First Premier Bank Mortgage Rates, Fees & Info
Sioux Falls, SDLEI: 549300Z77WUYJM3QG591
Tax ID: 46-0119480
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Mortgage Data
Review & Overview
First Premier Bank is a smaller bank specializing in Home Purchase loans. First Premier Bank has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Sioux Falls, Watertown, Brookings, Sioux City, and Pierre among others. We have data for 34 markets. (Some data included below & more in-depth data is available with an active subscription.)First Premier 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. First Premier 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 |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 6.27% | 9/18/23 |
| 30 Year Conventional Purchase | 6.53% | 9/18/23 |
| 30 Year Conventional Refi | 6.36% | 9/18/23 |
| 30 Year Cash-out Refi | 6.57% | 9/18/23 |
| 30 Year FHA Purchase | 7.36% | 9/18/23 |
| 30 Year FHA Refi | 6.50% | 9/18/23 |
| 30 Year VA Purchase | 5.94% | 9/18/23 |
| 30 Year VA Refi | 5.52% | 9/18/23 |
| 30 Year USDA Purchase | 6.60% | 9/18/23 |
| 15 Year Conventional Purchase | 6.10% | 9/18/23 |
| 15 Year Conventional Refi | 5.97% | 9/18/23 |
| 15 Year Cash-out Refi | 5.97% | 9/18/23 |
| 15 Year FHA Purchase | 7.24% | 9/18/23 |
| 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. | ||
First Premier Bank Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
1,461Origination Dollar Volume (All Markets)
$290,535,000Awards
First PREMIER Bank - 2022
First PREMIER Bank is a 2022 , due to their low .
For 2022, less than of lenders were eligible for this award.
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Relative Rate
First Premier Bank's average 30 year fixed mortgage rate was
4.81%.
The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.
This yields a difference of 0.05%.
Relative Fees (Closing Costs)
First Premier Bank's average total fees/closing costs for a 30 year fixed rate
mortgage were $5,797.
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 |
|---|---|---|---|---|---|
| SIOUX FALLS, SD (FHA|USDA|VA) | 1,065 | $218,935,000 | $205,573 | $4,968 | 4.93% |
| Outside of Metro Areas | 150 | $25,440,000 | $169,600 | $4,542 | 5.05% |
| Watertown, SD (FHA|USDA|VA) | 135 | $22,415,000 | $166,037 | $4,126 | 4.59% |
| Brookings, SD (FHA|USDA|VA) | 17 | $4,305,000 | $253,235 | $4,846 | 4.60% |
| SIOUX CITY, IA-NE-SD (FHA|USDA|VA) | 16 | $2,620,000 | $163,750 | $4,200 | 4.77% |
| Pierre, SD (FHA|USDA|VA) | 6 | $2,030,000 | $338,333 | $9,702 | 4.12% |
| Spearfish, SD (FHA|USDA|VA) | 5 | $1,525,000 | $305,000 | $4,171 | 5.03% |
| Vermillion, SD (FHA|USDA|VA) | 11 | $1,445,000 | $131,364 | $4,079 | 5.14% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 3 | $1,315,000 | $438,333 | $10,313 | 4.75% |
| Yankton, SD (FHA|USDA|VA) | 7 | $1,275,000 | $182,143 | $4,178 | 4.84% |
| RAPID CITY, SD (FHA|USDA|VA) | 4 | $1,240,000 | $310,000 | $6,071 | 4.72% |
| OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) | 5 | $945,000 | $189,000 | $3,135 | 5.07% |
| LINCOLN, NE (FHA|USDA|VA) | 2 | $740,000 | $370,000 | $6,319 | 4.56% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 2 | $650,000 | $325,000 | $4,184 | 4.13% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 1 | $645,000 | $645,000 | $10,645 | 2.99% |
| Huron, SD (FHA|USDA|VA) | 7 | $545,000 | $77,857 | $2,903 | 5.42% |
| Willmar, MN (FHA|USDA|VA) | 1 | $545,000 | $545,000 | $10,247 | 5.13% |
| Spirit Lake, IA (FHA|USDA|VA) | 3 | $425,000 | $141,667 | $1,569 | 4.76% |
| Mitchell, SD (FHA|USDA|VA) | 3 | $415,000 | $138,333 | $4,336 | 4.92% |
| Brainerd, MN (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $13,369 | 5.99% |
| Fergus Falls, MN (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $0 | 7.25% |
| BISMARCK, ND (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $5,719 | 4.13% |
| ROCHESTER, MN (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $10,395 | 5.75% |
| PUNTA GORDA, FL (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $10,628 | 4.50% |
| Aberdeen, SD (FHA|USDA|VA) | 2 | $230,000 | $115,000 | $7,871 | 3.44% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $8,962 | 6.63% |
| ST. CLOUD, MN (FHA|USDA|VA) | 2 | $220,000 | $110,000 | $3,585 | 5.82% |
| GRAND FORKS, ND-MN (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $3,273 | 7.00% |
| Clinton, IA (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $3,155 | 2.88% |
| Fairmont, MN (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $3,334 | 2.88% |
| Spencer, IA (FHA|USDA|VA) | 2 | $130,000 | $65,000 | $2,866 | 5.19% |
| Pella, IA (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $2,881 | 3.75% |
| Lexington, NE (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $5,695 | 6.13% |
| Norfolk, NE (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $603 | 4.68% |
Similar Lenders
We use machine learning to identify the top lenders compared against First PREMIER Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
For 2022, First Premier Bank's most frequently originated type of loan was Conventional, with 816 originations. Their 2nd most popular type was HELOC, with 353 originations.
Loan Reason
For 2022, First Premier Bank's most frequently cited loan purpose was Home Purchase, with 811 originations. The 2nd most popular reason was Home Improvement, with 237 originations.
Loan Duration/Length
For 2022, First Premier Bank's most frequently cited loan duration was 30 Year, with 828 originations. The 2nd most popular length was 10 Year, with 450 originations.
Origination Fees/Closing Costs
First Premier Bank's average total fees were $5,797, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 395 originations.
Interest Rates
During 2022, First Premier Bank's average interest rate for loans was 4.81%, while their most frequently originated rate bucket for loans was 4-5%, with 403 originations.
Loan Sizing
2022 saw First Premier Bank place emphasis on $200k-400k loans with 478 originations, totaling $132,260,000 in origination value.
Applicant Income
First Premier Bank lent most frequently to those with incomes in the $100k-150k range, with 302 originations. The second most popular income band? $50k-75k, with 287 originations.
Applicant Debt to Income Ratio
First Premier Bank lent most frequently to those with DTI ratios of 20-30%, with 272 originations. The next most common DTI ratio? 30-36%, with 269 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications87.88%
First Premier Bank has an average approval rate.
Pick Rate
Approvals leading to origination67.21%
First Premier Bank has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 1,461 | $290,535,000 | $198,860 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2022 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| FIRST CITIZENS BANCSHARES, INC. | Home equity loan or line of credit (HELOC) | Applying for a mortgage or refinancing an existing mortgage | 1 | 100.0% |