The Farmers Bank Mortgage Rates, Fees & Info
Portland, TNLEI: 549300C4CKL0HRXJ3085
Tax ID: 62-0197640
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Mortgage Data
Review & Overview
The Farmers Bank is a smaller bank specializing in Home Purchase 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, Daphne, Crestview, Clarksville, and Bowling Green among others. We have data for 15 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 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.54% | 11/30/23 |
| 30 Year Conventional Refi | 6.68% | 11/30/23 |
| 30 Year Cash-out Refi | 6.68% | 11/30/23 |
| 30 Year FHA Purchase | 6.95% | 11/30/23 |
| 30 Year USDA Purchase | 6.44% | 11/30/23 |
| 15 Year Conventional Purchase | 5.98% | 11/30/23 |
| 15 Year Conventional Refi | 6.15% | 11/30/23 |
| 15 Year Cash-out Refi | 6.15% | 11/30/23 |
| 15 Year FHA Purchase | 7.32% | 11/30/23 |
| 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
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This is not an official calculator from The Farmers Bank. It uses our SimulatedRate™
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
460Origination Dollar Volume (All Markets)
$152,940,000Awards
The Farmers Bank - 2022
The Farmers Bank is a 2022 , due to their low .
For 2022, less than of lenders were eligible for this award.
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Relative Rate
The Farmers Bank's average 30 year fixed mortgage rate was
4.52%.
The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.
This yields a difference of -0.24%.
Relative Fees (Closing Costs)
The Farmers Bank's average total fees/closing costs for a 30 year fixed rate
mortgage were $4,433.
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 $4,750.
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) | 398 | $128,800,000 | $323,618 | $3,780 | 5.78% |
| Outside of Metro Areas | 34 | $9,850,000 | $289,706 | $3,266 | 5.72% |
| DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) | 4 | $4,370,000 | $1,092,500 | $0 | 5.56% |
| CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) | 2 | $4,060,000 | $2,030,000 | $0 | 5.13% |
| CLARKSVILLE, TN-KY (FHA|USDA|VA) | 6 | $1,350,000 | $225,000 | $6,685 | 6.71% |
| BOWLING GREEN, KY (FHA|USDA|VA) | 4 | $960,000 | $240,000 | $4,081 | 4.59% |
| PANAMA CITY, FL (FHA|USDA|VA) | 1 | $835,000 | $835,000 | $0 | 5.00% |
| Cookeville, TN (FHA|USDA|VA) | 3 | $515,000 | $171,667 | $2,728 | 6.21% |
| Tullahoma-Manchester, TN (FHA|USDA|VA) | 1 | $505,000 | $505,000 | $2,832 | 3.00% |
| Central City, KY (FHA|USDA|VA) | 2 | $500,000 | $250,000 | $4,556 | 4.56% |
| ELIZABETHTOWN-FORT KNOX, KY (FHA|USDA|VA) | 1 | $445,000 | $445,000 | $0 | 4.50% |
| Sevierville, TN (FHA|USDA|VA) | 1 | $365,000 | $365,000 | $0 | 6.00% |
| Glasgow, KY (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $3,368 | 7.00% |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $0 | 6.50% |
| KNOXVILLE, TN (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 6.50% |
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.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 446 | $149,330,000 | $334,821 | $3,530 | 5.82% |
| FHA | 8 | $2,350,000 | $293,750 | $8,663 | 4.45% |
| USDA | 6 | $1,260,000 | $210,000 | $5,712 | 3.52% |
For 2022, The Farmers Bank's most frequently originated type of loan was Conventional, with 446 originations. Their 2nd most popular type was FHA, with 8 originations.
Loan Reason
For 2022, The Farmers Bank's most frequently cited loan purpose was Home Purchase, with 280 originations. The 2nd most popular reason was Refi, with 116 originations.
Loan Duration/Length
For 2022, The Farmers Bank's most frequently cited loan duration was 30 Year, with 134 originations. The 2nd most popular length was 5 Year, with 105 originations.
Origination Fees/Closing Costs
The Farmers Bank's average total fees were $4,433, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 120 originations.
Interest Rates
During 2022, The Farmers Bank's average interest rate for loans was 4.52%, while their most frequently originated rate bucket for loans was 5-6%, with 143 originations.
Loan Sizing
2022 saw The Farmers Bank place emphasis on $200k-400k loans with 183 originations, totaling $51,465,000 in origination value.
Applicant Income
The Farmers Bank lent most frequently to those with incomes in the $100k-150k range, with 69 originations. The second most popular income band? $50k-75k, with 65 originations.
Applicant Debt to Income Ratio
The Farmers Bank lent most frequently to those with DTI ratios of 20-30%, with 43 originations. The next most common DTI ratio? 30-36%, with 36 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications91.11%
The Farmers Bank has an average approval rate.
Pick Rate
Approvals leading to origination81.96%
The Farmers Bank has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 460 | $152,940,000 | $332,478 |