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

Somerset, KY

LEI: 549300JCW11CIGH8GJ60

Tax ID: 61-0156616

5 stars - Updated: 11/17/24 - out of 5 stars, based on 12 reviews

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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Relative Rates
  • Relative Fees
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • 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 Nashville 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 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 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
    30 Year Conventional Purchase 7.27% 11/17/24
    30 Year Conventional Refi 7.13% 11/17/24
    30 Year Cash-out Refi 6.79% 11/17/24
    30 Year USDA Purchase 6.27% 11/17/24
    15 Year Conventional Purchase 6.76% 11/17/24
    15 Year Conventional Refi 6.28% 11/17/24
    15 Year Cash-out Refi 6.28% 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.

    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

    142

    Origination Dollar Volume (All Markets)

    $29,730,000

    Awards

    The Citizens National Bank of Somerset 30 Year Conventional Loans gold The Citizens National Bank of Somerset 30 Year Conventional Loans gold
    Show all (2) awards

    Relative Rate

    The Citizens National Bank Of Somerset's average 30 year fixed mortgage rate was 7.42%.

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

    This yields a difference of 0.94%.

    Relative Fees (Closing Costs)

    The Citizens National Bank Of Somerset's average total fees/closing costs for a 30 year fixed rate mortgage were $2,035.

    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
    Somerset, KY (FHA|USDA|VA) 67 $14,205,000 $212,015 $1,901 7.35%
    Outside of Metro Areas 49 $7,325,000 $149,490 $1,987 7.52%
    LEXINGTON-FAYETTE, KY (FHA|USDA|VA) 16 $6,080,000 $380,000 $2,026 7.10%
    Frankfort, KY (FHA|USDA|VA) 1 $485,000 $485,000 $1,734 7.50%
    Danville, KY (FHA|USDA|VA) 3 $385,000 $128,333 $2,090 7.75%
    NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 1 $345,000 $345,000 $1,312 7.00%
    CINCINNATI, OH-KY-IN (FHA|USDA|VA) 1 $265,000 $265,000 $1,891 6.75%
    Campbellsville, KY (FHA|USDA|VA) 1 $255,000 $255,000 $0 7.50%
    LOUISVILLE, KY (FHA|USDA|VA) 2 $200,000 $100,000 $1,278 7.51%
    Bardstown, KY (FHA|USDA|VA) 1 $185,000 $185,000 $1,961 8.88%
    The Citizens National Bank Of Somerset's top markets include Somerset, Lexington, Frankfort, Danville, and Nashville among others.

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

    • Similar Lenders

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

    The Citizens National Bank of Somerset
    Similarity Rank: 60
    L & N Federal Credit Union
    Similarity Rank: 138
    Whitaker Bank
    Similarity Rank: 153
    City National Bank of West Virginia
    Similarity Rank: 220
    PARK COMMUNITY CREDIT UNION, INC.
    Similarity Rank: 323
    Peoples Exchange Bank
    Similarity Rank: 333
    Traditional Bank, Inc.
    Similarity Rank: 350
    COMMONWEALTH
    Similarity Rank: 414
    Forcht Bank
    Similarity Rank: 418
    Community Trust Bank, Inc.
    Similarity Rank: 540

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 142 $29,730,000 $209,366 $1,931 7.40%

    For 2023, The Citizens National Bank Of Somerset's most frequently originated type of loan was Conventional, with 142 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 93 $20,795,000 $223,602 $2,028 7.44%
    Refi 26 $7,010,000 $269,615 $1,776 7.26%
    Home Improvement 10 $800,000 $80,000 $1,377 7.54%
    Other 7 $585,000 $83,571 $1,383 7.72%
    Cash Out Refi 6 $540,000 $90,000 $2,708 6.75%

    For 2023, The Citizens National Bank Of Somerset's most frequently cited loan purpose was Home Purchase, with 93 originations. The 2nd most popular reason was Refi, with 26 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 83 $18,825,000 $226,807 $2,035 7.42%
    20 Year 24 $4,830,000 $201,250 $2,494 7.43%
    15 Year 13 $1,475,000 $113,462 $1,417 7.14%
    10 Year 9 $375,000 $41,667 $1,392 7.29%
    Other 7 $3,065,000 $437,857 $1,800 7.71%
    1 Year 5 $1,045,000 $209,000 $1,735 7.30%
    5 Year 1 $115,000 $115,000 $0 7.50%

    For 2023, The Citizens National Bank Of Somerset's most frequently cited loan duration was 30 Year, with 83 originations. The 2nd most popular length was 20 Year, with 24 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 92 $17,790,000 $193,370
    $1k-2k 11 $1,495,000 $135,909
    $2k-3k 4 $850,000 $212,500
    $4k-5k 2 $450,000 $225,000
    $5k+ 1 $285,000 $285,000

    The Citizens National Bank Of Somerset's average total fees were $2,035, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 92 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    7-8% 67 $11,385,000 $169,925
    6-7% 46 $13,640,000 $296,522
    Over 8% 24 $3,830,000 $159,583
    5-6% 3 $125,000 $41,667
    4-5% 2 $750,000 $375,000

    During 2023, The Citizens National Bank Of Somerset's average interest rate for loans was 7.42%, while their most frequently originated rate bucket for loans was 7-8%, with 67 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 54 $7,770,000 $143,889 $1,825 7.59%
    $100,000 or less 40 $2,320,000 $58,000 $1,399 7.43%
    $200k-400k 35 $9,165,000 $261,857 $2,554 7.17%
    $400k-600k 6 $2,880,000 $480,000 $2,346 7.03%
    $600k-1MM 4 $2,750,000 $687,500 $3,079 7.68%
    $1MM+ 3 $4,845,000 $1,615,000 $2,883 6.50%

    2023 saw The Citizens National Bank Of Somerset place emphasis on $100k-200k loans with 54 originations, totaling $7,770,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 31 $2,995,000 $96,613 $1,695 7.36%
    $50k-75k 25 $3,155,000 $126,200 $1,957 7.62%
    $100k-150k 24 $4,460,000 $185,833 $1,895 7.22%
    $250k+ 19 $8,145,000 $428,684 $2,519 7.16%
    $75k-100k 15 $1,965,000 $131,000 $1,689 7.85%
    $150k-250k 12 $3,770,000 $314,167 $2,557 7.43%

    The Citizens National Bank Of Somerset lent most frequently to those with incomes in the $50k or less range, with 31 originations. The second most popular income band? $50k-75k, with 25 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 24 $4,570,000 $190,417 $2,158 6.95%
    20-30% 19 $4,325,000 $227,632 $1,844 7.34%
    50-60% 11 $1,595,000 $145,000 $1,958 7.34%
    <20% 7 $565,000 $80,714 $1,891 6.99%
    37% 7 $1,195,000 $170,714 $1,362 7.84%
    >60% 5 $2,165,000 $433,000 $2,079 7.85%
    47% 4 $1,030,000 $257,500 $2,104 7.03%
    43% 4 $500,000 $125,000 $1,867 7.63%
    46% 4 $600,000 $150,000 $1,981 7.16%
    36% 3 $465,000 $155,000 $1,645 7.64%
    42% 3 $585,000 $195,000 $1,692 7.34%
    45% 3 $855,000 $285,000 $1,766 8.04%
    38% 3 $595,000 $198,333 $2,712 7.30%
    39% 3 $445,000 $148,333 $1,802 8.42%
    40% 2 $310,000 $155,000 $1,811 7.82%
    48% 2 $210,000 $105,000 $2,057 7.69%
    44% 2 $290,000 $145,000 $1,826 7.38%
    49% 2 $210,000 $105,000 $1,205 7.76%
    41% 2 $360,000 $180,000 $2,213 7.13%

    The Citizens National Bank Of Somerset lent most frequently to those with DTI ratios of 30-36%, with 24 originations. The next most common DTI ratio? 20-30%, with 19 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 127 $24,295,000 $191,299 $1,911 7.41%
    Not applicable 13 $4,865,000 $374,231 $0 7.29%
    American Indian 1 $455,000 $455,000 $2,768 7.00%
    Black 1 $115,000 $115,000 $3,228 7.13%

    Approval Rates

    Total approvals of all applications
    83.26%

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

    Pick Rate

    Approvals leading to origination
    73.94%

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

    Points and Fees

    Points Originations Total Value Average Loan
    NA 142 $29,730,000 $209,366

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    142 $29,730,000 $209,366

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 17 $1,345,000 $79,118 $1,438 7.73%
    40-60% 24 $8,230,000 $342,917 $1,870 7.00%
    60-80% 33 $7,875,000 $238,636 $2,256 7.32%
    80-100% 52 $11,180,000 $215,000 $2,110 7.54%
    Over 100% 2 $210,000 $105,000 $1,649 7.63%
    Under 20% 13 $845,000 $65,000 $1,391 7.31%