Bank Of Tennessee Mortgage Rates, Fees & Info

Kingsport, TN

LEI: 549300CTISSNREVLNO46

Tax ID: 62-0921694

5 stars - Updated: 3/27/24 - out of 5 stars, based on 26 reviews

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

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Mortgage Data

Review & Overview

Bank Of Tennessee is a smaller bank specializing in Home Purchase loans. Bank Of Tennessee has a high proportion of conventional loans. Bank Of Tennessee has an average proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Nashville, Johnson City, Kingsport, Knoxville, and Boone among others. We have data for 42 markets. (Some data included below & more in-depth data is available with an active subscription.)

Bank Of Tennessee has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Bank Of Tennessee is typically an average 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
Home Equity Line of Credit (HELOC) 6.27% 3/27/24
30 Year Conventional Purchase 7.12% 3/27/24
30 Year Conventional Refi 7.16% 3/27/24
30 Year Cash-out Refi 6.68% 3/27/24
30 Year FHA Purchase 7.49% 3/27/24
30 Year FHA Refi 6.27% 3/27/24
30 Year VA Purchase 6.34% 3/27/24
30 Year VA Refi 6.27% 3/27/24
30 Year USDA Purchase 6.66% 3/27/24
15 Year Conventional Purchase 7.01% 3/27/24
15 Year Conventional Refi 6.77% 3/27/24
15 Year Cash-out Refi 6.77% 3/27/24
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.

Bank Of Tennessee Mortgage Calculator






Your Estimates

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

This is not an official calculator from Bank Of Tennessee. 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

661

Origination Dollar Volume (All Markets)

$174,985,000

Awards

Bank of Tennessee 30 Year Conventional Loans bronze Bank of Tennessee FHA Loans gold
Show all (2) awards

Relative Rate

Bank Of Tennessee's average 30 year fixed mortgage rate was 6.96%.

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

This yields a difference of 0.48%.

Relative Fees (Closing Costs)

Bank Of Tennessee's average total fees/closing costs for a 30 year fixed rate mortgage were $6,686.

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) 194 $70,020,000 $360,928 $8,128 6.84%
JOHNSON CITY, TN (FHA|USDA|VA) 203 $37,045,000 $182,488 $5,161 7.28%
KINGSPORT-BRISTOL, TN-VA (FHA|USDA|VA) 102 $22,850,000 $224,020 $4,945 6.97%
Outside of Metro Areas 56 $12,450,000 $222,321 $5,527 7.76%
KNOXVILLE, TN (FHA|USDA|VA) 29 $7,755,000 $267,414 $6,427 7.39%
Boone, NC (FHA|USDA|VA) 16 $5,730,000 $358,125 $5,962 7.74%
Greeneville, TN (FHA|USDA|VA) 5 $2,085,000 $417,000 $5,161 8.13%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 3 $1,935,000 $645,000 $9,606 6.87%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 2 $1,170,000 $585,000 $9,161 5.94%
BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) 2 $930,000 $465,000 $5,134 6.88%
Newport, TN (FHA|USDA|VA) 1 $925,000 $925,000 $0 6.45%
Sevierville, TN (FHA|USDA|VA) 3 $885,000 $295,000 $9,368 7.13%
Lewisburg, TN (FHA|USDA|VA) 4 $850,000 $212,500 $2,950 4.26%
BOWLING GREEN, KY (FHA|USDA|VA) 3 $775,000 $258,333 $5,957 7.07%
CHATTANOOGA, TN-GA (FHA|USDA|VA) 3 $745,000 $248,333 $6,330 7.78%
Jasper, AL (FHA|USDA|VA) 1 $725,000 $725,000 $10,811 7.28%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 1 $725,000 $725,000 $7,815 6.88%
Muscatine, IA (FHA|USDA|VA) 1 $635,000 $635,000 $2,994 7.13%
LEXINGTON-FAYETTE, KY (FHA|USDA|VA) 1 $525,000 $525,000 $9,914 7.41%
CLARKSVILLE, TN-KY (FHA|USDA|VA) 3 $515,000 $171,667 $6,553 3.71%
AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 1 $475,000 $475,000 $5,433 6.38%
MORRISTOWN, TN (FHA|USDA|VA) 3 $455,000 $151,667 $5,131 8.24%
McMinnville, TN (FHA|USDA|VA) 2 $440,000 $220,000 $2,632 6.74%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 2 $410,000 $205,000 $7,497 5.75%
PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 1 $385,000 $385,000 $12,101 5.50%
Shelbyville, TN (FHA|USDA|VA) 1 $365,000 $365,000 $7,688 7.82%
CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 3 $365,000 $121,667 $0 5.99%
FLORENCE-MUSCLE SHOALS, AL (FHA|USDA|VA) 1 $355,000 $355,000 $9,363 5.50%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 1 $275,000 $275,000 $7,194 7.98%
Glasgow, KY (FHA|USDA|VA) 1 $255,000 $255,000 $3,571 6.38%
ASHEVILLE, NC (FHA|USDA|VA) 1 $245,000 $245,000 $5,533 8.02%
HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) 1 $225,000 $225,000 $0 7.13%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 1 $225,000 $225,000 $6,401 8.64%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 1 $185,000 $185,000 $7,835 5.50%
OCALA, FL (FHA|USDA|VA) 1 $175,000 $175,000 $4,130 8.04%
Tullahoma-Manchester, TN (FHA|USDA|VA) 1 $165,000 $165,000 $5,196 8.46%
Union City, TN (FHA|USDA|VA) 1 $165,000 $165,000 $4,691 7.88%
COLUMBIA, MO (FHA|USDA|VA) 1 $145,000 $145,000 $2,338 6.75%
HAMMOND, LA (FHA|USDA|VA) 1 $135,000 $135,000 $2,661 7.63%
JACKSON, TN (FHA|USDA|VA) 1 $125,000 $125,000 $0 7.26%
MUNCIE, IN (FHA|USDA|VA) 1 $105,000 $105,000 $0 8.21%
Marion, NC (FHA|USDA|VA) 1 $35,000 $35,000 $0 6.69%
Bank Of Tennessee's top markets include Nashville, Johnson City, Kingsport, Knoxville, and Boone among others.

Their top states include:
  • Tennessee (FHA|USDA|VA)
  • North Carolina (FHA|USDA|VA)
  • Georgia (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Alabama (FHA|USDA|VA)
  • Similar Lenders

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

    CONSUMER Credit Union
    Similarity Rank: 48
    SouthEast Bank
    Similarity Rank: 68
    NORTHEAST COMMUNITY
    Similarity Rank: 69
    First Farmers and Merchants Bank
    Similarity Rank: 130
    STATE EMPLOYEES'
    Similarity Rank: 194
    New Peoples Bank, Inc.
    Similarity Rank: 216
    ENRICHMENT
    Similarity Rank: 230
    Home Federal Bank of Tennessee
    Similarity Rank: 282
    ORNL Federal Credit Union
    Similarity Rank: 378
    US COMMUNITY
    Similarity Rank: 472

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 387 $122,045,000 $315,362 $5,653 7.22%
    Conventional 204 $31,230,000 $153,088 $0 0.00%
    FHA 56 $16,960,000 $302,857 $10,428 6.39%
    VA 10 $3,850,000 $385,000 $8,386 6.02%
    USDA 4 $900,000 $225,000 $7,589 6.84%

    For 2023, Bank Of Tennessee's most frequently originated type of loan was Conventional, with 387 originations. Their 2nd most popular type was Conventional, with 204 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 397 $133,165,000 $335,428 $6,737 7.03%
    Home Improvement 100 $12,140,000 $121,400 $3,588 7.76%
    Other 83 $11,915,000 $143,554 $3,987 7.47%
    Cash Out Refi 60 $12,240,000 $204,000 $4,845 7.19%
    Refi 21 $5,525,000 $263,095 $6,400 7.32%

    For 2023, Bank Of Tennessee's most frequently cited loan purpose was Home Purchase, with 397 originations. The 2nd most popular reason was Home Improvement, with 100 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 352 $113,700,000 $323,011 $6,686 6.96%
    Other 210 $32,570,000 $155,095 $0 8.32%
    20 Year 45 $16,315,000 $362,556 $4,241 7.19%
    15 Year 35 $6,095,000 $174,143 $4,367 7.92%
    5 Year 12 $4,160,000 $346,667 $0 7.32%
    1 Year 3 $1,125,000 $375,000 $0 8.00%
    3 Year 3 $945,000 $315,000 $0 7.46%
    10 Year 1 $75,000 $75,000 $3,373 7.29%

    For 2023, Bank Of Tennessee's most frequently cited loan duration was 30 Year, with 352 originations. The 2nd most popular length was Other, with 210 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 131 $42,295,000 $322,863
    $5k+ 68 $38,830,000 $571,029
    $3k-4k 63 $14,735,000 $233,889
    $2k-3k 61 $10,055,000 $164,836
    $4k-5k 27 $8,955,000 $331,667
    $<1k 6 $1,370,000 $228,333

    Bank Of Tennessee's average total fees were $6,686, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 131 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 159 $54,815,000 $344,748
    7-8% 139 $41,645,000 $299,604
    Over 8% 90 $27,720,000 $308,000
    5-6% 60 $18,150,000 $302,500
    4-5% 6 $1,410,000 $235,000
    <2.5% 3 $15,000 $5,000

    During 2023, Bank Of Tennessee's average interest rate for loans was 6.96%, while their most frequently originated rate bucket for loans was 6-7%, with 159 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 214 $59,930,000 $280,047 $7,258 7.02%
    $100k-200k 180 $26,650,000 $148,056 $4,359 7.28%
    $100,000 or less 156 $8,150,000 $52,244 $2,108 6.82%
    $400k-600k 60 $28,520,000 $475,333 $7,925 6.98%
    $600k-1MM 38 $27,780,000 $731,053 $10,144 7.09%
    $1MM+ 13 $23,955,000 $1,842,692 $17,928 7.69%

    2023 saw Bank Of Tennessee place emphasis on $200k-400k loans with 214 originations, totaling $59,930,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 133 $34,415,000 $258,759 $7,300 7.07%
    $150k-250k 111 $31,175,000 $280,856 $6,483 7.36%
    $50k-75k 103 $15,775,000 $153,155 $5,213 6.63%
    $250k+ 87 $42,985,000 $494,080 $8,376 7.40%
    $75k-100k 86 $18,230,000 $211,977 $7,337 7.05%
    $50k or less 76 $7,120,000 $93,684 $4,334 7.23%

    Bank Of Tennessee lent most frequently to those with incomes in the $100k-150k range, with 133 originations. The second most popular income band? $150k-250k, with 111 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 204 $31,230,000 $153,088 $0 0.00%
    30-36% 69 $21,125,000 $306,159 $5,375 6.88%
    20-30% 59 $15,115,000 $256,186 $5,220 7.04%
    <20% 27 $6,615,000 $245,000 $4,213 6.75%
    43% 26 $7,480,000 $287,692 $5,903 7.28%
    38% 21 $6,785,000 $323,095 $5,990 7.07%
    44% 21 $4,845,000 $230,714 $6,270 7.30%
    40% 19 $6,955,000 $366,053 $6,613 7.04%
    41% 19 $5,785,000 $304,474 $5,702 6.23%
    49% 18 $7,420,000 $412,222 $7,543 7.80%
    46% 17 $5,155,000 $303,235 $7,163 7.21%
    47% 16 $6,740,000 $421,250 $10,321 7.02%
    42% 13 $3,945,000 $303,462 $7,133 7.37%
    39% 13 $2,565,000 $197,308 $5,747 6.74%
    48% 13 $6,475,000 $498,077 $10,769 7.24%
    45% 11 $3,165,000 $287,727 $8,479 7.22%
    37% 10 $3,360,000 $336,000 $7,635 7.09%
    36% 8 $3,060,000 $382,500 $7,870 7.24%
    50-60% 6 $2,760,000 $460,000 $15,036 6.42%

    Bank Of Tennessee lent most frequently to those with DTI ratios of Exempt%, with 204 originations. The next most common DTI ratio? 30-36%, with 69 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 545 $134,145,000 $246,138 $6,185 7.06%
    Not applicable 43 $18,815,000 $437,558 $0 7.34%
    Not provided 34 $7,880,000 $231,765 $7,763 7.47%
    Black 22 $6,360,000 $289,091 $7,465 6.89%
    Asian 10 $4,750,000 $475,000 $9,838 6.68%
    Other Asian 3 $1,995,000 $665,000 $12,356 7.79%
    American Indian 3 $875,000 $291,667 $23,263 6.59%
    Asian Indian 1 $165,000 $165,000 $5,061 8.27%

    Approval Rates

    Total approvals of all applications
    89.13%

    Bank Of Tennessee has an average approval rate.

    Pick Rate

    Approvals leading to origination
    76.40%

    Bank Of Tennessee has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 204 $31,230,000 $153,088
    NA 457 $143,755,000 $314,562

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    661 $174,985,000 $264,728

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 23 $3,865,000 $168,043 $3,979 7.45%
    40-60% 46 $13,580,000 $295,217 $5,497 6.92%
    60-80% 118 $44,320,000 $375,593 $7,073 7.34%
    80-100% 238 $79,200,000 $332,773 $7,060 7.04%
    Over 100% 7 $1,805,000 $257,857 $7,967 7.70%
    Under 20% 24 $750,000 $31,250 $1,159 6.11%