Patriot Bank Mortgage Rates, Fees & Info

Millington, TN

LEI: 549300KM0M1BH7LBWW77

Tax ID: 76-0714702

5 stars - Updated: 6/23/24 - out of 5 stars, based on 25 reviews

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

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Mortgage Data

Review & Overview

Patriot Bank is a smaller bank specializing in Home Purchase loans. Patriot Bank has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Memphis, Dyersburg, Nashville, Jackson, and Fort Smith among others. We have data for 21 markets. (Some data included below & more in-depth data is available with an active subscription.)

Patriot Bank 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. Patriot Bank 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 6.51% 6/23/24
30 Year Conventional Refi 6.52% 6/23/24
30 Year Cash-out Refi 6.78% 6/23/24
30 Year FHA Purchase 6.95% 6/23/24
30 Year FHA Refi 6.37% 6/23/24
30 Year VA Purchase 6.01% 6/23/24
30 Year VA Refi 6.27% 6/23/24
30 Year USDA Purchase 6.29% 6/23/24
15 Year Conventional Purchase 5.83% 6/23/24
15 Year Conventional Refi 5.95% 6/23/24
15 Year Cash-out Refi 5.95% 6/23/24
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.

Patriot Bank Mortgage Calculator






Your Estimates

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

This is not an official calculator from Patriot 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

608

Origination Dollar Volume (All Markets)

$147,970,000
Show all (7) awards

Relative Rate

Patriot Bank's average 30 year fixed mortgage rate was 6.33%.

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

This yields a difference of -0.15%.

Relative Fees (Closing Costs)

Patriot Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $6,233.

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
MEMPHIS, TN-MS-AR (FHA|USDA|VA) 569 $136,795,000 $240,413 $6,207 5.72%
Outside of Metro Areas 9 $2,005,000 $222,778 $4,972 6.65%
Dyersburg, TN (FHA|USDA|VA) 6 $1,280,000 $213,333 $6,008 6.73%
NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 3 $945,000 $315,000 $3,565 6.96%
JACKSON, TN (FHA|USDA|VA) 2 $680,000 $340,000 $13,308 6.31%
FORT SMITH, AR-OK (FHA|USDA|VA) 1 $665,000 $665,000 $3,274 5.25%
Sevierville, TN (FHA|USDA|VA) 1 $585,000 $585,000 $0 7.63%
KNOXVILLE, TN (FHA|USDA|VA) 1 $585,000 $585,000 $4,536 6.00%
CHATTANOOGA, TN-GA (FHA|USDA|VA) 2 $570,000 $285,000 $7,111 6.44%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 1 $565,000 $565,000 $2,347 6.13%
FLORENCE-MUSCLE SHOALS, AL (FHA|USDA|VA) 2 $500,000 $250,000 $3,115 6.81%
FAYETTEVILLE-SPRINGDALE-ROGERS, AR (FHA|USDA|VA) 1 $445,000 $445,000 $3,384 6.38%
KINGSPORT-BRISTOL, TN-VA (FHA|USDA|VA) 1 $435,000 $435,000 $2,850 6.99%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 1 $425,000 $425,000 $5,215 6.38%
Brownsville, TN (FHA|USDA|VA) 1 $415,000 $415,000 $3,907 6.63%
Oxford, MS (FHA|USDA|VA) 2 $270,000 $135,000 $1,190 7.81%
Corinth, MS (FHA|USDA|VA) 1 $185,000 $185,000 $6,487 5.63%
Lewisburg, TN (FHA|USDA|VA) 1 $185,000 $185,000 $1,582 7.50%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 1 $165,000 $165,000 $5,686 5.63%
TUSCALOOSA, AL (FHA|USDA|VA) 1 $145,000 $145,000 $2,127 5.63%
PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 1 $125,000 $125,000 $3,379 6.63%
Patriot Bank's top markets include Memphis, Dyersburg, Nashville, Jackson, and Fort Smith among others.

Their top states include:
  • Tennessee (FHA|USDA|VA)
  • Mississippi (FHA|USDA|VA)
  • Arkansas (FHA|USDA|VA)
  • Alabama (FHA|USDA|VA)
  • Colorado (FHA|USDA|VA)
  • Similar Lenders

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

    First Citizens National Bank
    Similarity Rank: 288
    Orion Federal Credit Union
    Similarity Rank: 420
    Financial Federal Bank
    Similarity Rank: 598
    Leaders Credit Union
    Similarity Rank: 1316
    Patriot Bank
    Similarity Rank: 1554
    BARTLETT MORTGAGE, INC.
    Similarity Rank: 1911
    AmeriHome Mortgage Company, LLC
    Similarity Rank: 2196
    Independent Bank
    Similarity Rank: 2640
    DHI MORTGAGE COMPANY, LTD.
    Similarity Rank: 2951
    Community Bank of Mississippi
    Similarity Rank: 3276

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 437 $100,265,000 $229,439 $4,661 5.65%
    FHA 112 $28,340,000 $253,036 $9,069 6.16%
    VA 47 $17,065,000 $363,085 $8,877 5.99%
    USDA 12 $2,300,000 $191,667 $5,842 6.09%

    For 2023, Patriot Bank's most frequently originated type of loan was Conventional, with 437 originations. Their 2nd most popular type was FHA, with 112 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 486 $139,590,000 $287,222 $6,188 6.37%
    Home Improvement 75 $965,000 $12,867 $1,370 1.83%
    Refi 37 $6,075,000 $164,189 $5,752 5.55%
    Cash Out Refi 8 $1,240,000 $155,000 $4,876 6.78%
    Other 2 $100,000 $50,000 $1,184 8.88%

    For 2023, Patriot Bank's most frequently cited loan purpose was Home Purchase, with 486 originations. The 2nd most popular reason was Home Improvement, with 75 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 478 $138,190,000 $289,100 $6,233 6.33%
    Other 68 $440,000 $6,471 $0 1.11%
    5 Year 29 $1,695,000 $58,448 $1,184 6.42%
    15 Year 16 $4,080,000 $255,000 $3,809 5.71%
    20 Year 10 $2,330,000 $233,000 $5,282 7.20%
    1 Year 7 $1,235,000 $176,429 $0 8.39%

    For 2023, Patriot Bank's most frequently cited loan duration was 30 Year, with 478 originations. The 2nd most popular length was Other, with 68 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 307 $70,895,000 $230,928
    $1k-2k 160 $42,610,000 $266,313
    $2k-3k 29 $7,775,000 $268,103
    $5k+ 27 $10,045,000 $372,037
    $3k-4k 18 $5,740,000 $318,889
    $4k-5k 11 $3,735,000 $339,545

    Patriot Bank's average total fees were $6,233, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 307 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 276 $81,230,000 $294,312
    5-6% 161 $45,955,000 $285,435
    <2.5% 71 $355,000 $5,000
    7-8% 59 $16,275,000 $275,847
    Over 8% 23 $3,015,000 $131,087
    4-5% 18 $1,140,000 $63,333

    During 2023, Patriot Bank's average interest rate for loans was 6.33%, while their most frequently originated rate bucket for loans was 6-7%, with 276 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 274 $80,050,000 $292,153 $6,542 6.37%
    $100k-200k 121 $19,135,000 $158,140 $5,159 6.51%
    $100,000 or less 120 $2,950,000 $24,583 $2,592 3.14%
    $400k-600k 83 $38,955,000 $469,337 $6,742 6.50%
    $600k-1MM 10 $6,880,000 $688,000 $9,450 6.29%

    2023 saw Patriot Bank place emphasis on $200k-400k loans with 274 originations, totaling $80,050,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 153 $45,785,000 $299,248 $6,747 6.23%
    $50k-75k 129 $20,125,000 $156,008 $5,308 5.13%
    $75k-100k 110 $27,290,000 $248,091 $6,228 5.99%
    $150k-250k 95 $34,085,000 $358,789 $6,147 6.44%
    $50k or less 64 $5,500,000 $85,938 $4,640 4.11%
    $250k+ 26 $12,560,000 $483,077 $8,118 6.50%

    Patriot Bank lent most frequently to those with incomes in the $100k-150k range, with 153 originations. The second most popular income band? $50k-75k, with 129 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 116 $31,190,000 $268,879 $5,842 5.85%
    20-30% 107 $24,425,000 $228,271 $5,619 5.39%
    <20% 38 $4,900,000 $128,947 $3,960 4.30%
    44% 27 $6,505,000 $240,926 $6,423 5.82%
    49% 26 $7,570,000 $291,154 $6,433 5.95%
    37% 25 $6,075,000 $243,000 $5,970 5.30%
    41% 24 $6,880,000 $286,667 $6,938 5.58%
    43% 24 $6,610,000 $275,417 $6,632 6.38%
    46% 24 $7,000,000 $291,667 $7,422 6.31%
    39% 22 $5,570,000 $253,182 $4,868 6.04%
    40% 21 $5,985,000 $285,000 $6,660 6.17%
    36% 21 $4,505,000 $214,524 $6,771 6.04%
    45% 20 $4,800,000 $240,000 $5,723 6.37%
    38% 19 $5,705,000 $300,263 $5,783 6.35%
    47% 19 $5,555,000 $292,368 $6,123 5.74%
    48% 18 $4,440,000 $246,667 $6,938 5.87%
    42% 17 $5,835,000 $343,235 $7,260 5.74%
    50-60% 6 $1,360,000 $226,667 $11,099 5.52%

    Patriot Bank lent most frequently to those with DTI ratios of 30-36%, with 116 originations. The next most common DTI ratio? 20-30%, with 107 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 391 $109,395,000 $279,783 $5,848 6.28%
    Black 122 $16,230,000 $133,033 $7,608 3.58%
    Not provided 38 $10,380,000 $273,158 $6,859 6.37%
    Asian 23 $8,355,000 $363,261 $5,318 6.86%
    Not applicable 28 $2,100,000 $75,000 $0 6.36%
    American Indian 3 $715,000 $238,333 $4,869 6.71%
    Asian Indian 1 $465,000 $465,000 $13,216 5.63%
    Native Hawaiian or Islander 1 $285,000 $285,000 $12,125 6.00%
    Other Pacific Islander 1 $45,000 $45,000 $1,190 9.00%

    Approval Rates

    Total approvals of all applications
    91.82%

    Patriot Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    81.41%

    Patriot Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    0.0 67 $335,000 $5,000
    NA 541 $147,635,000 $272,893

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    608 $147,970,000 $243,372

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 32 $3,700,000 $115,625 $3,640 5.19%
    40-60% 45 $12,045,000 $267,667 $4,610 6.35%
    60-80% 126 $37,260,000 $295,714 $5,149 6.76%
    80-100% 303 $88,835,000 $293,185 $6,729 6.35%
    Over 100% 18 $5,310,000 $295,000 $12,570 6.48%
    Under 20% 84 $820,000 $9,762 $1,078 1.98%