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 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.54% | 4/25/24 |
| 30 Year Conventional Refi | 6.68% | 4/25/24 |
| 30 Year Cash-out Refi | 6.68% | 4/25/24 |
| 30 Year FHA Purchase | 6.95% | 4/25/24 |
| 30 Year USDA Purchase | 6.44% | 4/25/24 |
| 15 Year Conventional Purchase | 5.98% | 4/25/24 |
| 15 Year Conventional Refi | 6.15% | 4/25/24 |
| 15 Year Cash-out Refi | 6.15% | 4/25/24 |
| 15 Year FHA Purchase | 7.32% | 4/25/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
377Origination Dollar Volume (All Markets)
$114,195,000Awards
The Farmers Bank - 2023
The Farmers Bank is a 2023 , due to their low .
For 2023, 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
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% |
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 | 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
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
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
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
2023 saw The Farmers Bank place emphasis on $200k-400k loans with 158 originations, totaling $45,260,000 in origination value.
Applicant Income
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
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
Approval Rates
Total approvals of all applications91.56%
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 | 377 | $114,195,000 | $302,905 |