Deerwood Bank Mortgage Rates, Fees & Info

Waite Park, MN

LEI: 549300ZBB5XXXOWVNS92

Tax ID: 41-0216169

5 stars - Updated: 7/14/24 - out of 5 stars, based on 28 reviews

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

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Mortgage Data

Review & Overview

Deerwood Bank is a smaller bank specializing in Home Purchase loans. Deerwood Bank has a high proportion of conventional loans. Their top markets by origination volume include: Minneapolis, Brainerd, St. Cloud, Bemidji, and Grand Rapids among others. We have data for 27 markets. (Some data included below & more in-depth data is available with an active subscription.)

Deerwood 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. Deerwood 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 relatively high 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) 6.56% 7/14/24
30 Year Conventional Purchase 6.50% 7/14/24
30 Year Conventional Refi 6.40% 7/14/24
30 Year Cash-out Refi 6.71% 7/14/24
15 Year Conventional Purchase 6.12% 7/14/24
15 Year Conventional Refi 6.00% 7/14/24
15 Year Cash-out Refi 6.00% 7/14/24
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.

Deerwood Bank Mortgage Calculator






Your Estimates

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

This is not an official calculator from Deerwood 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

767

Origination Dollar Volume (All Markets)

$136,645,000

Relative Rate

Deerwood Bank's average 30 year fixed mortgage rate was 6.68%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of 0.2%.

Relative Fees (Closing Costs)

Deerwood Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $5,466.

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 $9,089.

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) 270 $39,400,000 $145,926 $1,941 7.65%
Brainerd, MN (FHA|USDA|VA) 170 $35,370,000 $208,059 $4,169 7.16%
ST. CLOUD, MN (FHA|USDA|VA) 101 $18,035,000 $178,564 $3,034 7.22%
Outside of Metro Areas 75 $12,625,000 $168,333 $3,389 7.43%
Bemidji, MN (FHA|USDA|VA) 64 $9,090,000 $142,031 $3,362 7.00%
Grand Rapids, MN (FHA|USDA|VA) 41 $8,335,000 $203,293 $4,482 7.30%
Whitewater, WI (FHA|USDA|VA) 1 $2,505,000 $2,505,000 $9,142 5.38%
DULUTH, MN-WI (FHA|USDA|VA) 15 $1,785,000 $119,000 $3,284 8.04%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 1 $1,775,000 $1,775,000 $0 6.50%
MADISON, WI (FHA|USDA|VA) 1 $1,355,000 $1,355,000 $17,700 5.88%
Fergus Falls, MN (FHA|USDA|VA) 3 $1,125,000 $375,000 $12,029 7.75%
PUEBLO, CO (FHA|USDA|VA) 1 $865,000 $865,000 $17,770 5.88%
Alexandria, MN (FHA|USDA|VA) 2 $730,000 $365,000 $6,479 6.81%
PORT ST. LUCIE, FL (FHA|USDA|VA) 1 $685,000 $685,000 $12,753 7.50%
ROCHESTER, MN (FHA|USDA|VA) 3 $685,000 $228,333 $6,052 6.46%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 2 $410,000 $205,000 $0 7.00%
Willmar, MN (FHA|USDA|VA) 3 $305,000 $101,667 $2,444 7.54%
DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) 1 $285,000 $285,000 $5,183 6.75%
MANKATO, MN (FHA|USDA|VA) 2 $230,000 $115,000 $4,947 8.13%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 1 $225,000 $225,000 $4,807 6.25%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $205,000 $205,000 $0 8.00%
Faribault-Northfield, MN (FHA|USDA|VA) 2 $170,000 $85,000 $1,712 6.81%
Payson, AZ (FHA|USDA|VA) 1 $155,000 $155,000 $4,460 6.50%
Hutchinson, MN (FHA|USDA|VA) 2 $120,000 $60,000 $25 8.81%
GRAND FORKS, ND-MN (FHA|USDA|VA) 1 $95,000 $95,000 $3,626 5.75%
KANSAS CITY, MO-KS (FHA|USDA|VA) 1 $55,000 $55,000 $705 7.63%
Red Wing, MN (FHA|USDA|VA) 1 $25,000 $25,000 $507 6.75%
Deerwood Bank's top markets include Minneapolis, Brainerd, St. Cloud, Bemidji, and Grand Rapids among others.

Their top states include:
  • Minnesota (FHA|USDA|VA)
  • Wisconsin (FHA|USDA|VA)
  • Arizona (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Colorado (FHA|USDA|VA)
  • Similar Lenders

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

    Bank Forward
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    SHAREPOINT CREDIT UNION
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    Mortgages Unlimited Inc.
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    IDEAL
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    SPIRE Credit Union
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 517 $107,745,000 $208,404 $3,266 6.84%
    HELOC 250 $28,900,000 $115,600 n/a 8.49%

    For 2023, Deerwood Bank's most frequently originated type of loan was Conventional, with 517 originations. Their 2nd most popular type was HELOC, with 250 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 311 $89,705,000 $288,441 $5,627 6.96%
    Home Improvement 223 $19,105,000 $85,673 $351 7.58%
    Other 151 $15,725,000 $104,139 $428 7.95%
    Refi 82 $12,110,000 $147,683 $1,414 7.34%

    For 2023, Deerwood Bank's most frequently cited loan purpose was Home Purchase, with 311 originations. The 2nd most popular reason was Home Improvement, with 223 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 308 $57,930,000 $188,084 $2,613 6.80%
    20 Year 274 $30,050,000 $109,672 $679 8.28%
    30 Year 86 $24,510,000 $285,000 $5,466 6.68%
    1 Year 32 $7,930,000 $247,813 $4,168 8.41%
    10 Year 20 $1,310,000 $65,500 $615 6.78%
    5 Year 18 $4,360,000 $242,222 $386 7.48%
    30+ year 17 $8,185,000 $481,471 $9,157 6.29%
    15 Year 10 $1,530,000 $153,000 $3,171 6.09%
    3 Year 2 $840,000 $420,000 $0 7.37%

    For 2023, Deerwood Bank's most frequently cited loan duration was Other, with 308 originations. The 2nd most popular length was 20 Year, with 274 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 232 $17,300,000 $74,569
    $2k-3k 59 $12,695,000 $215,169
    $1k-2k 58 $8,350,000 $143,966
    $5k+ 49 $33,105,000 $675,612
    $3k-4k 48 $14,840,000 $309,167
    $4k-5k 26 $12,810,000 $492,692

    Deerwood Bank's average total fees were $5,466, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 232 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    Over 8% 280 $36,310,000 $129,679
    7-8% 179 $30,135,000 $168,352
    6-7% 155 $37,645,000 $242,871
    5-6% 149 $31,615,000 $212,181
    <2.5% 2 $30,000 $15,000
    4-5% 2 $910,000 $455,000

    During 2023, Deerwood Bank's average interest rate for loans was 6.68%, while their most frequently originated rate bucket for loans was Over 8%, with 280 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 336 $17,660,000 $52,560 $437 7.54%
    $100k-200k 189 $25,755,000 $136,270 $2,395 7.46%
    $200k-400k 168 $44,170,000 $262,917 $4,725 7.27%
    $400k-600k 35 $16,435,000 $469,571 $8,238 6.64%
    $600k-1MM 33 $22,765,000 $689,848 $10,327 6.80%
    $1MM+ 6 $9,860,000 $1,643,333 $18,286 6.27%

    2023 saw Deerwood Bank place emphasis on $100,000 or less loans with 336 originations, totaling $17,660,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 192 $28,370,000 $147,760 $2,884 7.25%
    $150k-250k 151 $32,595,000 $215,861 $4,299 7.46%
    $250k+ 131 $42,275,000 $322,710 $5,538 7.52%
    $50k-75k 114 $11,040,000 $96,842 $2,239 7.25%
    $75k-100k 87 $10,925,000 $125,575 $2,208 7.38%
    $50k or less 55 $4,245,000 $77,182 $1,992 7.37%

    Deerwood Bank lent most frequently to those with incomes in the $100k-150k range, with 192 originations. The second most popular income band? $150k-250k, with 151 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 211 $36,295,000 $172,014 $3,048 7.19%
    30-36% 186 $32,180,000 $173,011 $3,378 7.51%
    <20% 64 $11,160,000 $174,375 $3,472 7.15%
    39% 52 $6,870,000 $132,115 $2,001 7.70%
    38% 41 $8,105,000 $197,683 $3,589 7.40%
    37% 40 $9,080,000 $227,000 $3,433 7.62%
    36% 31 $4,445,000 $143,387 $2,953 7.94%
    41% 18 $3,270,000 $181,667 $3,420 7.33%
    43% 16 $2,710,000 $169,375 $2,960 7.42%
    42% 12 $3,050,000 $254,167 $4,591 7.53%
    44% 12 $3,720,000 $310,000 $4,660 7.04%
    45% 11 $1,605,000 $145,909 $3,040 6.59%
    40% 10 $1,900,000 $190,000 $4,675 7.18%
    49% 8 $1,770,000 $221,250 $4,570 6.14%
    46% 7 $1,185,000 $169,286 $2,333 6.86%
    47% 7 $1,135,000 $162,143 $4,420 6.88%
    48% 3 $485,000 $161,667 $3,372 7.63%
    50-60% 3 $895,000 $298,333 $4,109 7.88%
    >60% 1 $15,000 $15,000 $100 8.50%

    Deerwood Bank lent most frequently to those with DTI ratios of 20-30%, with 211 originations. The next most common DTI ratio? 30-36%, with 186 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 676 $119,160,000 $176,272 $3,338 7.37%
    Not provided 49 $9,685,000 $197,653 $2,504 7.52%
    Not applicable 27 $5,835,000 $216,111 $0 7.65%
    American Indian 4 $920,000 $230,000 $5,355 5.22%
    Black 7 $525,000 $75,000 $489 8.13%
    Asian 4 $520,000 $130,000 $2,234 6.13%

    Approval Rates

    Total approvals of all applications
    94.46%

    Deerwood Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    86.83%

    Deerwood Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    32.0 1 $45,000 $45,000
    NA 766 $136,600,000 $178,329

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    767 $136,645,000 $178,155

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 174 $23,390,000 $134,425 $883 7.71%
    40-60% 69 $16,675,000 $241,667 $4,083 7.38%
    60-80% 119 $41,305,000 $347,101 $6,239 6.79%
    80-100% 128 $38,990,000 $304,609 $6,093 6.92%
    Under 20% 277 $16,285,000 $58,791 $231 7.62%