Midwest Community Bank Mortgage Interest Rate and Cost Review

Is Midwest Community Bank a cheap or expensive mortgage lender? To help you shop for a mortgage, we compare the interest rates and closing costs charged by Midwest Community Bank to those of other lenders for a comparable set of borrowers. We maintain our independence by not accepting any money from the mortgage lenders we review. Going by historical data, here is our review of Midwest Community Bank nationally:

Review ItemMidwest Community Bank
Interest Ratesimilar to other lenders (-0.09%)
Loan Related Closing Costssimilar to other lenders (-$42)
National Rate and Closing Cost Star Rating(4)

On average, Midwest Community Bank’s interest rates were similar to those of other lenders (-0.09%) for a comparable set of borrowers. Its loan related closing costs were also similar to those of other lenders, with a difference of -$42. Overall, combining interest rates and closing costs we estimate that Midwest Community Bank tends to be an average cost lender, and give it a National Rate and Closing Costs Rating of 4 out of 5 stars. To visit Midwest Community Bank, its website is located at: https://www.mwbonline.com.

Midwest Community Bank’s Rate Review by City

Mortgage lenders often set different rates in different geographical markets. In particular, among the cities we track Midwest Community Bank was most active in:

  1. Rockford, IL
  2. Chicago, IL
  3. Phoenix, AZ
  4. Janesville, WI
  5. Washington, DC

You can click through to check out Midwest Community Bank’s mortgage rate relative to those of other lenders within each city. Or, for our entire list of the top mortgage lenders by city, click here.

Midwest Community Bank’s Rate Review by Mortgage Type

Mortgage lenders also tend to charge different interest rates and closing costs depending on the type of mortgage. In our data, Midwest Community Bank originated Conforming, FHA, Jumbo and VA mortgages for new home purchases and refinances. Its average interest rate and total loan related closing cost difference relative to other lenders by mortgages type is as follows.

Purchase/Refinance:
New Purchase MortgagesConformingFHAJumboVA
Interest Rate Difference-0.05%-0.15%+0.00%+0.00%
Loan Related Closing Cost Difference+$11-$76-$17+$79
Cost Adjusted Rate Difference-0.05%-0.16%+0.00%+0.01%
National Star Rating(3.5)(4.5)(3.5)(3.5)
Refinance MortgagesConformingFHAJumboVA
Interest Rate Difference-0.14%-0.04%+0.01%+0.00%
Loan Related Closing Cost Difference-$121-$130-$68-$51
Cost Adjusted Rate Difference-0.15%-0.04%+0.01%-0.00%
Average Star Rating(4.5)(3.5)(3.5)(3.5)

As a summary, Midwest Community Bank is cheap for FHA purchase mortgages. It is similar to other lenders for Conforming, Jumbo and VA purchase mortgages. For refinancing, Midwest Community Bank is cheap for Conforming mortgage refinance. It is similar to other lenders for FHA, Jumbo and VA mortgage refinance. Nevertheless, individual circumstances can matter a lot for mortgage rates, and we always recommend shopping among several of our top mortgage lenders in your area before signing.

Other information about Midwest Community Bank:

Registered name: Midwest Community Bank
Registered city and state: Freeport, IL, 61032
Regulator: Federal Deposit Insurance Corporation (FDIC)
Top holder: FREEPORT BANCSHARES, INC.

* Source of the data is Federal Financial Institutions Examination Council (FFIEC) and is for mortgages originated in the past year. Our comparable mortgages analysis controls for Midwest Community Bank’s distribution of loan term (e.g. 30 year vs 15 year), loan-to-value (LTV), debt-to-income (DTI), loan amount, loan program (e.g. Conforming/FHA), loan purpose (e.g. purchase/refinance), and commuting zone. Cost adjusted rates were computed based on each percent of the loan amount in above average loan related closing costs being worth +0.15 of a percentage point in interest rate. Furthermore, the amounts are regularized using a Bayesian approach to control for small samples.