Forcht Bank Mortgage Rates, Fees & Info

Lexington, KY

LEI: 549300RGUEWNDH44ES51

Tax ID: 71-0886038

5 stars - Updated: 4/14/24 - out of 5 stars, based on 19 reviews

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

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Mortgage Data

Review & Overview

Forcht Bank is a smaller bank specializing in Home Purchase loans. Forcht Bank has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) They have a low ratio of USDA loans. Their top markets by origination volume include: Cincinnati, Louisville, Lexington, Elizabethtown, and Campbellsville among others. We have data for 19 markets. (Some data included below & more in-depth data is available with an active subscription.)

Forcht Bank 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. Forcht Bank 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.

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 6.06% 4/14/24
30 Year Conventional Refi 5.92% 4/14/24
30 Year Cash-out Refi 6.66% 4/14/24
30 Year FHA Purchase 7.00% 4/14/24
30 Year FHA Refi 6.27% 4/14/24
30 Year VA Purchase 6.23% 4/14/24
30 Year USDA Purchase 6.76% 4/14/24
15 Year Conventional Purchase 5.75% 4/14/24
15 Year Conventional Refi 5.72% 4/14/24
15 Year Cash-out Refi 5.72% 4/14/24
15 Year FHA Purchase 5.68% 4/14/24
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.

Forcht Bank Mortgage Calculator






Your Estimates

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

This is not an official calculator from Forcht 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

353

Origination Dollar Volume (All Markets)

$151,965,000
Show all (11) awards

Relative Rate

Forcht 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)

Forcht Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $3,343.

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
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 124 $61,070,000 $492,500 $3,742 6.47%
LOUISVILLE, KY (FHA|USDA|VA) 51 $33,535,000 $657,549 $3,775 6.52%
LEXINGTON-FAYETTE, KY (FHA|USDA|VA) 36 $20,750,000 $576,389 $3,769 6.35%
ELIZABETHTOWN-FORT KNOX, KY (FHA|USDA|VA) 2 $10,250,000 $5,125,000 $7,329 6.87%
Campbellsville, KY (FHA|USDA|VA) 40 $6,050,000 $151,250 $2,855 6.65%
Richmond-Berea, KY (FHA|USDA|VA) 8 $5,170,000 $646,250 $3,232 6.31%
Somerset, KY (FHA|USDA|VA) 22 $4,240,000 $192,727 $2,925 6.58%
London, KY (FHA|USDA|VA) 36 $3,720,000 $103,333 $1,915 6.81%
Outside of Metro Areas 23 $3,635,000 $158,043 $2,620 6.54%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 1 $645,000 $645,000 $5,835 5.75%
NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 1 $595,000 $595,000 $0 6.75%
DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) 1 $505,000 $505,000 $0 6.75%
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 1 $455,000 $455,000 $13,186 7.25%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $445,000 $445,000 $0 5.25%
Glasgow, KY (FHA|USDA|VA) 2 $330,000 $165,000 $4,111 6.31%
BOWLING GREEN, KY (FHA|USDA|VA) 1 $215,000 $215,000 $0 6.75%
Middlesborough, KY (FHA|USDA|VA) 1 $175,000 $175,000 $6,310 5.63%
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 1 $125,000 $125,000 $3,262 6.38%
Danville, KY (FHA|USDA|VA) 1 $55,000 $55,000 $1,951 6.75%
Forcht Bank's top markets include Cincinnati, Louisville, Lexington, Elizabethtown, and Campbellsville among others.

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

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

    Whitaker Bank
    Similarity Rank: 153
    The Peoples Bank
    Similarity Rank: 270
    Peoples Exchange Bank
    Similarity Rank: 333
    Abound Federal Credit Union
    Similarity Rank: 483
    CINFED Federal Credit Union
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    Eagle Savings Bank
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    LCNB National Bank
    Similarity Rank: 486

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 334 $147,980,000 $443,054 $3,075 6.54%
    FHA 13 $2,785,000 $214,231 $6,560 6.26%
    VA 5 $1,065,000 $213,000 $3,978 6.68%
    USDA 1 $135,000 $135,000 $3,706 6.50%

    For 2023, Forcht Bank's most frequently originated type of loan was Conventional, with 334 originations. Their 2nd most popular type was FHA, with 13 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 222 $105,260,000 $474,144 $4,004 6.46%
    Refi 99 $26,145,000 $264,091 $2,099 6.56%
    Home Improvement 15 $4,075,000 $271,667 $2,218 7.01%
    Cash Out Refi 13 $16,305,000 $1,254,231 $2,272 6.67%
    Other 4 $180,000 $45,000 $1,482 7.19%

    For 2023, Forcht Bank's most frequently cited loan purpose was Home Purchase, with 222 originations. The 2nd most popular reason was Refi, with 99 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 132 $41,470,000 $314,167 $3,343 6.33%
    20 Year 71 $20,055,000 $282,465 $2,231 6.69%
    Other 45 $35,425,000 $787,222 $3,740 6.51%
    15 Year 38 $4,200,000 $110,526 $2,010 6.82%
    30+ year 36 $22,920,000 $636,667 $5,605 6.45%
    10 Year 13 $985,000 $75,769 $1,577 6.92%
    5 Year 10 $24,140,000 $2,414,000 $1,359 6.75%
    1 Year 7 $2,765,000 $395,000 $2,503 6.64%
    3 Year 1 $5,000 $5,000 $1,511 6.25%

    For 2023, Forcht Bank's most frequently cited loan duration was 30 Year, with 132 originations. The 2nd most popular length was 20 Year, with 71 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 196 $45,310,000 $231,173
    $1k-2k 48 $25,450,000 $530,208
    $2k-3k 1 $245,000 $245,000

    Forcht Bank's average total fees were $3,343, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 196 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 199 $95,045,000 $477,613
    5-6% 89 $43,495,000 $488,708
    7-8% 63 $13,175,000 $209,127
    4-5% 1 $195,000 $195,000
    Over 8% 1 $55,000 $55,000

    During 2023, Forcht Bank's average interest rate for loans was 6.33%, while their most frequently originated rate bucket for loans was 6-7%, with 199 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 93 $26,115,000 $280,806 $3,648 6.47%
    $100,000 or less 86 $5,110,000 $59,419 $1,805 6.83%
    $100k-200k 81 $12,145,000 $149,938 $2,807 6.57%
    $400k-600k 43 $21,345,000 $496,395 $4,537 6.42%
    $600k-1MM 30 $22,480,000 $749,333 $5,004 6.06%
    $1MM+ 20 $64,770,000 $3,238,500 $7,657 6.31%

    2023 saw Forcht Bank place emphasis on $200k-400k loans with 93 originations, totaling $26,115,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 63 $14,495,000 $230,079 $3,354 6.64%
    $50k or less 52 $4,240,000 $81,538 $2,091 6.54%
    $150k-250k 46 $19,200,000 $417,391 $4,117 6.37%
    $250k+ 35 $24,705,000 $705,857 $4,550 6.16%
    $50k-75k 34 $6,470,000 $190,294 $3,064 6.58%
    $75k-100k 29 $4,905,000 $169,138 $2,964 6.78%

    Forcht Bank lent most frequently to those with incomes in the $100k-150k range, with 63 originations. The second most popular income band? $50k or less, with 52 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 52 $13,320,000 $256,154 $3,070 6.57%
    30-36% 47 $9,915,000 $210,957 $2,906 6.73%
    <20% 22 $10,090,000 $458,636 $2,985 6.19%
    36% 17 $3,445,000 $202,647 $2,978 6.34%
    40% 13 $3,255,000 $250,385 $2,984 6.97%
    42% 12 $3,620,000 $301,667 $3,207 6.36%
    38% 12 $4,430,000 $369,167 $3,639 6.35%
    46% 10 $3,260,000 $326,000 $5,616 6.54%
    50-60% 9 $3,465,000 $385,000 $3,982 6.33%
    44% 9 $2,305,000 $256,111 $4,554 6.36%
    37% 8 $2,970,000 $371,250 $2,903 6.41%
    43% 8 $3,560,000 $445,000 $4,271 6.56%
    >60% 7 $3,125,000 $446,429 $4,183 6.32%
    39% 6 $1,140,000 $190,000 $2,838 6.65%
    41% 5 $885,000 $177,000 $2,125 6.40%
    48% 4 $500,000 $125,000 $3,597 6.28%
    49% 3 $695,000 $231,667 $2,638 6.63%
    47% 2 $430,000 $215,000 $2,651 5.50%
    45% 1 $775,000 $775,000 $4,612 6.50%

    Forcht Bank lent most frequently to those with DTI ratios of 20-30%, with 52 originations. The next most common DTI ratio? 30-36%, with 47 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 254 $75,760,000 $298,268 $3,253 6.50%
    Not applicable 87 $71,245,000 $818,908 $0 6.59%
    Not provided 9 $4,475,000 $497,222 $4,325 6.69%
    Black 2 $250,000 $125,000 $5,687 6.75%
    Asian 1 $235,000 $235,000 $3,021 6.25%

    Approval Rates

    Total approvals of all applications
    83.22%

    Forcht Bank has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    64.59%

    Forcht Bank has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 353 $151,965,000 $430,496

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    353 $151,965,000 $430,496

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 35 $3,925,000 $112,143 $2,097 6.78%
    40-60% 69 $28,075,000 $406,884 $3,041 6.48%
    60-80% 105 $58,265,000 $554,905 $3,669 6.58%
    80-100% 121 $60,735,000 $501,942 $4,026 6.35%
    Under 20% 23 $965,000 $41,957 $1,479 6.98%