Farmers & Merchants State Bank Mortgage Rates, Fees & Info

Waterloo, WI

LEI: 5493006S21NZTF9Y1L04

Tax ID: 39-0273610

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

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • 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

    Farmers & Merchants State Bank is a smaller bank specializing in Home Purchase and Refi loans. Farmers & Merchants State Bank has a high proportion of conventional loans. Their top markets by origination volume include: Madison, Watertown, Baraboo, Beaver Dam, and Milwaukee among others. We have data for 13 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Farmers & Merchants State 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. Farmers & Merchants State 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.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.42% 4/28/24
    30 Year Conventional Refi 6.43% 4/28/24
    30 Year Cash-out Refi 6.19% 4/28/24
    15 Year Conventional Purchase 6.16% 4/28/24
    15 Year Conventional Refi 5.66% 4/28/24
    15 Year Cash-out Refi 5.66% 4/28/24
    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.

    Farmers & Merchants State Bank Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Farmers & Merchants State 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

    110

    Origination Dollar Volume (All Markets)

    $41,990,000

    Awards

    Farmers & Merchants State Bank 30 Year Conventional Loans silver Farmers & Merchants State Bank 30 Year Conventional Loans silver Farmers & Merchants State Bank 30 Year Conventional Loans gold Farmers & Merchants State Bank 30 Year Conventional Loans bronze
    Show all (4) 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
    MADISON, WI (FHA|USDA|VA) 44 $22,770,000 $517,500 $2,292 4.29%
    Watertown-Fort Atkinson, WI (FHA|USDA|VA) 27 $6,245,000 $231,296 $1,740 4.27%
    Baraboo, WI (FHA|USDA|VA) 2 $3,230,000 $1,615,000 $1,937 4.19%
    Beaver Dam, WI (FHA|USDA|VA) 9 $2,255,000 $250,556 $2,728 4.58%
    MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 8 $2,160,000 $270,000 $4,545 4.16%
    Outside of Metro Areas 8 $2,010,000 $251,250 $2,265 4.73%
    JANESVILLE-BELOIT, WI (FHA|USDA|VA) 3 $1,265,000 $421,667 $2,468 3.67%
    SHEBOYGAN, WI (FHA|USDA|VA) 3 $665,000 $221,667 $0 3.88%
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 1 $585,000 $585,000 $2,233 3.88%
    Platteville, WI (FHA|USDA|VA) 1 $305,000 $305,000 $2,310 5.50%
    Stevens Point, WI (FHA|USDA|VA) 1 $285,000 $285,000 $0 4.50%
    Whitewater, WI (FHA|USDA|VA) 2 $160,000 $80,000 $0 4.88%
    FOND DU LAC, WI (FHA|USDA|VA) 1 $55,000 $55,000 $0 3.75%
    Farmers & Merchants State Bank's top markets include Madison, Watertown, Baraboo, Beaver Dam, and Milwaukee among others.

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

    • Similar Lenders

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

    NORTHWESTERN MUTUAL
    Similarity Rank: 70
    Empower Credit Union
    Similarity Rank: 81
    Glacier Hills Credit Union
    Similarity Rank: 200
    EDUCATORS CREDIT UNION
    Similarity Rank: 300
    PremierBank
    Similarity Rank: 306
    Badger Bank
    Similarity Rank: 308
    Blackhawk Community Credit Union
    Similarity Rank: 330
    Bank of Sun Prairie
    Similarity Rank: 390
    Bank of Deerfield
    Similarity Rank: 403
    State Bank of Cross Plains
    Similarity Rank: 414

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 110 $41,990,000 $381,727 $2,358 4.32%

    For 2022, Farmers & Merchants State Bank's most frequently originated type of loan was Conventional, with 110 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 58 $24,500,000 $422,414 $2,926 4.55%
    Refi 33 $10,195,000 $308,939 $1,368 3.80%
    Cash Out Refi 16 $6,900,000 $431,250 $1,483 4.47%
    Home Improvement 3 $395,000 $131,667 $0 4.67%

    For 2022, Farmers & Merchants State Bank's most frequently cited loan purpose was Home Purchase, with 58 originations. The 2nd most popular reason was Refi, with 33 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 47 $13,225,000 $281,383 $2,500 4.45%
    5 Year 35 $19,485,000 $556,714 $0 4.27%
    Other 13 $6,745,000 $518,846 $0 4.36%
    15 Year 9 $1,585,000 $176,111 $1,972 3.22%
    20 Year 3 $675,000 $225,000 $2,743 4.63%
    10 Year 2 $50,000 $25,000 $178 6.75%
    1 Year 1 $225,000 $225,000 $0 3.25%

    For 2022, Farmers & Merchants State Bank's most frequently cited loan duration was 30 Year, with 47 originations. The 2nd most popular length was 5 Year, with 35 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 61 $15,535,000 $254,672

    Farmers & Merchants State Bank's average total fees were $2,500, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 61 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 44 $18,430,000 $418,864
    4-5% 37 $14,115,000 $381,486
    5-6% 20 $8,040,000 $402,000
    2.5-3% 3 $315,000 $105,000
    <2.5% 3 $515,000 $171,667
    6-7% 2 $560,000 $280,000
    Over 8% 1 $15,000 $15,000

    During 2022, Farmers & Merchants State Bank's average interest rate for loans was 4.45%, while their most frequently originated rate bucket for loans was 3-4%, with 44 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 54 $14,920,000 $276,296 $2,378 4.26%
    $100k-200k 21 $3,425,000 $163,095 $2,216 4.12%
    $400k-600k 14 $6,420,000 $458,571 $2,849 4.64%
    $100,000 or less 9 $465,000 $51,667 $1,891 4.89%
    $600k-1MM 7 $5,155,000 $736,429 $0 3.88%
    $1MM+ 5 $11,605,000 $2,321,000 $0 4.43%

    2022 saw Farmers & Merchants State Bank place emphasis on $200k-400k loans with 54 originations, totaling $14,920,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 22 $5,530,000 $251,364 $2,494 4.24%
    $150k-250k 11 $3,785,000 $344,091 $2,390 4.21%
    $250k+ 11 $5,155,000 $468,636 $2,385 4.18%
    $50k-75k 11 $1,995,000 $181,364 $2,469 4.68%
    $75k-100k 11 $2,875,000 $261,364 $2,104 4.51%
    $50k or less 5 $735,000 $147,000 $1,771 3.83%

    Farmers & Merchants State Bank lent most frequently to those with incomes in the $100k-150k range, with 22 originations. The second most popular income band? $150k-250k, with 11 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 19 $5,525,000 $290,789 $3,121 4.32%
    20-30% 16 $4,140,000 $258,750 $2,092 4.13%
    <20% 9 $1,845,000 $205,000 $2,452 4.22%
    37% 4 $1,060,000 $265,000 $2,207 5.00%
    38% 3 $965,000 $321,667 $2,000 4.42%
    41% 3 $445,000 $148,333 $1,778 3.42%
    39% 2 $670,000 $335,000 $1,522 4.75%
    40% 2 $50,000 $25,000 $178 6.75%
    46% 1 $225,000 $225,000 $1,560 3.38%
    44% 1 $325,000 $325,000 $3,288 5.38%
    36% 1 $285,000 $285,000 $577 4.24%

    Farmers & Merchants State Bank lent most frequently to those with DTI ratios of 30-36%, with 19 originations. The next most common DTI ratio? 20-30%, with 16 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 39 $21,915,000 $561,923 $0 4.33%
    White 62 $17,890,000 $288,548 $2,247 4.29%
    Not provided 9 $2,185,000 $242,778 $2,994 4.42%

    Approval Rates

    Total approvals of all applications
    95.53%

    Farmers & Merchants State Bank 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
    72.73%

    Farmers & Merchants State Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 110 $41,990,000 $381,727

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    110 $41,990,000 $381,727

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 9 $2,035,000 $226,111 $1,781 4.51%
    40-60% 10 $4,060,000 $406,000 $1,707 3.96%
    60-80% 52 $18,440,000 $354,615 $2,693 4.16%
    80-100% 36 $17,350,000 $481,944 $2,369 4.44%
    Under 20% 3 $105,000 $35,000 $178 6.00%