Fm Home Loans Mortgage Rates, Fees & Info

Brooklyn, NY

LEI: 254900ACUWEGW702BR80

Tax ID: 02-0594137

2.3 stars - Updated: 4/13/24 - out of 5 stars, based on 36 reviews

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

Review & Overview

Fm Home Loans is a smaller mortgage company specializing in Home Purchase loans. Fm Home Loans has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets by origination volume include: New York, Miami, Poughkeepsie, Bridgeport, and Philadelphia among others. We have data for 42 markets. (Some data included below & more in-depth data is available with an active subscription.)

Fm Home Loans has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Fm Home Loans 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 relatively high 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.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 6.89% 4/13/24
30 Year Conventional Refi 7.29% 4/13/24
30 Year FHA Purchase 7.24% 4/13/24
30 Year FHA Refi 7.17% 4/13/24
30 Year VA Purchase 6.46% 4/13/24
15 Year Conventional Purchase 6.27% 4/13/24
15 Year Conventional Refi 6.29% 4/13/24
15 Year Cash-out Refi 6.29% 4/13/24
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.

Fm Home Loans Mortgage Calculator






Your Estimates

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

This is not an official calculator from Fm Home Loans. 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

1,265

Origination Dollar Volume (All Markets)

$736,235,000

Relative Rate

Fm Home Loans's average 30 year fixed mortgage rate was 7.08%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of 0.6%.

Relative Fees (Closing Costs)

Fm Home Loans's average total fees/closing costs for a 30 year fixed rate mortgage were $9,984.

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 $9,089.

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
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 947 $587,345,000 $620,216 $10,150 7.02%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 116 $73,690,000 $635,259 $11,271 7.22%
POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) 43 $17,145,000 $398,721 $8,907 7.05%
BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 17 $9,525,000 $560,294 $9,698 6.68%
Outside of Metro Areas 20 $5,760,000 $288,000 $7,488 7.49%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 15 $4,935,000 $329,000 $6,506 6.82%
NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 13 $4,035,000 $310,385 $6,342 7.51%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 10 $3,850,000 $385,000 $6,032 7.56%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 13 $3,635,000 $279,615 $5,297 7.71%
TRENTON-PRINCETON, NJ (FHA|USDA|VA) 7 $2,425,000 $346,429 $6,136 6.95%
PORT ST. LUCIE, FL (FHA|USDA|VA) 3 $1,945,000 $648,333 $0 7.96%
BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 3 $1,875,000 $625,000 $7,125 7.12%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 4 $1,710,000 $427,500 $11,613 7.90%
EAST STROUDSBURG, PA (FHA|USDA|VA) 6 $1,350,000 $225,000 $7,066 7.02%
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 4 $1,280,000 $320,000 $10,911 6.34%
OCEAN CITY, NJ (FHA|USDA|VA) 2 $1,230,000 $615,000 $12,252 8.25%
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 2 $1,130,000 $565,000 $9,634 7.19%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 3 $1,075,000 $358,333 $7,242 7.12%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 2 $1,060,000 $530,000 $7,370 7.50%
KINGSTON, NY (FHA|USDA|VA) 4 $990,000 $247,500 $8,835 7.06%
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 1 $985,000 $985,000 $10,337 7.63%
ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) 4 $870,000 $217,500 $4,521 7.31%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 3 $825,000 $275,000 $10,645 7.54%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 1 $805,000 $805,000 $19,929 6.63%
PITTSFIELD, MA (FHA|USDA|VA) 1 $725,000 $725,000 $15,708 7.38%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 1 $605,000 $605,000 $0 8.63%
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 1 $495,000 $495,000 $4,303 7.75%
SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) 2 $490,000 $245,000 $10,382 6.63%
BINGHAMTON, NY (FHA|USDA|VA) 3 $475,000 $158,333 $7,625 7.79%
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 1 $455,000 $455,000 $13,760 7.50%
GLENS FALLS, NY (FHA|USDA|VA) 1 $435,000 $435,000 $6,241 6.50%
JACKSONVILLE, FL (FHA|USDA|VA) 1 $415,000 $415,000 $5,629 7.50%
OCALA, FL (FHA|USDA|VA) 2 $390,000 $195,000 $5,273 6.93%
ASHEVILLE, NC (FHA|USDA|VA) 1 $355,000 $355,000 $5,082 8.88%
TUCSON, AZ (FHA|USDA|VA) 1 $355,000 $355,000 $4,135 7.50%
BUFFALO-CHEEKTOWAGA, NY (FHA|USDA|VA) 1 $345,000 $345,000 $13,427 6.63%
NORWICH-NEW LONDON, CT (FHA|USDA|VA) 1 $345,000 $345,000 $10,523 8.00%
LANCASTER, PA (FHA|USDA|VA) 1 $245,000 $245,000 $9,388 7.38%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 1 $175,000 $175,000 $3,300 7.25%
SEBRING-AVON PARK, FL (FHA|USDA|VA) 1 $175,000 $175,000 $4,103 5.88%
UTICA-ROME, NY (FHA|USDA|VA) 1 $145,000 $145,000 $6,662 8.25%
Oneonta, NY (FHA|USDA|VA) 1 $135,000 $135,000 $6,252 7.00%
Fm Home Loans's top markets include New York, Miami, Poughkeepsie, Bridgeport, and Philadelphia among others.

Their top states include:
  • New York (FHA|USDA|VA)
  • New Jersey (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Connecticut (FHA|USDA|VA)
  • Pennsylvania (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against FM Home Loans based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Walden Savings Bank
    Similarity Rank: 15
    Republic Bank
    Similarity Rank: 21
    Charter Oak Federal Credit Union
    Similarity Rank: 32
    Chelsea Groton Bank
    Similarity Rank: 56
    Stafford Savings Bank
    Similarity Rank: 63
    Los Angeles Federal Credit Union
    Similarity Rank: 72
    The Torrington Savings Bank
    Similarity Rank: 85
    FIRST FINANCIAL OF MARYLAND
    Similarity Rank: 117
    N C P D Federal Credit Union
    Similarity Rank: 126

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,189 $695,255,000 $584,739 $9,239 7.11%
    FHA 73 $39,445,000 $540,342 $18,363 6.48%
    VA 3 $1,535,000 $511,667 $11,644 5.83%

    For 2023, Fm Home Loans's most frequently originated type of loan was Conventional, with 1,189 originations. Their 2nd most popular type was FHA, with 73 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 1,055 $608,875,000 $577,133 $9,562 6.99%
    Refi 210 $127,360,000 $606,476 $13,704 7.48%

    For 2023, Fm Home Loans's most frequently cited loan purpose was Home Purchase, with 1,055 originations. The 2nd most popular reason was Refi, with 210 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 1,240 $724,300,000 $584,113 $9,984 7.08%
    15 Year 9 $6,265,000 $696,111 $13,907 5.74%
    5 Year 8 $120,000 $15,000 $0 6.91%
    30+ year 4 $3,610,000 $902,500 $17,091 8.56%
    20 Year 3 $1,215,000 $405,000 $9,584 6.04%
    Other 1 $725,000 $725,000 $0 7.38%

    For 2023, Fm Home Loans's most frequently cited loan duration was 30 Year, with 1,240 originations. The 2nd most popular length was 15 Year, with 9 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 376 $215,450,000 $573,005
    $5k+ 309 $229,315,000 $742,120
    $3k-4k 92 $46,170,000 $501,848
    $2k-3k 90 $39,560,000 $439,556
    $4k-5k 66 $31,130,000 $471,667
    $<1k 10 $170,000 $17,000

    Fm Home Loans's average total fees were $9,984, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 376 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 569 $306,715,000 $539,042
    7-8% 436 $253,700,000 $581,881
    Over 8% 141 $107,855,000 $764,929
    5-6% 118 $67,930,000 $575,678
    <2.5% 1 $35,000 $35,000

    During 2023, Fm Home Loans's average interest rate for loans was 7.08%, while their most frequently originated rate bucket for loans was 6-7%, with 569 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $400k-600k 378 $186,190,000 $492,566 $8,525 6.95%
    $600k-1MM 361 $266,045,000 $736,967 $11,578 7.03%
    $200k-400k 311 $96,155,000 $309,180 $7,461 7.16%
    $1MM+ 124 $175,130,000 $1,412,339 $18,824 7.44%
    $100k-200k 77 $12,255,000 $159,156 $5,264 6.93%
    $100,000 or less 14 $460,000 $32,857 $766 6.40%

    2023 saw Fm Home Loans place emphasis on $400k-600k loans with 378 originations, totaling $186,190,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $250k+ 363 $305,205,000 $840,785 $13,049 7.21%
    $150k-250k 353 $197,755,000 $560,212 $10,006 6.91%
    $100k-150k 277 $116,575,000 $420,848 $8,110 6.82%
    $75k-100k 98 $30,260,000 $308,776 $7,408 6.71%
    $50k-75k 48 $12,250,000 $255,208 $6,151 6.71%
    $50k or less 23 $10,525,000 $457,609 $4,833 7.90%

    Fm Home Loans lent most frequently to those with incomes in the $250k+ range, with 363 originations. The second most popular income band? $150k-250k, with 353 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 143 $76,995,000 $538,427 $7,970 7.03%
    30-36% 130 $72,220,000 $555,538 $9,178 6.96%
    49% 127 $69,885,000 $550,276 $10,266 6.95%
    <20% 97 $70,715,000 $729,021 $11,596 7.53%
    48% 66 $37,210,000 $563,788 $10,068 6.91%
    42% 64 $44,020,000 $687,813 $9,935 6.86%
    47% 58 $31,840,000 $548,966 $10,349 7.00%
    44% 57 $30,825,000 $540,789 $9,619 6.93%
    43% 54 $28,860,000 $534,444 $10,519 6.85%
    41% 54 $33,630,000 $622,778 $10,322 6.99%
    45% 51 $26,055,000 $510,882 $7,754 6.86%
    40% 50 $28,070,000 $561,400 $9,171 6.90%
    38% 46 $27,040,000 $587,826 $8,313 7.03%
    46% 43 $21,555,000 $501,279 $10,313 6.96%
    50-60% 42 $24,830,000 $591,190 $17,547 6.48%
    39% 39 $24,465,000 $627,308 $8,963 6.87%
    37% 34 $23,010,000 $676,765 $10,996 7.12%
    36% 19 $12,115,000 $637,632 $8,057 6.95%
    >60% 10 $7,330,000 $733,000 $0 8.15%

    Fm Home Loans lent most frequently to those with DTI ratios of 20-30%, with 143 originations. The next most common DTI ratio? 30-36%, with 130 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,051 $625,675,000 $595,314 $9,871 7.10%
    Not provided 102 $55,640,000 $545,490 $9,005 7.13%
    Black 62 $28,820,000 $464,839 $11,896 6.73%
    Asian 40 $20,390,000 $509,750 $10,160 6.82%
    Asian Indian 4 $2,060,000 $515,000 $15,060 6.28%
    Other Asian 3 $1,695,000 $565,000 $8,986 7.46%
    American Indian 2 $1,260,000 $630,000 $11,010 6.13%
    Filipino 1 $695,000 $695,000 $5,897 6.13%

    Approval Rates

    Total approvals of all applications
    97.96%

    Fm Home Loans has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    41.11%

    Fm Home Loans has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,265 $736,235,000 $582,004

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,265 $736,235,000 $582,004

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 76 $32,410,000 $426,447 $8,476 7.12%
    40-60% 177 $95,455,000 $539,294 $8,254 6.94%
    60-80% 677 $423,075,000 $624,926 $10,183 7.26%
    80-100% 314 $183,060,000 $582,994 $11,080 6.78%
    Over 100% 1 $525,000 $525,000 $19,898 5.75%
    Under 20% 20 $1,710,000 $85,500 $2,609 6.27%