Hometown Bank Mortgage Rates, Fees & Info

Redwood Falls, MN

LEI: 254900KSUTZO899YU680

Tax ID: 41-0498480

5 stars - Updated: 7/7/25 - out of 5 stars, based on 17 reviews

Latest/2024 | 2023 Data | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Relative Rates
  • Relative Fees
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Hometown Bank is a smaller bank specializing in Home Purchase 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, Hutchinson, and St. Cloud among others. We have data for 20 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. Hometown Bank is typically a low 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.

    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 6.74% 7/7/25
    30 Year Conventional Refi 6.26% 7/7/25
    30 Year Cash-out Refi 6.63% 7/7/25
    30 Year USDA Purchase 6.71% 7/7/25
    15 Year Conventional Purchase 6.54% 7/7/25
    15 Year Conventional Refi 5.84% 7/7/25
    15 Year Cash-out Refi 5.84% 7/7/25
    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

    283

    Origination Dollar Volume (All Markets)

    $70,875,000

    Awards

    HomeTown Bank 30 Year Conventional Loans silver
    Show all (1) awards

    Relative Rate

    Hometown Bank's average 30 year fixed mortgage rate was 6.72%.

    The 2024 average 30 year fixed rate mortgage across all markets and lenders was 6.55%.

    This yields a difference of 0.17%.

    Relative Fees (Closing Costs)

    Hometown Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $4,496.

    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 $8,356.

    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) 137 $41,105,000 $300,036 $4,505 7.08%
    Outside of Metro Areas 90 $16,590,000 $184,333 $3,648 7.15%
    MANKATO, MN (FHA|USDA|VA) 13 $2,995,000 $230,385 $2,572 6.75%
    Willmar, MN (FHA|USDA|VA) 6 $1,460,000 $243,333 $4,670 6.73%
    Hutchinson, MN (FHA|USDA|VA) 8 $1,210,000 $151,250 $2,720 7.03%
    ST. CLOUD, MN (FHA|USDA|VA) 3 $995,000 $331,667 $6,322 7.25%
    Marshall, MN (FHA|USDA|VA) 3 $875,000 $291,667 $4,124 5.58%
    Fairmont, MN (FHA|USDA|VA) 6 $860,000 $143,333 $3,983 6.40%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $715,000 $715,000 $0 8.25%
    Brainerd, MN (FHA|USDA|VA) 2 $690,000 $345,000 $3,461 6.96%
    Pella, IA (FHA|USDA|VA) 1 $575,000 $575,000 $8,247 6.38%
    Alexandria, MN (FHA|USDA|VA) 2 $530,000 $265,000 $4,924 6.56%
    Fergus Falls, MN (FHA|USDA|VA) 1 $485,000 $485,000 $8,012 6.88%
    New Ulm, MN (FHA|USDA|VA) 4 $460,000 $115,000 $2,649 7.05%
    Brookings, SD (FHA|USDA|VA) 1 $365,000 $365,000 $0 7.28%
    Red Wing, MN (FHA|USDA|VA) 1 $275,000 $275,000 $5,408 6.63%
    CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 1 $275,000 $275,000 $6,633 7.31%
    Grand Rapids, MN (FHA|USDA|VA) 1 $205,000 $205,000 $4,109 7.44%
    PANAMA CITY, FL (FHA|USDA|VA) 1 $175,000 $175,000 $0 8.25%
    Albert Lea, MN (FHA|USDA|VA) 1 $35,000 $35,000 $827 7.40%
    Hometown Bank's top markets include Minneapolis, Mankato, Willmar, Hutchinson, and St. Cloud among others.

    Their top states include:
  • Minnesota (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Iowa (FHA|USDA|VA)
  • South Dakota (FHA|USDA|VA)
  • North Dakota (FHA|USDA|VA)

    • 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.

    MY Credit Union
    Similarity Rank: 130
    SHAREPOINT CREDIT UNION
    Similarity Rank: 348
    ST. CLOUD FINANCIAL
    Similarity Rank: 742
    VERIDIAN CREDIT UNION
    Similarity Rank: 915
    Cornerstone State Bank
    Similarity Rank: 936
    TOPLINE FEDERAL CREDIT UNION
    Similarity Rank: 975
    Liberty Bank Minnesota
    Similarity Rank: 1188
    IDEAL
    Similarity Rank: 1200
    University of Wisconsin Credit Union
    Similarity Rank: 1295
    CENTRAL MINNESOTA Credit Union
    Similarity Rank: 1323

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 282 $70,630,000 $250,461 $4,067 7.05%
    USDA 1 $245,000 $245,000 $5,087 6.63%

    For 2024, Hometown Bank's most frequently originated type of loan was Conventional, with 282 originations. Their 2nd most popular type was USDA, with 1 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 135 $43,695,000 $323,667 $5,992 6.88%
    Other 46 $5,070,000 $110,217 $1,702 7.42%
    Cash Out Refi 44 $11,440,000 $260,000 $4,216 7.01%
    Refi 40 $9,650,000 $241,250 $2,789 6.83%
    Home Improvement 18 $1,020,000 $56,667 $1,102 7.96%

    For 2024, Hometown Bank's most frequently cited loan purpose was Home Purchase, with 135 originations. The 2nd most popular reason was Other, with 46 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 158 $40,820,000 $258,354 $4,496 6.72%
    Other 42 $6,420,000 $152,857 $1,155 7.83%
    10 Year 21 $1,105,000 $52,619 $1,009 7.82%
    20 Year 17 $2,705,000 $159,118 $2,500 7.86%
    15 Year 17 $2,445,000 $143,824 $2,538 7.44%
    30+ year 13 $11,375,000 $875,000 $13,127 4.47%
    5 Year 11 $1,415,000 $128,636 $640 8.26%
    1 Year 3 $1,325,000 $441,667 $0 7.92%
    3 Year 1 $3,265,000 $3,265,000 $0 7.99%

    For 2024, Hometown Bank's most frequently cited loan duration was 30 Year, with 158 originations. The 2nd most popular length was Other, with 42 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 70 $6,160,000 $88,000
    $1k-2k 54 $6,920,000 $128,148
    $2k-3k 44 $9,850,000 $223,864
    $3k-4k 30 $10,610,000 $353,667
    $5k+ 18 $15,870,000 $881,667
    $4k-5k 15 $5,865,000 $391,000

    Hometown Bank's average total fees were $4,496, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 70 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    7-8% 96 $20,550,000 $214,063
    6-7% 89 $22,605,000 $253,989
    Over 8% 55 $8,705,000 $158,273
    4-5% 15 $3,455,000 $230,333
    5-6% 15 $3,545,000 $236,333
    3-4% 13 $12,015,000 $924,231

    During 2024, Hometown Bank's average interest rate for loans was 6.72%, while their most frequently originated rate bucket for loans was 7-8%, with 96 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 95 $26,635,000 $280,368 $4,981 6.83%
    $100,000 or less 84 $3,990,000 $47,500 $1,122 7.77%
    $100k-200k 62 $8,860,000 $142,903 $3,269 6.80%
    $400k-600k 25 $12,055,000 $482,200 $6,588 7.01%
    $600k-1MM 10 $6,970,000 $697,000 $7,808 6.56%
    $1MM+ 7 $12,365,000 $1,766,429 $22,236 4.56%

    2024 saw Hometown Bank place emphasis on $200k-400k loans with 95 originations, totaling $26,635,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 64 $10,790,000 $168,594 $3,279 7.23%
    $150k-250k 46 $13,800,000 $300,000 $4,504 6.97%
    $250k+ 45 $22,685,000 $504,111 $7,923 6.67%
    $75k-100k 41 $6,885,000 $167,927 $3,359 6.73%
    $50k-75k 34 $3,570,000 $105,000 $2,644 6.62%
    $50k or less 17 $1,465,000 $86,176 $2,307 7.08%

    Hometown Bank lent most frequently to those with incomes in the $100k-150k range, with 64 originations. The second most popular income band? $150k-250k, with 46 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 63 $12,815,000 $203,413 $3,771 6.87%
    30-36% 49 $12,325,000 $251,531 $4,599 6.51%
    <20% 40 $11,460,000 $286,500 $3,990 6.76%
    36% 13 $3,025,000 $232,692 $4,522 7.20%
    43% 10 $2,590,000 $259,000 $4,395 6.80%
    38% 9 $1,845,000 $205,000 $3,326 7.15%
    39% 8 $1,310,000 $163,750 $3,248 7.42%
    40% 8 $1,270,000 $158,750 $2,654 7.74%
    41% 7 $3,085,000 $440,714 $7,458 6.37%
    37% 7 $945,000 $135,000 $2,868 7.03%
    >60% 4 $500,000 $125,000 $2,237 7.79%
    42% 4 $730,000 $182,500 $3,266 6.71%
    46% 4 $910,000 $227,500 $3,858 7.22%
    44% 3 $435,000 $145,000 $3,350 7.01%
    45% 3 $645,000 $215,000 $3,590 6.18%
    48% 2 $2,290,000 $1,145,000 $15,843 5.25%
    49% 1 $175,000 $175,000 $0 8.25%
    50-60% 1 $125,000 $125,000 $0 9.10%

    Hometown Bank lent most frequently to those with DTI ratios of 20-30%, with 63 originations. The next most common DTI ratio? 30-36%, with 49 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 239 $56,245,000 $235,335 $3,991 6.95%
    Not applicable 30 $10,240,000 $341,333 $0 8.03%
    Not provided 10 $3,510,000 $351,000 $5,798 6.39%
    Asian 3 $815,000 $271,667 $5,077 6.96%
    American Indian 1 $65,000 $65,000 $1,292 7.32%

    Approval Rates

    Total approvals of all applications
    93.47%

    Hometown Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    88.69%

    Hometown Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 283 $70,875,000 $250,442

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    283 $70,875,000 $250,442

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 36 $4,630,000 $128,611 $2,221 7.06%
    40-60% 28 $7,290,000 $260,357 $3,465 7.23%
    60-80% 98 $32,400,000 $330,612 $5,608 6.84%
    80-100% 65 $22,995,000 $353,769 $6,224 6.55%
    Over 100% 2 $820,000 $410,000 $5,856 7.86%
    Under 20% 54 $2,740,000 $50,741 $949 7.91%