The Citizens National Bank Of Somerset Mortgage Rates, Fees & Info

Somerset, KY

LEI: 549300JCW11CIGH8GJ60

Tax ID: 61-0156616

5 stars - Updated: 2/25/24 - out of 5 stars, based on 20 reviews

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

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Mortgage Data

Review & Overview

The Citizens National Bank Of Somerset is a smaller bank specializing in Home Purchase and Refi loans. The Citizens National Bank Of Somerset has a high proportion of conventional loans. Their top markets by origination volume include: Somerset, Lexington, Frankfort, Danville, and London among others. We have data for 10 markets. (Some data included below & more in-depth data is available with an active subscription.)

The Citizens National Bank Of Somerset 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. The Citizens National Bank Of Somerset 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.

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SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 7.27% 2/25/24
30 Year Conventional Refi 7.13% 2/25/24
30 Year Cash-out Refi 6.79% 2/25/24
30 Year USDA Purchase 6.27% 2/25/24
15 Year Conventional Purchase 6.76% 2/25/24
15 Year Conventional Refi 6.28% 2/25/24
15 Year Cash-out Refi 6.28% 2/25/24
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 Citizens National Bank Of Somerset Mortgage Calculator






Your Estimates

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

This is not an official calculator from The Citizens National Bank Of Somerset. 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

384

Origination Dollar Volume (All Markets)

$72,630,000

Awards

The Citizens National Bank of Somerset 30 Year Conventional Loans bronze The Citizens National Bank of Somerset 30 Year Conventional Loans silver The Citizens National Bank of Somerset 30 Year Conventional Loans silver
Show all (3) awards

Relative Rate

The Citizens National Bank Of Somerset's average 30 year fixed mortgage rate was 4.96%.

The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.

This yields a difference of 0.2%.

Relative Fees (Closing Costs)

The Citizens National Bank Of Somerset's average total fees/closing costs for a 30 year fixed rate mortgage were $2,334.

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 $4,750.

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
Somerset, KY (FHA|USDA|VA) 187 $35,425,000 $189,439 $2,149 5.04%
Outside of Metro Areas 141 $19,025,000 $134,929 $1,946 4.97%
LEXINGTON-FAYETTE, KY (FHA|USDA|VA) 32 $10,720,000 $335,000 $2,717 4.57%
Frankfort, KY (FHA|USDA|VA) 4 $2,760,000 $690,000 $0 3.55%
Danville, KY (FHA|USDA|VA) 9 $1,565,000 $173,889 $2,591 4.83%
London, KY (FHA|USDA|VA) 5 $1,485,000 $297,000 $2,939 5.15%
Richmond-Berea, KY (FHA|USDA|VA) 3 $765,000 $255,000 $2,728 4.38%
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 1 $605,000 $605,000 $3,436 3.25%
Mount Sterling, KY (FHA|USDA|VA) 1 $225,000 $225,000 $1,220 6.38%
LOUISVILLE, KY (FHA|USDA|VA) 1 $55,000 $55,000 $1,079 5.75%
The Citizens National Bank Of Somerset's top markets include Somerset, Lexington, Frankfort, Danville, and London among others.

Their top states include:
  • Kentucky (FHA|USDA|VA)
  • Tennessee (FHA|USDA|VA)
  • Similar Lenders

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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 384 $72,630,000 $189,141 $2,117 4.95%

    For 2022, The Citizens National Bank Of Somerset's most frequently originated type of loan was Conventional, with 384 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 217 $43,025,000 $198,272 $2,086 5.07%
    Refi 97 $19,425,000 $200,258 $2,011 4.61%
    Other 29 $4,095,000 $141,207 $1,290 5.23%
    Cash Out Refi 24 $4,960,000 $206,667 $3,808 4.48%
    Home Improvement 17 $1,125,000 $66,176 $1,155 5.53%

    For 2022, The Citizens National Bank Of Somerset's most frequently cited loan purpose was Home Purchase, with 217 originations. The 2nd most popular reason was Refi, with 97 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 221 $46,415,000 $210,023 $2,334 4.96%
    20 Year 68 $9,180,000 $135,000 $1,727 5.04%
    15 Year 37 $4,215,000 $113,919 $1,698 4.57%
    Other 30 $9,270,000 $309,000 $1,228 5.20%
    10 Year 16 $1,080,000 $67,500 $1,428 4.79%
    1 Year 10 $2,340,000 $234,000 $2,077 5.23%
    5 Year 2 $130,000 $65,000 $1,380 4.00%

    For 2022, The Citizens National Bank Of Somerset's most frequently cited loan duration was 30 Year, with 221 originations. The 2nd most popular length was 20 Year, with 68 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 226 $38,000,000 $168,142
    $1k-2k 32 $4,930,000 $154,063
    $2k-3k 21 $4,735,000 $225,476
    $3k-4k 6 $1,380,000 $230,000
    $5k+ 4 $1,440,000 $360,000
    $4k-5k 3 $775,000 $258,333

    The Citizens National Bank Of Somerset's average total fees were $2,334, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 226 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 127 $20,685,000 $162,874
    5-6% 102 $18,450,000 $180,882
    3-4% 89 $22,655,000 $254,551
    6-7% 51 $8,645,000 $169,510
    7-8% 11 $1,435,000 $130,455
    2.5-3% 2 $560,000 $280,000
    Over 8% 2 $200,000 $100,000

    During 2022, The Citizens National Bank Of Somerset's average interest rate for loans was 4.96%, while their most frequently originated rate bucket for loans was 4-5%, with 127 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 138 $8,480,000 $61,449 $1,514 5.06%
    $100k-200k 135 $19,845,000 $147,000 $2,166 5.01%
    $200k-400k 78 $21,570,000 $276,538 $2,688 4.86%
    $400k-600k 16 $7,310,000 $456,875 $3,098 4.66%
    $600k-1MM 12 $8,580,000 $715,000 $3,748 4.17%
    $1MM+ 5 $6,845,000 $1,369,000 $3,001 4.51%

    2022 saw The Citizens National Bank Of Somerset place emphasis on $100,000 or less loans with 138 originations, totaling $8,480,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 94 $8,100,000 $86,170 $1,782 5.15%
    $50k-75k 69 $9,565,000 $138,623 $2,101 4.78%
    $75k-100k 61 $10,115,000 $165,820 $1,995 4.95%
    $150k-250k 42 $10,270,000 $244,524 $2,458 4.87%
    $100k-150k 37 $8,095,000 $218,784 $2,447 5.04%
    $250k+ 26 $11,660,000 $448,462 $3,278 4.74%

    The Citizens National Bank Of Somerset lent most frequently to those with incomes in the $50k or less range, with 94 originations. The second most popular income band? $50k-75k, with 69 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 79 $12,805,000 $162,089 $2,110 4.85%
    30-36% 46 $8,610,000 $187,174 $2,258 4.96%
    <20% 31 $6,235,000 $201,129 $2,322 4.50%
    50-60% 19 $3,295,000 $173,421 $1,609 5.23%
    38% 13 $2,315,000 $178,077 $2,217 5.03%
    44% 12 $2,060,000 $171,667 $2,217 4.84%
    37% 11 $1,585,000 $144,091 $2,486 4.71%
    48% 10 $2,140,000 $214,000 $2,260 5.12%
    47% 9 $1,605,000 $178,333 $2,056 5.32%
    41% 9 $1,255,000 $139,444 $1,938 4.64%
    43% 9 $1,625,000 $180,556 $1,774 5.35%
    42% 7 $1,135,000 $162,143 $1,995 5.58%
    36% 7 $1,905,000 $272,143 $2,276 5.32%
    39% 7 $955,000 $136,429 $1,664 5.09%
    >60% 6 $1,300,000 $216,667 $1,720 4.65%
    49% 5 $695,000 $139,000 $1,810 5.33%
    40% 5 $1,065,000 $213,000 $2,424 5.83%
    45% 3 $305,000 $101,667 $3,046 4.05%
    46% 2 $200,000 $100,000 $1,780 4.88%

    The Citizens National Bank Of Somerset lent most frequently to those with DTI ratios of 20-30%, with 79 originations. The next most common DTI ratio? 30-36%, with 46 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 331 $59,385,000 $179,411 $2,131 4.97%
    Not applicable 46 $12,450,000 $270,652 $0 4.89%
    Not provided 3 $365,000 $121,667 $1,585 4.25%
    Asian 2 $180,000 $90,000 $1,007 4.25%
    Native Hawaiian or Islander 1 $175,000 $175,000 $1,025 4.63%
    American Indian 1 $75,000 $75,000 $1,296 5.88%

    Approval Rates

    Total approvals of all applications
    91.30%

    The Citizens National Bank Of Somerset has an average approval rate.

    Pick Rate

    Approvals leading to origination
    82.81%

    The Citizens National Bank Of Somerset has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 384 $72,630,000 $189,141

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    384 $72,630,000 $189,141

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 49 $3,725,000 $76,020 $1,641 5.21%
    40-60% 62 $10,410,000 $167,903 $1,806 4.68%
    60-80% 119 $27,395,000 $230,210 $2,577 4.91%
    80-100% 130 $29,840,000 $229,538 $2,285 4.98%
    Under 20% 24 $1,260,000 $52,500 $1,023 5.18%