The Farmers Bank Mortgage Rates, Fees & Info

Portland, TN

LEI: 549300C4CKL0HRXJ3085

Tax ID: 62-0197640

5 stars - Updated: 12/2/24 - out of 5 stars, based on 19 reviews

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

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Mortgage Data

Review & Overview

The Farmers Bank is a smaller bank specializing in Home Purchase and Refi loans. The Farmers Bank has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) They have a low ratio of USDA loans. Their top markets by origination volume include: Nashville, Bowling Green, Panama City, Elizabethtown, and Starkville among others. We have data for 12 markets. (Some data included below & more in-depth data is available with an active subscription.)

The Farmers 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. The Farmers 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.

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 6.54% 12/2/24
30 Year Conventional Refi 6.68% 12/2/24
30 Year Cash-out Refi 6.68% 12/2/24
30 Year FHA Purchase 6.95% 12/2/24
30 Year USDA Purchase 6.44% 12/2/24
15 Year Conventional Purchase 5.98% 12/2/24
15 Year Conventional Refi 6.15% 12/2/24
15 Year Cash-out Refi 6.15% 12/2/24
15 Year FHA Purchase 7.32% 12/2/24
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.

The Farmers Bank Mortgage Calculator






Your Estimates

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

This is not an official calculator from The Farmers 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

377

Origination Dollar Volume (All Markets)

$114,195,000

Awards

The Farmers Bank 30 Year Conventional Loans gold
Show all (1) awards

Relative Rate

The Farmers Bank's average 30 year fixed mortgage rate was 6.55%.

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

This yields a difference of 0.07%.

Relative Fees (Closing Costs)

The Farmers Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $4,310.

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) 338 $102,810,000 $304,172 $3,411 8.01%
Outside of Metro Areas 23 $7,435,000 $323,261 $3,109 8.40%
BOWLING GREEN, KY (FHA|USDA|VA) 6 $1,190,000 $198,333 $4,373 8.42%
PANAMA CITY, FL (FHA|USDA|VA) 1 $915,000 $915,000 $0 8.00%
ELIZABETHTOWN-FORT KNOX, KY (FHA|USDA|VA) 1 $445,000 $445,000 $0 8.50%
Starkville, MS (FHA|USDA|VA) 1 $405,000 $405,000 $0 8.25%
KNOXVILLE, TN (FHA|USDA|VA) 1 $385,000 $385,000 $0 9.25%
Paris, TN (FHA|USDA|VA) 1 $165,000 $165,000 $0 8.25%
CLARKSVILLE, TN-KY (FHA|USDA|VA) 2 $150,000 $75,000 $0 7.56%
JACKSON, MS (FHA|USDA|VA) 1 $145,000 $145,000 $3,135 6.62%
HUNTSVILLE, AL (FHA|USDA|VA) 1 $75,000 $75,000 $0 9.75%
Glasgow, KY (FHA|USDA|VA) 1 $75,000 $75,000 $1,333 9.25%
The Farmers Bank's top markets include Nashville, Bowling Green, Panama City, Elizabethtown, and Starkville among others.

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

    We use machine learning to identify the top lenders compared against The Farmers 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: 130
    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
    Conventional 370 $112,140,000 $303,081 $3,176 8.09%
    FHA 4 $1,280,000 $320,000 $10,427 6.13%
    USDA 3 $775,000 $258,333 $6,772 5.63%

    For 2023, The Farmers Bank's most frequently originated type of loan was Conventional, with 370 originations. Their 2nd most popular type was FHA, with 4 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 225 $82,845,000 $368,200 $4,013 7.76%
    Refi 112 $25,990,000 $232,054 $1,986 8.36%
    Other 16 $1,680,000 $105,000 $2,471 9.91%
    Home Improvement 13 $1,885,000 $145,000 $1,634 9.13%
    Cash Out Refi 11 $1,795,000 $163,182 $3,566 6.64%

    For 2023, The Farmers Bank's most frequently cited loan purpose was Home Purchase, with 225 originations. The 2nd most popular reason was Refi, with 112 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 116 $37,270,000 $321,293 $2,220 8.95%
    30 Year 98 $31,830,000 $324,796 $4,310 6.55%
    5 Year 79 $23,755,000 $300,696 $924 8.61%
    1 Year 41 $13,545,000 $330,366 $6,495 8.30%
    3 Year 30 $5,500,000 $183,333 $1,335 8.04%
    15 Year 5 $575,000 $115,000 $2,858 7.15%
    20 Year 4 $1,200,000 $300,000 $5,497 6.94%
    10 Year 4 $520,000 $130,000 $1,604 6.91%

    For 2023, The Farmers Bank's most frequently cited loan duration was Other, with 116 originations. The 2nd most popular length was 30 Year, with 98 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 75 $18,345,000 $244,600
    $1k-2k 75 $19,055,000 $254,067
    $2k-3k 12 $3,860,000 $321,667
    $4k-5k 4 $1,630,000 $407,500
    $5k+ 4 $1,720,000 $430,000
    $3k-4k 3 $1,445,000 $481,667

    The Farmers Bank's average total fees were $4,310, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 75 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    Over 8% 189 $55,015,000 $291,085
    7-8% 96 $30,540,000 $318,125
    6-7% 66 $21,250,000 $321,970
    5-6% 25 $7,195,000 $287,800
    4-5% 1 $195,000 $195,000

    During 2023, The Farmers Bank's average interest rate for loans was 6.55%, while their most frequently originated rate bucket for loans was Over 8%, with 189 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 158 $45,260,000 $286,456 $4,220 7.83%
    $100k-200k 67 $10,005,000 $149,328 $3,074 8.17%
    $100,000 or less 65 $3,555,000 $54,692 $1,563 8.78%
    $400k-600k 56 $27,120,000 $484,286 $4,099 7.67%
    $600k-1MM 22 $15,650,000 $711,364 $4,564 7.97%
    $1MM+ 9 $12,605,000 $1,400,556 $4,452 8.17%

    2023 saw The Farmers Bank place emphasis on $200k-400k loans with 158 originations, totaling $45,260,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 63 $20,105,000 $319,127 $4,097 8.00%
    $150k-250k 54 $19,790,000 $366,481 $3,870 7.90%
    $50k-75k 54 $9,610,000 $177,963 $3,156 8.09%
    $75k-100k 42 $11,160,000 $265,714 $3,052 7.85%
    $250k+ 35 $10,935,000 $312,429 $4,697 8.27%
    $50k or less 23 $2,185,000 $95,000 $2,213 8.33%

    The Farmers Bank lent most frequently to those with incomes in the $100k-150k range, with 63 originations. The second most popular income band? $150k-250k, with 54 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 34 $6,110,000 $179,706 $3,245 7.47%
    20-30% 25 $3,855,000 $154,200 $2,499 8.38%
    <20% 20 $2,680,000 $134,000 $2,475 8.36%
    45% 12 $4,440,000 $370,000 $2,919 7.27%
    46% 9 $3,485,000 $387,222 $3,586 6.92%
    >60% 8 $4,180,000 $522,500 $3,065 8.81%
    39% 8 $2,580,000 $322,500 $5,121 7.44%
    42% 7 $2,085,000 $297,857 $4,203 7.73%
    43% 7 $2,355,000 $336,429 $5,088 7.57%
    44% 7 $2,715,000 $387,857 $4,819 7.14%
    50-60% 7 $2,125,000 $303,571 $4,535 8.16%
    48% 6 $2,610,000 $435,000 $3,510 6.98%
    49% 6 $1,580,000 $263,333 $3,130 7.52%
    40% 5 $1,595,000 $319,000 $5,057 8.75%
    41% 5 $1,815,000 $363,000 $3,489 7.68%
    37% 5 $1,335,000 $267,000 $3,643 6.37%
    47% 5 $1,605,000 $321,000 $3,764 7.10%
    38% 4 $1,090,000 $272,500 $2,440 7.25%
    36% 1 $205,000 $205,000 $3,440 6.88%

    The Farmers Bank lent most frequently to those with DTI ratios of 30-36%, with 34 originations. The next most common DTI ratio? 20-30%, with 25 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 245 $65,295,000 $266,510 $3,340 8.15%
    Not applicable 96 $38,290,000 $398,854 $0 8.18%
    Not provided 32 $10,200,000 $318,750 $3,972 6.72%
    Black 3 $305,000 $101,667 $1,132 9.83%
    Native Hawaiian or Islander 1 $105,000 $105,000 $2,255 5.99%

    Approval Rates

    Total approvals of all applications
    91.56%

    The Farmers Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    81.96%

    The Farmers Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 377 $114,195,000 $302,905

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    377 $114,195,000 $302,905

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 52 $8,170,000 $157,115 $2,642 8.33%
    40-60% 56 $16,780,000 $299,643 $3,792 7.50%
    60-80% 129 $51,595,000 $399,961 $3,848 7.95%
    80-100% 100 $34,590,000 $345,900 $4,768 8.03%
    Over 100% 2 $370,000 $185,000 $1,192 9.13%
    Under 20% 34 $2,280,000 $67,059 $1,570 8.82%