Hometown Bank Mortgage Rates, Fees & Info

Redwood Falls, MN

LEI: 254900KSUTZO899YU680

Tax ID: 41-0498480

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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • 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)

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • Review & Overview

    Hometown Bank is a smaller bank specializing in Home Purchase and Cash Out Refi loans. Hometown Bank has a high proportion of conventional loans. Their top markets by origination volume include: Minneapolis, Mankato, Willmar, Rochester, and Brainerd among others. We have data for 15 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 an above 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
    Home Equity Line of Credit (HELOC) 6.27% 5/4/24
    30 Year Conventional Purchase 6.69% 5/4/24
    30 Year Conventional Refi 6.68% 5/4/24
    30 Year Cash-out Refi 6.54% 5/4/24
    15 Year Conventional Purchase 6.49% 5/4/24
    15 Year Conventional Refi 6.06% 5/4/24
    15 Year Cash-out Refi 6.06% 5/4/24
    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

    377

    Origination Dollar Volume (All Markets)

    $56,615,000

    Employee count

    89

    Awards

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

    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) 169 $29,395,000 $173,935 $2,619 5.08%
    Outside of Metro Areas 123 $13,325,000 $108,333 $2,223 4.87%
    MANKATO, MN (FHA|USDA|VA) 26 $4,340,000 $166,923 $2,973 4.74%
    Willmar, MN (FHA|USDA|VA) 13 $2,075,000 $159,615 $2,741 5.12%
    ROCHESTER, MN (FHA|USDA|VA) 13 $1,815,000 $139,615 $3,225 4.63%
    Brainerd, MN (FHA|USDA|VA) 4 $1,140,000 $285,000 $2,859 4.97%
    Red Wing, MN (FHA|USDA|VA) 4 $840,000 $210,000 $4,120 4.47%
    Marshall, MN (FHA|USDA|VA) 7 $745,000 $106,429 $2,540 4.88%
    Owatonna, MN (FHA|USDA|VA) 3 $665,000 $221,667 $4,980 4.79%
    ST. CLOUD, MN (FHA|USDA|VA) 2 $640,000 $320,000 $5,542 4.56%
    New Ulm, MN (FHA|USDA|VA) 5 $595,000 $119,000 $3,346 4.68%
    Austin, MN (FHA|USDA|VA) 2 $330,000 $165,000 $4,125 4.75%
    Hutchinson, MN (FHA|USDA|VA) 3 $325,000 $108,333 $3,454 4.86%
    Albert Lea, MN (FHA|USDA|VA) 2 $220,000 $110,000 $3,246 4.50%
    Bemidji, MN (FHA|USDA|VA) 1 $165,000 $165,000 $3,684 4.13%
    Hometown Bank's top markets include Minneapolis, Mankato, Willmar, Rochester, and Brainerd among others.

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

    IOWA BANKERS MORTGAGE CORPORATION
    Similarity Rank: 106
    First Alliance Credit Union
    Similarity Rank: 405
    Cornerstone State Bank
    Similarity Rank: 408
    Manufacturers Bank & Trust Company
    Similarity Rank: 456
    MAYO EMPLOYEES FEDERAL CREDIT UNION
    Similarity Rank: 540
    MEMBERS COOPERATIVE
    Similarity Rank: 630
    WESTconsin Credit Union
    Similarity Rank: 795
    SHAREPOINT CREDIT UNION
    Similarity Rank: 816
    South Metro Federal Credit Union
    Similarity Rank: 882
    First National Bank of Elk River
    Similarity Rank: 984

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 375 $56,315,000 $150,173 $2,621 4.94%
    HELOC 2 $300,000 $150,000 n/a 5.63%

    For 2018, Hometown Bank's most frequently originated type of loan was Conventional, with 375 originations. Their 2nd most popular type was HELOC, with 2 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 205 $32,165,000 $156,902 $3,182 4.81%
    Cash Out Refi 71 $11,655,000 $164,155 $2,476 4.82%
    Refi 50 $10,340,000 $206,800 $2,577 4.72%
    Other 30 $1,710,000 $57,000 $905 5.95%
    Home Improvement 21 $745,000 $35,476 $614 5.71%

    For 2018, Hometown Bank's most frequently cited loan purpose was Home Purchase, with 205 originations. The 2nd most popular reason was Cash Out Refi, with 71 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 189 $38,365,000 $202,989 $3,423 4.68%
    5 Year 72 $5,380,000 $74,722 $1,007 5.65%
    20 Year 43 $6,405,000 $148,953 $2,521 4.81%
    15 Year 40 $3,860,000 $96,500 $2,159 4.57%
    Other 13 $1,285,000 $98,846 $910 5.57%
    10 Year 11 $505,000 $45,909 $1,150 5.50%
    1 Year 5 $455,000 $91,000 $1,389 5.17%
    3 Year 4 $360,000 $90,000 $1,671 5.67%

    For 2018, Hometown Bank's most frequently cited loan duration was 30 Year, with 189 originations. The 2nd most popular length was 5 Year, with 72 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 138 $12,580,000 $91,159
    $1k-2k 104 $14,620,000 $140,577
    $2k-3k 53 $12,325,000 $232,547
    $3k-4k 17 $5,705,000 $335,588
    $4k-5k 10 $4,170,000 $417,000

    Hometown Bank's average total fees were $3,423, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 138 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 247 $43,085,000 $174,433
    5-6% 78 $8,030,000 $102,949
    6-7% 25 $1,455,000 $58,200
    3-4% 19 $3,735,000 $196,579
    7-8% 5 $235,000 $47,000
    Over 8% 3 $75,000 $25,000

    During 2018, Hometown Bank's average interest rate for loans was 4.68%, while their most frequently originated rate bucket for loans was 4-5%, with 247 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 145 $7,295,000 $50,310 $1,273 5.39%
    $100k-200k 134 $19,610,000 $146,343 $2,850 4.72%
    $200k-400k 84 $23,250,000 $276,786 $4,152 4.55%
    $400k-600k 13 $5,855,000 $450,385 $4,750 4.75%
    $600k-1MM 1 $605,000 $605,000 $5,449 5.87%

    2018 saw Hometown Bank place emphasis on $100,000 or less loans with 145 originations, totaling $7,295,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 95 $17,175,000 $180,789 $2,930 4.85%
    $50k-75k 80 $9,880,000 $123,500 $2,423 4.92%
    $75k-100k 60 $7,850,000 $130,833 $2,469 4.99%
    $150k-250k 59 $12,035,000 $203,983 $2,985 5.14%
    $50k or less 59 $5,095,000 $86,356 $2,094 4.81%
    $250k+ 11 $2,865,000 $260,455 $3,328 4.91%

    Hometown Bank lent most frequently to those with incomes in the $100k-150k range, with 95 originations. The second most popular income band? $50k-75k, with 80 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 129 $21,445,000 $166,240 $2,924 4.78%
    30-36% 80 $11,150,000 $139,375 $2,339 5.20%
    <20% 59 $7,295,000 $123,644 $2,333 4.70%
    38% 13 $1,765,000 $135,769 $2,525 5.05%
    36% 12 $1,650,000 $137,500 $2,510 4.87%
    41% 12 $2,370,000 $197,500 $2,720 5.00%
    37% 12 $2,290,000 $190,833 $2,801 5.03%
    42% 8 $1,520,000 $190,000 $2,507 5.14%
    >60% 7 $895,000 $127,857 $3,167 5.49%
    39% 7 $1,055,000 $150,714 $3,886 4.64%
    40% 6 $810,000 $135,000 $3,083 4.90%
    45% 4 $750,000 $187,500 $3,495 5.09%
    46% 4 $780,000 $195,000 $944 5.15%
    44% 3 $365,000 $121,667 $2,861 5.08%
    50-60% 2 $130,000 $65,000 $149 5.29%
    47% 2 $220,000 $110,000 $3,684 4.99%
    48% 1 $55,000 $55,000 $500 5.99%
    49% 1 $185,000 $185,000 $114 5.25%

    Hometown Bank lent most frequently to those with DTI ratios of 20-30%, with 129 originations. The next most common DTI ratio? 30-36%, with 80 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 357 $52,905,000 $148,193 $2,607 4.93%
    Not applicable 13 $1,715,000 $131,923 $0 5.27%
    Not provided 3 $875,000 $291,667 $4,203 5.00%
    American Indian 3 $805,000 $268,333 $2,431 4.96%
    Black 1 $315,000 $315,000 $2,914 4.13%

    Approval Rates

    Total approvals of all applications
    91.01%

    Hometown Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    95.23%

    Hometown Bank has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 377 $56,615,000 $150,172

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 4 $510,000 $127,500
    Single Family (1-4 Units):Site-Built 373 $56,105,000 $150,416

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 29 $2,035,000 $70,172 $1,295 5.45%
    40-60% 32 $4,290,000 $134,063 $2,324 4.66%
    60-80% 148 $27,910,000 $188,581 $3,254 4.66%
    80-100% 112 $19,900,000 $177,679 $3,239 4.75%
    Over 100% 2 $620,000 $310,000 $4,078 5.00%
    Under 20% 54 $1,860,000 $34,444 $561 6.00%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    HUNTINGTON NATIONAL BANK, THE Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 2.4%
    HUNTINGTON NATIONAL BANK, THE Conventional home mortgage Closing on a mortgage 2 4.9%
    HUNTINGTON NATIONAL BANK, THE Conventional home mortgage Struggling to pay mortgage 4 9.8%
    HUNTINGTON NATIONAL BANK, THE Conventional home mortgage Trouble during payment process 13 31.7%
    HUNTINGTON NATIONAL BANK, THE FHA mortgage Applying for a mortgage or refinancing an existing mortgage 1 2.4%
    HUNTINGTON NATIONAL BANK, THE FHA mortgage Trouble during payment process 3 7.3%
    HUNTINGTON NATIONAL BANK, THE Home equity loan or line of credit (HELOC) Applying for a mortgage or refinancing an existing mortgage 2 4.9%
    HUNTINGTON NATIONAL BANK, THE Home equity loan or line of credit (HELOC) Struggling to pay mortgage 1 2.4%
    HUNTINGTON NATIONAL BANK, THE Home equity loan or line of credit (HELOC) Trouble during payment process 5 12.2%
    HUNTINGTON NATIONAL BANK, THE Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 1 2.4%
    HUNTINGTON NATIONAL BANK, THE Other type of mortgage Trouble during payment process 7 17.1%
    HUNTINGTON NATIONAL BANK, THE VA mortgage Closing on a mortgage 1 2.4%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    HomeTown Bank 1000 East Cook St Redwood Falls, MN 56283 Full Service B&M $36,244
    HomeTown Bank 101 Creek Lane S Jordan, MN 55352 Full Service B&M $36,444
    HomeTown Bank 102 South Third Street St. Peter, MN 56082 Full Service B&M $31,032
    HomeTown Bank 1115 West Lincoln Avenue Olivia, MN 56277 Full Service B&M $44,155
    HomeTown Bank 115 1st Avenue East Shakopee, MN 55379 Full Service B&M $2,953
    HomeTown Bank 309 N. Main St. Le Sueur, MN 56058 Full Service B&M $17,437
    HomeTown Bank 326 Broadway Cleveland, MN 56017 Full Service B&M $36,313
    HomeTown Bank 409 Main Street Henderson, MN 56044 Full Service B&M $11,417
    HomeTown Bank 641 Marketplace Drive Waconia, MN 55387 Full Service B&M $38,559
    HomeTown Bank 950 Vierling Drive West Eden Prairie, MN 55347 Full Service B&M $3,120

    For 2018, Hometown Bank had 10 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $13,124
    Net interest income $12,041
    Total noninterest income $3,034
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $473
    Trading account gains and fees $0
    Additional Noninterest Income $2,561
    Pre-tax net operating income $4,587
    Securities gains (or losses, -) $0
    Income before extraordinary items $3,332
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $3,332
    Minority interest net income $0
    Net income $3,332
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $3,332

    Hometown Bank's gross interest income from loans was $13,124,000.
    Hometown Bank's net interest income from loans was $12,041,000.
    Hometown Bank's fee based income from loans was $473,000.
    Hometown Bank's net income from loans was $3,332,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $1,083
    Provision for credit losses $399
    Total noninterest expense $10,089
    Salaries and employee benefits $6,308
    Premises and equipment expense $1,421
    Additional noninterest expense $2,360
    Applicable income taxes $1,255
    Net charge-offs $6
    Cash dividends $1,500

    Hometown Bank's interest expense for loans was $1,083,000.
    Hometown Bank's payroll and benefits expense were $6,308,000.
    Hometown Bank's property, plant and equipment expenses $1,421,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 0.0%
    Real Estate loans 0.0%
    Construction & Land Development loans 0.0%
    Nonfarm, nonresidential loans 0.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 0.0%
    HELOC loans 0.0%
    All other family 0.0%
    Commercial & industrial loans 0.0%
    Personal loans 0.0%
    Credit card loans 0.0%
    Other individual loans 0.0%
    Auto loans 0.0%
    Other consumer loans 0.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $262,889
    Deposits held in domestic offices $262,889
    Deposits by Individuals, partnerships, and corporations $242,185
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $18,741
    Deposits by Commercial banks and other depository institutions in U.S. $1,963
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $133,405
    Demand deposits $129,528
    Nontransaction accounts $129,484
    Money market deposit accounts (MMDAs) $96,975
    Other savings deposits (excluding MMDAs) $1,459
    Total time deposits $31,050
    Total time and savings deposits $133,361
    Noninterest-bearing deposits $70,441
    Interest-bearing deposits $192,448
    Retail deposits $259,166
    IRAs and Keogh plan accounts $4,351
    Brokered deposits $5
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $318,656
    Cash & Balances due from depository institutions $14,959
    Interest-bearing balances $8,122
    Total securities $43,099
    Federal funds sold & reverse repurchase $0
    Net loans and leases $227,345
    Loan and leases loss allowance $3,865
    Trading account assets $0
    Bank premises and fixed assets $15,908
    Other real estate owned $0
    Goodwill and other intangibles $5,803
    All other assets $11,542

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $318,656
    Total Liabilities $282,661
    Total deposits $262,889
    Interest-bearing deposits $192,448
    Deposits held in domestic offices $262,889
    % insured (estimated) $85
    Federal funds purchased and repurchase agreements $804
    Trading liabilities $0
    Other borrowed funds $15,804
    Subordinated debt $0
    All other liabilities $3,164

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $227,345
    Loan and leases loss allowance $3,865
    Total loans and leases (domestic) $231,210
    All real estate loans $168,226
    Real estate loans in domestic offices $168,226
    Construction and development loans $13,332
    Residential 1-4 family construction $4,360
    Other construction, all land development and other land $8,972
    Loans secured by nonfarm nonresidential properties $49,747
    Nonfarm nonresidential secured by owner-occupied properties $26,998
    Commercial real estate & other non-farm, non-residential $22,749
    Multifamily residential real estate $5,107
    1-4 family residential loans $78,874
    Farmland loans $21,166
    Loans held in foreign offices $0
    Farm loans $23,097
    Commercial and industrial loans $30,613
    To non-U.S. addressees $0
    Loans to individuals $9,136
    Credit card loans $0
    Related Plans $637
    Consumer Auto Loans $5,629
    Other loans to individuals $2,870
    All other loans & leases $138
    Loans to foreign governments and official institutions $0
    Other loans $81
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $86
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $3
    Non 1-4 family restructured loans & leases $3
    Total loans and leases (foreign) $0

    HomeTown Bank had $227,345,000 of loans outstanding in 2018. $168,226,000 of loans were in real estate loans. $13,332,000 of loans were in development loans. $5,107,000 of loans were in multifamily mortgage loans. $78,874,000 of loans were in 1-4 family mortgage loans. $23,097,000 of loans were in farm loans. $0 of loans were in credit card loans. $5,629,000 of loans were in the auto loan category.

    Small Business Loans

    Categorization # of Loans in Category $ amount of loans (in 000's) Average $/loan
    Nonfarm, nonresidential loans - <$1MM 150 $23,099 $153,993
    Nonfarm, nonresidential loans - <$100k 48 $1,940 $40,417
    Nonfarm, nonresidential loans - $100-250k 62 $7,584 $122,323
    Nonfarm, nonresidential loans - $250k-1MM 40 $13,575 $339,375
    Commercial & Industrial, US addressed loans - <$1MM 261 $18,777 $71,943
    Commercial & Industrial, US addressed loans - <$100k 184 $3,845 $20,897
    Commercial & Industrial, US addressed loans - $100-250k 46 $4,755 $103,370
    Commercial & Industrial, US addressed loans - $250k-1MM 31 $10,177 $328,290
    Farmland loans - <$1MM 65 $7,348 $113,046
    Farmland loans - <$100k 33 $1,530 $46,364
    Farmland loans - $100-250k 19 $2,622 $138,000
    Farmland loans - $250k-1MM 13 $3,196 $245,846
    Agriculture operations loans - <$1MM 105 $8,889 $84,657
    Agriculture operations loans - <$100k 59 $1,071 $18,153
    Agriculture operations loans - $100-250k 24 $1,792 $74,667
    Agriculture operations loans - $250k-1MM 22 $6,026 $273,909