Is Iowa Bankers Mortgage Corporation a cheap or expensive mortgage lender? To help you shop for a mortgage, we compare the interest rates and closing costs charged by Iowa Bankers Mortgage Corporation to those of other lenders for a comparable set of borrowers. Here is our review of Iowa Bankers Mortgage Corporation nationally:
| Review Item | Iowa Bankers Mortgage Corporation |
|---|---|
| Interest Rate | lower than other lenders (-0.11%) |
| Loan Related Closing Costs | similar to other lenders (+$48) |
| National Rate and Closing Cost Star Rating | (4) |
On average, Iowa Bankers Mortgage Corporation’s interest rates were lower than those of other lenders (-0.11%). On the other hand, its loan related closing costs were similar to those of other lenders, with a difference of +$48. Overall, combining interest rates and closing costs we estimate that Iowa Bankers Mortgage Corporation tends to be a cheap lender, and give it a National Rate and Closing Costs Rating of 4 out of 5 stars.
We maintain our independence by not accepting any money from the mortgage lenders we review. To visit Iowa Bankers Mortgage Corporation, check out its website at: https://www.myibmcloan.com.
Iowa Bankers Mortgage Corporation’s Rate Review by City
Mortgage lenders often set different rates in different geographical markets. For our list of the top mortgage lenders by city, click here. In particular, among the cities we track Iowa Bankers Mortgage Corporation was most active in:
In addition, Iowa Bankers Mortgage Corporation is our top ranked/best mortgage lender in terms of interest rate and closing costs in:
- Sioux City, IA, overall
- Sioux Center, IA, overall
- Burlington, IA, for FHA, and VA mortgages
- Ottumwa, IA, overall
- Spencer, IA, overall
- Fort Dodge, IA, overall
- Denison, IA, for VA mortgages
- Atlantic, IA, overall
- Carroll, IA, for VA mortgages
Iowa Bankers Mortgage Corporation’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, Iowa Bankers Mortgage Corporation originated Conforming, FHA, USDA 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.
| New Purchase Mortgages | Conforming | FHA | USDA | VA |
|---|---|---|---|---|
| Interest Rate Difference | -0.07% | -0.08% | -0.04% | -0.04% |
| Loan Related Closing Cost Difference | +$147 | -$46 | +$1 | +$39 |
| Cost Adjusted Rate Difference | -0.06% | -0.08% | -0.05% | -0.04% |
| National Star Rating |
| Refinance Mortgages | Conforming | FHA | USDA | VA |
|---|---|---|---|---|
| Interest Rate Difference | -0.17% | -0.02% | +0.00% | -0.01% |
| Loan Related Closing Cost Difference | -$45 | -$28 | -$11 | -$88 |
| Cost Adjusted Rate Difference | -0.17% | -0.02% | -0.00% | -0.02% |
| Average Star Rating |
As a summary, Iowa Bankers Mortgage Corporation is cheap for Conforming and FHA purchase mortgages. It is similar to other lenders for USDA and VA purchase mortgages. For refinancing, Iowa Bankers Mortgage Corporation is cheap for Conforming mortgage refinance. It is similar to other lenders for FHA, USDA 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 Iowa Bankers Mortgage Corporation:
Registered city and state: JOHNSTON, IA, 50131
Regulator: United States Department of Housing and Urban Development (HUD)
* 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 Iowa Bankers Mortgage Corporation’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.