Fairmont Mortgage Rates, Fees & Info

Fairmont, WV

LEI: 549300LY3BVZZOO7LW95

Tax ID: 55-0522816

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

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • 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

    Fairmont is a smaller mortgage company specializing in Home Purchase and Home Improvement loans. Fairmont has a high proportion of conventional loans. Their top markets by origination volume include: Fairmont, Morgantown, and Clarksburg among others. We have data for 3 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.

    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 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






    Your Estimates

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

    This is not an official calculator from Fairmont. 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

    209

    Origination Dollar Volume (All Markets)

    $28,815,000
    Show all (8) awards

    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
    Fairmont, WV (FHA|USDA|VA) 112 $13,850,000 $123,661 $2,401 3.91%
    MORGANTOWN, WV (FHA|USDA|VA) 50 $8,310,000 $166,200 $2,663 4.03%
    Clarksburg, WV (FHA|USDA|VA) 47 $6,655,000 $141,596 $2,543 3.96%
    Fairmont's top markets include Fairmont, Morgantown, and Clarksburg among others.

    Their top states include:
  • West Virginia (FHA|USDA|VA)

    • 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.

    FAIRMONT
    Similarity Rank: 33
    First Federal Savings and Loan Association of Greene Co
    Similarity Rank: 56
    Clear Mountain Bank
    Similarity Rank: 320
    City National Bank of West Virginia
    Similarity Rank: 407
    NVR Mortgage Finance, Inc.
    Similarity Rank: 1612
    United Bank
    Similarity Rank: 1717
    First Federal Bank of the Midwest
    Similarity Rank: 5719
    NAVY FEDERAL CREDIT UNION
    Similarity Rank: 6188
    INTERCOASTAL MORTGAGE COMPANY
    Similarity Rank: 6916
    WesBanco
    Similarity Rank: 7257

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 209 $28,815,000 $137,871 $2,495 3.95%

    For 2022, Fairmont's most frequently originated type of loan was Conventional, with 209 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 94 $15,500,000 $164,894 $3,079 4.14%
    Home Improvement 67 $7,195,000 $107,388 $1,982 3.82%
    Cash Out Refi 39 $5,235,000 $134,231 $2,053 3.81%
    Refi 9 $885,000 $98,333 $1,925 3.46%

    For 2022, Fairmont's most frequently cited loan purpose was Home Purchase, with 94 originations. The 2nd most popular reason was Home Improvement, with 67 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 126 $21,400,000 $169,841 $2,767 3.97%
    15 Year 36 $2,910,000 $80,833 $2,060 4.12%
    Other 22 $2,090,000 $95,000 $1,781 4.21%
    20 Year 10 $1,290,000 $129,000 $2,134 3.78%
    10 Year 10 $580,000 $58,000 $2,036 2.87%
    5 Year 3 $115,000 $38,333 $1,664 3.25%
    30+ year 2 $430,000 $215,000 $2,841 4.10%

    For 2022, Fairmont's most frequently cited loan duration was 30 Year, with 126 originations. The 2nd most popular length was 15 Year, with 36 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 174 $23,270,000 $133,736
    $1k-2k 25 $4,445,000 $177,800

    Fairmont's average total fees were $2,767, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 174 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 58 $8,120,000 $140,000
    4-5% 56 $7,130,000 $127,321
    2.5-3% 39 $5,335,000 $136,795
    5-6% 30 $4,160,000 $138,667
    <2.5% 22 $3,400,000 $154,545
    6-7% 4 $670,000 $167,500

    During 2022, Fairmont's average interest rate for loans was 3.97%, while their most frequently originated rate bucket for loans was 3-4%, with 58 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 86 $5,280,000 $61,395 $2,116 3.88%
    $100k-200k 78 $11,510,000 $147,564 $2,710 4.11%
    $200k-400k 42 $10,570,000 $251,667 $2,819 3.79%
    $400k-600k 2 $840,000 $420,000 $3,565 4.60%
    $600k-1MM 1 $615,000 $615,000 $2,103 2.25%

    2022 saw Fairmont place emphasis on $100,000 or less loans with 86 originations, totaling $5,280,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 59 $6,995,000 $118,559 $2,584 3.76%
    $50k or less 46 $4,240,000 $92,174 $2,293 3.92%
    $100k-150k 40 $6,790,000 $169,750 $2,585 3.69%
    $75k-100k 37 $5,765,000 $155,811 $2,527 4.44%
    $150k-250k 20 $3,870,000 $193,500 $2,605 4.09%
    $250k+ 1 $235,000 $235,000 $3,143 4.00%

    Fairmont lent most frequently to those with incomes in the $50k-75k range, with 59 originations. The second most popular income band? $50k or less, with 46 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 70 $9,570,000 $136,714 $2,430 3.93%
    30-36% 49 $7,075,000 $144,388 $2,479 3.59%
    <20% 36 $4,390,000 $121,944 $2,455 4.17%
    40% 9 $1,025,000 $113,889 $2,326 3.91%
    38% 9 $1,505,000 $167,222 $2,719 3.74%
    36% 8 $1,340,000 $167,500 $2,931 4.01%
    39% 7 $1,085,000 $155,000 $2,870 4.20%
    37% 5 $465,000 $93,000 $2,386 4.75%
    41% 4 $530,000 $132,500 $2,888 4.68%
    42% 2 $220,000 $110,000 $2,286 4.13%
    46% 2 $400,000 $200,000 $3,296 3.13%
    45% 1 $155,000 $155,000 $3,198 6.38%
    >60% 1 $65,000 $65,000 $1,378 4.00%
    43% 1 $95,000 $95,000 $2,935 3.13%

    Fairmont lent most frequently to those with DTI ratios of 20-30%, with 70 originations. The next most common DTI ratio? 30-36%, with 49 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 182 $25,060,000 $137,692 $2,504 3.91%
    Not provided 19 $2,255,000 $118,684 $2,335 4.04%
    Not applicable 4 $740,000 $185,000 $0 5.10%
    Black 2 $490,000 $245,000 $2,700 5.00%
    Asian 1 $175,000 $175,000 $2,973 3.70%
    American Indian 1 $95,000 $95,000 $2,935 3.13%

    Approval Rates

    Total approvals of all applications
    83.80%

    Fairmont has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    74.16%

    Fairmont has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 209 $28,815,000 $137,871

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    209 $28,815,000 $137,871

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 27 $1,845,000 $68,333 $1,969 3.78%
    40-60% 31 $2,705,000 $87,258 $2,056 3.80%
    60-80% 56 $8,720,000 $155,714 $2,577 3.85%
    80-100% 85 $15,085,000 $177,471 $2,844 4.10%
    Under 20% 10 $460,000 $46,000 $1,958 4.08%