First Premier Bank Mortgage Rates, Fees & Info

Sioux Falls, SD

LEI: 549300Z77WUYJM3QG591

Tax ID: 46-0119480

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
  • Complaints
  • 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, 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.

    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
    Home Equity Line of Credit (HELOC) 6.27% 4/28/24
    30 Year Conventional Purchase 6.53% 4/28/24
    30 Year Conventional Refi 6.36% 4/28/24
    30 Year Cash-out Refi 6.57% 4/28/24
    30 Year FHA Purchase 7.36% 4/28/24
    30 Year FHA Refi 6.50% 4/28/24
    30 Year VA Purchase 5.94% 4/28/24
    30 Year VA Refi 5.52% 4/28/24
    30 Year USDA Purchase 6.60% 4/28/24
    15 Year Conventional Purchase 6.10% 4/28/24
    15 Year Conventional Refi 5.97% 4/28/24
    15 Year Cash-out Refi 5.97% 4/28/24
    15 Year FHA Purchase 7.24% 4/28/24
    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.

    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

    1,461

    Origination Dollar Volume (All Markets)

    $290,535,000
    Show all (6) 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
    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%
    First Premier Bank's top markets include Sioux Falls, Watertown, Brookings, Sioux City, and Pierre among others.

    Their top states include:
  • South Dakota (FHA|USDA|VA)
  • Iowa (FHA|USDA|VA)
  • Minnesota (FHA|USDA|VA)
  • Nebraska (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: 40
    Primebank
    Similarity Rank: 140
    American State Bank
    Similarity Rank: 288
    The First National Bank in Sioux Falls
    Similarity Rank: 364
    SIOUX FALLS
    Similarity Rank: 378
    BLACK HILLS FEDERAL CREDIT UNION
    Similarity Rank: 810
    CU MORTGAGE DIRECT, LLC
    Similarity Rank: 884
    Northwest Bank
    Similarity Rank: 980
    West Gate Bank
    Similarity Rank: 1037
    American Bank & Trust
    Similarity Rank: 1170

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 816 $186,370,000 $228,395 $3,735 4.92%
    HELOC 353 $35,635,000 $100,949 n/a 4.97%
    FHA 232 $50,050,000 $215,733 $7,168 4.91%
    VA 51 $16,755,000 $328,529 $9,411 4.11%
    USDA 9 $1,725,000 $191,667 $6,042 4.54%

    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

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 811 $212,035,000 $261,449 $5,810 4.99%
    Home Improvement 237 $17,485,000 $73,776 $610 5.01%
    Refi 216 $32,690,000 $151,343 $3,028 4.60%
    Other 106 $9,520,000 $89,811 $1,204 5.36%
    Cash Out Refi 91 $18,805,000 $206,648 $5,119 3.99%

    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

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 828 $221,670,000 $267,717 $5,797 4.81%
    10 Year 450 $42,350,000 $94,111 $711 5.08%
    Other 88 $9,320,000 $105,909 $775 5.76%
    15 Year 53 $10,255,000 $193,491 $4,002 3.47%
    5 Year 26 $3,030,000 $116,538 $532 5.15%
    20 Year 10 $3,540,000 $354,000 $5,468 4.00%
    1 Year 6 $370,000 $61,667 $0 5.42%

    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

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 395 $68,905,000 $174,443
    $2k-3k 171 $34,365,000 $200,965
    $3k-4k 156 $45,420,000 $291,154
    $1k-2k 110 $16,050,000 $145,909
    $5k+ 79 $43,195,000 $546,772
    $4k-5k 75 $28,305,000 $377,400

    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

    Loan Rate Originations Total Value Average Loan
    4-5% 403 $87,015,000 $215,918
    5-6% 369 $71,685,000 $194,268
    3-4% 325 $64,375,000 $198,077
    6-7% 220 $36,960,000 $168,000
    2.5-3% 69 $19,615,000 $284,275
    7-8% 33 $3,435,000 $104,091
    <2.5% 31 $6,305,000 $203,387
    Over 8% 8 $580,000 $72,500

    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

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 478 $132,260,000 $276,695 $5,839 4.78%
    $100,000 or less 462 $25,970,000 $56,212 $1,610 5.19%
    $100k-200k 380 $56,300,000 $148,158 $3,891 4.87%
    $400k-600k 109 $51,205,000 $469,771 $7,952 4.54%
    $600k-1MM 26 $16,990,000 $653,462 $7,669 4.19%
    $1MM+ 6 $7,810,000 $1,301,667 $20,403 4.54%

    2022 saw First Premier Bank place emphasis on $200k-400k loans with 478 originations, totaling $132,260,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 302 $63,760,000 $211,126 $5,132 4.98%
    $50k-75k 287 $51,795,000 $180,470 $4,974 4.85%
    $75k-100k 273 $56,655,000 $207,527 $5,099 4.84%
    $150k-250k 207 $45,095,000 $217,850 $5,130 4.93%
    $50k or less 197 $23,495,000 $119,264 $3,919 4.82%
    $250k+ 104 $33,540,000 $322,500 $5,768 4.94%

    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

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 272 $42,320,000 $155,588 $3,634 4.84%
    30-36% 269 $52,455,000 $195,000 $4,452 4.99%
    <20% 126 $18,830,000 $149,444 $3,987 4.54%
    49% 65 $18,955,000 $291,615 $6,612 4.90%
    44% 62 $14,530,000 $234,355 $5,473 4.84%
    43% 56 $12,200,000 $217,857 $4,761 4.91%
    40% 54 $11,320,000 $209,630 $4,333 5.04%
    42% 52 $11,120,000 $213,846 $4,945 4.95%
    39% 52 $13,220,000 $254,231 $4,771 4.89%
    38% 51 $8,995,000 $176,373 $4,265 4.63%
    50-60% 49 $12,155,000 $248,061 $9,862 4.97%
    36% 49 $8,625,000 $176,020 $3,673 4.94%
    48% 48 $11,960,000 $249,167 $5,397 4.95%
    46% 45 $10,885,000 $241,889 $6,082 5.01%
    41% 45 $8,325,000 $185,000 $4,433 5.05%
    45% 42 $11,400,000 $271,429 $5,483 4.88%
    37% 40 $7,710,000 $192,750 $4,084 4.92%
    47% 30 $7,420,000 $247,333 $5,930 5.23%
    >60% 11 $1,195,000 $108,636 $2,698 5.22%

    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

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,188 $229,530,000 $193,207 $4,673 4.89%
    Not provided 176 $42,490,000 $241,420 $5,449 4.88%
    Black 31 $7,805,000 $251,774 $7,074 5.10%
    Not applicable 42 $6,630,000 $157,857 $6,702 5.35%
    Asian 16 $2,860,000 $178,750 $3,413 4.80%
    American Indian 7 $1,155,000 $165,000 $5,296 4.36%
    Other Pacific Islander 1 $65,000 $65,000 $0 4.25%

    Approval Rates

    Total approvals of all applications
    87.88%

    First Premier Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    67.21%

    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

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,461 $290,535,000 $198,860

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 221 $25,455,000 $115,181 $1,792 5.06%
    40-60% 118 $23,450,000 $198,729 $3,963 4.52%
    60-80% 328 $87,160,000 $265,732 $5,315 4.70%
    80-100% 519 $136,365,000 $262,746 $5,854 4.89%
    Over 100% 11 $3,985,000 $362,273 $20,515 4.63%
    Under 20% 264 $14,120,000 $53,485 $630 5.23%

    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%