Is Bank Iowa a cheap or expensive mortgage lender? To help you shop for a mortgage, we compare the interest rates and closing costs charged by Bank Iowa to those of other lenders for a comparable set of borrowers. Here is our review of Bank Iowa nationally:
| Review Item | Bank Iowa |
|---|---|
| Interest Rate | similar to other lenders (-0.03%) |
| Loan Related Closing Costs | similar to other lenders (-$83) |
| National Rate and Closing Cost Star Rating | (3.5) |
On average, Bank Iowa’s interest rates were similar to those of other lenders (-0.03%). Its loan related closing costs were also similar to those of other lenders, with a difference of -$83. We maintain our independence by not accepting any money from the mortgage lenders we review. To visit Bank Iowa, check out its website at: https://www.bankiowa.bank.
Bank Iowa’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 Bank Iowa was most active in:
In addition, Bank Iowa is our top ranked/best mortgage lender in terms of interest rate and closing costs in:
- Red Oak, IA, overall
- Denison, IA, overall
Bank Iowa’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, Bank Iowa originated Conforming and USDA mortgages for new home purchases. It also originated Conforming mortgages for refinances. Its average interest rate and total loan related closing cost difference relative to other lenders for comparable borrowers by mortgages type is as follows.
| New Purchase Mortgages | Conforming | USDA |
|---|---|---|
| Interest Rate Difference | -0.02% | -0.06% |
| Loan Related Closing Cost Difference | -$41 | -$48 |
| Cost Adjusted Rate Difference | -0.03% | -0.07% |
| National Star Rating |
| Refinance Mortgages | Conforming |
|---|---|
| Interest Rate Difference | -0.03% |
| Loan Related Closing Cost Difference | -$149 |
| Cost Adjusted Rate Difference | -0.05% |
| Average Star Rating |
As a summary, Bank Iowa is cheap for USDA purchase mortgages. It is similar to other lenders for Conforming purchase mortgages. For refinancing mortgages, Bank Iowa is similar to other lenders for Conforming 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 Bank Iowa:
Registered city and state: West Des Moines, IA, 50266
Regulator: Federal Reserve System (FRS)
Top holder: BANK IOWA CORPORATION
* 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 Bank Iowa’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.