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 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.89% | 12/16/24 |
| 30 Year Conventional Refi | 7.29% | 12/16/24 |
| 30 Year FHA Purchase | 7.24% | 12/16/24 |
| 30 Year FHA Refi | 7.17% | 12/16/24 |
| 30 Year VA Purchase | 6.46% | 12/16/24 |
| 15 Year Conventional Purchase | 6.27% | 12/16/24 |
| 15 Year Conventional Refi | 6.29% | 12/16/24 |
| 15 Year Cash-out Refi | 6.29% | 12/16/24 |
| 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
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This is not an official calculator from Fm Home Loans. It uses our SimulatedRate™
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
1,265Origination Dollar Volume (All Markets)
$736,235,000Relative 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% |
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.
Similarity Rank: 15
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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
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
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
2023 saw Fm Home Loans place emphasis on $400k-600k loans with 378 originations, totaling $186,190,000 in origination value.
Applicant Income
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
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
Approval Rates
Total approvals of all applications97.96%
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 origination41.11%
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 |