First Premier Bank Mortgage Rates, Fees & Info

Sioux Falls, SD

LEI: 549300Z77WUYJM3QG591

Tax ID: 46-0119480

5 stars - Updated: 6/22/25 - out of 5 stars, based on 30 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

    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, Aberdeen, and Mitchell among others. We have data for 20 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 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) 6.72% 6/22/25
    30 Year Conventional Purchase 6.74% 6/22/25
    30 Year Conventional Refi 5.97% 6/22/25
    30 Year Cash-out Refi 6.17% 6/22/25
    30 Year FHA Purchase 6.85% 6/22/25
    30 Year FHA Refi 6.54% 6/22/25
    30 Year VA Purchase 6.10% 6/22/25
    30 Year VA Refi 5.91% 6/22/25
    30 Year USDA Purchase 6.28% 6/22/25
    15 Year Conventional Purchase 6.07% 6/22/25
    15 Year Conventional Refi 5.45% 6/22/25
    15 Year Cash-out Refi 5.45% 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.

    First Premier Bank Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from First Premier 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

    909

    Origination Dollar Volume (All Markets)

    $195,695,000
    Show all (10) awards

    Relative Rate

    First Premier 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)

    First Premier Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $5,543.

    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
    SIOUX FALLS, SD (FHA|USDA|VA) 628 $144,620,000 $230,287 $4,758 7.40%
    Watertown, SD (FHA|USDA|VA) 93 $16,545,000 $177,903 $3,591 7.39%
    Outside of Metro Areas 98 $15,820,000 $161,429 $4,251 7.21%
    Brookings, SD (FHA|USDA|VA) 16 $4,430,000 $276,875 $4,797 7.16%
    Aberdeen, SD (FHA|USDA|VA) 14 $2,800,000 $200,000 $5,933 6.33%
    Mitchell, SD (FHA|USDA|VA) 11 $2,555,000 $232,273 $4,693 6.72%
    SIOUX CITY, IA-NE-SD (FHA|USDA|VA) 13 $1,955,000 $150,385 $4,526 7.15%
    Vermillion, SD (FHA|USDA|VA) 9 $1,945,000 $216,111 $4,630 8.10%
    Spearfish, SD (FHA|USDA|VA) 5 $835,000 $167,000 $2,972 7.47%
    Yankton, SD (FHA|USDA|VA) 6 $800,000 $133,333 $5,367 7.85%
    Marshall, MN (FHA|USDA|VA) 2 $640,000 $320,000 $8,028 7.38%
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 2 $460,000 $230,000 $5,750 6.88%
    DULUTH, MN-WI (FHA|USDA|VA) 2 $450,000 $225,000 $6,513 6.31%
    Spirit Lake, IA (FHA|USDA|VA) 2 $390,000 $195,000 $3,463 7.58%
    Payson, AZ (FHA|USDA|VA) 1 $315,000 $315,000 $5,630 6.88%
    Worthington, MN (FHA|USDA|VA) 1 $255,000 $255,000 $10,155 5.99%
    DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 1 $245,000 $245,000 $9,519 6.13%
    Huron, SD (FHA|USDA|VA) 3 $225,000 $75,000 $2,733 6.86%
    Scottsbluff, NE (FHA|USDA|VA) 1 $215,000 $215,000 $7,893 5.88%
    Alexandria, MN (FHA|USDA|VA) 1 $195,000 $195,000 $4,970 6.50%
    First Premier Bank's top markets include Sioux Falls, Watertown, Brookings, Aberdeen, and Mitchell among others.

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

    • 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.

    SIOUXLAND FEDERAL CREDIT UNION
    Similarity Rank: 35
    United Bank of Iowa
    Similarity Rank: 192
    SIOUX FALLS
    Similarity Rank: 253
    Dacotah Bank
    Similarity Rank: 405
    CU MORTGAGE DIRECT, LLC
    Similarity Rank: 495
    American Bank & Trust
    Similarity Rank: 575
    Great Southern Bank
    Similarity Rank: 585
    Reliabank Dakota
    Similarity Rank: 690
    Northwest Bank
    Similarity Rank: 798
    CORTRUST MORTGAGE, INC.
    Similarity Rank: 816

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 457 $118,605,000 $259,530 $3,410 7.02%
    HELOC 286 $34,810,000 $121,713 n/a 8.62%
    FHA 132 $32,990,000 $249,924 $7,902 6.11%
    VA 29 $8,275,000 $285,345 $6,050 5.85%
    USDA 5 $1,015,000 $203,000 $5,208 5.78%

    For 2024, First Premier Bank's most frequently originated type of loan was Conventional, with 457 originations. Their 2nd most popular type was HELOC, with 286 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 490 $146,850,000 $299,694 $5,591 6.66%
    Home Improvement 192 $17,860,000 $93,021 $691 8.52%
    Refi 151 $22,055,000 $146,060 $2,273 7.81%
    Other 56 $4,000,000 $71,429 $711 8.61%
    Cash Out Refi 20 $4,930,000 $246,500 $6,026 6.02%

    For 2024, First Premier Bank's most frequently cited loan purpose was Home Purchase, with 490 originations. The 2nd most popular reason was Home Improvement, with 192 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 452 $133,260,000 $294,823 $5,543 6.32%
    10 Year 355 $39,255,000 $110,577 $804 8.52%
    Other 57 $8,285,000 $145,351 $798 8.19%
    5 Year 15 $1,975,000 $131,667 $802 8.18%
    15 Year 12 $3,700,000 $308,333 $5,369 5.80%
    20 Year 9 $7,145,000 $793,889 $7,541 7.43%
    1 Year 7 $1,275,000 $182,143 $0 8.32%
    3 Year 2 $800,000 $400,000 $178 7.75%

    For 2024, First Premier Bank's most frequently cited loan duration was 30 Year, with 452 originations. The 2nd most popular length was 10 Year, with 355 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 342 $75,390,000 $220,439
    $3k-4k 65 $19,615,000 $301,769
    $2k-3k 64 $14,820,000 $231,563
    $4k-5k 37 $14,615,000 $395,000
    $5k+ 30 $20,840,000 $694,667
    $1k-2k 26 $4,460,000 $171,538

    First Premier Bank's average total fees were $5,543, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 342 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    Over 8% 311 $37,395,000 $120,241
    6-7% 270 $77,170,000 $285,815
    7-8% 169 $41,035,000 $242,811
    5-6% 146 $37,510,000 $256,918
    4-5% 13 $2,585,000 $198,846

    During 2024, First Premier Bank's average interest rate for loans was 6.32%, while their most frequently originated rate bucket for loans was Over 8%, with 311 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 337 $93,255,000 $276,721 $5,693 6.67%
    $100,000 or less 284 $15,550,000 $54,754 $1,075 8.39%
    $100k-200k 202 $29,650,000 $146,782 $3,918 7.17%
    $400k-600k 55 $26,815,000 $487,545 $6,381 6.90%
    $600k-1MM 23 $16,365,000 $711,522 $5,357 7.02%
    $1MM+ 8 $14,060,000 $1,757,500 $13,202 7.57%

    2024 saw First Premier Bank place emphasis on $200k-400k loans with 337 originations, totaling $93,255,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 201 $39,495,000 $196,493 $5,189 7.56%
    $50k-75k 183 $31,705,000 $173,251 $4,405 6.90%
    $75k-100k 159 $29,745,000 $187,075 $4,827 7.12%
    $150k-250k 158 $40,300,000 $255,063 $4,052 7.65%
    $250k+ 77 $34,075,000 $442,532 $6,617 7.80%
    $50k or less 75 $8,675,000 $115,667 $3,725 6.97%

    First Premier Bank lent most frequently to those with incomes in the $100k-150k range, with 201 originations. The second most popular income band? $50k-75k, with 183 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 156 $27,940,000 $179,103 $3,527 7.51%
    20-30% 152 $30,110,000 $198,092 $3,881 7.57%
    <20% 52 $10,310,000 $198,269 $3,384 7.88%
    49% 50 $12,770,000 $255,400 $6,338 6.35%
    44% 43 $8,845,000 $205,698 $4,939 7.23%
    41% 42 $9,020,000 $214,762 $4,031 7.32%
    48% 41 $11,295,000 $275,488 $5,161 7.06%
    43% 36 $7,500,000 $208,333 $4,133 7.32%
    42% 34 $7,850,000 $230,882 $5,286 7.56%
    50-60% 34 $7,450,000 $219,118 $9,414 7.24%
    39% 33 $5,845,000 $177,121 $4,257 7.21%
    45% 33 $7,385,000 $223,788 $4,923 6.80%
    40% 33 $7,515,000 $227,727 $4,403 7.42%
    47% 31 $10,085,000 $325,323 $6,217 6.67%
    36% 28 $7,590,000 $271,071 $4,731 7.50%
    37% 27 $7,215,000 $267,222 $4,058 7.17%
    38% 25 $4,275,000 $171,000 $3,059 7.55%
    46% 24 $4,540,000 $189,167 $4,548 7.07%
    >60% 6 $1,220,000 $203,333 $5,998 7.87%

    First Premier Bank lent most frequently to those with DTI ratios of 30-36%, with 156 originations. The next most common DTI ratio? 20-30%, with 152 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 806 $168,770,000 $209,392 $4,493 7.39%
    Not provided 35 $10,315,000 $294,714 $5,997 6.42%
    Black 27 $6,625,000 $245,370 $5,333 6.68%
    Not applicable 27 $6,135,000 $227,222 $0 8.23%
    Asian 11 $3,305,000 $300,455 $4,725 6.74%
    Native Hawaiian or Islander 2 $520,000 $260,000 $5,794 6.38%
    American Indian 1 $25,000 $25,000 $721 8.99%

    Approval Rates

    Total approvals of all applications
    80.40%

    First Premier Bank has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    67.88%

    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 909 $195,695,000 $215,286

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    909 $195,695,000 $215,286

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 178 $23,740,000 $133,371 $1,740 8.28%
    40-60% 53 $14,835,000 $279,906 $4,848 7.52%
    60-80% 148 $44,440,000 $300,270 $4,666 6.94%
    80-100% 333 $100,435,000 $301,607 $5,860 6.41%
    Over 100% 8 $1,450,000 $181,250 $8,181 6.56%
    Under 20% 189 $10,795,000 $57,116 $678 8.43%