Hometown Bank Mortgage Rates, Fees & Info
Redwood Falls, MNLEI: 254900KSUTZO899YU680
Tax ID: 41-0498480
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
Jump to:
Mortgage Data
Review & Overview
Hometown Bank is a smaller bank specializing in Home Purchase and Refi loans. Hometown Bank has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Minneapolis, Mankato, Willmar, Marshall, and Faribault among others. We have data for 17 markets. (Some data included below & more in-depth data is available with an active subscription.)Hometown 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. 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 |
---|---|---|
Home Equity Line of Credit (HELOC) | 6.27% | 12/3/24 |
30 Year Conventional Purchase | 6.69% | 12/3/24 |
30 Year Conventional Refi | 6.68% | 12/3/24 |
30 Year Cash-out Refi | 6.54% | 12/3/24 |
15 Year Conventional Purchase | 6.49% | 12/3/24 |
15 Year Conventional Refi | 6.06% | 12/3/24 |
15 Year Cash-out Refi | 6.06% | 12/3/24 |
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. |
Hometown Bank Mortgage Calculator
Your Estimates
Estimated Loan Payment: Update the calculator values and click calculate payment!
This is not an official calculator from Hometown Bank. 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.
Originations
247Origination Dollar Volume (All Markets)
$48,255,000Relative Rate
Hometown Bank's average 30 year fixed mortgage rate was
6.77%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of 0.29%.
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 |
---|---|---|---|---|---|
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 126 | $28,700,000 | $227,778 | $0 | 6.93% |
Outside of Metro Areas | 72 | $8,800,000 | $122,222 | $0 | 6.91% |
MANKATO, MN (FHA|USDA|VA) | 12 | $2,720,000 | $226,667 | $0 | 7.33% |
Willmar, MN (FHA|USDA|VA) | 9 | $1,665,000 | $185,000 | $0 | 7.10% |
Marshall, MN (FHA|USDA|VA) | 5 | $1,545,000 | $309,000 | $0 | 6.35% |
Faribault-Northfield, MN (FHA|USDA|VA) | 3 | $795,000 | $265,000 | $0 | 6.58% |
Fairmont, MN (FHA|USDA|VA) | 5 | $685,000 | $137,000 | $0 | 6.64% |
Hutchinson, MN (FHA|USDA|VA) | 3 | $655,000 | $218,333 | $0 | 6.58% |
DULUTH, MN-WI (FHA|USDA|VA) | 2 | $600,000 | $300,000 | $0 | 5.00% |
Brainerd, MN (FHA|USDA|VA) | 2 | $420,000 | $210,000 | $0 | 7.19% |
SIOUX FALLS, SD (FHA|USDA|VA) | 2 | $420,000 | $210,000 | $0 | 5.94% |
Red Wing, MN (FHA|USDA|VA) | 1 | $335,000 | $335,000 | $0 | 6.63% |
Grand Rapids, MN (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $0 | 5.75% |
Albert Lea, MN (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $0 | 6.47% |
Brookings, SD (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $0 | 6.13% |
New Ulm, MN (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $0 | 7.75% |
ST. CLOUD, MN (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $0 | 6.76% |
Similar Lenders
We use machine learning to identify the top lenders compared against HomeTown Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 55
Similarity Rank: 225
Similarity Rank: 456
Similarity Rank: 580
Similarity Rank: 672
Similarity Rank: 745
Similarity Rank: 1122
Similarity Rank: 1152
Similarity Rank: 1166
Similarity Rank: 1179
Product Mix
Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
---|---|---|---|---|---|
Conventional | 246 | $47,500,000 | $193,089 | $0 | 6.89% |
USDA | 1 | $755,000 | $755,000 | $0 | 7.50% |
For 2023, Hometown Bank's most frequently originated type of loan was Conventional, with 246 originations. Their 2nd most popular type was USDA, with 1 originations.
Loan Reason
For 2023, Hometown Bank's most frequently cited loan purpose was Home Purchase, with 105 originations. The 2nd most popular reason was Other, with 54 originations.
Loan Duration/Length
For 2023, Hometown Bank's most frequently cited loan duration was 30 Year, with 131 originations. The 2nd most popular length was 15 Year, with 35 originations.
Origination Fees/Closing Costs
Hometown Bank's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 80 originations.
Interest Rates
During 2023, Hometown Bank's average interest rate for loans was 6.77%, while their most frequently originated rate bucket for loans was 6-7%, with 99 originations.
Loan Sizing
2023 saw Hometown Bank place emphasis on $100,000 or less loans with 93 originations, totaling $5,005,000 in origination value.
Applicant Income
Hometown Bank lent most frequently to those with incomes in the $150k-250k range, with 58 originations. The second most popular income band? $100k-150k, with 53 originations.
Applicant Debt to Income Ratio
Hometown Bank lent most frequently to those with DTI ratios of 20-30%, with 53 originations. The next most common DTI ratio? 30-36%, with 52 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications90.79%
Hometown Bank has an average approval rate.
Pick Rate
Approvals leading to origination88.26%
Hometown Bank has an average pick rate.
Points and Fees
Points | Originations | Total Value | Average Loan |
---|---|---|---|
0.0 | 208 | $38,060,000 | $182,981 |
1276.8 | 1 | $325,000 | $325,000 |
1801.8 | 1 | $145,000 | $145,000 |
187.0 | 1 | $105,000 | $105,000 |
2116.4 | 1 | $225,000 | $225,000 |
230.64 | 1 | $245,000 | $245,000 |
238.14 | 1 | $185,000 | $185,000 |
2773.8 | 1 | $205,000 | $205,000 |
382.85 | 1 | $125,000 | $125,000 |
48.4 | 1 | $25,000 | $25,000 |
530.86 | 1 | $245,000 | $245,000 |
633.36 | 1 | $155,000 | $155,000 |
NA | 28 | $8,210,000 | $293,214 |