Farmers And Merchants Bank Of Long Beach Mortgage Rates, Fees & Info

Long Beach, CA

LEI: 25490049RRVB8S6CG210

Tax ID: 95-0726412

5 stars - Updated: 11/30/23 - out of 5 stars, based on 18 reviews

Latest/2022 | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Relative Rates
  • Relative Fees
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Farmers And Merchants Bank Of Long Beach is a smaller bank specializing in Refi, Cash Out Refi, and Home Purchase loans. Farmers And Merchants Bank Of Long Beach has a high proportion of conventional loans. Their top markets by origination volume include: Los Angeles, Santa Maria, Riverside, Boise City, and Atlanta among others. We have data for 13 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Farmers And Merchants Bank Of Long Beach has an average approval rate when compared to the average across all lenders. They have an average pick rate when compared to similar lenders. Farmers And Merchants Bank Of Long Beach is typically a high 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.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 4.57% 11/30/23
    30 Year Conventional Refi 5.64% 11/30/23
    30 Year Cash-out Refi 5.69% 11/30/23
    15 Year Conventional Purchase 5.68% 11/30/23
    15 Year Conventional Refi 5.99% 11/30/23
    15 Year Cash-out Refi 5.99% 11/30/23
    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.

    Farmers And Merchants Bank Of Long Beach Mortgage Calculator






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from Farmers And Merchants Bank Of Long Beach. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

    The default purchase price is the median sales price across the US for 2022Q4, per FRED.


    Originations

    307

    Origination Dollar Volume (All Markets)

    $369,975,000

    Awards

    Farmers and Merchants Bank of Long Beach 30 Year Conventional Loans silver Farmers and Merchants Bank of Long Beach 30 Year Conventional Loans bronze Farmers and Merchants Bank of Long Beach 30 Year Conventional Loans gold
    Show all (3) awards

    Relative Rate

    Farmers And Merchants Bank Of Long Beach's average 30 year fixed mortgage rate was 3.31%.

    The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.

    This yields a difference of -1.45%.

    Relative Fees (Closing Costs)

    Farmers And Merchants Bank Of Long Beach's average total fees/closing costs for a 30 year fixed rate mortgage were $8,998.

    The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $4,750.

    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
    Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 251 $276,305,000 $1,100,817 $8,626 3.50%
    SANTA MARIA-SANTA BARBARA, CA (FHA|USDA|VA) 21 $33,215,000 $1,581,667 $13,711 3.87%
    RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 20 $31,090,000 $1,554,500 $8,122 3.58%
    BOISE CITY, ID (FHA|USDA|VA) 2 $11,110,000 $5,555,000 $0 4.23%
    Outside of Metro Areas 1 $8,505,000 $8,505,000 $0 4.50%
    ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 1 $2,255,000 $2,255,000 $0 4.00%
    SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 4 $1,900,000 $475,000 $3,018 3.47%
    Bozeman, MT (FHA|USDA|VA) 2 $1,790,000 $895,000 $0 3.40%
    San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 1 $1,265,000 $1,265,000 $12,631 3.00%
    Outside of Metro Areas 1 $1,255,000 $1,255,000 $0 4.38%
    FRESNO, CA (FHA|USDA|VA) 1 $525,000 $525,000 $0 3.75%
    OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) 1 $455,000 $455,000 $0 3.50%
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 1 $305,000 $305,000 $0 3.63%
    Farmers And Merchants Bank Of Long Beach's top markets include Los Angeles, Santa Maria, Riverside, Boise City, and Atlanta among others.

    Their top states include:
  • California (FHA|USDA|VA)
  • Idaho (FHA|USDA|VA)
  • Georgia (FHA|USDA|VA)
  • Montana (FHA|USDA|VA)
  • Massachusetts (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against Farmers and Merchants Bank of Long Beach based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Credence Funding Corporation
    Similarity Rank: 316
    Chaffey Federal Credit Union
    Similarity Rank: 644
    LONG BEACH CITY EMPLOYEES Federal Credit Union
    Similarity Rank: 660
    MISSION
    Similarity Rank: 1025
    Christian Community Credit Union
    Similarity Rank: 1062
    Los Angeles Federal Credit Union
    Similarity Rank: 1120
    First City Credit Union
    Similarity Rank: 1300
    POPA FEDERAL CREDIT UNION
    Similarity Rank: 1380
    Water and Power Community Credit Union
    Similarity Rank: 1484
    THE FIRST FINANCIAL Federal Credit Union
    Similarity Rank: 1584

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 307 $369,975,000 $1,205,130 $8,824 3.54%

    For 2022, Farmers And Merchants Bank Of Long Beach's most frequently originated type of loan was Conventional, with 307 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 121 $174,905,000 $1,445,496 $7,800 3.58%
    Cash Out Refi 84 $81,050,000 $964,881 $9,010 3.32%
    Home Purchase 67 $87,765,000 $1,309,925 $10,722 3.73%
    Other 31 $25,515,000 $823,065 $8,521 3.53%
    Home Improvement 4 $740,000 $185,000 $4,042 4.22%

    For 2022, Farmers And Merchants Bank Of Long Beach's most frequently cited loan purpose was Refi, with 121 originations. The 2nd most popular reason was Cash Out Refi, with 84 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 186 $160,540,000 $863,118 $8,998 3.31%
    Other 55 $125,755,000 $2,286,455 $10,797 3.88%
    10 Year 31 $47,895,000 $1,545,000 $4,083 4.07%
    15 Year 30 $19,670,000 $655,667 $7,159 3.63%
    1 Year 2 $2,430,000 $1,215,000 $0 5.06%
    5 Year 2 $2,680,000 $1,340,000 $0 5.00%
    3 Year 1 $11,005,000 $11,005,000 $0 3.90%

    For 2022, Farmers And Merchants Bank Of Long Beach's most frequently cited loan duration was 30 Year, with 186 originations. The 2nd most popular length was Other, with 55 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $5k+ 53 $82,775,000 $1,561,792
    $4k-5k 28 $18,570,000 $663,214
    $2k-3k 16 $4,250,000 $265,625
    $3k-4k 15 $7,255,000 $483,667
    $1k-2k 14 $3,590,000 $256,429
    $<1k 6 $1,450,000 $241,667

    Farmers And Merchants Bank Of Long Beach's average total fees were $8,998, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 53 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 148 $186,970,000 $1,263,311
    2.5-3% 88 $93,450,000 $1,061,932
    4-5% 50 $75,070,000 $1,501,400
    <2.5% 9 $3,665,000 $407,222
    5-6% 8 $5,230,000 $653,750
    6-7% 4 $5,590,000 $1,397,500

    During 2022, Farmers And Merchants Bank Of Long Beach's average interest rate for loans was 3.31%, while their most frequently originated rate bucket for loans was 3-4%, with 148 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $1MM+ 98 $261,800,000 $2,671,429 $15,436 3.66%
    $600k-1MM 85 $65,285,000 $768,059 $7,990 3.50%
    $200k-400k 52 $15,500,000 $298,077 $4,320 3.35%
    $400k-600k 49 $24,285,000 $495,612 $6,411 3.48%
    $100k-200k 16 $2,630,000 $164,375 $3,623 3.77%
    $100,000 or less 7 $475,000 $67,857 $3,276 3.77%

    2022 saw Farmers And Merchants Bank Of Long Beach place emphasis on $1MM+ loans with 98 originations, totaling $261,800,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $250k+ 91 $107,955,000 $1,186,319 $12,132 3.33%
    $150k-250k 38 $27,190,000 $715,526 $8,446 3.40%
    $100k-150k 33 $16,585,000 $502,576 $6,523 3.31%
    $50k-75k 20 $8,980,000 $449,000 $4,730 3.08%
    $50k or less 13 $6,395,000 $491,923 $6,058 3.37%
    $75k-100k 10 $4,290,000 $429,000 $5,512 3.36%

    Farmers And Merchants Bank Of Long Beach lent most frequently to those with incomes in the $250k+ range, with 91 originations. The second most popular income band? $150k-250k, with 38 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 45 $44,725,000 $993,889 $9,895 3.38%
    20-30% 33 $26,965,000 $817,121 $8,546 3.15%
    <20% 28 $19,760,000 $705,714 $7,940 3.28%
    43% 18 $15,140,000 $841,111 $7,850 3.46%
    42% 15 $15,735,000 $1,049,000 $9,956 3.34%
    37% 10 $8,550,000 $855,000 $9,328 3.43%
    41% 9 $8,615,000 $957,222 $12,340 3.14%
    38% 9 $7,095,000 $788,333 $9,997 3.50%
    39% 8 $5,130,000 $641,250 $9,033 3.42%
    44% 7 $4,145,000 $592,143 $7,532 3.61%
    36% 7 $4,455,000 $636,429 $6,287 3.68%
    40% 6 $2,910,000 $485,000 $5,355 3.21%
    45% 6 $6,570,000 $1,095,000 $8,885 3.35%
    46% 6 $4,480,000 $746,667 $7,663 3.00%
    49% 2 $930,000 $465,000 $3,260 3.19%
    50-60% 2 $1,310,000 $655,000 $8,197 2.75%
    >60% 1 $545,000 $545,000 $0 3.38%

    Farmers And Merchants Bank Of Long Beach lent most frequently to those with DTI ratios of 30-36%, with 45 originations. The next most common DTI ratio? 20-30%, with 33 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 90 $189,130,000 $2,101,444 $0 4.05%
    White 179 $159,715,000 $892,263 $9,401 3.33%
    Asian 22 $14,500,000 $659,091 $6,667 3.35%
    Not provided 8 $3,550,000 $443,750 $5,851 3.09%
    Black 6 $2,670,000 $445,000 $6,026 3.88%
    American Indian 1 $215,000 $215,000 $3,827 2.38%
    Native Hawaiian or Islander 1 $195,000 $195,000 $4,113 2.50%

    Approval Rates

    Total approvals of all applications
    77.65%

    Farmers And Merchants Bank Of Long Beach has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    90.88%

    Farmers And Merchants Bank Of Long Beach has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 307 $369,975,000 $1,205,130

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    307 $369,975,000 $1,205,130

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 90 $98,000,000 $1,088,889 $7,672 3.52%
    40-60% 140 $170,030,000 $1,214,500 $9,866 3.55%
    60-80% 32 $71,490,000 $2,234,063 $10,806 3.34%
    80-100% 3 $2,775,000 $925,000 $10,635 3.75%
    Over 100% 5 $11,525,000 $2,305,000 $0 3.65%
    Under 20% 37 $16,155,000 $436,622 $6,096 3.73%