First Farmers Bank And Trust Company Mortgage Rates, Fees & Info

Converse, IN

LEI: 549300TWHZRVTZ8RYT46

Tax ID: 35-0722410

5 stars - Updated: 11/17/24 - out of 5 stars, based on 28 reviews

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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Relative Rates
  • Relative Fees
  • 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

    First Farmers Bank And Trust Company is a smaller bank specializing in Home Purchase loans. First Farmers Bank And Trust Company has a high proportion of conventional loans. Their top markets by origination volume include: Indianapolis, Kokomo, Terre Haute, Lafayette, and Marion among others. We have data for 41 markets. (Some data included below & more in-depth data is available with an active subscription.)

    First Farmers Bank And Trust Company 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. First Farmers Bank And Trust Company 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.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    Home Equity Line of Credit (HELOC) 6.27% 11/17/24
    30 Year Conventional Purchase 7.11% 11/17/24
    30 Year Conventional Refi 6.90% 11/17/24
    30 Year Cash-out Refi 7.14% 11/17/24
    30 Year FHA Purchase 8.33% 11/17/24
    30 Year USDA Purchase 8.13% 11/17/24
    15 Year Conventional Purchase 6.27% 11/17/24
    15 Year Conventional Refi 6.03% 11/17/24
    15 Year Cash-out Refi 6.03% 11/17/24
    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.

    First Farmers Bank And Trust Company Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from First Farmers Bank And Trust Company. 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

    769

    Origination Dollar Volume (All Markets)

    $95,285,000
    Show all (9) awards

    Relative Rate

    First Farmers Bank And Trust Company's average 30 year fixed mortgage rate was 7.41%.

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

    This yields a difference of 0.93%.

    Relative Fees (Closing Costs)

    First Farmers Bank And Trust Company's average total fees/closing costs for a 30 year fixed rate mortgage were $2,419.

    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
    INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 78 $17,310,000 $221,923 $2,864 7.90%
    Outside of Metro Areas 118 $13,120,000 $111,186 $2,486 8.13%
    KOKOMO, IN (FHA|USDA|VA) 133 $11,485,000 $86,353 $2,386 8.32%
    TERRE HAUTE, IN (FHA|USDA|VA) 84 $10,460,000 $124,524 $2,151 8.07%
    LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) 41 $7,655,000 $186,707 $2,808 7.91%
    Marion, IN (FHA|USDA|VA) 72 $6,710,000 $93,194 $2,336 8.10%
    Logansport, IN (FHA|USDA|VA) 50 $5,760,000 $115,200 $2,041 7.96%
    Peru, IN (FHA|USDA|VA) 68 $5,670,000 $83,382 $2,319 8.19%
    DANVILLE, IL (FHA|USDA|VA) 39 $2,725,000 $69,872 $2,155 8.18%
    Wabash, IN (FHA|USDA|VA) 27 $2,375,000 $87,963 $2,079 8.13%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 4 $2,010,000 $502,500 $1,575 7.34%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $1,625,000 $1,625,000 $13,700 5.88%
    Plymouth, IN (FHA|USDA|VA) 11 $1,455,000 $132,273 $1,765 8.01%
    Bluffton, IN (FHA|USDA|VA) 2 $920,000 $460,000 $1,750 7.25%
    MUNCIE, IN (FHA|USDA|VA) 5 $805,000 $161,000 $2,144 8.15%
    LOUISVILLE, KY (FHA|USDA|VA) 2 $590,000 $295,000 $3,082 6.94%
    Frankfort, IN (FHA|USDA|VA) 5 $535,000 $107,000 $1,863 7.65%
    ELKHART-GOSHEN, IN (FHA|USDA|VA) 2 $450,000 $225,000 $2,673 7.38%
    AKRON, OH (FHA|USDA|VA) 1 $405,000 $405,000 $4,947 6.50%
    Traverse City, MI (FHA|USDA|VA) 1 $305,000 $305,000 $0 8.38%
    FORT WAYNE, IN (FHA|USDA|VA) 2 $290,000 $145,000 $2,029 6.75%
    Charleston-Mattoon, IL (FHA|USDA|VA) 3 $255,000 $85,000 $2,400 7.46%
    BLOOMINGTON, IN (FHA|USDA|VA) 2 $240,000 $120,000 $1,954 8.06%
    PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 1 $225,000 $225,000 $4,963 6.50%
    NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 1 $215,000 $215,000 $1,954 6.50%
    LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 1 $205,000 $205,000 $4,148 8.00%
    CINCINNATI, OH-KY-IN (FHA|USDA|VA) 1 $195,000 $195,000 $0 8.50%
    MOBILE, AL (FHA|USDA|VA) 1 $185,000 $185,000 $2,684 6.75%
    Warsaw, IN (FHA|USDA|VA) 1 $175,000 $175,000 $2,740 7.38%
    DECATUR, IL (FHA|USDA|VA) 1 $145,000 $145,000 $3,440 7.13%
    Bedford, IN (FHA|USDA|VA) 1 $145,000 $145,000 $2,500 9.38%
    Crawfordsville, IN (FHA|USDA|VA) 1 $115,000 $115,000 $2,117 6.75%
    GULFPORT-BILOXI, MS (FHA|USDA|VA) 1 $105,000 $105,000 $0 8.50%
    New Castle, IN (FHA|USDA|VA) 1 $105,000 $105,000 $0 8.13%
    Sanford, NC (FHA|USDA|VA) 1 $75,000 $75,000 $2,710 7.50%
    PANAMA CITY, FL (FHA|USDA|VA) 1 $75,000 $75,000 $0 7.38%
    Huntington, IN (FHA|USDA|VA) 1 $55,000 $55,000 $0 7.75%
    NILES, MI (FHA|USDA|VA) 1 $55,000 $55,000 $0 8.63%
    MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) 1 $25,000 $25,000 $0 8.25%
    CHAMPAIGN-URBANA, IL (FHA|USDA|VA) 1 $15,000 $15,000 $0 9.38%
    Big Rapids, MI (FHA|USDA|VA) 1 $15,000 $15,000 $0 8.63%
    First Farmers Bank And Trust Company's top markets include Indianapolis, Kokomo, Terre Haute, Lafayette, and Marion among others.

    Their top states include:
  • Indiana (FHA|USDA|VA)
  • Illinois (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Ohio (FHA|USDA|VA)
  • Michigan (FHA|USDA|VA)

    • Similar Lenders

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

    The Riddell National Bank
    Similarity Rank: 20
    1786
    Similarity Rank: 26
    Crossroads Bank
    Similarity Rank: 34
    Solidarity Community Federal Credit Union
    Similarity Rank: 55
    Iroquois Federal Savings and Loan Association
    Similarity Rank: 95
    BEACON CREDIT UNION
    Similarity Rank: 210
    Security Federal Savings Bank
    Similarity Rank: 240
    The Fountain Trust Company
    Similarity Rank: 270
    Mutual Savings Bank
    Similarity Rank: 460
    Greenfield Banking Company
    Similarity Rank: 581

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 426 $24,110,000 $56,596 n/a 8.69%
    Conventional 343 $71,175,000 $207,507 $2,442 7.33%

    For 2023, First Farmers Bank And Trust Company's most frequently originated type of loan was HELOC, with 426 originations. Their 2nd most popular type was Conventional, with 343 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 277 $60,865,000 $219,729 $2,425 7.33%
    Other 181 $9,265,000 $51,188 $2,411 8.72%
    Home Improvement 164 $10,410,000 $63,476 $2,413 8.58%
    Cash Out Refi 122 $11,510,000 $94,344 $2,639 8.38%
    Refi 25 $3,235,000 $129,400 $2,410 7.03%

    For 2023, First Farmers Bank And Trust Company's most frequently cited loan purpose was Home Purchase, with 277 originations. The 2nd most popular reason was Other, with 181 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 462 $30,490,000 $65,996 $2,545 8.50%
    30 Year 244 $55,240,000 $226,393 $2,419 7.41%
    20 Year 29 $4,115,000 $141,897 $2,701 7.12%
    Other 26 $4,150,000 $159,615 $2,305 8.24%
    10 Year 4 $260,000 $65,000 $2,292 6.72%
    1 Year 4 $1,030,000 $257,500 $0 8.44%

    For 2023, First Farmers Bank And Trust Company's most frequently cited loan duration was 15 Year, with 462 originations. The 2nd most popular length was 30 Year, with 244 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 178 $37,090,000 $208,371
    $1k-2k 102 $21,660,000 $212,353
    $2k-3k 10 $2,390,000 $239,000
    $3k-4k 3 $555,000 $185,000
    $5k+ 2 $670,000 $335,000
    $4k-5k 1 $355,000 $355,000

    First Farmers Bank And Trust Company's average total fees were $2,419, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 178 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    Over 8% 444 $33,410,000 $75,248
    7-8% 175 $32,065,000 $183,229
    6-7% 129 $23,825,000 $184,690
    5-6% 20 $5,620,000 $281,000
    4-5% 1 $365,000 $365,000

    During 2023, First Farmers Bank And Trust Company's average interest rate for loans was 7.41%, while their most frequently originated rate bucket for loans was Over 8%, with 444 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 448 $20,230,000 $45,156 $2,385 8.51%
    $100k-200k 181 $25,095,000 $138,646 $2,313 7.49%
    $200k-400k 113 $30,365,000 $268,717 $2,438 7.57%
    $400k-600k 16 $7,280,000 $455,000 $2,486 7.27%
    $600k-1MM 6 $3,990,000 $665,000 $2,209 7.13%
    $1MM+ 5 $8,325,000 $1,665,000 $7,275 6.78%

    2023 saw First Farmers Bank And Trust Company place emphasis on $100,000 or less loans with 448 originations, totaling $20,230,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 183 $23,495,000 $128,388 $2,549 8.13%
    $50k-75k 164 $13,910,000 $84,817 $2,306 8.20%
    $75k-100k 132 $14,410,000 $109,167 $2,528 8.04%
    $50k or less 111 $8,345,000 $75,180 $2,340 8.15%
    $150k-250k 96 $16,260,000 $169,375 $2,244 7.99%
    $250k+ 34 $11,040,000 $324,706 $3,789 7.70%

    First Farmers Bank And Trust Company lent most frequently to those with incomes in the $100k-150k range, with 183 originations. The second most popular income band? $50k-75k, with 164 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 195 $18,845,000 $96,641 $2,461 8.20%
    30-36% 162 $18,290,000 $112,901 $2,313 8.08%
    <20% 94 $11,010,000 $117,128 $3,042 8.25%
    39% 51 $4,135,000 $81,078 $2,127 8.45%
    38% 38 $4,660,000 $122,632 $2,118 7.89%
    36% 31 $3,015,000 $97,258 $2,550 8.33%
    37% 25 $2,235,000 $89,400 $2,451 8.47%
    42% 15 $2,485,000 $165,667 $2,237 7.87%
    >60% 14 $3,530,000 $252,143 $2,547 8.43%
    50-60% 12 $2,440,000 $203,333 $2,291 8.54%
    46% 11 $2,375,000 $215,909 $2,643 8.01%
    45% 10 $1,800,000 $180,000 $2,868 7.65%
    41% 10 $1,570,000 $157,000 $2,294 8.05%
    47% 10 $2,070,000 $207,000 $2,036 7.81%
    43% 9 $1,185,000 $131,667 $2,007 7.46%
    44% 9 $1,905,000 $211,667 $3,216 7.15%
    40% 8 $1,940,000 $242,500 $2,708 7.11%
    49% 7 $1,255,000 $179,286 $2,384 6.84%
    48% 6 $1,900,000 $316,667 $1,848 7.75%

    First Farmers Bank And Trust Company lent most frequently to those with DTI ratios of 20-30%, with 195 originations. The next most common DTI ratio? 30-36%, with 162 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 699 $83,725,000 $119,778 $2,396 8.09%
    Not applicable 21 $4,665,000 $222,143 $0 7.46%
    Not provided 35 $3,925,000 $112,143 $3,025 8.44%
    Asian 6 $2,170,000 $361,667 $6,073 7.63%
    Asian Indian 2 $400,000 $200,000 $2,369 6.56%
    Black 2 $230,000 $115,000 $2,210 6.75%
    Native Hawaiian or Islander 1 $65,000 $65,000 $0 8.63%
    Other Asian 1 $65,000 $65,000 $0 9.00%
    American Indian 2 $40,000 $20,000 $0 8.88%

    Approval Rates

    Total approvals of all applications
    82.85%

    First Farmers Bank And Trust Company has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    77.24%

    First Farmers Bank And Trust Company has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 769 $95,285,000 $123,908

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    769 $95,285,000 $123,908

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 196 $14,690,000 $74,949 $2,512 8.35%
    40-60% 85 $11,505,000 $135,353 $2,259 7.94%
    60-80% 169 $36,445,000 $215,651 $2,651 7.60%
    80-100% 132 $26,460,000 $200,455 $2,289 7.39%
    Under 20% 187 $6,185,000 $33,075 $2,117 8.79%