Deerwood Bank Mortgage Rates, Fees & Info

Waite Park, MN

LEI: 549300ZBB5XXXOWVNS92

Tax ID: 41-0216169

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
  • 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

    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: Brainerd, Minneapolis, Grand Rapids, St. Cloud, and Bemidji 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 an above 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 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) 6.56% 4/28/24
    30 Year Conventional Purchase 6.50% 4/28/24
    30 Year Conventional Refi 6.40% 4/28/24
    30 Year Cash-out Refi 6.71% 4/28/24
    15 Year Conventional Purchase 6.12% 4/28/24
    15 Year Conventional Refi 6.00% 4/28/24
    15 Year Cash-out Refi 6.00% 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.

    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

    914

    Origination Dollar Volume (All Markets)

    $137,860,000
    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
    Brainerd, MN (FHA|USDA|VA) 239 $44,305,000 $185,377 $3,543 4.99%
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 356 $42,110,000 $118,287 $2,073 5.35%
    Outside of Metro Areas 77 $13,225,000 $171,753 $3,383 5.06%
    Grand Rapids, MN (FHA|USDA|VA) 57 $11,855,000 $207,982 $3,626 4.96%
    ST. CLOUD, MN (FHA|USDA|VA) 71 $9,185,000 $129,366 $2,735 5.08%
    Bemidji, MN (FHA|USDA|VA) 66 $8,420,000 $127,576 $3,121 4.84%
    DULUTH, MN-WI (FHA|USDA|VA) 17 $2,725,000 $160,294 $3,991 5.36%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 2 $710,000 $355,000 $5,384 5.13%
    Willmar, MN (FHA|USDA|VA) 5 $685,000 $137,000 $2,875 4.73%
    CANTON-MASSILLON, OH (FHA|USDA|VA) 1 $625,000 $625,000 $9,983 5.38%
    Fergus Falls, MN (FHA|USDA|VA) 2 $620,000 $310,000 $5,919 4.63%
    Alexandria, MN (FHA|USDA|VA) 3 $495,000 $165,000 $3,949 5.33%
    BOULDER, CO (FHA|USDA|VA) 1 $365,000 $365,000 $5,547 5.00%
    BRUNSWICK, GA (FHA|USDA|VA) 1 $345,000 $345,000 $6,919 4.88%
    Faribault-Northfield, MN (FHA|USDA|VA) 3 $305,000 $101,667 $685 5.58%
    FAYETTEVILLE-SPRINGDALE-ROGERS, AR (FHA|USDA|VA) 1 $285,000 $285,000 $1,555 3.38%
    LA CROSSE-ONALASKA, WI-MN (FHA|USDA|VA) 1 $285,000 $285,000 $5,628 5.63%
    ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $275,000 $275,000 $0 5.25%
    GRAND FORKS, ND-MN (FHA|USDA|VA) 1 $205,000 $205,000 $4,148 4.88%
    TALLAHASSEE, FL (FHA|USDA|VA) 1 $175,000 $175,000 $0 5.88%
    PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 1 $145,000 $145,000 $3,757 3.13%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 1 $135,000 $135,000 $0 5.63%
    Williston, ND (FHA|USDA|VA) 1 $115,000 $115,000 $3,916 3.88%
    FARGO, ND-MN (FHA|USDA|VA) 1 $105,000 $105,000 $2,818 2.38%
    ROCHESTER, MN (FHA|USDA|VA) 2 $80,000 $40,000 $0 6.88%
    DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 1 $45,000 $45,000 $0 3.99%
    Hutchinson, MN (FHA|USDA|VA) 1 $35,000 $35,000 $50 5.75%
    Deerwood Bank's top markets include Brainerd, Minneapolis, Grand Rapids, St. Cloud, and Bemidji among others.

    Their top states include:
  • Minnesota (FHA|USDA|VA)
  • Wisconsin (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Ohio (FHA|USDA|VA)
  • North Dakota (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
    Similarity Rank: 42
    MY Credit Union
    Similarity Rank: 304
    South Metro Federal Credit Union
    Similarity Rank: 429
    Cornerstone State Bank
    Similarity Rank: 464
    RiverWood Bank
    Similarity Rank: 532
    WESTconsin Credit Union
    Similarity Rank: 684
    Coulee Bank
    Similarity Rank: 1309
    University of Wisconsin Credit Union
    Similarity Rank: 1677
    Lakeview Community Capital, LLC
    Similarity Rank: 1700
    IDEAL
    Similarity Rank: 1755

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 560 $104,960,000 $187,429 $3,082 5.00%
    HELOC 354 $32,900,000 $92,938 n/a 5.34%

    For 2022, Deerwood Bank's most frequently originated type of loan was Conventional, with 560 originations. Their 2nd most popular type was HELOC, with 354 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 327 $78,975,000 $241,514 $4,842 5.02%
    Home Improvement 265 $21,655,000 $81,717 $482 5.37%
    Other 186 $15,600,000 $83,871 $465 5.36%
    Refi 106 $15,190,000 $143,302 $2,012 4.90%
    Cash Out Refi 30 $6,440,000 $214,667 $3,807 3.81%

    For 2022, Deerwood Bank's most frequently cited loan purpose was Home Purchase, with 327 originations. The 2nd most popular reason was Home Improvement, with 265 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    20 Year 379 $35,575,000 $93,865 $1,491 5.30%
    Other 180 $27,590,000 $153,278 $1,950 5.46%
    30 Year 163 $40,625,000 $249,233 $4,757 4.60%
    10 Year 86 $9,250,000 $107,558 $1,214 5.37%
    15 Year 33 $6,325,000 $191,667 $3,766 3.59%
    5 Year 30 $5,350,000 $178,333 $158 5.54%
    30+ year 25 $9,525,000 $381,000 $7,722 4.18%
    1 Year 18 $3,620,000 $201,111 $2,898 5.61%

    For 2022, Deerwood Bank's most frequently cited loan duration was 20 Year, with 379 originations. The 2nd most popular length was Other, with 180 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 213 $18,805,000 $88,286
    $1k-2k 105 $15,405,000 $146,714
    $2k-3k 93 $21,445,000 $230,591
    $3k-4k 38 $13,110,000 $345,000
    $5k+ 29 $15,245,000 $525,690
    $4k-5k 25 $9,325,000 $373,000

    Deerwood Bank's average total fees were $4,757, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 213 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 296 $46,330,000 $156,520
    4-5% 242 $36,970,000 $152,769
    3-4% 182 $32,030,000 $175,989
    6-7% 115 $12,755,000 $110,913
    7-8% 35 $3,685,000 $105,286
    2.5-3% 22 $4,050,000 $184,091
    Over 8% 15 $1,145,000 $76,333
    <2.5% 7 $895,000 $127,857

    During 2022, Deerwood Bank's average interest rate for loans was 4.60%, while their most frequently originated rate bucket for loans was 5-6%, with 296 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 420 $22,770,000 $54,214 $697 5.31%
    $100k-200k 270 $37,420,000 $138,593 $2,858 5.11%
    $200k-400k 158 $42,090,000 $266,392 $4,839 4.86%
    $400k-600k 49 $23,895,000 $487,653 $7,359 4.83%
    $600k-1MM 16 $10,660,000 $666,250 $8,654 4.78%
    $1MM+ 1 $1,025,000 $1,025,000 $0 4.25%

    2022 saw Deerwood Bank place emphasis on $100,000 or less loans with 420 originations, totaling $22,770,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 212 $29,090,000 $137,217 $3,355 5.26%
    $150k-250k 193 $35,505,000 $183,964 $4,256 5.15%
    $50k-75k 142 $15,430,000 $108,662 $2,837 5.00%
    $250k+ 116 $27,260,000 $235,000 $3,644 5.37%
    $75k-100k 116 $13,090,000 $112,845 $2,228 4.98%
    $50k or less 87 $7,935,000 $91,207 $2,442 4.86%

    Deerwood Bank lent most frequently to those with incomes in the $100k-150k range, with 212 originations. The second most popular income band? $150k-250k, with 193 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 227 $31,835,000 $140,242 $3,241 5.21%
    30-36% 191 $29,385,000 $153,848 $2,997 5.22%
    <20% 114 $15,390,000 $135,000 $2,688 4.97%
    39% 68 $7,940,000 $116,765 $3,001 5.17%
    37% 53 $8,005,000 $151,038 $3,119 5.02%
    38% 50 $5,760,000 $115,200 $1,785 5.26%
    36% 42 $6,790,000 $161,667 $3,684 5.07%
    40% 21 $3,935,000 $187,381 $3,384 4.89%
    42% 19 $3,445,000 $181,316 $3,162 4.93%
    41% 18 $3,770,000 $209,444 $4,635 4.87%
    44% 14 $3,090,000 $220,714 $4,129 4.80%
    43% 13 $2,355,000 $181,154 $4,028 4.71%
    45% 12 $1,940,000 $161,667 $2,308 4.84%
    47% 9 $995,000 $110,556 $1,804 4.72%
    46% 7 $1,295,000 $185,000 $3,483 4.84%
    48% 6 $1,200,000 $200,000 $3,287 4.85%
    50-60% 4 $660,000 $165,000 $3,423 5.38%
    49% 3 $585,000 $195,000 $6,162 6.00%
    >60% 1 $305,000 $305,000 $0 5.00%

    Deerwood Bank lent most frequently to those with DTI ratios of 20-30%, with 227 originations. The next most common DTI ratio? 30-36%, with 191 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 649 $97,225,000 $149,807 $3,195 5.18%
    Not provided 222 $31,220,000 $140,631 $2,771 4.96%
    Not applicable 29 $7,915,000 $272,931 $0 5.45%
    American Indian 4 $460,000 $115,000 $2,705 4.44%
    Black 4 $450,000 $112,500 $0 5.72%
    Asian 4 $330,000 $82,500 $527 5.28%
    Chinese 1 $205,000 $205,000 $0 3.99%
    Native Hawaiian or Islander 1 $55,000 $55,000 $0 5.50%

    Approval Rates

    Total approvals of all applications
    95.03%

    Deerwood Bank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    93.33%

    Deerwood Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 914 $137,860,000 $150,832

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    914 $137,860,000 $150,832

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 189 $22,615,000 $119,656 $1,426 5.40%
    40-60% 95 $18,975,000 $199,737 $3,608 4.71%
    60-80% 158 $39,210,000 $248,165 $4,703 4.84%
    80-100% 123 $34,835,000 $283,211 $5,218 4.87%
    Over 100% 2 $480,000 $240,000 $0 6.25%
    Under 20% 347 $21,745,000 $62,666 $298 5.33%