Farmers Bank & Trust Company Mortgage Rates, Fees & Info

Magnolia, AR

LEI: 549300GKNMX0ZXKVPE54

Tax ID: 71-0054330

5 stars - Updated: 6/16/24 - out of 5 stars, based on 22 reviews

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

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Mortgage Data

Review & Overview

Farmers Bank & Trust Company is a smaller bank specializing in Home Purchase loans. Farmers Bank & Trust Company 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: Dallas, Texarkana, Paris, Bay City, and Magnolia among others. We have data for 25 markets. (Some data included below & more in-depth data is available with an active subscription.)

Farmers Bank & Trust Company 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. Farmers Bank & Trust Company 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
30 Year Conventional Purchase 6.73% 6/16/24
30 Year Conventional Refi 6.43% 6/16/24
30 Year Cash-out Refi 6.55% 6/16/24
30 Year FHA Purchase 7.34% 6/16/24
30 Year FHA Refi 6.45% 6/16/24
30 Year VA Purchase 6.42% 6/16/24
30 Year VA Refi 6.36% 6/16/24
30 Year USDA Purchase 6.57% 6/16/24
15 Year Conventional Purchase 6.65% 6/16/24
15 Year Conventional Refi 6.26% 6/16/24
15 Year Cash-out Refi 6.26% 6/16/24
15 Year FHA Refi 8.08% 6/16/24
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.

Farmers Bank & Trust Company Mortgage Calculator






Your Estimates

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

This is not an official calculator from Farmers Bank & Trust 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

484

Origination Dollar Volume (All Markets)

$173,730,000

Awards

Farmers Bank & Trust Company 30 Year Conventional Loans bronze
Show all (1) awards

Relative Rate

Farmers Bank & Trust Company's average 30 year fixed mortgage rate was 6.66%.

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

This yields a difference of 0.18%.

Relative Fees (Closing Costs)

Farmers Bank & Trust Company's average total fees/closing costs for a 30 year fixed rate mortgage were $7,183.

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
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 16 $70,930,000 $4,433,125 $8,489 7.38%
TEXARKANA, TX-AR (FHA|USDA|VA) 134 $26,560,000 $198,209 $4,551 8.41%
Paris, TX (FHA|USDA|VA) 58 $13,220,000 $227,931 $4,524 8.07%
Bay City, TX (FHA|USDA|VA) 1 $11,755,000 $11,755,000 $0 8.50%
Magnolia, AR (FHA|USDA|VA) 62 $11,170,000 $180,161 $2,271 8.27%
Outside of Metro Areas 68 $10,350,000 $152,206 $4,160 8.07%
Hope, AR (FHA|USDA|VA) 55 $5,465,000 $99,364 $1,852 8.48%
Thomasville, GA (FHA|USDA|VA) 1 $5,335,000 $5,335,000 $0 8.50%
LITTLE ROCK-NORTH LITTLE ROCK-CONWAY, AR (FHA|USDA|VA) 18 $5,300,000 $294,444 $3,590 7.60%
Camden, AR (FHA|USDA|VA) 28 $3,770,000 $134,643 $2,476 8.68%
SHERMAN-DENISON, TX (FHA|USDA|VA) 4 $2,490,000 $622,500 $11,448 6.22%
Malvern, AR (FHA|USDA|VA) 14 $1,930,000 $137,857 $3,362 7.90%
Mineral Wells, TX (FHA|USDA|VA) 1 $585,000 $585,000 $5,087 7.95%
El Dorado, AR (FHA|USDA|VA) 4 $580,000 $145,000 $2,961 7.99%
SHREVEPORT-BOSSIER CITY, LA (FHA|USDA|VA) 2 $520,000 $260,000 $0 9.38%
PANAMA CITY, FL (FHA|USDA|VA) 1 $505,000 $505,000 $6,958 6.88%
PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 1 $465,000 $465,000 $0 8.75%
FAYETTEVILLE-SPRINGDALE-ROGERS, AR (FHA|USDA|VA) 2 $460,000 $230,000 $901 8.50%
Columbus, MS (FHA|USDA|VA) 1 $445,000 $445,000 $3,424 7.95%
Arkadelphia, AR (FHA|USDA|VA) 3 $425,000 $141,667 $1,538 8.48%
HOT SPRINGS, AR (FHA|USDA|VA) 3 $385,000 $128,333 $3,692 7.92%
MIDLAND, TX (FHA|USDA|VA) 1 $355,000 $355,000 $3,989 8.25%
LONGVIEW, TX (FHA|USDA|VA) 2 $350,000 $175,000 $6,812 6.56%
Minden, LA (FHA|USDA|VA) 3 $215,000 $71,667 $2,973 8.82%
AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 1 $165,000 $165,000 $0 8.50%
Farmers Bank & Trust Company's top markets include Dallas, Texarkana, Paris, Bay City, and Magnolia among others.

Their top states include:
  • Texas (FHA|USDA|VA)
  • Arkansas (FHA|USDA|VA)
  • Georgia (FHA|USDA|VA)
  • Oklahoma (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against Farmers Bank & Trust Company 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 447 $166,855,000 $373,277 $3,264 8.35%
    FHA 26 $5,140,000 $197,692 $8,566 6.73%
    USDA 9 $1,355,000 $150,556 $6,929 6.26%
    VA 2 $380,000 $190,000 $8,305 6.56%

    For 2023, Farmers Bank & Trust Company's most frequently originated type of loan was Conventional, with 447 originations. Their 2nd most popular type was FHA, with 26 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 344 $148,770,000 $432,471 $3,840 8.22%
    Refi 69 $16,225,000 $235,145 $4,945 7.85%
    Home Improvement 47 $4,885,000 $103,936 $1,894 8.74%
    Other 18 $1,880,000 $104,444 $2,216 8.62%
    Cash Out Refi 6 $1,970,000 $328,333 $8,676 6.81%

    For 2023, Farmers Bank & Trust Company's most frequently cited loan purpose was Home Purchase, with 344 originations. The 2nd most popular reason was Refi, with 69 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 178 $109,190,000 $613,427 $2,259 8.44%
    30 Year 85 $20,875,000 $245,588 $7,183 6.66%
    3 Year 70 $11,800,000 $168,571 $0 8.98%
    5 Year 65 $13,005,000 $200,077 $1,435 8.92%
    1 Year 41 $8,695,000 $212,073 $2,751 8.88%
    15 Year 38 $7,880,000 $207,368 $3,479 7.50%
    20 Year 3 $1,305,000 $435,000 $8,331 7.04%
    10 Year 3 $315,000 $105,000 $2,525 7.61%
    30+ year 1 $665,000 $665,000 $5,464 8.25%

    For 2023, Farmers Bank & Trust Company's most frequently cited loan duration was Other, with 178 originations. The 2nd most popular length was 30 Year, with 85 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 242 $47,310,000 $195,496
    $1k-2k 24 $4,320,000 $180,000
    $5k+ 16 $6,250,000 $390,625
    $2k-3k 10 $2,500,000 $250,000
    $4k-5k 7 $1,605,000 $229,286
    $3k-4k 5 $1,475,000 $295,000

    Farmers Bank & Trust Company's average total fees were $7,183, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 242 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    Over 8% 297 $61,935,000 $208,535
    7-8% 97 $87,115,000 $898,093
    6-7% 64 $16,740,000 $261,563
    5-6% 25 $7,385,000 $295,400
    4-5% 1 $555,000 $555,000

    During 2023, Farmers Bank & Trust Company's average interest rate for loans was 6.66%, while their most frequently originated rate bucket for loans was Over 8%, with 297 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 203 $11,685,000 $57,562 $1,970 8.60%
    $100k-200k 137 $20,115,000 $146,825 $3,452 8.17%
    $200k-400k 87 $24,475,000 $281,322 $5,623 7.62%
    $400k-600k 33 $16,175,000 $490,152 $5,739 7.91%
    $600k-1MM 15 $10,625,000 $708,333 $6,081 7.46%
    $1MM+ 9 $90,655,000 $10,072,778 $26,839 8.49%

    2023 saw Farmers Bank & Trust Company place emphasis on $100,000 or less loans with 203 originations, totaling $11,685,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 85 $14,505,000 $170,647 $3,773 8.11%
    $50k-75k 80 $9,480,000 $118,500 $3,817 7.94%
    $75k-100k 62 $9,410,000 $151,774 $3,528 8.00%
    $50k or less 59 $3,985,000 $67,542 $2,144 8.33%
    $150k-250k 54 $14,080,000 $260,741 $4,118 8.30%
    $250k+ 50 $18,720,000 $374,400 $6,137 7.83%

    Farmers Bank & Trust Company lent most frequently to those with incomes in the $100k-150k range, with 85 originations. The second most popular income band? $50k-75k, with 80 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 69 $11,865,000 $171,957 $3,087 7.92%
    30-36% 60 $11,060,000 $184,333 $4,055 7.79%
    <20% 42 $6,830,000 $162,619 $2,636 7.87%
    41% 16 $4,180,000 $261,250 $3,104 7.94%
    39% 12 $2,200,000 $183,333 $2,688 7.97%
    42% 11 $2,695,000 $245,000 $3,409 7.75%
    44% 11 $2,695,000 $245,000 $7,001 7.08%
    37% 10 $1,700,000 $170,000 $4,333 7.74%
    38% 10 $2,120,000 $212,000 $3,050 7.91%
    50-60% 10 $2,280,000 $228,000 $6,375 7.92%
    40% 9 $3,225,000 $358,333 $6,424 7.82%
    43% 9 $1,985,000 $220,556 $4,321 8.32%
    >60% 9 $3,575,000 $397,222 $3,203 8.65%
    48% 8 $2,400,000 $300,000 $5,073 7.10%
    49% 8 $1,120,000 $140,000 $5,515 6.81%
    36% 8 $1,700,000 $212,500 $3,969 7.23%
    45% 5 $985,000 $197,000 $3,965 7.79%
    46% 3 $1,185,000 $395,000 $6,139 7.79%
    47% 3 $835,000 $278,333 $7,461 7.42%

    Farmers Bank & Trust Company lent most frequently to those with DTI ratios of 20-30%, with 69 originations. The next most common DTI ratio? 30-36%, with 60 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 85 $101,895,000 $1,198,765 $0 8.90%
    White 357 $66,065,000 $185,056 $3,867 8.09%
    Black 25 $2,615,000 $104,600 $2,345 8.17%
    Not provided 10 $1,850,000 $185,000 $5,336 7.70%
    American Indian 4 $570,000 $142,500 $5,273 7.71%
    Asian Indian 1 $345,000 $345,000 $4,937 6.88%
    Other Asian 1 $285,000 $285,000 $14,260 7.50%
    Vietnamese 1 $105,000 $105,000 $3,137 6.50%

    Approval Rates

    Total approvals of all applications
    91.32%

    Farmers Bank & Trust Company has an average approval rate.

    Pick Rate

    Approvals leading to origination
    87.60%

    Farmers Bank & Trust Company has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 484 $173,730,000 $358,946

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    484 $173,730,000 $358,946

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 38 $3,520,000 $92,632 $2,330 8.51%
    40-60% 48 $73,480,000 $1,530,833 $3,246 8.20%
    60-80% 114 $35,090,000 $307,807 $4,435 8.13%
    80-100% 255 $59,535,000 $233,471 $4,251 8.15%
    Under 20% 27 $2,025,000 $75,000 $1,771 8.73%