Farmers State Bank Mortgage Rates, Fees & Info
Lagrange, INLEI: 549300H3GIHYP3MB0302
Tax ID: 35-0303690
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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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 7.12% | 11/17/24 |
| 30 Year Conventional Purchase | 6.86% | 11/17/24 |
| 30 Year Conventional Refi | 6.94% | 11/17/24 |
| 30 Year Cash-out Refi | 6.49% | 11/17/24 |
| 15 Year Conventional Purchase | 6.71% | 11/17/24 |
| 15 Year Conventional Refi | 6.82% | 11/17/24 |
| 15 Year Cash-out Refi | 6.82% | 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. | ||
Farmers State Bank Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
484Origination Dollar Volume (All Markets)
$76,470,000Awards
Farmers State Bank - 2023
Farmers State Bank is a 2023 , due to their low .
For 2023, less than of lenders were eligible for this award.
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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% |
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.
Similarity Rank: 84
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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
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
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
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
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
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 applications88.10%
Farmers State Bank has an average approval rate.
Pick Rate
Approvals leading to origination95.04%
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 |