First Farmers And Merchants Bank Mortgage Rates, Fees & Info

Columbia, TN

LEI: 254900VKT2R0R20CR104

Tax ID: 62-0198110

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)

    • 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, Johnson City, Bowling Green, and Knoxville among others. We have data for 12 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 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) 6.31% 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

    582

    Origination Dollar Volume (All Markets)

    $130,380,000
    Show all (5) 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
    NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 329 $72,305,000 $219,772 $3,247 5.12%
    Lawrenceburg, TN (FHA|USDA|VA) 144 $18,900,000 $131,250 $2,900 5.06%
    JOHNSON CITY, TN (FHA|USDA|VA) 1 $12,215,000 $12,215,000 $0 4.15%
    Outside of Metro Areas 71 $10,165,000 $143,169 $3,211 5.37%
    BOWLING GREEN, KY (FHA|USDA|VA) 1 $6,555,000 $6,555,000 $0 5.16%
    KNOXVILLE, TN (FHA|USDA|VA) 1 $4,645,000 $4,645,000 $0 4.82%
    Lewisburg, TN (FHA|USDA|VA) 21 $1,955,000 $93,095 $2,775 5.53%
    FLORENCE-MUSCLE SHOALS, AL (FHA|USDA|VA) 5 $1,465,000 $293,000 $2,585 4.70%
    Tullahoma-Manchester, TN (FHA|USDA|VA) 3 $905,000 $301,667 $3,728 4.84%
    CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 2 $680,000 $340,000 $4,900 4.25%
    Shelbyville, TN (FHA|USDA|VA) 3 $425,000 $141,667 $3,703 5.58%
    CLEVELAND, TN (FHA|USDA|VA) 1 $165,000 $165,000 $2,205 5.25%
    First Farmers And Merchants Bank's top markets include Nashville, Lawrenceburg, Johnson City, Bowling Green, and Knoxville among others.

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

    US COMMUNITY
    Similarity Rank: 295
    First Farmers and Merchants Bank
    Similarity Rank: 504
    THE TENNESSEE CREDIT UNION
    Similarity Rank: 868
    Listerhill Credit Union
    Similarity Rank: 936
    Third Federal Savings and Loan Association of Cleveland
    Similarity Rank: 1404
    TENNESSEE TRUST MORTGAGE, INC
    Similarity Rank: 1512
    The Farmers Bank
    Similarity Rank: 1545
    ASCEND FEDERAL CREDIT UNION
    Similarity Rank: 1974
    First Federal Bank
    Similarity Rank: 2260
    SHELTER LENDING SERVICES, L.L.C.
    Similarity Rank: 2380

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 375 $46,135,000 $123,027 n/a 5.37%
    Conventional 207 $84,245,000 $406,981 $3,117 4.73%

    For 2022, First Farmers And Merchants Bank's most frequently originated type of loan was HELOC, with 375 originations. Their 2nd most popular type was Conventional, with 207 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 197 $19,135,000 $97,132 $3,176 5.27%
    Refi 153 $43,475,000 $284,150 $2,645 5.11%
    Other 114 $16,660,000 $146,140 $2,673 5.58%
    Home Purchase 112 $49,770,000 $444,375 $3,675 4.47%
    Cash Out Refi 6 $1,340,000 $223,333 $2,838 5.73%

    For 2022, First Farmers And Merchants Bank's most frequently cited loan purpose was Home Improvement, with 197 originations. The 2nd most popular reason was Refi, with 153 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    10 Year 386 $60,680,000 $157,202 $2,091 5.35%
    30 Year 62 $24,300,000 $391,935 $3,032 4.41%
    20 Year 49 $11,035,000 $225,204 $2,964 4.81%
    15 Year 36 $4,900,000 $136,111 $2,595 5.23%
    Other 27 $12,015,000 $445,000 $5,697 4.16%
    5 Year 17 $16,185,000 $952,059 $0 5.27%
    1 Year 3 $655,000 $218,333 $3,117 5.99%
    3 Year 2 $610,000 $305,000 $0 5.44%

    For 2022, First Farmers And Merchants Bank's most frequently cited loan duration was 10 Year, with 386 originations. The 2nd most popular length was 30 Year, with 62 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 136 $31,200,000 $229,412
    $<1k 23 $9,925,000 $431,522
    $2k-3k 7 $1,645,000 $235,000
    $4k-5k 3 $1,565,000 $521,667
    $3k-4k 1 $315,000 $315,000

    First Farmers And Merchants Bank's average total fees were $3,032, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 136 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 168 $32,970,000 $196,250
    5-6% 147 $31,505,000 $214,320
    4-5% 128 $47,800,000 $373,438
    6-7% 89 $11,375,000 $127,809
    7-8% 33 $3,865,000 $117,121
    Over 8% 9 $495,000 $55,000
    2.5-3% 8 $2,370,000 $296,250

    During 2022, First Farmers And Merchants Bank's average interest rate for loans was 4.41%, while their most frequently originated rate bucket for loans was 3-4%, with 168 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 243 $12,515,000 $51,502 $2,299 5.49%
    $100k-200k 164 $23,230,000 $141,646 $2,722 5.03%
    $200k-400k 121 $33,145,000 $273,926 $3,610 4.75%
    $400k-600k 32 $15,590,000 $487,188 $4,391 5.01%
    $1MM+ 12 $38,750,000 $3,229,167 $3,497 4.54%
    $600k-1MM 10 $7,150,000 $715,000 $4,664 4.50%

    2022 saw First Farmers And Merchants Bank place emphasis on $100,000 or less loans with 243 originations, totaling $12,515,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 138 $22,330,000 $161,812 $3,260 5.22%
    $75k-100k 101 $11,815,000 $116,980 $3,442 5.32%
    $50k-75k 99 $11,075,000 $111,869 $2,837 5.12%
    $150k-250k 74 $15,850,000 $214,189 $3,602 5.36%
    $50k or less 74 $6,870,000 $92,838 $2,524 4.91%
    $250k+ 58 $25,220,000 $434,828 $3,576 5.08%

    First Farmers And Merchants Bank lent most frequently to those with incomes in the $100k-150k range, with 138 originations. The second most popular income band? $75k-100k, with 101 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 154 $24,790,000 $160,974 $2,932 5.19%
    30-36% 128 $22,210,000 $173,516 $3,309 5.25%
    <20% 77 $9,535,000 $123,831 $2,825 5.23%
    42% 41 $10,065,000 $245,488 $3,630 4.80%
    38% 27 $5,385,000 $199,444 $3,349 5.23%
    37% 26 $4,580,000 $176,154 $2,949 4.88%
    41% 24 $2,310,000 $96,250 $2,719 5.31%
    36% 24 $3,910,000 $162,917 $2,885 5.09%
    39% 22 $5,000,000 $227,273 $3,331 5.66%
    40% 18 $2,420,000 $134,444 $3,475 4.86%
    45% 2 $220,000 $110,000 $2,205 4.75%
    50-60% 1 $355,000 $355,000 $3,829 2.88%
    >60% 1 $255,000 $255,000 $0 6.75%

    First Farmers And Merchants Bank lent most frequently to those with DTI ratios of 20-30%, with 154 originations. The next most common DTI ratio? 30-36%, with 128 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 531 $91,735,000 $172,759 $3,129 5.14%
    Not applicable 27 $35,895,000 $1,329,444 $0 4.52%
    Black 13 $1,165,000 $89,615 $2,688 5.76%
    Not provided 7 $885,000 $126,429 $2,802 6.16%
    American Indian 2 $420,000 $210,000 $0 5.25%
    Asian 1 $255,000 $255,000 $0 4.50%
    Other Asian 1 $25,000 $25,000 $0 6.00%

    Approval Rates

    Total approvals of all applications
    87.66%

    First Farmers And Merchants Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    80.93%

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

    Points and Fees

    Points Originations Total Value Average Loan
    NA 582 $130,380,000 $224,021

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    582 $130,380,000 $224,021

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 161 $31,485,000 $195,559 $2,824 5.19%
    40-60% 63 $13,455,000 $213,571 $3,337 4.96%
    60-80% 80 $49,240,000 $615,500 $3,471 4.65%
    80-100% 43 $18,115,000 $421,279 $3,038 4.27%
    Under 20% 235 $18,085,000 $76,957 $2,322 5.49%

    Complaints

    Bank Name Product Issue 2022 CPFB Complaints % of Total Issues
    FIRST CITIZENS BANCSHARES, INC. Home equity loan or line of credit (HELOC) Applying for a mortgage or refinancing an existing mortgage 1 100.0%