Hometown Bank Mortgage Rates, Fees & Info
Redwood Falls, MNLEI: 254900KSUTZO899YU680
Tax ID: 41-0498480
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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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 6.27% | 4/18/24 |
| 30 Year Conventional Purchase | 6.69% | 4/18/24 |
| 30 Year Conventional Refi | 6.68% | 4/18/24 |
| 30 Year Cash-out Refi | 6.54% | 4/18/24 |
| 15 Year Conventional Purchase | 6.49% | 4/18/24 |
| 15 Year Conventional Refi | 6.06% | 4/18/24 |
| 15 Year Cash-out Refi | 6.06% | 4/18/24 |
| 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™
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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
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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 |