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 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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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
Your Estimates
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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
2,669Origination Dollar Volume (All Markets)
$1,615,275,000Awards
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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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) | 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% |
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 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
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 2,003 | $1,192,045,000 | $595,130 | $10,320 | 4.96% |
| Refi | 666 | $423,230,000 | $635,480 | $12,714 | 4.72% |
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.
Loan Duration/Length
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.
Interest Rates
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.
Loan Sizing
2022 saw Fm Home Loans place emphasis on $400k-600k loans with 808 originations, totaling $398,870,000 in origination value.
Applicant Income
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.
Ethnicity Mix
Approval Rates
Total approvals of all applications98.08%
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 origination49.01%
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 | 2,669 | $1,615,275,000 | $605,199 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| 2,669 | $1,615,275,000 | $605,199 |