Farmers And Mechanics Federal Savings Bank Mortgage Rates, Fees & Info
Bloomfield, INLEI: 549300TDS8QNL4IOOX73
Tax ID: 35-0303170
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Mortgage Data
Review & Overview
Farmers And Mechanics Federal Savings Bank is a smaller bank specializing in Home Purchase loans. Farmers And Mechanics Federal Savings Bank has a high proportion of conventional loans. Their top markets by origination volume include: Bloomington, Bedford, Indianapolis, Terre Haute, and Washington among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)Farmers And Mechanics Federal Savings 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. Farmers And Mechanics Federal Savings 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 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 | 7.18% | 4/17/25 |
| 30 Year Conventional Refi | 6.96% | 4/17/25 |
| 30 Year Cash-out Refi | 6.51% | 4/17/25 |
| 15 Year Conventional Purchase | 8.23% | 4/17/25 |
| 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. | ||
Farmers And Mechanics Federal Savings Bank Mortgage Calculator
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This is not an official calculator from Farmers And Mechanics Federal Savings 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
47Origination Dollar Volume (All Markets)
$8,985,000Awards
Farmers and Mechanics Federal Savings Bank - 2024
Farmers and Mechanics Federal Savings Bank is a 2024 , due to their low .
For 2024, less than of lenders were eligible for this award.
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Relative Rate
Farmers And Mechanics Federal Savings Bank's average 30 year fixed mortgage rate was
6.96%.
The 2024 average 30 year fixed rate mortgage across all markets and lenders was 6.55%.
This yields a difference of 0.41%.
Relative Fees (Closing Costs)
Farmers And Mechanics Federal Savings Bank's average total fees/closing costs for a 30 year fixed rate
mortgage were $2,002.
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 $8,356.
Top Markets
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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 |
|---|---|---|---|---|---|
| BLOOMINGTON, IN (FHA|USDA|VA) | 16 | $4,900,000 | $306,250 | $2,301 | 6.68% |
| Outside of Metro Areas | 23 | $3,265,000 | $141,957 | $1,694 | 6.72% |
| Bedford, IN (FHA|USDA|VA) | 4 | $440,000 | $110,000 | $1,267 | 6.78% |
| INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $951 | 6.63% |
| TERRE HAUTE, IN (FHA|USDA|VA) | 2 | $170,000 | $85,000 | $1,886 | 6.81% |
| Washington, IN (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $753 | 5.50% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 47 | $8,985,000 | $191,170 | $1,827 | 6.69% |
For 2024, Farmers And Mechanics Federal Savings Bank's most frequently originated type of loan was Conventional, with 47 originations.
Loan Reason
For 2024, Farmers And Mechanics Federal Savings Bank's most frequently cited loan purpose was Home Purchase, with 26 originations. The 2nd most popular reason was Home Improvement, with 7 originations.
Loan Duration/Length
For 2024, Farmers And Mechanics Federal Savings Bank's most frequently cited loan duration was 30 Year, with 21 originations. The 2nd most popular length was 10 Year, with 12 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 36 | $5,530,000 | $153,611 |
| $1k-2k | 10 | $3,250,000 | $325,000 |
Farmers And Mechanics Federal Savings Bank's average total fees were $2,002, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 36 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 28 | $6,990,000 | $249,643 |
| 5-6% | 11 | $615,000 | $55,909 |
| 7-8% | 4 | $920,000 | $230,000 |
| Over 8% | 4 | $460,000 | $115,000 |
During 2024, Farmers And Mechanics Federal Savings Bank's average interest rate for loans was 6.96%, while their most frequently originated rate bucket for loans was 6-7%, with 28 originations.
Loan Sizing
2024 saw Farmers And Mechanics Federal Savings Bank place emphasis on $100,000 or less loans with 16 originations, totaling $780,000 in origination value.
Applicant Income
Farmers And Mechanics Federal Savings Bank lent most frequently to those with incomes in the $75k-100k range, with 13 originations. The second most popular income band? $100k-150k, with 10 originations.
Applicant Debt to Income Ratio
Farmers And Mechanics Federal Savings Bank lent most frequently to those with DTI ratios of 20-30%, with 17 originations. The next most common DTI ratio? 30-36%, with 11 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 46 | $8,730,000 | $189,783 | $1,818 | 6.68% |
| Black | 1 | $255,000 | $255,000 | $2,204 | 7.13% |
Approval Rates
Total approvals of all applications75.76%
Farmers And Mechanics Federal Savings Bank has a below average approval rate.
Pick Rate
Approvals leading to origination76.60%
Farmers And Mechanics Federal Savings Bank has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 47 | $8,985,000 | $191,170 |