Bank Of Tennessee Mortgage Rates, Fees & Info

Kingsport, TN

LEI: 549300CTISSNREVLNO46

Tax ID: 62-0921694

3.4 stars - Updated: 2/25/24 - out of 5 stars, based on 30 reviews

Latest/2022 | 2021 Data | 2020 Data | 2019 Data | 2018 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. 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, Johnson City, Kingsport, Knoxville, and Boone among others. We have data for 40 markets. (Some data included below & more in-depth data is available with an active subscription.)

Bank Of Tennessee 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. 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% 2/25/24
30 Year Conventional Purchase 7.12% 2/25/24
30 Year Conventional Refi 7.16% 2/25/24
30 Year Cash-out Refi 6.68% 2/25/24
30 Year FHA Purchase 7.49% 2/25/24
30 Year FHA Refi 6.27% 2/25/24
30 Year VA Purchase 6.34% 2/25/24
30 Year VA Refi 6.27% 2/25/24
30 Year USDA Purchase 6.66% 2/25/24
15 Year Conventional Purchase 7.01% 2/25/24
15 Year Conventional Refi 6.77% 2/25/24
15 Year Cash-out Refi 6.77% 2/25/24
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.

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

905

Origination Dollar Volume (All Markets)

$288,285,000

Relative Rate

Bank Of Tennessee's average 30 year fixed mortgage rate was 5.24%.

The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.

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 $6,699.

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) 317 $133,295,000 $420,489 $7,402 5.21%
JOHNSON CITY, TN (FHA|USDA|VA) 227 $45,845,000 $201,960 $5,201 5.30%
KINGSPORT-BRISTOL, TN-VA (FHA|USDA|VA) 114 $25,230,000 $221,316 $5,299 5.21%
KNOXVILLE, TN (FHA|USDA|VA) 50 $24,500,000 $490,000 $6,356 5.05%
Outside of Metro Areas 105 $20,905,000 $199,095 $5,511 5.81%
Boone, NC (FHA|USDA|VA) 26 $7,570,000 $291,154 $6,780 5.32%
Sevierville, TN (FHA|USDA|VA) 10 $6,030,000 $603,000 $11,312 6.18%
CHATTANOOGA, TN-GA (FHA|USDA|VA) 2 $5,950,000 $2,975,000 $0 5.13%
DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) 4 $2,500,000 $625,000 $10,939 5.92%
CLARKSVILLE, TN-KY (FHA|USDA|VA) 6 $2,420,000 $403,333 $7,078 5.29%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 2 $1,910,000 $955,000 $15,219 3.98%
Greeneville, TN (FHA|USDA|VA) 9 $1,085,000 $120,556 $3,331 5.23%
HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) 3 $915,000 $305,000 $9,630 6.14%
MORRISTOWN, TN (FHA|USDA|VA) 2 $880,000 $440,000 $10,928 4.55%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 1 $725,000 $725,000 $38,636 4.99%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $645,000 $645,000 $6,019 5.38%
Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 1 $605,000 $605,000 $0 3.88%
McMinnville, TN (FHA|USDA|VA) 2 $580,000 $290,000 $7,344 4.88%
JACKSONVILLE, NC (FHA|USDA|VA) 1 $535,000 $535,000 $9,983 8.10%
BLACKSBURG-CHRISTIANSBURG, VA (FHA|USDA|VA) 1 $525,000 $525,000 $10,013 6.71%
WILLIAMSPORT, PA (FHA|USDA|VA) 1 $505,000 $505,000 $5,200 5.00%
Forest City, NC (FHA|USDA|VA) 1 $505,000 $505,000 $9,761 4.09%
BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) 1 $425,000 $425,000 $3,037 5.50%
ASHEVILLE, NC (FHA|USDA|VA) 1 $405,000 $405,000 $3,232 5.50%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $365,000 $365,000 $8,358 4.88%
OKLAHOMA CITY, OK (FHA|USDA|VA) 1 $355,000 $355,000 $10,411 4.88%
Martin, TN (FHA|USDA|VA) 1 $345,000 $345,000 $9,920 5.75%
BOWLING GREEN, KY (FHA|USDA|VA) 2 $340,000 $170,000 $3,278 5.88%
MADISON, WI (FHA|USDA|VA) 1 $335,000 $335,000 $2,826 3.88%
JACKSONVILLE, FL (FHA|USDA|VA) 1 $335,000 $335,000 $0 4.00%
CLEVELAND, TN (FHA|USDA|VA) 1 $325,000 $325,000 $3,907 5.13%
Lewisburg, TN (FHA|USDA|VA) 1 $305,000 $305,000 $0 7.00%
Shelbyville, TN (FHA|USDA|VA) 1 $295,000 $295,000 $15,422 4.63%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 1 $265,000 $265,000 $0 5.70%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 1 $175,000 $175,000 $0 4.75%
Lawrenceburg, TN (FHA|USDA|VA) 1 $125,000 $125,000 $3,517 5.62%
HAMMOND, LA (FHA|USDA|VA) 1 $65,000 $65,000 $0 4.88%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 1 $55,000 $55,000 $0 8.00%
PITTSBURGH, PA (FHA|USDA|VA) 1 $55,000 $55,000 $3,466 5.38%
Marion, NC (FHA|USDA|VA) 1 $55,000 $55,000 $0 5.00%
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)
  • Florida (FHA|USDA|VA)
  • Alabama (FHA|USDA|VA)
  • Virginia (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.

    NORTHEAST COMMUNITY
    Similarity Rank: 39
    Horizon Credit Union
    Similarity Rank: 72
    Kingsport Press Credit Union
    Similarity Rank: 198
    CONSUMER Credit Union
    Similarity Rank: 380
    KELLEY MORTGAGE, LLC
    Similarity Rank: 420
    US COMMUNITY
    Similarity Rank: 490
    New Peoples Bank, Inc.
    Similarity Rank: 720
    Home Federal Bank of Tennessee
    Similarity Rank: 800
    TENNESSEE TRUST MORTGAGE, INC
    Similarity Rank: 833
    Allen Tate Mortgage Partners, LLC
    Similarity Rank: 999

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 623 $234,305,000 $376,091 $6,184 5.24%
    HELOC 247 $42,755,000 $173,097 n/a 5.56%
    FHA 18 $4,090,000 $227,222 $8,378 5.15%
    VA 14 $6,480,000 $462,857 $13,779 4.44%
    USDA 3 $655,000 $218,333 $5,687 4.54%

    For 2022, Bank Of Tennessee's most frequently originated type of loan was Conventional, with 623 originations. Their 2nd most popular type was HELOC, with 247 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 503 $199,425,000 $396,471 $6,707 5.40%
    Refi 144 $37,930,000 $263,403 $5,514 4.95%
    Other 121 $22,455,000 $185,579 $7,913 5.69%
    Home Improvement 105 $17,485,000 $166,524 $6,770 5.22%
    Cash Out Refi 32 $10,990,000 $343,438 $4,920 4.36%

    For 2022, Bank Of Tennessee's most frequently cited loan purpose was Home Purchase, with 503 originations. The 2nd most popular reason was Refi, with 144 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 524 $184,080,000 $351,298 $6,699 5.24%
    Other 184 $42,760,000 $232,391 $0 5.70%
    20 Year 94 $36,590,000 $389,255 $3,994 5.27%
    15 Year 48 $9,080,000 $189,167 $4,323 4.51%
    5 Year 22 $5,800,000 $263,636 $0 5.52%
    1 Year 16 $6,540,000 $408,750 $10,517 5.90%
    10 Year 9 $1,755,000 $195,000 $2,679 4.67%
    3 Year 8 $1,680,000 $210,000 $0 5.44%

    For 2022, Bank Of Tennessee's most frequently cited loan duration was 30 Year, with 524 originations. The 2nd most popular length was Other, with 184 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 201 $61,385,000 $305,398
    $5k+ 95 $72,195,000 $759,947
    $2k-3k 73 $10,375,000 $142,123
    $3k-4k 65 $14,485,000 $222,846
    $4k-5k 48 $16,590,000 $345,625
    $<1k 6 $1,300,000 $216,667

    Bank Of Tennessee's average total fees were $6,699, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 201 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 276 $100,950,000 $365,761
    5-6% 231 $72,985,000 $315,952
    6-7% 141 $43,595,000 $309,184
    3-4% 139 $40,515,000 $291,475
    7-8% 77 $21,465,000 $278,766
    Over 8% 26 $5,420,000 $208,462
    2.5-3% 10 $2,900,000 $290,000
    <2.5% 5 $455,000 $91,000

    During 2022, Bank Of Tennessee's average interest rate for loans was 5.24%, while their most frequently originated rate bucket for loans was 4-5%, with 276 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 304 $84,200,000 $276,974 $5,642 5.28%
    $100k-200k 223 $33,055,000 $148,229 $4,281 5.35%
    $100,000 or less 177 $10,405,000 $58,785 $3,220 5.39%
    $400k-600k 109 $52,435,000 $481,055 $6,753 5.21%
    $600k-1MM 61 $45,975,000 $753,689 $12,765 5.30%
    $1MM+ 31 $62,215,000 $2,006,935 $17,549 5.20%

    2022 saw Bank Of Tennessee place emphasis on $200k-400k loans with 304 originations, totaling $84,200,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 166 $55,410,000 $333,795 $7,855 5.47%
    $100k-150k 148 $39,940,000 $269,865 $5,897 5.35%
    $50k-75k 142 $25,350,000 $178,521 $4,656 5.03%
    $250k+ 117 $73,675,000 $629,701 $11,317 5.54%
    $50k or less 105 $11,915,000 $113,476 $4,339 5.20%
    $75k-100k 104 $24,390,000 $234,519 $5,376 5.25%

    Bank Of Tennessee lent most frequently to those with incomes in the $150k-250k range, with 166 originations. The second most popular income band? $100k-150k, with 148 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 146 $42,260,000 $289,452 $6,141 5.12%
    20-30% 141 $41,295,000 $292,872 $5,849 5.22%
    <20% 83 $18,955,000 $228,373 $5,602 4.87%
    49% 37 $10,225,000 $276,351 $6,155 5.83%
    43% 36 $12,490,000 $346,944 $6,802 5.75%
    42% 34 $11,010,000 $323,824 $5,909 5.60%
    39% 30 $8,370,000 $279,000 $6,233 5.10%
    38% 30 $9,900,000 $330,000 $7,621 5.43%
    44% 28 $8,280,000 $295,714 $6,490 5.33%
    40% 27 $8,735,000 $323,519 $6,588 5.69%
    46% 27 $9,645,000 $357,222 $9,289 5.29%
    37% 25 $7,675,000 $307,000 $6,906 5.44%
    41% 25 $6,605,000 $264,200 $5,725 5.33%
    36% 22 $5,360,000 $243,636 $6,487 5.19%
    45% 21 $8,885,000 $423,095 $6,993 5.40%
    48% 20 $6,160,000 $308,000 $7,031 5.86%
    47% 18 $5,440,000 $302,222 $7,389 5.39%
    50-60% 5 $2,355,000 $471,000 $17,583 4.25%

    Bank Of Tennessee lent most frequently to those with DTI ratios of 30-36%, with 146 originations. The next most common DTI ratio? 20-30%, with 141 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 702 $196,260,000 $279,573 $6,224 5.34%
    Not applicable 99 $47,705,000 $481,869 $0 5.29%
    Not provided 55 $27,895,000 $507,182 $9,504 5.12%
    Black 23 $7,575,000 $329,348 $6,568 4.78%
    Asian 20 $7,340,000 $367,000 $7,576 5.50%
    Chinese 3 $785,000 $261,667 $0 5.74%
    Other Asian 1 $475,000 $475,000 $0 4.25%
    American Indian 1 $215,000 $215,000 $7,245 3.99%
    Japanese 1 $35,000 $35,000 $0 6.25%

    Approval Rates

    Total approvals of all applications
    92.63%

    Bank Of Tennessee has an average approval rate.

    Pick Rate

    Approvals leading to origination
    67.73%

    Bank Of Tennessee has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    0.0 4 $860,000 $215,000
    NA 901 $287,425,000 $319,007

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    905 $288,285,000 $318,547

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 139 $29,975,000 $215,647 $4,244 5.44%
    40-60% 118 $32,440,000 $274,915 $5,919 5.05%
    60-80% 216 $98,620,000 $456,574 $6,617 5.21%
    80-100% 327 $117,855,000 $360,413 $6,538 5.41%
    Over 100% 5 $2,435,000 $487,000 $26,911 4.47%
    Under 20% 98 $6,820,000 $69,592 $2,162 5.38%

    Complaints

    Bank Name Product Issue 2022 CPFB Complaints % of Total Issues
    BANK OF NEW YORK MELLON CORPORATION, THE Reverse mortgage Struggling to pay mortgage 1 100.0%