First Midwest Bank Mortgage Rates, Fees & Info
Chicago, ILLEI: KV8W1JTB8FZ821S5ED75
Tax ID: 36-1495255
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Mortgage Data
Review & Overview
First Midwest Bank is a smaller bank specializing in Refi and Home Purchase loans. First Midwest Bank has a high proportion of conventional 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: Chicago, Denver, Miami, Watertown, and Phoenix among others. We have data for 49 markets. (Some data included below & more in-depth data is available with an active subscription.)First Midwest 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 Midwest 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) | 5.66% | 4/28/24 |
| 30 Year Conventional Purchase | 6.43% | 4/28/24 |
| 30 Year Conventional Refi | 6.28% | 4/28/24 |
| 30 Year Cash-out Refi | 6.60% | 4/28/24 |
| 30 Year FHA Purchase | 7.21% | 4/28/24 |
| 30 Year FHA Refi | 6.71% | 4/28/24 |
| 30 Year VA Purchase | 6.34% | 4/28/24 |
| 30 Year VA Refi | 5.81% | 4/28/24 |
| 15 Year Conventional Purchase | 6.01% | 4/28/24 |
| 15 Year Conventional Refi | 5.98% | 4/28/24 |
| 15 Year Cash-out Refi | 5.98% | 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 Midwest Bank Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
552Origination Dollar Volume (All Markets)
$212,370,000Awards
First Midwest Bank - 2022
First Midwest 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 |
|---|---|---|---|---|---|
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 423 | $149,135,000 | $352,565 | $3,581 | 2.83% |
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 11 | $8,545,000 | $776,818 | $5,679 | 2.85% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 10 | $8,520,000 | $852,000 | $7,223 | 2.83% |
| Watertown-Fort Atkinson, WI (FHA|USDA|VA) | 1 | $6,005,000 | $6,005,000 | $0 | 4.10% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 6 | $5,770,000 | $961,667 | $5,919 | 2.71% |
| MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) | 7 | $3,675,000 | $525,000 | $3,104 | 3.29% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 5 | $3,255,000 | $651,000 | $6,550 | 3.13% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 3 | $2,155,000 | $718,333 | $5,103 | 3.08% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 3 | $2,105,000 | $701,667 | $6,217 | 3.00% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 2 | $1,830,000 | $915,000 | $8,163 | 2.88% |
| NILES, MI (FHA|USDA|VA) | 3 | $1,825,000 | $608,333 | $3,595 | 2.54% |
| Outside of Metro Areas | 8 | $1,680,000 | $210,000 | $3,146 | 3.17% |
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 1 | $1,145,000 | $1,145,000 | $3,354 | 2.63% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 3 | $1,145,000 | $381,667 | $4,455 | 3.29% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 2 | $1,100,000 | $550,000 | $5,394 | 2.81% |
| COLORADO SPRINGS, CO (FHA|USDA|VA) | 2 | $940,000 | $470,000 | $3,010 | 3.63% |
| INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) | 3 | $905,000 | $301,667 | $1,431 | 2.54% |
| KANKAKEE, IL (FHA|USDA|VA) | 6 | $890,000 | $148,333 | $2,954 | 2.41% |
| DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) | 10 | $860,000 | $86,000 | $3,209 | 3.62% |
| Angola, IN (FHA|USDA|VA) | 1 | $725,000 | $725,000 | $6,137 | 2.88% |
| HUNTSVILLE, AL (FHA|USDA|VA) | 2 | $700,000 | $350,000 | $2,919 | 3.63% |
| FLAGSTAFF, AZ (FHA|USDA|VA) | 1 | $685,000 | $685,000 | $3,055 | 2.88% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 2 | $660,000 | $330,000 | $5,477 | 2.75% |
| CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) | 1 | $615,000 | $615,000 | $5,892 | 2.63% |
| MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) | 2 | $610,000 | $305,000 | $4,813 | 2.31% |
| Whitewater, WI (FHA|USDA|VA) | 1 | $605,000 | $605,000 | $4,799 | 2.63% |
| PUNTA GORDA, FL (FHA|USDA|VA) | 1 | $595,000 | $595,000 | $5,441 | 2.88% |
| CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) | 1 | $595,000 | $595,000 | $3,318 | 3.63% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 1 | $585,000 | $585,000 | $9,252 | 3.13% |
| Baraboo, WI (FHA|USDA|VA) | 1 | $505,000 | $505,000 | $4,997 | 3.25% |
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 2 | $420,000 | $210,000 | $3,185 | 3.31% |
| Rochelle, IL (FHA|USDA|VA) | 1 | $405,000 | $405,000 | $3,234 | 3.88% |
| DANVILLE, IL (FHA|USDA|VA) | 3 | $375,000 | $125,000 | $3,084 | 3.29% |
| ROCKFORD, IL (FHA|USDA|VA) | 3 | $355,000 | $118,333 | $3,310 | 3.54% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $3,943 | 3.63% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 2 | $320,000 | $160,000 | $2,090 | 3.00% |
| BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $2,790 | 3.13% |
| RACINE, WI (FHA|USDA|VA) | 2 | $210,000 | $105,000 | $0 | 1.87% |
| Galesburg, IL (FHA|USDA|VA) | 3 | $195,000 | $65,000 | $2,666 | 3.92% |
| Ruidoso, NM (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $2,248 | 3.13% |
| RICHMOND, VA (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $3,332 | 3.88% |
| OGDEN-CLEARFIELD, UT (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $4,789 | 3.00% |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $1,888 | 3.38% |
| GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $3,447 | 3.88% |
| Ottawa, IL (FHA|USDA|VA) | 2 | $110,000 | $55,000 | $3,117 | 3.56% |
| KANSAS CITY, MO-KS (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $3,230 | 2.88% |
| PEORIA, IL (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $3,107 | 3.38% |
| CHAMPAIGN-URBANA, IL (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $2,800 | 4.63% |
| Seymour, IN (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 1.99% |
Similar Lenders
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Product Mix
For 2022, First Midwest Bank's most frequently originated type of loan was Conventional, with 357 originations. Their 2nd most popular type was HELOC, with 183 originations.
Loan Reason
For 2022, First Midwest Bank's most frequently cited loan purpose was Refi, with 161 originations. The 2nd most popular reason was Home Purchase, with 160 originations.
Loan Duration/Length
For 2022, First Midwest Bank's most frequently cited loan duration was 30 Year, with 411 originations. The 2nd most popular length was 15 Year, with 72 originations.
Origination Fees/Closing Costs
First Midwest Bank's average total fees were $4,513, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 240 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| <2.5% | 182 | $33,020,000 | $181,429 |
| 3-4% | 170 | $67,880,000 | $399,294 |
| 2.5-3% | 164 | $99,110,000 | $604,329 |
| 4-5% | 33 | $12,005,000 | $363,788 |
| 5-6% | 3 | $355,000 | $118,333 |
During 2022, First Midwest Bank's average interest rate for loans was 2.84%, while their most frequently originated rate bucket for loans was <2.5%, with 182 originations.
Loan Sizing
2022 saw First Midwest Bank place emphasis on $100k-200k loans with 142 originations, totaling $20,280,000 in origination value.
Applicant Income
First Midwest Bank lent most frequently to those with incomes in the $150k-250k range, with 120 originations. The second most popular income band? $250k+, with 111 originations.
Applicant Debt to Income Ratio
First Midwest Bank lent most frequently to those with DTI ratios of 20-30%, with 128 originations. The next most common DTI ratio? 30-36%, with 99 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications71.40%
First Midwest Bank has a below average approval rate.
Pick Rate
Approvals leading to origination77.90%
First Midwest Bank has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 552 | $212,370,000 | $384,728 |
LTV Distribution
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% |