The Richwood Banking Company Mortgage Rates, Fees & Info

Richwood, OH

LEI: 549300F263I3XPN55P35

Tax ID: 31-4291610

5 stars - Updated: 5/26/24 - out of 5 stars, based on 10 reviews

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

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Mortgage Data

Review & Overview

The Richwood Banking Company is a smaller bank specializing in Home Purchase and Refi loans. The Richwood Banking Company has a high proportion of conventional loans. Their top markets by origination volume include: Columbus, Dayton, Bellefontaine, Springfield, and Marion among others. We have data for 11 markets. (Some data included below & more in-depth data is available with an active subscription.)

The Richwood Banking Company 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. The Richwood Banking Company 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.

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SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 6.62% 5/26/24
30 Year Conventional Refi 6.62% 5/26/24
30 Year Cash-out Refi 6.54% 5/26/24
15 Year Conventional Purchase 7.11% 5/26/24
15 Year Conventional Refi 6.28% 5/26/24
15 Year Cash-out Refi 6.28% 5/26/24
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 Richwood Banking Company Mortgage Calculator






Your Estimates

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

This is not an official calculator from The Richwood Banking Company. 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

94

Origination Dollar Volume (All Markets)

$22,220,000

Relative Rate

The Richwood Banking Company's average 30 year fixed mortgage rate was 7.17%.

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

This yields a difference of 0.69%.

Relative Fees (Closing Costs)

The Richwood Banking Company's average total fees/closing costs for a 30 year fixed rate mortgage were $4,089.

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
COLUMBUS, OH (FHA|USDA|VA) 53 $11,585,000 $218,585 $4,175 7.62%
DAYTON-KETTERING, OH (FHA|USDA|VA) 2 $3,080,000 $1,540,000 $3,089 6.44%
Bellefontaine, OH (FHA|USDA|VA) 13 $1,695,000 $130,385 $3,084 7.68%
SPRINGFIELD, OH (FHA|USDA|VA) 7 $1,565,000 $223,571 $2,499 8.36%
Marion, OH (FHA|USDA|VA) 9 $1,105,000 $122,778 $2,994 7.44%
LIMA, OH (FHA|USDA|VA) 4 $1,010,000 $252,500 $2,182 7.84%
Urbana, OH (FHA|USDA|VA) 2 $770,000 $385,000 $6,431 6.75%
Outside of Metro Areas 1 $525,000 $525,000 $0 8.50%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $505,000 $505,000 $7,744 7.99%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $245,000 $245,000 $0 8.50%
Mount Vernon, OH (FHA|USDA|VA) 1 $135,000 $135,000 $0 8.50%
The Richwood Banking Company's top markets include Columbus, Dayton, Bellefontaine, Springfield, and Marion among others.

Their top states include:
  • Ohio (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Wyoming (FHA|USDA|VA)
  • Similar Lenders

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

    The Community Bank
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 94 $22,220,000 $236,383 $3,807 7.66%

    For 2023, The Richwood Banking Company's most frequently originated type of loan was Conventional, with 94 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 58 $13,650,000 $235,345 $4,677 7.53%
    Cash Out Refi 11 $1,875,000 $170,455 $3,236 7.54%
    Other 10 $990,000 $99,000 $2,072 8.69%
    Refi 9 $5,105,000 $567,222 $3,856 7.42%
    Home Improvement 6 $600,000 $100,000 $2,139 7.81%

    For 2023, The Richwood Banking Company's most frequently cited loan purpose was Home Purchase, with 58 originations. The 2nd most popular reason was Cash Out Refi, with 11 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 37 $10,455,000 $282,568 $4,089 7.17%
    Other 19 $5,555,000 $292,368 $4,611 7.48%
    20 Year 16 $3,410,000 $213,125 $3,103 8.09%
    10 Year 9 $445,000 $49,444 $1,537 9.28%
    15 Year 9 $945,000 $105,000 $2,837 7.68%
    30+ year 4 $1,410,000 $352,500 $8,115 7.74%

    For 2023, The Richwood Banking Company's most frequently cited loan duration was 30 Year, with 37 originations. The 2nd most popular length was Other, with 19 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 23 $1,855,000 $80,652
    $1k-2k 22 $4,180,000 $190,000
    $2k-3k 6 $1,630,000 $271,667
    $5k+ 5 $1,845,000 $369,000
    $3k-4k 3 $1,065,000 $355,000
    $4k-5k 2 $550,000 $275,000

    The Richwood Banking Company's average total fees were $4,089, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 23 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    7-8% 49 $9,585,000 $195,612
    Over 8% 23 $4,335,000 $188,478
    6-7% 21 $8,145,000 $387,857
    5-6% 1 $155,000 $155,000

    During 2023, The Richwood Banking Company's average interest rate for loans was 7.17%, while their most frequently originated rate bucket for loans was 7-8%, with 49 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 36 $5,100,000 $141,667 $3,114 7.37%
    $200k-400k 27 $7,145,000 $264,630 $5,446 7.44%
    $100,000 or less 20 $1,240,000 $62,000 $1,990 8.50%
    $400k-600k 8 $3,990,000 $498,750 $7,382 7.87%
    $600k-1MM 2 $1,810,000 $905,000 $0 7.38%
    $1MM+ 1 $2,935,000 $2,935,000 $0 6.75%

    2023 saw The Richwood Banking Company place emphasis on $100k-200k loans with 36 originations, totaling $5,100,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 17 $3,025,000 $177,941 $4,274 7.48%
    $50k-75k 17 $2,405,000 $141,471 $3,329 8.06%
    $150k-250k 11 $2,685,000 $244,091 $4,412 7.64%
    $75k-100k 11 $2,015,000 $183,182 $3,892 7.36%
    $50k or less 10 $1,170,000 $117,000 $2,667 7.82%
    $250k+ 3 $785,000 $261,667 $5,179 7.70%

    The Richwood Banking Company lent most frequently to those with incomes in the $100k-150k range, with 17 originations. The second most popular income band? $50k-75k, with 17 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 16 $2,060,000 $128,750 $3,137 7.74%
    30-36% 16 $2,920,000 $182,500 $4,069 7.75%
    <20% 6 $940,000 $156,667 $3,632 6.87%
    37% 4 $800,000 $200,000 $4,362 7.44%
    40% 3 $285,000 $95,000 $2,635 8.41%
    45% 2 $650,000 $325,000 $4,384 8.62%
    44% 2 $340,000 $170,000 $3,958 8.81%
    36% 2 $460,000 $230,000 $4,927 8.12%
    50-60% 2 $340,000 $170,000 $3,112 7.56%
    39% 2 $850,000 $425,000 $4,605 7.56%
    43% 2 $450,000 $225,000 $5,101 6.93%
    >60% 1 $305,000 $305,000 $4,046 7.49%
    41% 1 $245,000 $245,000 $3,690 7.99%
    42% 1 $105,000 $105,000 $2,458 6.38%
    47% 1 $375,000 $375,000 $7,415 6.88%

    The Richwood Banking Company lent most frequently to those with DTI ratios of 20-30%, with 16 originations. The next most common DTI ratio? 30-36%, with 16 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 62 $10,120,000 $163,226 $3,741 7.62%
    Not applicable 23 $9,935,000 $431,957 $0 7.61%
    Not provided 7 $1,935,000 $276,429 $4,420 7.96%
    American Indian 1 $155,000 $155,000 $0 7.13%
    Black 1 $75,000 $75,000 $3,017 10.25%

    Approval Rates

    Total approvals of all applications
    83.80%

    The Richwood Banking Company has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    46.81%

    The Richwood Banking Company 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
    NA 94 $22,220,000 $236,383

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    94 $22,220,000 $236,383

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 13 $1,325,000 $101,923 $2,306 7.97%
    40-60% 19 $3,185,000 $167,632 $4,131 7.32%
    60-80% 36 $12,860,000 $357,222 $4,858 7.64%
    80-100% 21 $4,205,000 $200,238 $4,118 7.49%
    Under 20% 5 $645,000 $129,000 $1,263 9.13%