First Farmers And Merchants Bank Mortgage Rates, Fees & Info

Columbia, TN

LEI: 254900VKT2R0R20CR104

Tax ID: 62-0198110

5 stars - Updated: 12/16/24 - out of 5 stars, based on 19 reviews

Latest/2023 | 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

    First Farmers And Merchants Bank is a smaller bank specializing in Refi and Home Purchase loans. First Farmers And Merchants Bank has a high proportion of conventional loans. Their top markets by origination volume include: Nashville, Lawrenceburg, Tullahoma, Huntsville, and Lewisburg among others. We have data for 10 markets. (Some data included below & more in-depth data is available with an active subscription.)

    First Farmers And Merchants Bank has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. First Farmers And Merchants 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 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) 6.31% 12/16/24
    30 Year Conventional Purchase 5.94% 12/16/24
    30 Year Conventional Refi 6.87% 12/16/24
    30 Year Cash-out Refi 6.64% 12/16/24
    15 Year Conventional Purchase 6.22% 12/16/24
    15 Year Conventional Refi 6.76% 12/16/24
    15 Year Cash-out Refi 6.76% 12/16/24
    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.

    First Farmers And Merchants Bank Mortgage Calculator






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from First Farmers And Merchants 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

    376

    Origination Dollar Volume (All Markets)

    $73,750,000
    Show all (6) awards

    Relative Rate

    First Farmers And Merchants Bank's average 30 year fixed mortgage rate was 5.8%.

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

    This yields a difference of -0.68%.

    Relative Fees (Closing Costs)

    First Farmers And Merchants Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $3,158.

    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
    NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 218 $48,850,000 $224,083 $3,268 7.85%
    Lawrenceburg, TN (FHA|USDA|VA) 86 $10,780,000 $125,349 $2,574 7.86%
    Outside of Metro Areas 46 $6,410,000 $139,348 $2,973 7.94%
    Tullahoma-Manchester, TN (FHA|USDA|VA) 4 $2,500,000 $625,000 $3,914 5.34%
    HUNTSVILLE, AL (FHA|USDA|VA) 1 $2,105,000 $2,105,000 $0 6.50%
    Lewisburg, TN (FHA|USDA|VA) 16 $1,930,000 $120,625 $3,205 8.20%
    Sevierville, TN (FHA|USDA|VA) 1 $595,000 $595,000 $0 6.29%
    Shelbyville, TN (FHA|USDA|VA) 1 $285,000 $285,000 $3,328 7.50%
    FLORENCE-MUSCLE SHOALS, AL (FHA|USDA|VA) 2 $230,000 $115,000 $3,102 7.50%
    CLARKSVILLE, TN-KY (FHA|USDA|VA) 1 $65,000 $65,000 $0 10.25%
    First Farmers And Merchants Bank's top markets include Nashville, Lawrenceburg, Tullahoma, Huntsville, and Lewisburg among others.

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

    • Similar Lenders

    We use machine learning to identify the top lenders compared against First Farmers and Merchants Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    First Farmers and Merchants Bank
    Similarity Rank: 150
    US COMMUNITY
    Similarity Rank: 472
    TENNESSEE TRUST MORTGAGE, INC
    Similarity Rank: 736
    THE TENNESSEE CREDIT UNION
    Similarity Rank: 848
    CORNERSTONE FINANCIAL CREDIT UNION
    Similarity Rank: 864
    The Farmers Bank
    Similarity Rank: 972
    SHELTER LENDING SERVICES, L.L.C.
    Similarity Rank: 1183
    ASCEND FEDERAL CREDIT UNION
    Similarity Rank: 1394
    Listerhill Credit Union
    Similarity Rank: 1513
    FIRST CONTINENTAL MORTGAGE, LTD.
    Similarity Rank: 1760

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 238 $28,720,000 $120,672 n/a 8.59%
    Conventional 138 $45,030,000 $326,304 $3,094 6.57%

    For 2023, First Farmers And Merchants Bank's most frequently originated type of loan was HELOC, with 238 originations. Their 2nd most popular type was Conventional, with 138 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 120 $30,070,000 $250,583 $2,786 7.37%
    Home Improvement 114 $10,560,000 $92,632 $2,136 8.44%
    Home Purchase 72 $23,930,000 $332,361 $3,635 7.07%
    Other 70 $9,190,000 $131,286 $3,143 8.51%

    For 2023, First Farmers And Merchants Bank's most frequently cited loan purpose was Refi, with 120 originations. The 2nd most popular reason was Home Improvement, with 114 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    10 Year 242 $28,740,000 $118,760 $2,281 8.54%
    30 Year 66 $27,030,000 $409,545 $3,158 5.80%
    15 Year 23 $3,975,000 $172,826 $2,488 7.74%
    5 Year 19 $8,915,000 $469,211 $2,583 6.78%
    Other 14 $3,180,000 $227,143 $5,013 7.62%
    20 Year 11 $1,755,000 $159,545 $2,542 7.26%
    1 Year 1 $155,000 $155,000 $0 7.75%

    For 2023, First Farmers And Merchants Bank's most frequently cited loan duration was 10 Year, with 242 originations. The 2nd most popular length was 30 Year, with 66 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 89 $29,485,000 $331,292
    $1k-2k 21 $3,165,000 $150,714
    $2k-3k 3 $765,000 $255,000
    $3k-4k 3 $1,065,000 $355,000
    $5k+ 1 $665,000 $665,000

    First Farmers And Merchants Bank's average total fees were $3,158, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 89 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    Over 8% 187 $23,455,000 $125,428
    7-8% 102 $16,800,000 $164,706
    6-7% 47 $15,725,000 $334,574
    5-6% 24 $5,790,000 $241,250
    3-4% 10 $8,200,000 $820,000
    4-5% 6 $3,780,000 $630,000

    During 2023, First Farmers And Merchants Bank's average interest rate for loans was 5.80%, while their most frequently originated rate bucket for loans was Over 8%, with 187 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 168 $8,880,000 $52,857 $2,310 8.41%
    $100k-200k 84 $12,030,000 $143,214 $2,726 7.90%
    $200k-400k 81 $22,065,000 $272,407 $3,451 7.49%
    $400k-600k 22 $10,410,000 $473,182 $3,258 7.03%
    $600k-1MM 13 $9,655,000 $742,692 $4,103 5.69%
    $1MM+ 8 $10,710,000 $1,338,750 $4,568 4.95%

    2023 saw First Farmers And Merchants Bank place emphasis on $100,000 or less loans with 168 originations, totaling $8,880,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 85 $13,635,000 $160,412 $3,282 8.05%
    $150k-250k 64 $15,320,000 $239,375 $3,658 7.91%
    $50k-75k 63 $6,995,000 $111,032 $2,623 7.73%
    $75k-100k 61 $6,215,000 $101,885 $2,849 8.13%
    $250k+ 43 $19,625,000 $456,395 $3,909 7.63%
    $50k or less 40 $2,770,000 $69,250 $2,544 7.82%

    First Farmers And Merchants Bank lent most frequently to those with incomes in the $100k-150k range, with 85 originations. The second most popular income band? $150k-250k, with 64 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 92 $16,760,000 $182,174 $3,023 8.14%
    20-30% 91 $16,835,000 $185,000 $3,099 7.89%
    <20% 49 $8,135,000 $166,020 $2,687 7.85%
    40% 24 $3,120,000 $130,000 $2,939 8.04%
    39% 21 $4,075,000 $194,048 $3,783 7.65%
    41% 16 $3,700,000 $231,250 $3,259 7.61%
    37% 16 $2,260,000 $141,250 $2,406 8.30%
    36% 16 $2,630,000 $164,375 $3,241 8.05%
    42% 15 $3,815,000 $254,333 $3,078 6.90%
    38% 12 $2,170,000 $180,833 $4,159 7.95%
    >60% 2 $750,000 $375,000 $0 7.07%
    43% 1 $155,000 $155,000 $2,721 7.25%
    45% 1 $245,000 $245,000 $2,240 6.88%
    49% 1 $55,000 $55,000 $2,428 5.88%

    First Farmers And Merchants Bank lent most frequently to those with DTI ratios of 30-36%, with 92 originations. The next most common DTI ratio? 20-30%, with 91 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 338 $61,110,000 $180,799 $3,029 7.88%
    Not applicable 14 $7,620,000 $544,286 $0 6.83%
    Not provided 13 $3,275,000 $251,923 $4,055 7.48%
    Black 9 $1,145,000 $127,222 $3,786 8.47%
    Asian 2 $600,000 $300,000 $0 9.25%

    Approval Rates

    Total approvals of all applications
    83.10%

    First Farmers And Merchants Bank has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    87.50%

    First Farmers And Merchants Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 376 $73,750,000 $196,144

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    376 $73,750,000 $196,144

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 95 $17,375,000 $182,895 $2,639 8.20%
    40-60% 52 $12,940,000 $248,846 $3,312 7.65%
    60-80% 52 $23,680,000 $455,385 $3,579 6.37%
    80-100% 29 $9,765,000 $336,724 $3,072 6.45%
    Over 100% 2 $750,000 $375,000 $0 8.08%
    Under 20% 146 $9,240,000 $63,288 $2,198 8.50%