The First National Bank Of Groton Mortgage Rates, Fees & Info
Groton, NYLEI: 2549009DWV1Z50JILS65
Tax ID: 15-0328960
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Mortgage Data
Review & Overview
The First National Bank Of Groton is a smaller bank specializing in Home Purchase and Refi loans. The First National Bank Of Groton has a high proportion of conventional loans. The First National Bank Of Groton has a high proportion of conventional loans. Their top markets by origination volume include: Auburn, Ithaca, Cortland, and Syracuse among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)The First National Bank Of Groton has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. The First National Bank Of Groton 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.
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Originations
100Origination Dollar Volume (All Markets)
$9,810,000Top 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 |
|---|---|---|---|---|---|
| Auburn, NY (FHA|USDA|VA) | 41 | $4,255,000 | $103,780 | $2,432 | 5.61% |
| ITHACA, NY (FHA|USDA|VA) | 41 | $4,085,000 | $99,634 | $1,270 | 5.46% |
| Cortland, NY (FHA|USDA|VA) | 17 | $1,385,000 | $81,471 | $2,216 | 5.69% |
| SYRACUSE, NY (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 51 | $5,335,000 | $104,608 | $0 | 0.00% |
| Conventional | 49 | $4,475,000 | $91,327 | $1,827 | 5.55% |
For 2018, The First National Bank Of Groton's most frequently originated type of loan was Conventional, with 51 originations. Their 2nd most popular type was Conventional, with 49 originations.
Loan Reason
For 2018, The First National Bank Of Groton's most frequently cited loan purpose was Home Purchase, with 52 originations. The 2nd most popular reason was Refi, with 34 originations.
Loan Duration/Length
For 2018, The First National Bank Of Groton's most frequently cited loan duration was Other, with 79 originations. The 2nd most popular length was 15 Year, with 8 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 39 | $3,675,000 | $94,231 |
| $1k-2k | 4 | $350,000 | $87,500 |
| $2k-3k | 1 | $175,000 | $175,000 |
The First National Bank Of Groton's average total fees were $2,057, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 39 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 18 | $2,200,000 | $122,222 |
| 5-6% | 9 | $335,000 | $37,222 |
| 6-7% | 9 | $545,000 | $60,556 |
| 3-4% | 6 | $750,000 | $125,000 |
| 7-8% | 4 | $370,000 | $92,500 |
| Over 8% | 3 | $275,000 | $91,667 |
During 2018, The First National Bank Of Groton's average interest rate for loans was 4.10%, while their most frequently originated rate bucket for loans was 4-5%, with 18 originations.
Loan Sizing
2018 saw The First National Bank Of Groton place emphasis on $100,000 or less loans with 64 originations, totaling $3,980,000 in origination value.
Applicant Income
The First National Bank Of Groton lent most frequently to those with incomes in the $100k-150k range, with 25 originations. The second most popular income band? $50k-75k, with 23 originations.
Applicant Debt to Income Ratio
The First National Bank Of Groton lent most frequently to those with DTI ratios of Exempt%, with 51 originations. The next most common DTI ratio? 20-30%, with 18 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 99 | $9,755,000 | $98,535 | $1,827 | 5.55% |
| Black | 1 | $55,000 | $55,000 | $0 | 0.00% |
Approval Rates
Total approvals of all applications100.00%
The First National Bank Of Groton has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination97.00%
The First National Bank Of Groton has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 51 | $5,335,000 | $104,608 |
| NA | 49 | $4,475,000 | $91,327 |