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™
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    • 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 Cash Out Refi, Refi, and Home Purchase loans. Hometown Bank has a high proportion of conventional loans. Their top markets by origination volume include: Minneapolis, Mankato, Hutchinson, Fairmont, and Rochester among others. We have data for 29 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
    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™ 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

    1,173

    Origination Dollar Volume (All Markets)

    $247,245,000

    Employee count

    103 Show all (6) 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) 552 $140,180,000 $253,949 $3,953 2.99%
    Outside of Metro Areas 295 $43,275,000 $146,695 $3,193 2.93%
    MANKATO, MN (FHA|USDA|VA) 78 $16,360,000 $209,744 $3,336 3.14%
    Hutchinson, MN (FHA|USDA|VA) 43 $7,305,000 $169,884 $3,611 2.84%
    Fairmont, MN (FHA|USDA|VA) 34 $6,410,000 $188,529 $3,762 2.81%
    ROCHESTER, MN (FHA|USDA|VA) 25 $4,795,000 $191,800 $3,733 2.76%
    Owatonna, MN (FHA|USDA|VA) 25 $4,475,000 $179,000 $4,206 2.69%
    Willmar, MN (FHA|USDA|VA) 19 $4,245,000 $223,421 $3,957 3.21%
    New Ulm, MN (FHA|USDA|VA) 17 $2,235,000 $131,471 $3,427 2.76%
    Brainerd, MN (FHA|USDA|VA) 8 $1,950,000 $243,750 $4,823 2.98%
    Marshall, MN (FHA|USDA|VA) 13 $1,825,000 $140,385 $3,086 2.66%
    ST. CLOUD, MN (FHA|USDA|VA) 7 $1,815,000 $259,286 $4,446 3.05%
    Albert Lea, MN (FHA|USDA|VA) 9 $1,695,000 $188,333 $4,275 2.74%
    Austin, MN (FHA|USDA|VA) 13 $1,685,000 $129,615 $3,404 2.79%
    Fergus Falls, MN (FHA|USDA|VA) 6 $1,640,000 $273,333 $4,939 2.75%
    SIOUX FALLS, SD (FHA|USDA|VA) 4 $1,180,000 $295,000 $3,700 2.91%
    Red Wing, MN (FHA|USDA|VA) 5 $1,115,000 $223,000 $3,851 2.98%
    Alexandria, MN (FHA|USDA|VA) 5 $1,045,000 $209,000 $4,449 2.83%
    Faribault-Northfield, MN (FHA|USDA|VA) 4 $780,000 $195,000 $3,330 3.00%
    Williston, ND (FHA|USDA|VA) 1 $505,000 $505,000 $0 2.75%
    NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $485,000 $485,000 $2,900 3.50%
    Gillette, WY (FHA|USDA|VA) 1 $465,000 $465,000 $6,091 2.75%
    Spirit Lake, IA (FHA|USDA|VA) 1 $455,000 $455,000 $2,440 2.88%
    Worthington, MN (FHA|USDA|VA) 2 $350,000 $175,000 $4,548 2.94%
    AMES, IA (FHA|USDA|VA) 1 $345,000 $345,000 $5,179 2.88%
    Winona, MN (FHA|USDA|VA) 1 $215,000 $215,000 $4,658 3.38%
    GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 1 $155,000 $155,000 $2,935 2.38%
    Grand Rapids, MN (FHA|USDA|VA) 1 $135,000 $135,000 $3,410 4.25%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $125,000 $125,000 $2,831 2.25%
    Hometown Bank's top markets include Minneapolis, Mankato, Hutchinson, Fairmont, and Rochester among others.

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

    Peoples Bank Midwest
    Similarity Rank: 608
    Liberty Bank Minnesota
    Similarity Rank: 882
    First Dakota National Bank
    Similarity Rank: 1517
    Anoka Hennepin Credit Union
    Similarity Rank: 1564
    MAYO EMPLOYEES FEDERAL CREDIT UNION
    Similarity Rank: 1596
    VALLEY MORTGAGE, INC.
    Similarity Rank: 1876
    TOPLINE FEDERAL CREDIT UNION
    Similarity Rank: 1946
    ST. CLOUD FINANCIAL
    Similarity Rank: 1976
    CENTRAL MINNESOTA Credit Union
    Similarity Rank: 2175
    South Metro Federal Credit Union
    Similarity Rank: 2244

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,173 $247,245,000 $210,780 $3,692 2.95%

    For 2020, Hometown Bank's most frequently originated type of loan was Conventional, with 1,173 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 454 $97,100,000 $213,877 $3,727 2.94%
    Refi 452 $97,240,000 $215,133 $3,566 2.80%
    Home Purchase 243 $50,815,000 $209,115 $4,109 3.06%
    Other 17 $1,865,000 $109,706 $981 5.04%
    Home Improvement 7 $225,000 $32,143 $743 5.26%

    For 2020, Hometown Bank's most frequently cited loan purpose was Cash Out Refi, with 454 originations. The 2nd most popular reason was Refi, with 452 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 543 $132,375,000 $243,785 $4,045 3.05%
    15 Year 393 $70,475,000 $179,326 $3,404 2.60%
    20 Year 163 $33,375,000 $204,755 $3,741 3.05%
    Other 39 $6,965,000 $178,590 $2,817 3.39%
    10 Year 17 $2,745,000 $161,471 $2,452 3.25%
    5 Year 16 $890,000 $55,625 $1,170 5.38%
    1 Year 1 $405,000 $405,000 $6,309 5.50%
    3 Year 1 $15,000 $15,000 $0 6.12%

    For 2020, Hometown Bank's most frequently cited loan duration was 30 Year, with 543 originations. The 2nd most popular length was 15 Year, with 393 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 394 $57,870,000 $146,878
    $2k-3k 305 $68,455,000 $224,443
    $<1k 216 $33,030,000 $152,917
    $3k-4k 143 $46,835,000 $327,517
    $4k-5k 47 $19,635,000 $417,766
    $5k+ 25 $13,375,000 $535,000

    Hometown Bank's average total fees were $4,045, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 394 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 481 $112,425,000 $233,732
    <2.5% 334 $56,630,000 $169,551
    3-4% 276 $66,440,000 $240,725
    4-5% 63 $9,465,000 $150,238
    5-6% 13 $2,055,000 $158,077
    6-7% 3 $115,000 $38,333
    Over 8% 2 $90,000 $45,000
    7-8% 1 $25,000 $25,000

    During 2020, Hometown Bank's average interest rate for loans was 3.05%, while their most frequently originated rate bucket for loans was 2.5-3%, with 481 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 447 $123,405,000 $276,074 $4,368 2.92%
    $100k-200k 432 $64,770,000 $149,931 $3,163 2.81%
    $100,000 or less 199 $13,255,000 $66,608 $2,138 3.29%
    $400k-600k 93 $43,515,000 $467,903 $5,890 3.03%
    $1MM+ 2 $2,300,000 $1,150,000 $16,546 4.30%

    2020 saw Hometown Bank place emphasis on $200k-400k loans with 447 originations, totaling $123,405,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 330 $70,100,000 $212,424 $3,685 2.91%
    $150k-250k 263 $72,875,000 $277,091 $4,254 2.93%
    $75k-100k 193 $33,565,000 $173,912 $3,442 2.96%
    $50k-75k 186 $27,400,000 $147,312 $3,222 3.00%
    $50k or less 107 $10,765,000 $100,607 $2,660 2.92%
    $250k+ 88 $30,690,000 $348,750 $4,809 2.96%

    Hometown Bank lent most frequently to those with incomes in the $100k-150k range, with 330 originations. The second most popular income band? $150k-250k, with 263 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 451 $95,635,000 $212,051 $3,726 2.90%
    <20% 285 $56,195,000 $197,175 $3,499 2.75%
    30-36% 208 $43,530,000 $209,279 $3,739 2.99%
    42% 30 $6,220,000 $207,333 $3,795 3.21%
    36% 27 $6,165,000 $228,333 $3,784 3.15%
    41% 26 $5,800,000 $223,077 $3,664 3.37%
    37% 26 $5,650,000 $217,308 $3,601 3.16%
    38% 26 $5,620,000 $216,154 $3,826 2.96%
    40% 24 $5,530,000 $230,417 $3,831 3.02%
    39% 23 $5,295,000 $230,217 $3,824 3.26%
    43% 9 $1,905,000 $211,667 $3,980 2.78%
    45% 7 $1,415,000 $202,143 $4,305 3.18%
    44% 7 $1,605,000 $229,286 $3,149 3.15%
    50-60% 7 $1,915,000 $273,571 $5,916 4.27%
    48% 4 $1,200,000 $300,000 $4,160 3.62%
    46% 4 $1,440,000 $360,000 $5,288 3.81%
    >60% 1 $55,000 $55,000 $0 5.00%

    Hometown Bank lent most frequently to those with DTI ratios of 20-30%, with 451 originations. The next most common DTI ratio? <20%, with 285 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,135 $238,655,000 $210,269 $3,686 2.94%
    Not provided 23 $4,695,000 $204,130 $3,854 3.01%
    Not applicable 6 $1,850,000 $308,333 $0 4.87%
    Black 5 $1,045,000 $209,000 $3,568 2.95%
    American Indian 2 $640,000 $320,000 $5,788 2.88%
    Asian 2 $360,000 $180,000 $3,417 3.00%

    Approval Rates

    Total approvals of all applications
    91.12%

    Hometown Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    88.92%

    Hometown Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,173 $247,245,000 $210,780

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 8 $1,150,000 $143,750
    Single Family (1-4 Units):Site-Built 1,165 $246,095,000 $211,240

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 78 $11,150,000 $142,949 $2,904 2.79%
    40-60% 242 $45,760,000 $189,091 $3,432 2.72%
    60-80% 562 $132,210,000 $235,249 $3,952 2.93%
    80-100% 253 $56,225,000 $222,233 $3,993 3.03%
    Over 100% 1 $55,000 $55,000 $0 5.00%
    Under 20% 37 $1,845,000 $49,865 $869 4.48%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    HomeTown Lenders, LLC Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 50.0%
    HomeTown Lenders, LLC Other type of mortgage Closing on a mortgage 1 50.0%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Hometown Bank 100 17th Ave W Shakopee, MN 55379 Full Service B&M $460
    Hometown Bank 1000 East Cook St Redwood Falls, MN 56283 Full Service B&M $39,822
    Hometown Bank 101 Creek Lane S Jordan, MN 55352 Full Service B&M $54,741
    Hometown Bank 102 South Third Street St. Peter, MN 56082 Full Service B&M $41,115
    Hometown Bank 1115 West Lincoln Avenue Olivia, MN 56277 Full Service B&M $49,437
    Hometown Bank 309 N. Main St. Le Sueur, MN 56058 Full Service B&M $21,723
    Hometown Bank 326 Broadway Cleveland, MN 56017 Full Service B&M $32,861
    Hometown Bank 409 Main Street Henderson, MN 56044 Full Service B&M $13,268
    Hometown Bank 641 Marketplace Drive Waconia, MN 55387 Full Service B&M $83,556
    Hometown Bank 950 Vierling Drive West Eden Prairie, MN 55347 Full Service B&M $20,521

    For 2020, Hometown Bank had 10 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $15,688
    Net interest income $14,002
    Total noninterest income $9,192
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $362
    Trading account gains and fees $0
    Additional Noninterest Income $8,830
    Pre-tax net operating income $10,369
    Securities gains (or losses, -) $26
    Income before extraordinary items $7,467
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $7,467
    Minority interest net income $0
    Net income $7,467
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $7,446

    Hometown Bank's gross interest income from loans was $15,688,000.
    Hometown Bank's net interest income from loans was $14,002,000.
    Hometown Bank's fee based income from loans was $362,000.
    Hometown Bank's net income from loans was $7,467,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $1,686
    Provision for credit losses $55
    Total noninterest expense $12,770
    Salaries and employee benefits $8,149
    Premises and equipment expense $1,453
    Additional noninterest expense $3,168
    Applicable income taxes $2,928
    Net charge-offs $-45
    Cash dividends $2,450

    Hometown Bank's interest expense for loans was $1,686,000.
    Hometown Bank's payroll and benefits expense were $8,149,000.
    Hometown Bank's property, plant and equipment expenses $1,453,000.

    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 1.0%
    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 $411,024
    Deposits held in domestic offices $411,024
    Deposits by Individuals, partnerships, and corporations $394,544
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $16,012
    Deposits by Commercial banks and other depository institutions in U.S. $468
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $245,733
    Demand deposits $243,575
    Nontransaction accounts $165,291
    Money market deposit accounts (MMDAs) $87,351
    Other savings deposits (excluding MMDAs) $43,826
    Total time deposits $34,114
    Total time and savings deposits $167,449
    Noninterest-bearing deposits $116,392
    Interest-bearing deposits $294,632
    Retail deposits $405,860
    IRAs and Keogh plan accounts $4,484
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $469,471
    Cash & Balances due from depository institutions $14,867
    Interest-bearing balances $11,600
    Total securities $177,272
    Federal funds sold & reverse repurchase $1,440
    Net loans and leases $243,253
    Loan and leases loss allowance $4,126
    Trading account assets $0
    Bank premises and fixed assets $14,880
    Other real estate owned $0
    Goodwill and other intangibles $7,196
    All other assets $10,563

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $469,471
    Total Liabilities $423,473
    Total deposits $411,024
    Interest-bearing deposits $294,632
    Deposits held in domestic offices $411,024
    % insured (estimated) $85
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $7,477
    Subordinated debt $0
    All other liabilities $4,972

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $243,253
    Loan and leases loss allowance $4,126
    Total loans and leases (domestic) $247,379
    All real estate loans $154,182
    Real estate loans in domestic offices $154,182
    Construction and development loans $13,901
    Residential 1-4 family construction $4,102
    Other construction, all land development and other land $9,799
    Loans secured by nonfarm nonresidential properties $43,156
    Nonfarm nonresidential secured by owner-occupied properties $28,980
    Commercial real estate & other non-farm, non-residential $14,176
    Multifamily residential real estate $3,582
    1-4 family residential loans $73,272
    Farmland loans $20,271
    Loans held in foreign offices $0
    Farm loans $20,989
    Commercial and industrial loans $63,712
    To non-U.S. addressees $0
    Loans to individuals $8,149
    Credit card loans $0
    Related Plans $927
    Consumer Auto Loans $4,672
    Other loans to individuals $2,550
    All other loans & leases $347
    Loans to foreign governments and official institutions $0
    Other loans $343
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $1,897
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $0
    Non 1-4 family restructured loans & leases $0
    Total loans and leases (foreign) $0

    HomeTown Bank had $243,253,000 of loans outstanding in 2020. $154,182,000 of loans were in real estate loans. $13,901,000 of loans were in development loans. $3,582,000 of loans were in multifamily mortgage loans. $73,272,000 of loans were in 1-4 family mortgage loans. $20,989,000 of loans were in farm loans. $0 of loans were in credit card loans. $4,672,000 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 131 $21,572 $164,672
    Nonfarm, nonresidential loans - <$100k 41 $1,619 $39,488
    Nonfarm, nonresidential loans - $100-250k 51 $6,068 $118,980
    Nonfarm, nonresidential loans - $250k-1MM 39 $13,885 $356,026
    Commercial & Industrial, US addressed loans - <$1MM 519 $40,850 $78,709
    Commercial & Industrial, US addressed loans - <$100k 367 $8,248 $22,474
    Commercial & Industrial, US addressed loans - $100-250k 87 $9,603 $110,379
    Commercial & Industrial, US addressed loans - $250k-1MM 65 $22,999 $353,831
    Farmland loans - <$1MM 60 $6,986 $116,433
    Farmland loans - <$100k 31 $1,484 $47,871
    Farmland loans - $100-250k 15 $2,108 $140,533
    Farmland loans - $250k-1MM 14 $3,394 $242,429
    Agriculture operations loans - <$1MM 100 $7,161 $71,610
    Agriculture operations loans - <$100k 58 $1,092 $18,828
    Agriculture operations loans - $100-250k 22 $1,678 $76,273
    Agriculture operations loans - $250k-1MM 20 $4,391 $219,550