Bankfirst Financial Services Mortgage Rates, Fees & Info

Columbus, MS

LEI: 549300BR7OTD25RTS027

Tax ID: 64-0202970

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Mortgage Data

Review & Overview

Bankfirst Financial Services is a smaller bank specializing in Home Purchase loans. Bankfirst Financial Services has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets by origination volume include: Tuscaloosa, Huntsville, Jackson, Memphis, and Starkville among others. We have data for 31 markets. (Some data included below & more in-depth data is available with an active subscription.)

Bankfirst Financial Services 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. 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) 4.81% 4/14/24
30 Year Conventional Purchase 6.54% 4/14/24
30 Year Conventional Refi 6.42% 4/14/24
30 Year Cash-out Refi 6.83% 4/14/24
30 Year FHA Purchase 7.00% 4/14/24
30 Year FHA Refi 6.27% 4/14/24
30 Year VA Purchase 5.86% 4/14/24
30 Year VA Refi 6.27% 4/14/24
30 Year USDA Purchase 6.27% 4/14/24
15 Year Conventional Purchase 6.20% 4/14/24
15 Year Conventional Refi 6.94% 4/14/24
15 Year Cash-out Refi 6.94% 4/14/24
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.

Bankfirst Financial Services Mortgage Calculator






Your Estimates

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

This is not an official calculator from Bankfirst Financial Services. 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

1,020

Origination Dollar Volume (All Markets)

$249,810,000

Relative Rate

Bankfirst Financial Services's average 30 year fixed mortgage rate was 6.62%.

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

This yields a difference of 0.14%.

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
TUSCALOOSA, AL (FHA|USDA|VA) 165 $53,765,000 $325,848 $0 6.65%
HUNTSVILLE, AL (FHA|USDA|VA) 11 $32,745,000 $2,976,818 $0 6.71%
JACKSON, MS (FHA|USDA|VA) 106 $24,530,000 $231,415 $0 6.59%
Outside of Metro Areas 205 $20,765,000 $101,293 $0 7.21%
MEMPHIS, TN-MS-AR (FHA|USDA|VA) 107 $16,355,000 $152,850 $0 7.66%
Starkville, MS (FHA|USDA|VA) 75 $15,105,000 $201,400 $0 6.14%
HATTIESBURG, MS (FHA|USDA|VA) 48 $13,660,000 $284,583 $0 6.94%
Oxford, MS (FHA|USDA|VA) 42 $13,410,000 $319,286 $0 6.84%
Columbus, MS (FHA|USDA|VA) 76 $11,470,000 $150,921 $0 6.98%
Tupelo, MS (FHA|USDA|VA) 47 $9,155,000 $194,787 $0 7.12%
GULFPORT-BILOXI, MS (FHA|USDA|VA) 10 $5,520,000 $552,000 $0 6.99%
Cullman, AL (FHA|USDA|VA) 28 $5,350,000 $191,071 $0 6.86%
BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) 15 $5,045,000 $336,333 $0 7.09%
MONTGOMERY, AL (FHA|USDA|VA) 1 $4,715,000 $4,715,000 $0 7.50%
PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 5 $4,245,000 $849,000 $0 7.60%
Jasper, AL (FHA|USDA|VA) 27 $3,315,000 $122,778 $0 7.88%
DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) 6 $3,070,000 $511,667 $0 6.96%
Laurel, MS (FHA|USDA|VA) 8 $1,280,000 $160,000 $0 8.63%
Meridian, MS (FHA|USDA|VA) 2 $1,090,000 $545,000 $0 8.05%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 3 $1,065,000 $355,000 $0 7.92%
West Point, MS (FHA|USDA|VA) 19 $1,055,000 $55,526 $0 8.01%
DECATUR, AL (FHA|USDA|VA) 3 $525,000 $175,000 $0 7.29%
Brookhaven, MS (FHA|USDA|VA) 2 $490,000 $245,000 $0 6.81%
FLORENCE-MUSCLE SHOALS, AL (FHA|USDA|VA) 2 $430,000 $215,000 $0 6.69%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 1 $355,000 $355,000 $0 8.00%
GADSDEN, AL (FHA|USDA|VA) 1 $295,000 $295,000 $0 6.99%
Selma, AL (FHA|USDA|VA) 1 $285,000 $285,000 $0 6.63%
Natchez, MS-LA (FHA|USDA|VA) 1 $285,000 $285,000 $0 6.88%
Greenville, MS (FHA|USDA|VA) 1 $205,000 $205,000 $0 5.75%
MOBILE, AL (FHA|USDA|VA) 1 $175,000 $175,000 $0 8.00%
Picayune, MS (FHA|USDA|VA) 1 $55,000 $55,000 $0 7.95%
Bankfirst Financial Services's top markets include Tuscaloosa, Huntsville, Jackson, Memphis, and Starkville among others.

Their top states include:
  • Mississippi (FHA|USDA|VA)
  • Alabama (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Tennessee (FHA|USDA|VA)
  • Montana (FHA|USDA|VA)
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 675 $197,135,000 $292,052 $0 7.80%
    HELOC 272 $35,330,000 $129,890 n/a 5.21%
    FHA 73 $17,345,000 $237,603 $0 6.32%

    For 2023, Bankfirst Financial Services's most frequently originated type of loan was Conventional, with 675 originations. Their 2nd most popular type was HELOC, with 272 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 492 $183,710,000 $373,394 $0 7.06%
    Refi 321 $48,275,000 $150,389 $0 7.85%
    Home Improvement 134 $11,000,000 $82,090 $0 5.25%
    Other 54 $4,050,000 $75,000 $0 5.88%
    Cash Out Refi 19 $2,775,000 $146,053 $0 6.81%

    For 2023, Bankfirst Financial Services's most frequently cited loan purpose was Home Purchase, with 492 originations. The 2nd most popular reason was Refi, with 321 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    5 Year 290 $71,200,000 $245,517 $0 8.42%
    30 Year 271 $70,915,000 $261,679 $0 6.62%
    10 Year 146 $16,670,000 $114,178 $0 4.71%
    Other 92 $49,660,000 $539,783 $0 7.80%
    20 Year 88 $14,090,000 $160,114 $0 4.68%
    1 Year 83 $19,385,000 $233,554 $0 8.34%
    3 Year 37 $4,755,000 $128,514 $0 8.29%
    15 Year 13 $3,135,000 $241,154 $0 6.91%

    For 2023, Bankfirst Financial Services's most frequently cited loan duration was 5 Year, with 290 originations. The 2nd most popular length was 30 Year, with 271 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 132 $9,390,000 $71,136
    $1k-2k 80 $16,740,000 $209,250
    $3k-4k 72 $18,130,000 $251,806
    $2k-3k 71 $13,915,000 $195,986
    $5k+ 60 $30,320,000 $505,333
    $4k-5k 39 $13,555,000 $347,564

    Bankfirst Financial Services's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 132 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    Over 8% 292 $36,640,000 $125,479
    7-8% 217 $84,645,000 $390,069
    6-7% 214 $59,340,000 $277,290
    3-4% 180 $18,450,000 $102,500
    5-6% 78 $27,180,000 $348,462
    4-5% 37 $23,465,000 $634,189
    <2.5% 2 $90,000 $45,000

    During 2023, Bankfirst Financial Services's average interest rate for loans was 6.62%, while their most frequently originated rate bucket for loans was Over 8%, with 292 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 395 $19,405,000 $49,127 $0 7.25%
    $100k-200k 273 $39,025,000 $142,949 $0 6.88%
    $200k-400k 231 $63,555,000 $275,130 $0 6.84%
    $400k-600k 65 $30,225,000 $465,000 $0 6.84%
    $1MM+ 28 $76,870,000 $2,745,357 $0 6.93%
    $600k-1MM 28 $20,730,000 $740,357 $0 6.48%

    2023 saw Bankfirst Financial Services place emphasis on $100,000 or less loans with 395 originations, totaling $19,405,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 162 $19,780,000 $122,099 $0 7.00%
    $100k-150k 161 $30,915,000 $192,019 $0 6.72%
    $50k or less 132 $9,480,000 $71,818 $0 7.66%
    $150k-250k 124 $28,310,000 $228,306 $0 6.24%
    $75k-100k 123 $18,275,000 $148,577 $0 6.63%
    $250k+ 87 $34,125,000 $392,241 $0 6.71%

    Bankfirst Financial Services lent most frequently to those with incomes in the $50k-75k range, with 162 originations. The second most popular income band? $100k-150k, with 161 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 158 $27,420,000 $173,544 $0 6.41%
    30-36% 117 $24,675,000 $210,897 $0 6.11%
    <20% 76 $10,760,000 $141,579 $0 6.24%
    39% 31 $7,295,000 $235,323 $0 5.89%
    49% 23 $6,975,000 $303,261 $0 6.94%
    50-60% 23 $4,785,000 $208,043 $0 7.24%
    43% 23 $4,285,000 $186,304 $0 5.74%
    37% 21 $5,105,000 $243,095 $0 6.60%
    41% 20 $3,130,000 $156,500 $0 5.81%
    36% 19 $3,675,000 $193,421 $0 6.17%
    38% 19 $3,515,000 $185,000 $0 5.74%
    44% 18 $3,910,000 $217,222 $0 5.89%
    45% 18 $1,870,000 $103,889 $0 5.77%
    42% 16 $2,050,000 $128,125 $0 5.87%
    47% 15 $3,815,000 $254,333 $0 7.34%
    48% 14 $2,550,000 $182,143 $0 7.37%
    40% 13 $3,005,000 $231,154 $0 5.24%
    46% 12 $2,650,000 $220,833 $0 7.40%
    >60% 8 $790,000 $98,750 $0 8.51%

    Bankfirst Financial Services lent most frequently to those with DTI ratios of 20-30%, with 158 originations. The next most common DTI ratio? 30-36%, with 117 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 714 $128,420,000 $179,860 $0 6.69%
    Not applicable 214 $106,340,000 $496,916 $0 7.77%
    Black 77 $9,875,000 $128,247 $0 7.89%
    Asian 14 $5,060,000 $361,429 $0 6.08%
    Other Asian 1 $115,000 $115,000 $0 9.00%

    Approval Rates

    Total approvals of all applications
    92.12%

    Bankfirst Financial Services has an average approval rate.

    Pick Rate

    Approvals leading to origination
    87.06%

    Bankfirst Financial Services has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,020 $249,810,000 $244,912

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,020 $249,810,000 $244,912

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 187 $25,385,000 $135,749 $0 6.93%
    40-60% 180 $65,270,000 $362,611 $0 7.39%
    60-80% 251 $75,545,000 $300,976 $0 7.43%
    80-100% 259 $73,225,000 $282,722 $0 6.87%
    Over 100% 1 $35,000 $35,000 $0 7.75%
    Under 20% 142 $10,350,000 $72,887 $0 6.10%