Hometown Bank Mortgage Rates, Fees & Info

Redwood Falls, MN

LEI: 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.

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
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

247

Origination Dollar Volume (All Markets)

$48,255,000

Relative 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%
Hometown Bank's top markets include Minneapolis, Mankato, Willmar, Marshall, and Faribault among others.

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

    South Metro Federal Credit Union
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    Liberty Bank Minnesota
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    ST. CLOUD FINANCIAL
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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

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 105 $24,305,000 $231,476 $0 6.79%
    Other 54 $4,460,000 $82,593 $0 7.11%
    Refi 39 $11,525,000 $295,513 $0 6.48%
    Cash Out Refi 36 $7,050,000 $195,833 $0 7.09%
    Home Improvement 13 $915,000 $70,385 $0 7.52%

    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

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 131 $32,935,000 $251,412 $0 6.77%
    15 Year 35 $3,465,000 $99,000 $0 6.77%
    Other 25 $6,575,000 $263,000 $0 7.37%
    20 Year 25 $2,625,000 $105,000 $0 6.97%
    10 Year 17 $925,000 $54,412 $0 7.48%
    5 Year 10 $490,000 $49,000 $0 7.09%
    30+ year 3 $1,135,000 $378,333 $0 4.75%
    1 Year 1 $105,000 $105,000 $0 8.00%

    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

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 80 $5,810,000 $72,625
    $1k-2k 54 $7,300,000 $135,185
    $2k-3k 43 $10,235,000 $238,023
    $3k-4k 22 $7,960,000 $361,818
    $5k+ 10 $4,920,000 $492,000
    $4k-5k 9 $3,415,000 $379,444

    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

    Loan Rate Originations Total Value Average Loan
    6-7% 99 $19,405,000 $196,010
    7-8% 79 $16,705,000 $211,456
    5-6% 42 $8,690,000 $206,905
    Over 8% 24 $2,940,000 $122,500
    3-4% 2 $490,000 $245,000
    % 1 $25,000 $25,000

    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

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 93 $5,005,000 $53,817 $0 7.08%
    $200k-400k 66 $18,160,000 $275,152 $0 6.81%
    $100k-200k 58 $8,240,000 $142,069 $0 6.77%
    $400k-600k 20 $9,630,000 $481,500 $0 6.56%
    $600k-1MM 10 $7,220,000 $722,000 $0 7.11%

    2023 saw Hometown Bank place emphasis on $100,000 or less loans with 93 originations, totaling $5,005,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 58 $12,850,000 $221,552 $0 6.92%
    $100k-150k 53 $9,355,000 $176,509 $0 6.93%
    $50k-75k 47 $6,405,000 $136,277 $0 6.69%
    $75k-100k 35 $5,475,000 $156,429 $0 6.90%
    $250k+ 26 $8,000,000 $307,692 $0 6.75%
    $50k or less 13 $1,015,000 $78,077 $0 6.93%

    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

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 53 $8,415,000 $158,774 $0 6.76%
    30-36% 52 $9,100,000 $175,000 $0 6.84%
    <20% 27 $4,135,000 $153,148 $0 6.64%
    42% 17 $3,355,000 $197,353 $0 7.25%
    38% 16 $3,340,000 $208,750 $0 6.73%
    37% 15 $3,325,000 $221,667 $0 6.62%
    41% 9 $3,155,000 $350,556 $0 7.10%
    36% 8 $930,000 $116,250 $0 6.82%
    39% 7 $655,000 $93,571 $0 7.34%
    40% 5 $1,095,000 $219,000 $0 6.45%
    >60% 3 $1,175,000 $391,667 $0 7.64%
    43% 3 $855,000 $285,000 $0 5.77%
    44% 3 $575,000 $191,667 $0 7.29%
    50-60% 3 $685,000 $228,333 $0 7.13%
    49% 1 $335,000 $335,000 $0 6.13%
    45% 1 $105,000 $105,000 $0 7.76%
    48% 1 $525,000 $525,000 $0 6.00%

    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

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 219 $39,855,000 $181,986 $0 6.87%
    Not applicable 14 $5,130,000 $366,429 $0 7.42%
    Not provided 10 $2,590,000 $259,000 $0 6.58%
    Asian 3 $515,000 $171,667 $0 7.56%
    American Indian 1 $165,000 $165,000 $0 6.63%

    Approval Rates

    Total approvals of all applications
    90.79%

    Hometown Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    88.26%

    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

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    247 $48,255,000 $195,364

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 48 $6,650,000 $138,542 $0 6.96%
    40-60% 17 $5,095,000 $299,706 $0 6.82%
    60-80% 62 $18,890,000 $304,677 $0 6.80%
    80-100% 62 $14,470,000 $233,387 $0 6.71%
    Over 100% 1 $505,000 $505,000 $0 7.37%
    Under 20% 57 $2,645,000 $46,404 $0 7.15%