The Farmers & Merchants Bank Of Craig County Mortgage Rates, Fees & Info

New Castle, VA

LEI: 254900R8ZBXT7V5OH304

Tax ID: 54-0208020

5 stars - Updated: 12/16/24 - out of 5 stars, based on 6 reviews

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

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Mortgage Data

  • Originations
  • Relative Rates
  • Relative Fees
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • 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

    The Farmers & Merchants Bank Of Craig County is a smaller bank specializing in Home Purchase loans. The Farmers & Merchants Bank Of Craig County has a high proportion of conventional loans. Their top (well, only) market is Roanoke.

    The Farmers & Merchants Bank Of Craig County 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. The Farmers & Merchants Bank Of Craig County is typically an average 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 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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    Originations

    37

    Origination Dollar Volume (All Markets)

    $5,545,000

    Relative Rate

    The Farmers & Merchants Bank Of Craig County's average 30 year fixed mortgage rate was 6.5%.

    The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

    This yields a difference of 0.02%.

    Relative Fees (Closing Costs)

    The Farmers & Merchants Bank Of Craig County's average total fees/closing costs for a 30 year fixed rate mortgage were $6,603.

    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 $9,089.

    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
    ROANOKE, VA (FHA|USDA|VA) 37 $5,545,000 $149,865 $7,030 5.61%
    The Farmers & Merchants Bank Of Craig County's top markets include and Roanoke among others.

    Their top states include:
  • Virginia (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 37 $5,545,000 $149,865 $7,030 5.61%

    For 2023, The Farmers & Merchants Bank Of Craig County's most frequently originated type of loan was Conventional, with 37 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 19 $4,075,000 $214,474 $4,637 5.70%
    Refi 12 $990,000 $82,500 $13,618 5.48%
    Cash Out Refi 5 $355,000 $71,000 $1,666 5.65%
    Home Improvement 1 $125,000 $125,000 $260 5.50%

    For 2023, The Farmers & Merchants Bank Of Craig County's most frequently cited loan purpose was Home Purchase, with 19 originations. The 2nd most popular reason was Refi, with 12 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    5 Year 26 $4,140,000 $159,231 $8,935 5.40%
    Other 4 $190,000 $47,500 $125 5.94%
    30 Year 3 $985,000 $328,333 $6,603 6.50%
    15 Year 2 $80,000 $40,000 $968 6.00%
    10 Year 1 $45,000 $45,000 $2,230 5.75%
    20 Year 1 $105,000 $105,000 $3,313 6.25%

    For 2023, The Farmers & Merchants Bank Of Craig County's most frequently cited loan duration was 5 Year, with 26 originations. The 2nd most popular length was Other, with 4 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 20 $1,800,000 $90,000
    $1k-2k 12 $1,790,000 $149,167
    $2k-3k 2 $500,000 $250,000
    $3k-4k 1 $385,000 $385,000
    $4k-5k 1 $455,000 $455,000
    $5k+ 1 $615,000 $615,000

    The Farmers & Merchants Bank Of Craig County's average total fees were $6,603, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 20 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 31 $4,315,000 $139,194
    6-7% 5 $1,155,000 $231,000
    2.5-3% 1 $75,000 $75,000

    During 2023, The Farmers & Merchants Bank Of Craig County's average interest rate for loans was 6.50%, while their most frequently originated rate bucket for loans was 5-6%, with 31 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 15 $2,105,000 $140,333 $13,447 5.62%
    $100,000 or less 14 $760,000 $54,286 $927 5.54%
    $200k-400k 6 $1,610,000 $268,333 $4,218 5.67%
    $400k-600k 1 $455,000 $455,000 $8,270 5.50%
    $600k-1MM 1 $615,000 $615,000 $11,862 6.50%

    2023 saw The Farmers & Merchants Bank Of Craig County place emphasis on $100k-200k loans with 15 originations, totaling $2,105,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 13 $1,445,000 $111,154 $12,954 5.48%
    $50k-75k 10 $1,360,000 $136,000 $3,457 5.83%
    $100k-150k 8 $1,510,000 $188,750 $3,820 5.53%
    $75k-100k 3 $285,000 $95,000 $2,042 5.50%
    $150k-250k 2 $330,000 $165,000 $4,294 5.50%
    $250k+ 1 $615,000 $615,000 $11,862 6.50%

    The Farmers & Merchants Bank Of Craig County lent most frequently to those with incomes in the $50k or less range, with 13 originations. The second most popular income band? $50k-75k, with 10 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    <20% 13 $1,295,000 $99,615 $2,462 5.60%
    20-30% 7 $1,275,000 $182,143 $3,862 5.54%
    >60% 4 $820,000 $205,000 $40,843 5.50%
    41% 3 $815,000 $271,667 $4,993 5.50%
    39% 2 $590,000 $295,000 $5,937 6.00%
    50-60% 2 $250,000 $125,000 $2,250 6.00%
    37% 2 $140,000 $70,000 $935 5.75%
    30-36% 1 $45,000 $45,000 $125 5.50%
    43% 1 $125,000 $125,000 $260 5.50%
    45% 1 $35,000 $35,000 $125 5.75%
    49% 1 $155,000 $155,000 $3,968 5.50%

    The Farmers & Merchants Bank Of Craig County lent most frequently to those with DTI ratios of <20%, with 13 originations. The next most common DTI ratio? 20-30%, with 7 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 37 $5,545,000 $149,865 $7,030 5.61%

    Approval Rates

    Total approvals of all applications
    97.44%

    The Farmers & Merchants Bank Of Craig County has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    97.30%

    The Farmers & Merchants Bank Of Craig County 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 37 $5,545,000 $149,865

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    37 $5,545,000 $149,865

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 5 $295,000 $59,000 $1,100 6.05%
    40-60% 6 $520,000 $86,667 $2,056 5.08%
    60-80% 7 $1,245,000 $177,857 $2,261 5.75%
    80-100% 15 $2,905,000 $193,667 $14,156 5.63%
    Over 100% 3 $535,000 $178,333 $3,959 5.50%
    Under 20% 1 $45,000 $45,000 $2,230 5.75%