Farmers State Bank Mortgage Rates, Fees & Info

Lagrange, IN

LEI: 549300H3GIHYP3MB0302

Tax ID: 35-0303690

5 stars - Updated: 12/4/24 - 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 State Bank is a smaller bank specializing in Refi and Home Purchase loans. Farmers State Bank has a high proportion of conventional loans. Their top markets by origination volume include: Angola, Elkhart, Kendallville, Sturgis, and Auburn among others. We have data for 15 markets. (Some data included below & more in-depth data is available with an active subscription.)

Farmers State Bank has an average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. Farmers State 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 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) 7.12% 12/4/24
30 Year Conventional Purchase 6.86% 12/4/24
30 Year Conventional Refi 6.94% 12/4/24
30 Year Cash-out Refi 6.49% 12/4/24
15 Year Conventional Purchase 6.71% 12/4/24
15 Year Conventional Refi 6.82% 12/4/24
15 Year Cash-out Refi 6.82% 12/4/24
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 State Bank Mortgage Calculator






Your Estimates

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

This is not an official calculator from Farmers State 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

484

Origination Dollar Volume (All Markets)

$76,470,000

Awards

Farmers State Bank 30 Year Conventional Loans bronze Farmers State Bank 30 Year Conventional Loans silver
Show all (2) awards

Relative Rate

Farmers State Bank's average 30 year fixed mortgage rate was 7.38%.

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

This yields a difference of 0.9%.

Relative Fees (Closing Costs)

Farmers State Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $2,986.

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
Outside of Metro Areas 302 $45,660,000 $151,192 $3,102 7.95%
Angola, IN (FHA|USDA|VA) 36 $10,180,000 $282,778 $3,112 7.91%
ELKHART-GOSHEN, IN (FHA|USDA|VA) 56 $8,550,000 $152,679 $3,332 7.90%
Kendallville, IN (FHA|USDA|VA) 36 $6,000,000 $166,667 $3,468 7.75%
Sturgis, MI (FHA|USDA|VA) 23 $2,415,000 $105,000 $3,432 8.12%
Auburn, IN (FHA|USDA|VA) 10 $1,100,000 $110,000 $3,495 8.05%
FORT WAYNE, IN (FHA|USDA|VA) 2 $510,000 $255,000 $3,048 8.32%
Coldwater, MI (FHA|USDA|VA) 10 $460,000 $46,000 $2,810 8.02%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $425,000 $425,000 $0 7.99%
GAINESVILLE, GA (FHA|USDA|VA) 1 $395,000 $395,000 $3,224 7.50%
Hillsdale, MI (FHA|USDA|VA) 3 $255,000 $85,000 $0 9.00%
Warsaw, IN (FHA|USDA|VA) 1 $245,000 $245,000 $2,865 7.09%
LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) 1 $215,000 $215,000 $1,285 8.09%
MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) 1 $35,000 $35,000 $0 8.25%
SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 1 $25,000 $25,000 $0 9.00%
Farmers State Bank's top markets include Angola, Elkhart, Kendallville, Sturgis, and Auburn among others.

Their top states include:
  • Indiana (FHA|USDA|VA)
  • Michigan (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Georgia (FHA|USDA|VA)
  • Similar Lenders

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

    ARBOR FINANCIAL CREDIT UNION
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    INOVA FEDERAL CREDIT UNION
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    INTERRA CREDIT UNION
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 329 $30,245,000 $91,930 n/a 8.17%
    Conventional 155 $46,225,000 $298,226 $3,168 7.48%

    For 2023, Farmers State Bank's most frequently originated type of loan was HELOC, with 329 originations. Their 2nd most popular type was Conventional, with 155 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 156 $21,150,000 $135,577 $3,129 8.05%
    Home Purchase 129 $40,205,000 $311,667 $3,302 7.64%
    Home Improvement 107 $7,685,000 $71,822 $3,302 8.13%
    Other 90 $7,240,000 $80,444 $1,622 8.02%
    Cash Out Refi 2 $190,000 $95,000 $3,083 6.81%

    For 2023, Farmers State Bank's most frequently cited loan purpose was Refi, with 156 originations. The 2nd most popular reason was Home Purchase, with 129 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    10 Year 331 $29,995,000 $90,619 $735 8.16%
    30 Year 90 $21,200,000 $235,556 $2,986 7.38%
    30+ year 24 $11,440,000 $476,667 $4,813 7.40%
    20 Year 17 $4,295,000 $252,647 $3,022 7.45%
    Other 15 $8,865,000 $591,000 $2,916 7.83%
    1 Year 3 $455,000 $151,667 $0 9.50%
    15 Year 2 $170,000 $85,000 $2,750 6.56%
    5 Year 2 $50,000 $25,000 $84 8.62%

    For 2023, Farmers State Bank's most frequently cited loan duration was 10 Year, with 331 originations. The 2nd most popular length was 30 Year, with 90 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 113 $24,875,000 $220,133
    $2k-3k 23 $10,855,000 $471,957
    $<1k 10 $1,500,000 $150,000

    Farmers State Bank's average total fees were $2,986, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 113 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    Over 8% 235 $21,025,000 $89,468
    7-8% 170 $35,180,000 $206,941
    6-7% 47 $15,805,000 $336,277
    5-6% 32 $4,460,000 $139,375

    During 2023, Farmers State Bank's average interest rate for loans was 7.38%, while their most frequently originated rate bucket for loans was Over 8%, with 235 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 252 $11,700,000 $46,429 $2,302 8.19%
    $100k-200k 113 $15,535,000 $137,478 $2,983 7.82%
    $200k-400k 83 $22,415,000 $270,060 $3,162 7.57%
    $400k-600k 24 $11,880,000 $495,000 $4,278 7.66%
    $600k-1MM 11 $8,195,000 $745,000 $4,488 7.26%
    $1MM+ 1 $6,745,000 $6,745,000 $0 6.69%

    2023 saw Farmers State Bank place emphasis on $100,000 or less loans with 252 originations, totaling $11,700,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 127 $14,065,000 $110,748 $3,065 7.96%
    $50k or less 101 $6,845,000 $67,772 $2,914 8.10%
    $75k-100k 98 $13,080,000 $133,469 $2,887 7.98%
    $100k-150k 76 $12,990,000 $170,921 $3,397 7.79%
    $150k-250k 34 $10,170,000 $299,118 $3,779 7.68%
    $250k+ 27 $9,215,000 $341,296 $3,298 7.82%

    Farmers State Bank lent most frequently to those with incomes in the $50k-75k range, with 127 originations. The second most popular income band? $50k or less, with 101 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 107 $13,505,000 $126,215 $2,882 7.85%
    30-36% 83 $12,015,000 $144,759 $3,141 8.09%
    <20% 71 $7,485,000 $105,423 $2,824 7.70%
    42% 46 $5,800,000 $126,087 $3,149 8.02%
    40% 27 $4,395,000 $162,778 $3,083 7.52%
    38% 21 $2,625,000 $125,000 $3,259 8.32%
    41% 21 $2,135,000 $101,667 $3,554 8.26%
    >60% 21 $4,775,000 $227,381 $3,247 7.81%
    39% 14 $2,090,000 $149,286 $3,843 7.91%
    50-60% 13 $2,825,000 $217,308 $3,797 7.80%
    37% 9 $1,195,000 $132,778 $3,092 8.40%
    36% 7 $655,000 $93,571 $2,763 8.33%
    48% 6 $1,140,000 $190,000 $3,418 7.85%
    44% 4 $550,000 $137,500 $2,792 8.12%
    43% 4 $1,060,000 $265,000 $4,156 7.72%
    49% 3 $915,000 $305,000 $3,383 7.71%
    46% 2 $240,000 $120,000 $2,745 8.00%
    47% 2 $830,000 $415,000 $3,883 7.69%
    45% 1 $785,000 $785,000 $4,909 7.34%

    Farmers State Bank lent most frequently to those with DTI ratios of 20-30%, with 107 originations. The next most common DTI ratio? 30-36%, with 83 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 476 $67,870,000 $142,584 $3,168 7.95%
    Not applicable 8 $8,600,000 $1,075,000 $0 8.01%

    Approval Rates

    Total approvals of all applications
    88.10%

    Farmers State Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    95.04%

    Farmers State Bank has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 484 $76,470,000 $157,996

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    484 $76,470,000 $157,996

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 115 $18,545,000 $161,261 $3,243 7.82%
    40-60% 45 $10,385,000 $230,778 $3,342 7.72%
    60-80% 69 $25,605,000 $371,087 $3,261 7.48%
    80-100% 28 $9,060,000 $323,571 $3,333 7.68%
    Under 20% 227 $12,875,000 $56,718 $2,267 8.23%