Colony Bank Mortgage Rates, Fees & Info
Fitzgerald, GALEI: 254900AHLSHUJOTJG402
Tax ID: 58-1248467
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Mortgage Data
Review & Overview
Colony Bank is a smaller bank specializing in Home Purchase loans. Colony Bank has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Savannah, Augusta, Warner Robins, Atlanta, and Albany among others. We have data for 52 markets. (Some data included below & more in-depth data is available with an active subscription.)Colony Bank 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. Colony Bank is typically an average 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 | 6.56% | 11/17/24 |
| 30 Year Conventional Refi | 6.65% | 11/17/24 |
| 30 Year Cash-out Refi | 6.81% | 11/17/24 |
| 30 Year FHA Purchase | 7.31% | 11/17/24 |
| 30 Year FHA Refi | 7.84% | 11/17/24 |
| 30 Year VA Purchase | 6.27% | 11/17/24 |
| 30 Year VA Refi | 6.00% | 11/17/24 |
| 30 Year USDA Purchase | 6.80% | 11/17/24 |
| 15 Year Conventional Purchase | 6.00% | 11/17/24 |
| 15 Year Conventional Refi | 6.12% | 11/17/24 |
| 15 Year Cash-out Refi | 6.12% | 11/17/24 |
| 15 Year VA Purchase | 6.30% | 11/17/24 |
| 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. | ||
Colony Bank Mortgage Calculator
Your Estimates
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
1,061Origination Dollar Volume (All Markets)
$304,505,000Awards
Colony Bank - 2023
Colony Bank is a 2023 , due to their low .
For 2023, less than of lenders were eligible for this award.
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Relative Rate
Colony Bank's average 30 year fixed mortgage rate was
6.54%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of 0.06%.
Relative Fees (Closing Costs)
Colony Bank's average total fees/closing costs for a 30 year fixed rate
mortgage were $7,042.
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 |
|---|---|---|---|---|---|
| SAVANNAH, GA (FHA|USDA|VA) | 144 | $52,230,000 | $362,708 | $7,929 | 6.53% |
| AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) | 136 | $46,750,000 | $343,750 | $8,482 | 6.34% |
| WARNER ROBINS, GA (FHA|USDA|VA) | 138 | $34,880,000 | $252,754 | $6,684 | 6.65% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 87 | $29,975,000 | $344,540 | $8,971 | 6.95% |
| ALBANY, GA (FHA|USDA|VA) | 84 | $17,190,000 | $204,643 | $6,795 | 6.82% |
| ATHENS-CLARKE COUNTY, GA (FHA|USDA|VA) | 45 | $15,555,000 | $345,667 | $7,994 | 6.46% |
| LaGrange, GA-AL (FHA|USDA|VA) | 52 | $14,900,000 | $286,538 | $7,112 | 6.79% |
| MACON-BIBB COUNTY, GA (FHA|USDA|VA) | 49 | $13,625,000 | $278,061 | $7,615 | 6.90% |
| Outside of Metro Areas | 67 | $12,425,000 | $185,448 | $6,065 | 7.33% |
| Tifton, GA (FHA|USDA|VA) | 9 | $10,145,000 | $1,127,222 | $6,466 | 9.05% |
| VALDOSTA, GA (FHA|USDA|VA) | 51 | $9,475,000 | $185,784 | $5,774 | 7.32% |
| BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) | 14 | $6,000,000 | $428,571 | $6,374 | 6.30% |
| COLUMBUS, GA-AL (FHA|USDA|VA) | 20 | $5,810,000 | $290,500 | $8,696 | 6.99% |
| BRUNSWICK, GA (FHA|USDA|VA) | 12 | $4,930,000 | $410,833 | $8,643 | 7.10% |
| Statesboro, GA (FHA|USDA|VA) | 15 | $3,425,000 | $228,333 | $5,851 | 6.65% |
| AUBURN-OPELIKA, AL (FHA|USDA|VA) | 5 | $2,755,000 | $551,000 | $11,523 | 6.50% |
| Dublin, GA (FHA|USDA|VA) | 14 | $2,330,000 | $166,429 | $5,836 | 7.61% |
| Milledgeville, GA (FHA|USDA|VA) | 8 | $1,860,000 | $232,500 | $6,326 | 6.44% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 1 | $1,825,000 | $1,825,000 | $0 | 7.88% |
| Cedartown, GA (FHA|USDA|VA) | 10 | $1,410,000 | $141,000 | $5,610 | 6.95% |
| Fitzgerald, GA (FHA|USDA|VA) | 25 | $1,265,000 | $50,600 | $4,890 | 8.59% |
| CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) | 2 | $1,260,000 | $630,000 | $7,223 | 6.69% |
| GAINESVILLE, GA (FHA|USDA|VA) | 1 | $1,245,000 | $1,245,000 | $23,885 | 6.88% |
| Cordele, GA (FHA|USDA|VA) | 8 | $1,240,000 | $155,000 | $4,787 | 7.86% |
| Moultrie, GA (FHA|USDA|VA) | 8 | $1,050,000 | $131,250 | $5,138 | 7.31% |
| HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) | 2 | $960,000 | $480,000 | $7,707 | 6.75% |
| DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) | 1 | $855,000 | $855,000 | $4,529 | 6.88% |
| Jefferson, GA (FHA|USDA|VA) | 3 | $845,000 | $281,667 | $6,648 | 6.33% |
| ROME, GA (FHA|USDA|VA) | 4 | $810,000 | $202,500 | $7,528 | 6.69% |
| HINESVILLE, GA (FHA|USDA|VA) | 4 | $730,000 | $182,500 | $11,862 | 6.56% |
| CHATTANOOGA, TN-GA (FHA|USDA|VA) | 1 | $675,000 | $675,000 | $14,228 | 6.63% |
| Douglas, GA (FHA|USDA|VA) | 8 | $590,000 | $73,750 | $4,197 | 8.53% |
| Thomaston, GA (FHA|USDA|VA) | 9 | $585,000 | $65,000 | $3,998 | 7.32% |
| Thomasville, GA (FHA|USDA|VA) | 4 | $580,000 | $145,000 | $4,280 | 6.66% |
| PANAMA CITY, FL (FHA|USDA|VA) | 2 | $510,000 | $255,000 | $0 | 7.85% |
| Oxford, MS (FHA|USDA|VA) | 1 | $435,000 | $435,000 | $9,664 | 6.49% |
| Vidalia, GA (FHA|USDA|VA) | 2 | $430,000 | $215,000 | $7,737 | 6.06% |
| BOWLING GREEN, KY (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $8,656 | 6.49% |
| Alexander City, AL (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $8,339 | 8.25% |
| GREENVILLE-ANDERSON, SC (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $3,573 | 6.13% |
| Cullowhee, NC (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $0 | 8.50% |
| Toccoa, GA (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $6,505 | 8.00% |
| TUSCALOOSA, AL (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $10,359 | 7.13% |
| CLEVELAND-ELYRIA, OH (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $6,926 | 6.13% |
| ANNISTON-OXFORD, AL (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $5,237 | 6.25% |
| Greenwood, SC (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $0 | 7.75% |
| HOMOSASSA SPRINGS, FL (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $8,205 | 6.50% |
| Bainbridge, GA (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $0 | 8.25% |
| MEMPHIS, TN-MS-AR (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $3,456 | 6.13% |
| FLORENCE-MUSCLE SHOALS, AL (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $3,501 | 7.50% |
| OKLAHOMA CITY, OK (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 9.75% |
| Waycross, GA (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 7.75% |
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Product Mix
For 2023, Colony Bank's most frequently originated type of loan was Conventional, with 733 originations. Their 2nd most popular type was FHA, with 186 originations.
Loan Reason
For 2023, Colony Bank's most frequently cited loan purpose was Home Purchase, with 860 originations. The 2nd most popular reason was Refi, with 121 originations.
Loan Duration/Length
For 2023, Colony Bank's most frequently cited loan duration was 30 Year, with 810 originations. The 2nd most popular length was 30+ year, with 107 originations.
Origination Fees/Closing Costs
Colony Bank's average total fees were $7,042, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 284 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 496 | $143,340,000 | $288,992 |
| 7-8% | 237 | $66,875,000 | $282,173 |
| 5-6% | 220 | $71,800,000 | $326,364 |
| Over 8% | 106 | $21,910,000 | $206,698 |
| 4-5% | 2 | $580,000 | $290,000 |
During 2023, Colony Bank's average interest rate for loans was 6.54%, while their most frequently originated rate bucket for loans was 6-7%, with 496 originations.
Loan Sizing
2023 saw Colony Bank place emphasis on $200k-400k loans with 477 originations, totaling $138,645,000 in origination value.
Applicant Income
Colony Bank lent most frequently to those with incomes in the $100k-150k range, with 271 originations. The second most popular income band? $50k-75k, with 190 originations.
Applicant Debt to Income Ratio
Colony Bank lent most frequently to those with DTI ratios of 30-36%, with 166 originations. The next most common DTI ratio? 20-30%, with 139 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications96.06%
Colony Bank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination77.57%
Colony Bank has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 1,061 | $304,505,000 | $286,998 |