Fairmont Mortgage Rates, Fees & Info
Fairmont, WVLEI: 549300LY3BVZZOO7LW95
Tax ID: 55-0522816
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Mortgage Data
Review & Overview
Fairmont is a smaller mortgage company specializing in Cash Out Refi and Home Purchase loans. Fairmont has a high proportion of conventional loans. Fairmont has a low ratio of conventional loans. Their top markets by origination volume include: Fairmont, Clarksburg, Morgantown, and Pittsburgh among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)Fairmont 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. Fairmont 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.01% | 12/16/24 |
| 30 Year Conventional Refi | 6.64% | 12/16/24 |
| 30 Year Cash-out Refi | 6.02% | 12/16/24 |
| 15 Year Conventional Purchase | 5.87% | 12/16/24 |
| 15 Year Conventional Refi | 5.64% | 12/16/24 |
| 15 Year Cash-out Refi | 5.64% | 12/16/24 |
| 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. | ||
Fairmont Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
205Origination Dollar Volume (All Markets)
$24,785,000Top 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 |
|---|---|---|---|---|---|
| Fairmont, WV (FHA|USDA|VA) | 119 | $13,175,000 | $110,714 | $0 | 0.00% |
| Clarksburg, WV (FHA|USDA|VA) | 46 | $6,040,000 | $131,304 | $0 | 0.00% |
| MORGANTOWN, WV (FHA|USDA|VA) | 39 | $5,455,000 | $139,872 | $2,631 | 3.75% |
| PITTSBURGH, PA (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $0 | 0.00% |
Their top states include:
Similar Lenders
We use machine learning to identify the top lenders compared against FAIRMONT based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 204 | $24,680,000 | $120,980 | $0 | 0.00% |
| Conventional | 1 | $105,000 | $105,000 | $2,631 | 3.75% |
For 2019, Fairmont's most frequently originated type of loan was Conventional, with 204 originations. Their 2nd most popular type was Conventional, with 1 originations.
Loan Reason
For 2019, Fairmont's most frequently cited loan purpose was Cash Out Refi, with 118 originations. The 2nd most popular reason was Home Purchase, with 72 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 204 | $24,680,000 | $120,980 | $0 | 0.00% |
| 30 Year | 1 | $105,000 | $105,000 | $2,631 | 3.75% |
For 2019, Fairmont's most frequently cited loan duration was Other, with 204 originations. The 2nd most popular length was 30 Year, with 1 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $1k-2k | 1 | $105,000 | $105,000 |
Fairmont's average total fees were $2,631, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 1 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 1 | $105,000 | $105,000 |
During 2019, Fairmont's average interest rate for loans was 3.75%, while their most frequently originated rate bucket for loans was 3-4%, with 1 originations.
Loan Sizing
2019 saw Fairmont place emphasis on $100,000 or less loans with 100 originations, totaling $6,270,000 in origination value.
Applicant Income
Fairmont lent most frequently to those with incomes in the $50k or less range, with 49 originations. The second most popular income band? $100k-150k, with 44 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 204 | $24,680,000 | $120,980 | $0 | 0.00% |
| <20% | 1 | $105,000 | $105,000 | $2,631 | 3.75% |
Fairmont lent most frequently to those with DTI ratios of Exempt%, with 204 originations. The next most common DTI ratio? <20%, with 1 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications81.90%
Fairmont has a below average approval rate.
Pick Rate
Approvals leading to origination84.88%
Fairmont has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 204 | $24,680,000 | $120,980 |
| NA | 1 | $105,000 | $105,000 |