading to origination86.81%
Minnwest Bank has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 417 | $232,735,000 | $558,118 |