Fm Home Loans Mortgage Rates, Fees & Info
Brooklyn, NYLEI: 254900ACUWEGW702BR80
Tax ID: 02-0594137
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Mortgage Data
Review & Overview
Fm Home Loans is a mid-sized 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, Bridgeport, Poughkeepsie, and Los Angeles among others. We have data for 55 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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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 7.06% | 11/26/22 |
| 30 Year Conventional Refi | 7.25% | 11/26/22 |
| 30 Year FHA Purchase | 7.45% | 11/26/22 |
| 30 Year FHA Refi | 6.98% | 11/26/22 |
| 30 Year VA Purchase | 6.62% | 11/26/22 |
| 30 Year VA Refi | 6.71% | 11/26/22 |
| 15 Year Conventional Purchase | 6.14% | 11/26/22 |
| 15 Year Conventional Refi | 6.40% | 11/26/22 |
| 15 Year Cash-out Refi | 6.40% | 11/26/22 |
| 15 Year VA Refi | 6.38% | 11/26/22 |
| 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. | ||
Originations
5,621Origination Dollar Volume (All Markets)
$3,062,435,000Awards
FM Home Loans - 2021
FM Home Loans is a 2021 , due to their low .
For 2021, less than of lenders were eligible for this award.
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Relative Rate
Fm Home Loans's average 30 year fixed mortgage rate was
3.33%.
The 2021 average 30 year fixed rate mortgage across all markets and lenders was 3.15%.
This yields a difference of 0.18%.
Relative Fees (Closing Costs)
Fm Home Loans's average total fees/closing costs for a 30 year fixed rate
mortgage were $8,425.
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 |
|---|---|---|---|---|---|
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 4,581 | $2,580,455,000 | $563,295 | $8,484 | 3.26% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 432 | $249,700,000 | $578,009 | $8,869 | 3.58% |
| BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) | 94 | $48,370,000 | $514,574 | $5,846 | 3.04% |
| POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) | 127 | $47,625,000 | $375,000 | $8,224 | 3.27% |
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 16 | $14,370,000 | $898,125 | $13,254 | 3.82% |
| NEW HAVEN-MILFORD, CT (FHA|USDA|VA) | 49 | $13,455,000 | $274,592 | $4,844 | 3.15% |
| Outside of Metro Areas | 39 | $12,695,000 | $325,513 | $7,133 | 3.49% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 36 | $11,580,000 | $321,667 | $6,872 | 3.22% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 28 | $10,840,000 | $387,143 | $6,941 | 3.39% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 30 | $9,950,000 | $331,667 | $6,613 | 3.68% |
| HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) | 32 | $8,640,000 | $270,000 | $4,172 | 3.13% |
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 24 | $8,570,000 | $357,083 | $4,418 | 4.39% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 4 | $3,350,000 | $837,500 | $14,412 | 3.94% |
| KINGSTON, NY (FHA|USDA|VA) | 9 | $3,045,000 | $338,333 | $8,076 | 3.54% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 8 | $2,950,000 | $368,750 | $8,180 | 3.22% |
| TRENTON-PRINCETON, NJ (FHA|USDA|VA) | 10 | $2,700,000 | $270,000 | $5,235 | 2.78% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 7 | $2,415,000 | $345,000 | $4,643 | 3.02% |
| ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) | 4 | $2,060,000 | $515,000 | $7,206 | 2.88% |
| Torrington, CT (FHA|USDA|VA) | 5 | $1,925,000 | $385,000 | $5,445 | 2.85% |
| EAST STROUDSBURG, PA (FHA|USDA|VA) | 8 | $1,720,000 | $215,000 | $4,763 | 3.16% |
| Hudson, NY (FHA|USDA|VA) | 4 | $1,650,000 | $412,500 | $6,169 | 3.16% |
| Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) | 4 | $1,500,000 | $375,000 | $3,720 | 3.25% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 4 | $1,440,000 | $360,000 | $7,516 | 3.19% |
| LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) | 4 | $1,410,000 | $352,500 | $9,115 | 4.13% |
| PANAMA CITY, FL (FHA|USDA|VA) | 2 | $1,380,000 | $690,000 | $12,406 | 4.88% |
| Sebastian-Vero Beach, FL (FHA|USDA|VA) | 4 | $1,350,000 | $337,500 | $5,226 | 2.75% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 3 | $1,285,000 | $428,333 | $5,652 | 2.92% |
| SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) | 6 | $1,120,000 | $186,667 | $5,878 | 3.29% |
| ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) | 4 | $1,110,000 | $277,500 | $6,533 | 3.38% |
| LANCASTER, PA (FHA|USDA|VA) | 3 | $1,085,000 | $361,667 | $5,039 | 3.08% |
| NORWICH-NEW LONDON, CT (FHA|USDA|VA) | 1 | $935,000 | $935,000 | $4,568 | 3.13% |
| ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) | 3 | $925,000 | $308,333 | $8,021 | 3.04% |
| PITTSBURGH, PA (FHA|USDA|VA) | 2 | $850,000 | $425,000 | $6,697 | 2.75% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 2 | $790,000 | $395,000 | $5,460 | 3.25% |
| BUFFALO-CHEEKTOWAGA, NY (FHA|USDA|VA) | 4 | $780,000 | $195,000 | $5,606 | 3.81% |
| BARNSTABLE TOWN, MA (FHA|USDA|VA) | 2 | $710,000 | $355,000 | $4,306 | 3.06% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 2 | $640,000 | $320,000 | $4,519 | 3.06% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 2 | $620,000 | $310,000 | $6,793 | 4.06% |
| PORT ST. LUCIE, FL (FHA|USDA|VA) | 2 | $600,000 | $300,000 | $5,165 | 3.44% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 1 | $575,000 | $575,000 | $10,761 | 4.38% |
| WORCESTER, MA-CT (FHA|USDA|VA) | 2 | $550,000 | $275,000 | $8,053 | 2.88% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 2 | $540,000 | $270,000 | $4,444 | 3.00% |
| TUCSON, AZ (FHA|USDA|VA) | 1 | $505,000 | $505,000 | $7,811 | 3.63% |
| VALLEJO, CA (FHA|USDA|VA) | 1 | $495,000 | $495,000 | $5,110 | 3.38% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 2 | $490,000 | $245,000 | $3,149 | 3.75% |
| ROCHESTER, NY (FHA|USDA|VA) | 2 | $440,000 | $220,000 | $4,796 | 3.44% |
| OCEAN CITY, NJ (FHA|USDA|VA) | 1 | $375,000 | $375,000 | $12,281 | 5.00% |
| HOMOSASSA SPRINGS, FL (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $4,082 | 3.50% |
| UTICA-ROME, NY (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $8,677 | 2.88% |
| DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $4,119 | 3.13% |
| VINELAND-BRIDGETON, NJ (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $5,949 | 3.25% |
| ITHACA, NY (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $4,460 | 3.63% |
| BINGHAMTON, NY (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $5,072 | 3.38% |
| SPRINGFIELD, MA (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $2,870 | 3.38% |
| THE VILLAGES, FL (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $3,906 | 3.38% |
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.
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Product Mix
For 2021, Fm Home Loans's most frequently originated type of loan was Conventional, with 5,478 originations. Their 2nd most popular type was FHA, with 137 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 3,061 | $1,655,865,000 | $540,956 | $7,859 | 3.22% |
| Refi | 2,560 | $1,406,570,000 | $549,441 | $8,864 | 3.38% |
For 2021, Fm Home Loans's most frequently cited loan purpose was Home Purchase, with 3,061 originations. The 2nd most popular reason was Refi, with 2,560 originations.
Loan Duration/Length
For 2021, Fm Home Loans's most frequently cited loan duration was 30 Year, with 5,307 originations. The 2nd most popular length was 15 Year, with 197 originations.
Origination Fees/Closing Costs
Fm Home Loans's average total fees were $8,425, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 3,203 originations.
Interest Rates
During 2021, Fm Home Loans's average interest rate for loans was 3.33%, while their most frequently originated rate bucket for loans was 3-4%, with 2,422 originations.
Loan Sizing
2021 saw Fm Home Loans place emphasis on $400k-600k loans with 1,931 originations, totaling $948,985,000 in origination value.
Applicant Income
Fm Home Loans lent most frequently to those with incomes in the $100k-150k range, with 1,322 originations. The second most popular income band? $150k-250k, with 1,299 originations.
Applicant Debt to Income Ratio
Fm Home Loans lent most frequently to those with DTI ratios of 20-30%, with 785 originations. The next most common DTI ratio? 30-36%, with 756 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications99.16%
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 origination61.98%
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 | 5,621 | $3,062,435,000 | $544,820 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| 5,621 | $3,062,435,000 | $544,820 |
