Fm Home Loans Mortgage Rates, Fees & InfoBrooklyn, NY
Tax ID: 02-0594137
Latest/2022 | 2021 Data | 2020 Data | 2019 Data | 2018 Data
Review & OverviewFm Home Loans is a small mortgage company specializing in Home Purchase and Refi loans. Fm Home Loans has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: New York, Miami, Poughkeepsie, Bridgeport, and New Haven among others. We have data for 45 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 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.
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|Simulated Rate||Simulation Date|
|30 Year Conventional Purchase||6.89%||6/4/23|
|30 Year Conventional Refi||7.29%||6/4/23|
|30 Year FHA Purchase||7.24%||6/4/23|
|30 Year FHA Refi||7.17%||6/4/23|
|30 Year VA Purchase||6.46%||6/4/23|
|15 Year Conventional Purchase||6.27%||6/4/23|
|15 Year Conventional Refi||6.29%||6/4/23|
|15 Year Cash-out Refi||6.29%||6/4/23|
|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.|
Fm Home Loans Mortgage Calculator
Your EstimatesEstimated 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.
Origination Dollar Volume (All Markets)$1,615,275,000
FM Home Loans - 2022
FM Home Loans is a 2022 , due to their low .
For 2022, less than of lenders were eligible for this award.
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Fm Home Loans's average 30 year fixed mortgage rate was
The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.
This yields a difference of 0.17%.
Relative Fees (Closing Costs)
Fm Home Loans's average total fees/closing costs for a 30 year fixed rate
mortgage were $10,831.
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.
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)||2,054||$1,276,090,000||$621,271||$10,818||4.83%|
|Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA)||272||$192,160,000||$706,471||$12,264||5.25%|
|POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA)||105||$41,115,000||$391,571||$8,980||5.32%|
|BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA)||41||$31,235,000||$761,829||$12,748||4.86%|
|NEW HAVEN-MILFORD, CT (FHA|USDA|VA)||37||$10,965,000||$296,351||$6,106||4.83%|
|Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA)||5||$6,215,000||$1,243,000||$25,851||4.48%|
|Outside of Metro Areas||20||$6,000,000||$300,000||$9,817||5.22%|
|ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA)||13||$5,925,000||$455,769||$5,723||4.94%|
|Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA)||18||$5,510,000||$306,111||$6,257||4.97%|
|PORT ST. LUCIE, FL (FHA|USDA|VA)||5||$5,345,000||$1,069,000||$20,958||6.35%|
|PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA)||10||$3,620,000||$362,000||$6,778||4.91%|
|BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA)||7||$3,265,000||$466,429||$9,528||5.20%|
|HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA)||11||$3,125,000||$284,091||$6,505||4.15%|
|TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA)||7||$3,055,000||$436,429||$11,773||5.59%|
|LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA)||4||$1,700,000||$425,000||$0||4.75%|
|North Port-Sarasota-Bradenton, FL (FHA|USDA|VA)||2||$1,610,000||$805,000||$12,064||5.81%|
|Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA)||2||$1,520,000||$760,000||$11,065||4.31%|
|ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA)||5||$1,335,000||$267,000||$7,385||4.55%|
|ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA)||5||$1,175,000||$235,000||$5,879||4.53%|
|MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA)||3||$1,145,000||$381,667||$8,889||5.00%|
|Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA)||2||$1,080,000||$540,000||$12,645||5.38%|
|KINGSTON, NY (FHA|USDA|VA)||3||$975,000||$325,000||$11,424||4.13%|
|HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA)||3||$905,000||$301,667||$6,872||5.00%|
|CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA)||3||$875,000||$291,667||$8,547||4.63%|
|BARNSTABLE TOWN, MA (FHA|USDA|VA)||2||$810,000||$405,000||$3,943||3.44%|
|ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA)||3||$725,000||$241,667||$5,100||4.13%|
|Hudson, NY (FHA|USDA|VA)||2||$630,000||$315,000||$10,188||5.69%|
|SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA)||3||$615,000||$205,000||$7,820||6.46%|
|Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA)||1||$595,000||$595,000||$4,986||3.99%|
|EAST STROUDSBURG, PA (FHA|USDA|VA)||3||$585,000||$195,000||$7,956||7.17%|
|ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA)||2||$570,000||$285,000||$0||4.56%|
|SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA)||2||$570,000||$285,000||$6,252||3.88%|
|ITHACA, NY (FHA|USDA|VA)||1||$495,000||$495,000||$11,307||6.88%|
|ROCHESTER, NY (FHA|USDA|VA)||2||$460,000||$230,000||$7,688||3.25%|
|GLENS FALLS, NY (FHA|USDA|VA)||1||$415,000||$415,000||$5,502||3.63%|
|BLOOMSBURG-BERWICK, PA (FHA|USDA|VA)||1||$365,000||$365,000||$11,275||4.88%|
|RICHMOND, VA (FHA|USDA|VA)||1||$355,000||$355,000||$0||3.88%|
|Torrington, CT (FHA|USDA|VA)||1||$345,000||$345,000||$14,993||5.38%|
|OCEAN CITY, NJ (FHA|USDA|VA)||1||$335,000||$335,000||$4,368||3.63%|
|ROCHESTER, MN (FHA|USDA|VA)||1||$315,000||$315,000||$10,081||5.13%|
|SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA)||1||$305,000||$305,000||$5,491||3.75%|
|TRENTON-PRINCETON, NJ (FHA|USDA|VA)||1||$245,000||$245,000||$8,136||3.13%|
|UTICA-ROME, NY (FHA|USDA|VA)||1||$245,000||$245,000||$6,518||3.13%|
|WORCESTER, MA-CT (FHA|USDA|VA)||1||$195,000||$195,000||$5,215||5.50%|
|NAPLES-MARCO ISLAND, FL (FHA|USDA|VA)||1||$155,000||$155,000||$5,415||3.63%|
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.
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|Loan Type||Originations||Total Value||Avg. Loan||Avg. Fees||Avg. Rate|
For 2022, Fm Home Loans's most frequently originated type of loan was Conventional, with 2,586 originations. Their 2nd most popular type was FHA, with 78 originations.
|Loan Reason||Originations||Total Value||Avg. Loan||Avg. Fees||Avg. Rate|
For 2022, Fm Home Loans's most frequently cited loan purpose was Home Purchase, with 2,003 originations. The 2nd most popular reason was Refi, with 666 originations.
For 2022, Fm Home Loans's most frequently cited loan duration was 30 Year, with 2,599 originations. The 2nd most popular length was 15 Year, with 49 originations.
Origination Fees/Closing Costs
Fm Home Loans's average total fees were $10,831, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 741 originations.
During 2022, Fm Home Loans's average interest rate for loans was 4.93%, while their most frequently originated rate bucket for loans was 3-4%, with 755 originations.
2022 saw Fm Home Loans place emphasis on $400k-600k loans with 808 originations, totaling $398,870,000 in origination value.
Fm Home Loans lent most frequently to those with incomes in the $250k+ range, with 686 originations. The second most popular income band? $150k-250k, with 649 originations.
Applicant Debt to Income Ratio
Fm Home Loans lent most frequently to those with DTI ratios of 30-36%, with 266 originations. The next most common DTI ratio? 20-30%, with 208 originations.
Approval RatesTotal approvals of all applications
Fm Home Loans has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick RateApprovals leading to origination
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|
Occupancy Type Mix
|Dwelling Type||Originations||Total Value||Average Loan|