Home Federal Savings Bank Mortgage Rates, Fees & Info

Rochester, MN

LEI: 549300GHAXBE9Q7W9273

Tax ID: 41-0318319

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

Review & Overview

Home Federal Savings Bank is a smaller bank specializing in Home Purchase loans. Home Federal Savings 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: Rochester, Minneapolis, Austin, La Crosse, and Albert Lea among others. We have data for 33 markets. (Some data included below & more in-depth data is available with an active subscription.)

Home Federal Savings Bank has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. Home Federal Savings 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.

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
30 Year Conventional Purchase	5.84%	11/17/24
30 Year Conventional Refi	6.53%	11/17/24
30 Year Cash-out Refi	6.71%	11/17/24
30 Year FHA Purchase	7.43%	11/17/24
30 Year FHA Refi	6.27%	11/17/24
30 Year VA Purchase	6.59%	11/17/24
30 Year USDA Purchase	6.71%	11/17/24
15 Year Conventional Purchase	6.18%	11/17/24
15 Year Conventional Refi	6.15%	11/17/24
15 Year Cash-out Refi	6.15%	11/17/24
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.

Home Federal Savings Bank Mortgage Calculator

Purchase Price:

Loan Amount:

Deposit Amount:

% Deposit:

Interest Rate:

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Your Estimates

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

This is not an official calculator from Home Federal Savings Bank. 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

787

Origination Dollar Volume (All Markets)

$128,825,000

Employee count

182

Awards

Home Federal Savings Bank FHA Loans bronze

Home Federal Savings Bank 30 Year Conventional Loans silver

Home Federal Savings Bank 30 Year Conventional Loans gold

Home Federal Savings Bank FHA Loans gold

Show all (4) awards

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
ROCHESTER, MN (FHA\|USDA\|VA)	384	$65,640,000	$170,938	$2,687	4.70%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA\|USDA\|VA)	62	$24,470,000	$394,677	$2,487	4.97%
Austin, MN (FHA\|USDA\|VA)	81	$8,615,000	$106,358	$2,237	4.60%
LA CROSSE-ONALASKA, WI-MN (FHA\|USDA\|VA)	39	$5,875,000	$150,641	$2,012	4.66%
Albert Lea, MN (FHA\|USDA\|VA)	74	$5,230,000	$70,676	$1,628	4.74%
Winona, MN (FHA\|USDA\|VA)	39	$3,695,000	$94,744	$1,759	4.59%
Red Wing, MN (FHA\|USDA\|VA)	14	$2,690,000	$192,143	$2,584	4.73%
Outside of Metro Areas	22	$2,670,000	$121,364	$2,743	4.66%
MILWAUKEE-WAUKESHA, WI (FHA\|USDA\|VA)	9	$1,775,000	$197,222	$2,625	5.00%
Owatonna, MN (FHA\|USDA\|VA)	16	$1,760,000	$110,000	$1,754	4.88%
Marshalltown, IA (FHA\|USDA\|VA)	21	$1,285,000	$61,190	$1,538	4.35%
ST. CLOUD, MN (FHA\|USDA\|VA)	1	$645,000	$645,000	$0	5.50%
Faribault-Northfield, MN (FHA\|USDA\|VA)	2	$430,000	$215,000	$3,775	4.31%
Whitewater, WI (FHA\|USDA\|VA)	1	$425,000	$425,000	$2,732	4.75%
Bemidji, MN (FHA\|USDA\|VA)	1	$345,000	$345,000	$200	4.25%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA\|USDA\|VA)	1	$335,000	$335,000	$4,490	4.63%
KANSAS CITY, MO-KS (FHA\|USDA\|VA)	2	$310,000	$155,000	$3,144	4.75%
MADISON, WI (FHA\|USDA\|VA)	1	$295,000	$295,000	$5,100	4.75%
Brainerd, MN (FHA\|USDA\|VA)	2	$260,000	$130,000	$3,580	4.06%
Kearney, NE (FHA\|USDA\|VA)	1	$255,000	$255,000	$1,325	5.00%
MANKATO, MN (FHA\|USDA\|VA)	2	$240,000	$120,000	$3,609	3.43%
Fairmont, MN (FHA\|USDA\|VA)	1	$235,000	$235,000	$4,822	4.88%
PRESCOTT VALLEY-PRESCOTT, AZ (FHA\|USDA\|VA)	1	$205,000	$205,000	$3,076	5.00%
Hutchinson, MN (FHA\|USDA\|VA)	1	$185,000	$185,000	$3,733	5.13%
Beaver Dam, WI (FHA\|USDA\|VA)	1	$165,000	$165,000	$2,453	4.13%
DULUTH, MN-WI (FHA\|USDA\|VA)	1	$145,000	$145,000	$3,736	5.13%
Menomonie, WI (FHA\|USDA\|VA)	1	$135,000	$135,000	$3,575	5.13%
Alexandria, MN (FHA\|USDA\|VA)	1	$115,000	$115,000	$2,327	4.88%
Boston-Cambridge-Newton, MA-NH (FHA\|USDA\|VA)	1	$105,000	$105,000	$2,808	4.13%
Watertown-Fort Atkinson, WI (FHA\|USDA\|VA)	1	$85,000	$85,000	$1,647	5.50%
IOWA CITY, IA (FHA\|USDA\|VA)	1	$85,000	$85,000	$2,620	4.13%
DES MOINES-WEST DES MOINES, IA (FHA\|USDA\|VA)	1	$65,000	$65,000	$0	5.38%
AMES, IA (FHA\|USDA\|VA)	1	$55,000	$55,000	$2,002	5.00%

Home Federal Savings Bank's top markets include Rochester, Minneapolis, Austin, La Crosse, and Albert Lea among others.

Their top states include:

Minnesota (FHA|USDA|VA)

Wisconsin (FHA|USDA|VA)

Iowa (FHA|USDA|VA)

California (FHA|USDA|VA)

Nebraska (FHA|USDA|VA)

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Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	751	$123,245,000	$164,108	$2,268	4.71%
FHA	19	$2,645,000	$139,211	$5,646	4.57%
USDA	14	$2,220,000	$158,571	$4,714	4.58%
VA	3	$715,000	$238,333	$2,846	4.75%

For 2018, Home Federal Savings Bank's most frequently originated type of loan was Conventional, with 751 originations. Their 2nd most popular type was FHA, with 19 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Home Purchase	475	$99,115,000	$208,663	$3,206	4.73%
Refi	106	$14,580,000	$137,547	$1,396	4.82%
Home Improvement	82	$2,450,000	$29,878	$275	4.51%
Cash Out Refi	76	$10,840,000	$142,632	$2,740	4.62%
Other	48	$1,840,000	$38,333	$344	4.60%

For 2018, Home Federal Savings Bank's most frequently cited loan purpose was Home Purchase, with 475 originations. The 2nd most popular reason was Refi, with 106 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
30 Year	461	$81,905,000	$177,668	$3,220	4.72%
15 Year	94	$15,780,000	$167,872	$2,455	4.60%
10 Year	75	$7,035,000	$93,800	$253	4.43%
20 Year	49	$5,365,000	$109,490	$1,689	5.03%
Other	49	$12,305,000	$251,122	$312	4.63%
5 Year	43	$2,415,000	$56,163	$193	4.43%
1 Year	10	$1,650,000	$165,000	$280	5.98%
3 Year	6	$2,370,000	$395,000	$235	5.51%

For 2018, Home Federal Savings Bank's most frequently cited loan duration was 30 Year, with 461 originations. The 2nd most popular length was 15 Year, with 94 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$<1k	371	$36,605,000	$98,666
$1k-2k	218	$29,670,000	$136,101
$2k-3k	97	$24,715,000	$254,794
$3k-4k	28	$8,810,000	$314,643
$4k-5k	8	$3,010,000	$376,250
$5k+	5	$2,465,000	$493,000

Home Federal Savings Bank's average total fees were $3,220, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 371 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
4-5%	457	$87,885,000	$192,309
5-6%	171	$22,025,000	$128,801
2.5-3%	59	$1,835,000	$31,102
3-4%	55	$15,275,000	$277,727
6-7%	27	$1,685,000	$62,407

During 2018, Home Federal Savings Bank's average interest rate for loans was 4.72%, while their most frequently originated rate bucket for loans was 4-5%, with 457 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100,000 or less	354	$16,860,000	$47,627	$1,161	4.73%
$100k-200k	244	$35,850,000	$146,926	$3,181	4.72%
$200k-400k	145	$37,865,000	$261,138	$3,624	4.63%
$400k-600k	27	$12,675,000	$469,444	$5,014	4.47%
$600k-1MM	11	$8,035,000	$730,455	$3,699	4.68%
$1MM+	6	$17,540,000	$2,923,333	$4,362	4.67%

2018 saw Home Federal Savings Bank place emphasis on $100,000 or less loans with 354 originations, totaling $16,860,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$50k or less	223	$19,325,000	$86,659	$2,208	4.71%
$50k-75k	201	$23,745,000	$118,134	$2,342	4.77%
$75k-100k	126	$16,370,000	$129,921	$2,102	4.63%
$100k-150k	118	$22,660,000	$192,034	$2,741	4.72%
$150k-250k	42	$8,760,000	$208,571	$2,912	4.54%
$250k+	35	$16,015,000	$457,571	$3,701	4.54%

Home Federal Savings Bank lent most frequently to those with incomes in the $50k or less range, with 223 originations. The second most popular income band? $50k-75k, with 201 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-30%	177	$27,185,000	$153,588	$2,263	4.63%
30-36%	161	$21,845,000	$135,683	$2,369	4.61%
<20%	64	$8,930,000	$139,531	$2,218	4.53%
46%	33	$4,295,000	$130,152	$2,686	4.81%
38%	32	$4,420,000	$138,125	$2,251	4.72%
42%	31	$3,975,000	$128,226	$2,331	4.83%
43%	30	$3,880,000	$129,333	$2,556	4.56%
39%	30	$4,830,000	$161,000	$2,727	4.84%
37%	27	$3,915,000	$145,000	$2,699	4.90%
47%	25	$3,775,000	$151,000	$3,101	4.92%
41%	25	$4,045,000	$161,800	$2,750	4.73%
44%	21	$2,935,000	$139,762	$2,138	4.85%
40%	21	$3,295,000	$156,905	$2,072	4.55%
45%	17	$2,205,000	$129,706	$2,815	4.38%
49%	17	$2,685,000	$157,941	$2,507	4.92%
48%	15	$1,865,000	$124,333	$2,350	4.87%
36%	15	$1,695,000	$113,000	$2,646	4.34%
>60%	7	$1,835,000	$262,143	$2,714	5.41%
50-60%	7	$955,000	$136,429	$1,269	5.39%

Home Federal Savings Bank lent most frequently to those with DTI ratios of 20-30%, with 177 originations. The next most common DTI ratio? 30-36%, with 161 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	710	$101,230,000	$142,577	$2,401	4.68%
Not applicable	22	$18,850,000	$856,818	$0	5.11%
Asian	12	$3,720,000	$310,000	$4,119	4.55%
Not provided	27	$3,175,000	$117,593	$1,476	4.99%
Black	13	$1,245,000	$95,769	$2,287	4.55%
American Indian	3	$605,000	$201,667	$5,322	4.37%

Approval Rates

Total approvals of all applications
90.94%

Home Federal Savings Bank has an average approval rate.

Pick Rate

Approvals leading to origination
90.85%

Home Federal Savings Bank has an average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
NA	787	$128,825,000	$163,691

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Multifamily:Site-Built	7	$16,415,000	$2,345,000
Single Family (1-4 Units):Manufactured	14	$1,160,000	$82,857
Single Family (1-4 Units):Site-Built	766	$111,250,000	$145,235

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	69	$6,665,000	$96,594	$622	4.85%
40-60%	60	$8,190,000	$136,500	$2,591	4.64%
60-80%	191	$33,145,000	$173,534	$2,908	4.79%
80-100%	324	$77,110,000	$237,994	$3,480	4.67%
Over 100%	1	$345,000	$345,000	$0	4.20%
Under 20%	142	$3,370,000	$23,732	$212	4.60%

Bank Details

Branches

Bank Name	Branch	Branch Type	Deposits (000's)
Home Federal Savings Bank	502 South Mantorville Avenue Kasson, MN 55944	Limited, Drive-thru	$0
Home Federal Savings Bank	100 1st Avenue Sw Ste 200 Rochester, MN 55902	Full Service B&M	$26,932
Home Federal Savings Bank	1015 West Frontage Rd Owatonna, MN 55060	Full Service B&M	$10,172
Home Federal Savings Bank	1016 Civic Center Drive Rochester, MN 55901	Full Service B&M	$147,721
Home Federal Savings Bank	1201 South Broadway Rochester, MN 55901	Full Service B&M	$53,350
Home Federal Savings Bank	143 West Clark Street Albert Lea, MN 56007	Full Service B&M	$65,363
Home Federal Savings Bank	175 Center Street Winona, MN 55987	Full Service B&M	$20,689
Home Federal Savings Bank	201 Oakland Avenue West Austin, MN 55912	Full Service B&M	$56,196
Home Federal Savings Bank	203 W Main St Kasson, MN 55944	Full Service B&M	$46,522
Home Federal Savings Bank	2048 Superior Drive, Nw Ste 400 Rochester, MN 55901	Full Service B&M	$42,140
Home Federal Savings Bank	208 South Walnut Street La Crescent, MN 55947	Full Service B&M	$32,999
Home Federal Savings Bank	2805 Dodd Road Ste 160 Eagan, MN 55121	Full Service B&M	$40,100
Home Federal Savings Bank	303 West Main Street Marshalltown, IA 50158	Full Service B&M	$43,024
Home Federal Savings Bank	715 North Broadway Spring Valley, MN 55975	Full Service B&M	$57,858

For 2018, Home Federal Savings Bank had 14 branches.

Yearly Performance Overview

Bank Income

Item	Value (in 000's)
Total interest income	$30,445
Net interest income	$28,212
Total noninterest income	$6,860
Gross Fiduciary activities income	$0
Service charges on deposit accounts	$1,185
Trading account gains and fees	$0
Additional Noninterest Income	$5,675
Pre-tax net operating income	$11,872
Securities gains (or losses, -)	$-36
Income before extraordinary items	$8,800
Discontinued Operations (Extraordinary gains, net)	$0
Net income of bank and minority interests	$8,800
Minority interest net income	$0
Net income	$8,800
Sale, conversion, retirement of capital stock, net	$0
Net operating income	$8,828

Home Federal Savings Bank's gross interest income from loans was $30,445,000.
Home Federal Savings Bank's net interest income from loans was $28,212,000.
Home Federal Savings Bank's fee based income from loans was $1,185,000.
Home Federal Savings Bank's net income from loans was $8,800,000.

Bank Expenses

Item	Value (in 000's)
Total interest expense	$2,233
Provision for credit losses	$-649
Total noninterest expense	$23,849
Salaries and employee benefits	$14,237
Premises and equipment expense	$3,073
Additional noninterest expense	$6,539
Applicable income taxes	$3,036
Net charge-offs	$-24
Cash dividends	$6,000

Home Federal Savings Bank's interest expense for loans was $2,233,000.
Home Federal Savings Bank's payroll and benefits expense were $14,237,000.
Home Federal Savings Bank's property, plant and equipment expenses $3,073,000.

Loan Performance

Type of Loan	% of Loans Noncurrent (30+ days, end of period snapshot)
All loans	0.0%
Real Estate loans	0.0%
Construction & Land Development loans	0.0%
Nonfarm, nonresidential loans	0.0%
Multifamily residential loans	0.0%
1-4 family residential loans	0.0%
HELOC loans	0.0%
All other family	0.0%
Commercial & industrial loans	0.0%
Personal loans	0.0%
Credit card loans	7.0%
Other individual loans	0.0%
Auto loans	0.0%
Other consumer loans	0.0%
Unsecured commercial real estate loans	0.0%

Deposits

Type	Value (in 000's)
Total deposits	$627,693
Deposits held in domestic offices	$627,693
Deposits by Individuals, partnerships, and corporations	$590,357
Deposits by U.S. Government	$1
Deposits by States and political subdivisions in the U.S.	$26,458
Deposits by Commercial banks and other depository institutions in U.S.	$10,877
Deposits by Banks in foreign countries	$0
Deposits by Foreign governments and official institutions	$0
Transaction accounts	$64,902
Demand deposits	$47,409
Nontransaction accounts	$562,791
Money market deposit accounts (MMDAs)	$181,374
Other savings deposits (excluding MMDAs)	$268,494
Total time deposits	$112,925
Total time and savings deposits	$580,284
Noninterest-bearing deposits	$157,208
Interest-bearing deposits	$470,485
Retail deposits	$615,773
IRAs and Keogh plan accounts	$22,260
Brokered deposits	$0
Deposits held in foreign offices	$0

Assets

Asset	Value (in 000's)
Total Assets	$711,235
Cash & Balances due from depository institutions	$21,030
Interest-bearing balances	$17,144
Total securities	$79,980
Federal funds sold & reverse repurchase	$0
Net loans and leases	$590,006
Loan and leases loss allowance	$8,686
Trading account assets	$0
Bank premises and fixed assets	$9,473
Other real estate owned	$414
Goodwill and other intangibles	$2,912
All other assets	$7,420

Liabilities

Liabilities	Value (in 000's)
Total liabilities and capital	$711,235
Total Liabilities	$631,498
Total deposits	$627,693
Interest-bearing deposits	$470,485
Deposits held in domestic offices	$627,693
% insured (estimated)	$82
Federal funds purchased and repurchase agreements	$0
Trading liabilities	$0
Other borrowed funds	$0
Subordinated debt	$0
All other liabilities	$3,805

Issued Loan Types

Type	Value (in 000's)
Net loans and leases	$590,006
Loan and leases loss allowance	$8,686
Total loans and leases (domestic)	$598,692
All real estate loans	$500,815
Real estate loans in domestic offices	$500,815
Construction and development loans	$45,540
Residential 1-4 family construction	$20,370
Other construction, all land development and other land	$25,170
Loans secured by nonfarm nonresidential properties	$236,458
Nonfarm nonresidential secured by owner-occupied properties	$77,792
Commercial real estate & other non-farm, non-residential	$158,666
Multifamily residential real estate	$50,069
1-4 family residential loans	$163,087
Farmland loans	$5,661
Loans held in foreign offices	$0
Farm loans	$5,999
Commercial and industrial loans	$69,534
To non-U.S. addressees	$0
Loans to individuals	$22,078
Credit card loans	$186
Related Plans	$390
Consumer Auto Loans	$2,483
Other loans to individuals	$19,019
All other loans & leases	$283
Loans to foreign governments and official institutions	$0
Other loans	$64
Loans to depository institutions and acceptances of other banks	$0
Loans not secured by real estate	$1,507
Loans secured by real estate to non-U.S. addressees	$0
Restructured Loans & leases	$594
Non 1-4 family restructured loans & leases	$205
Total loans and leases (foreign)	$0

Home Federal Savings Bank had $590,006,000 of loans outstanding in 2018. $500,815,000 of loans were in real estate loans. $45,540,000 of loans were in development loans. $50,069,000 of loans were in multifamily mortgage loans. $163,087,000 of loans were in 1-4 family mortgage loans. $5,999,000 of loans were in farm loans. $186,000 of loans were in credit card loans. $2,483,000 of loans were in the auto loan category.

Small Business Loans

Categorization	# of Loans in Category	$ amount of loans (in 000's)	Average $/loan
Nonfarm, nonresidential loans - <$1MM	247	$61,802	$250,211
Nonfarm, nonresidential loans - <$100k	45	$2,278	$50,622
Nonfarm, nonresidential loans - $100-250k	84	$12,661	$150,726
Nonfarm, nonresidential loans - $250k-1MM	118	$46,863	$397,144
Commercial & Industrial, US addressed loans - <$1MM	507	$42,201	$83,237
Commercial & Industrial, US addressed loans - <$100k	284	$5,928	$20,873
Commercial & Industrial, US addressed loans - $100-250k	117	$9,088	$77,675
Commercial & Industrial, US addressed loans - $250k-1MM	106	$27,185	$256,462
Farmland loans - <$1MM	27	$5,650	$209,259
Farmland loans - <$100k	6	$244	$40,667
Farmland loans - $100-250k	11	$1,651	$150,091
Farmland loans - $250k-1MM	10	$3,755	$375,500
Agriculture operations loans - <$1MM	60	$4,437	$73,950
Agriculture operations loans - <$100k	42	$1,067	$25,405
Agriculture operations loans - $100-250k	11	$1,216	$110,545
Agriculture operations loans - $250k-1MM	7	$2,154	$307,714