Great Western Bank Mortgage Rates, Fees & Info
Sioux Falls, SDLEI: GOJ1L4ZO0WN3FOYLH432
Tax ID: 46-0133550
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Mortgage Data
Review & Overview
Great Western Bank is a smaller bank specializing in Refi and Home Purchase loans. Great Western Bank has a high proportion of conventional loans. They have a low ratio of USDA loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Waterloo, Sioux Falls, Fort Dodge, Fargo, and Des Moines among others. We have data for 33 markets. (Some data included below & more in-depth data is available with an active subscription.)Great Western 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. Great Western 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 6.27% | 5/4/24 |
| 30 Year Conventional Purchase | 6.65% | 5/4/24 |
| 30 Year Conventional Refi | 6.79% | 5/4/24 |
| 30 Year Cash-out Refi | 6.70% | 5/4/24 |
| 30 Year FHA Purchase | 8.03% | 5/4/24 |
| 30 Year VA Purchase | 6.27% | 5/4/24 |
| 30 Year VA Refi | 5.95% | 5/4/24 |
| 30 Year USDA Purchase | 6.82% | 5/4/24 |
| 15 Year Conventional Purchase | 5.82% | 5/4/24 |
| 15 Year Conventional Refi | 6.10% | 5/4/24 |
| 15 Year Cash-out Refi | 6.10% | 5/4/24 |
| 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. | ||
Great Western Bank Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
152Origination Dollar Volume (All Markets)
$31,820,000Awards
Great Western Bank - 2022
Great Western Bank is a 2022 , due to their low .
For 2022, less than of lenders were eligible for this award.
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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 |
|---|---|---|---|---|---|
| WATERLOO-CEDAR FALLS, IA (FHA|USDA|VA) | 5 | $6,505,000 | $1,301,000 | $3,201 | 2.88% |
| SIOUX FALLS, SD (FHA|USDA|VA) | 25 | $5,665,000 | $226,600 | $2,393 | 3.88% |
| Outside of Metro Areas | 36 | $3,100,000 | $86,111 | $1,796 | 4.04% |
| Fort Dodge, IA (FHA|USDA|VA) | 6 | $1,600,000 | $266,667 | $2,311 | 3.94% |
| FARGO, ND-MN (FHA|USDA|VA) | 1 | $1,365,000 | $1,365,000 | $0 | 3.25% |
| DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) | 7 | $1,335,000 | $190,714 | $2,550 | 3.34% |
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 3 | $1,255,000 | $418,333 | $2,308 | 4.16% |
| LINCOLN, NE (FHA|USDA|VA) | 7 | $1,155,000 | $165,000 | $2,333 | 3.90% |
| Spearfish, SD (FHA|USDA|VA) | 1 | $1,005,000 | $1,005,000 | $14,138 | 2.50% |
| Aberdeen, SD (FHA|USDA|VA) | 5 | $975,000 | $195,000 | $3,154 | 3.53% |
| OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) | 9 | $885,000 | $98,333 | $2,183 | 4.40% |
| AMES, IA (FHA|USDA|VA) | 4 | $770,000 | $192,500 | $2,821 | 3.13% |
| KANSAS CITY, MO-KS (FHA|USDA|VA) | 4 | $770,000 | $192,500 | $414 | 4.23% |
| NAPA, CA (FHA|USDA|VA) | 1 | $615,000 | $615,000 | $5,052 | 3.38% |
| Watertown, SD (FHA|USDA|VA) | 2 | $560,000 | $280,000 | $3,710 | 2.69% |
| GREELEY, CO (FHA|USDA|VA) | 4 | $520,000 | $130,000 | $289 | 4.23% |
| Pullman, WA (FHA|USDA|VA) | 1 | $485,000 | $485,000 | $2,792 | 3.13% |
| Marshall, MN (FHA|USDA|VA) | 3 | $455,000 | $151,667 | $2,851 | 4.68% |
| FORT COLLINS, CO (FHA|USDA|VA) | 5 | $335,000 | $67,000 | $664 | 5.21% |
| Scottsbluff, NE (FHA|USDA|VA) | 2 | $320,000 | $160,000 | $0 | 4.65% |
| BOULDER, CO (FHA|USDA|VA) | 2 | $310,000 | $155,000 | $289 | 4.90% |
| Brookings, SD (FHA|USDA|VA) | 2 | $300,000 | $150,000 | $2,423 | 3.94% |
| Columbus, NE (FHA|USDA|VA) | 5 | $295,000 | $59,000 | $0 | 4.45% |
| Lexington, NE (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $3,944 | 3.25% |
| GRAND ISLAND, NE (FHA|USDA|VA) | 2 | $180,000 | $90,000 | $2,459 | 4.36% |
| SIOUX CITY, IA-NE-SD (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $5,360 | 3.88% |
| CEDAR RAPIDS, IA (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $1,935 | 3.75% |
| Fort Madison-Keokuk, IA-IL-MO (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 3.75% |
| Marshalltown, IA (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $1,516 | 2.50% |
| Kearney, NE (FHA|USDA|VA) | 2 | $100,000 | $50,000 | $0 | 4.45% |
| Hastings, NE (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $1,836 | 4.25% |
| Fairfield, IA (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $2,172 | 2.63% |
| COLORADO SPRINGS, CO (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 4.50% |
Similar Lenders
We use machine learning to identify the top lenders compared against Great Western 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, Great Western Bank's most frequently originated type of loan was Conventional, with 81 originations. Their 2nd most popular type was HELOC, with 66 originations.
Loan Reason
For 2022, Great Western Bank's most frequently cited loan purpose was Refi, with 55 originations. The 2nd most popular reason was Home Purchase, with 41 originations.
Loan Duration/Length
For 2022, Great Western Bank's most frequently cited loan duration was 10 Year, with 69 originations. The 2nd most popular length was 30 Year, with 40 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 53 | $9,535,000 | $179,906 |
| $1k-2k | 15 | $3,325,000 | $221,667 |
| $2k-3k | 2 | $470,000 | $235,000 |
| $5k+ | 1 | $1,005,000 | $1,005,000 |
Great Western Bank's average total fees were $3,088, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 53 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 71 | $15,145,000 | $213,310 |
| 5-6% | 32 | $2,200,000 | $68,750 |
| 4-5% | 22 | $1,350,000 | $61,364 |
| 2.5-3% | 18 | $10,310,000 | $572,778 |
| <2.5% | 9 | $2,815,000 | $312,778 |
During 2022, Great Western Bank's average interest rate for loans was 3.34%, while their most frequently originated rate bucket for loans was 3-4%, with 71 originations.
Loan Sizing
2022 saw Great Western Bank place emphasis on $100,000 or less loans with 70 originations, totaling $3,340,000 in origination value.
Applicant Income
Great Western Bank lent most frequently to those with incomes in the $50k or less range, with 35 originations. The second most popular income band? $100k-150k, with 31 originations.
Applicant Debt to Income Ratio
Great Western Bank lent most frequently to those with DTI ratios of 20-30%, with 29 originations. The next most common DTI ratio? 30-36%, with 28 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications83.53%
Great Western Bank has a below average approval rate.
Pick Rate
Approvals leading to origination69.74%
Great Western 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 | 152 | $31,820,000 | $209,342 |