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

Converse, IN

LEI: 549300TWHZRVTZ8RYT46

Tax ID: 35-0722410

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

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  • SimulatedRates™
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    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • 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 and Cash Out Refi 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, Detroit, and Marion among others. We have data for 43 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% 11/21/24
    30 Year Conventional Purchase 7.11% 11/21/24
    30 Year Conventional Refi 6.90% 11/21/24
    30 Year Cash-out Refi 7.14% 11/21/24
    30 Year FHA Purchase 8.33% 11/21/24
    30 Year USDA Purchase 8.13% 11/21/24
    15 Year Conventional Purchase 6.27% 11/21/24
    15 Year Conventional Refi 6.03% 11/21/24
    15 Year Cash-out Refi 6.03% 11/21/24
    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

    900

    Origination Dollar Volume (All Markets)

    $146,840,000
    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
    INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 94 $20,770,000 $220,957 $2,224 5.48%
    Outside of Metro Areas 140 $19,700,000 $140,714 $2,006 5.45%
    KOKOMO, IN (FHA|USDA|VA) 161 $18,255,000 $113,385 $2,205 5.43%
    TERRE HAUTE, IN (FHA|USDA|VA) 92 $12,660,000 $137,609 $2,207 5.50%
    Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 1 $11,765,000 $11,765,000 $0 5.04%
    Marion, IN (FHA|USDA|VA) 88 $11,050,000 $125,568 $1,872 5.57%
    Peru, IN (FHA|USDA|VA) 100 $8,290,000 $82,900 $2,109 5.73%
    LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) 38 $8,280,000 $217,895 $2,700 5.47%
    FORT WAYNE, IN (FHA|USDA|VA) 4 $4,710,000 $1,177,500 $2,130 4.84%
    Logansport, IN (FHA|USDA|VA) 46 $4,170,000 $90,652 $1,917 5.85%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 3 $3,155,000 $1,051,667 $12,711 6.00%
    DANVILLE, IL (FHA|USDA|VA) 39 $2,535,000 $65,000 $1,873 5.40%
    NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 2 $2,310,000 $1,155,000 $29,407 4.06%
    Warsaw, IN (FHA|USDA|VA) 7 $2,255,000 $322,143 $1,990 5.34%
    Plymouth, IN (FHA|USDA|VA) 10 $2,000,000 $200,000 $1,707 4.90%
    Wabash, IN (FHA|USDA|VA) 19 $1,735,000 $91,316 $1,977 5.09%
    CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 1 $1,445,000 $1,445,000 $5,735 4.38%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 5 $1,065,000 $213,000 $1,917 5.48%
    Huntington, IN (FHA|USDA|VA) 6 $1,060,000 $176,667 $3,728 5.98%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 2 $940,000 $470,000 $4,664 4.69%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 3 $865,000 $288,333 $2,484 3.88%
    GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 2 $770,000 $385,000 $3,721 4.06%
    Frankfort, IN (FHA|USDA|VA) 7 $755,000 $107,857 $1,601 6.46%
    BLOOMINGTON, IN (FHA|USDA|VA) 5 $685,000 $137,000 $1,598 7.13%
    KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 1 $645,000 $645,000 $3,369 3.75%
    SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 2 $580,000 $290,000 $2,647 4.13%
    Jasper, IN (FHA|USDA|VA) 3 $555,000 $185,000 $3,166 6.33%
    North Vernon, IN (FHA|USDA|VA) 1 $465,000 $465,000 $2,385 5.25%
    Bluffton, IN (FHA|USDA|VA) 3 $335,000 $111,667 $2,135 5.63%
    CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 1 $325,000 $325,000 $3,279 5.63%
    MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) 2 $310,000 $155,000 $2,390 7.00%
    MUNCIE, IN (FHA|USDA|VA) 1 $285,000 $285,000 $2,532 7.25%
    New Castle, IN (FHA|USDA|VA) 1 $285,000 $285,000 $3,855 6.63%
    Seymour, IN (FHA|USDA|VA) 1 $275,000 $275,000 $1,791 7.00%
    North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $255,000 $255,000 $3,854 3.88%
    Crawfordsville, IN (FHA|USDA|VA) 1 $225,000 $225,000 $2,585 6.50%
    Somerset, KY (FHA|USDA|VA) 1 $215,000 $215,000 $2,607 5.88%
    CINCINNATI, OH-KY-IN (FHA|USDA|VA) 1 $195,000 $195,000 $3,220 5.38%
    Decatur, IN (FHA|USDA|VA) 1 $185,000 $185,000 $2,985 4.63%
    ELKHART-GOSHEN, IN (FHA|USDA|VA) 1 $165,000 $165,000 $0 5.00%
    BATTLE CREEK, MI (FHA|USDA|VA) 1 $165,000 $165,000 $5,697 6.63%
    HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) 1 $95,000 $95,000 $0 5.63%
    ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 1 $55,000 $55,000 $0 6.25%
    First Farmers Bank And Trust Company's top markets include Indianapolis, Kokomo, Terre Haute, Detroit, and Marion among others.

    Their top states include:
  • Indiana (FHA|USDA|VA)
  • Michigan (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Illinois (FHA|USDA|VA)
  • South Carolina (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: 48
    Iroquois Federal Savings and Loan Association
    Similarity Rank: 54
    Longview Bank & Trust
    Similarity Rank: 54
    Crossroads Bank
    Similarity Rank: 168
    Solidarity Community Federal Credit Union
    Similarity Rank: 208
    Mutual Savings Bank
    Similarity Rank: 268
    Independent Federal Credit Union
    Similarity Rank: 318
    BEACON CREDIT UNION
    Similarity Rank: 372
    The Fountain Trust Company
    Similarity Rank: 425
    Greenfield Banking Company
    Similarity Rank: 476

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 524 $123,220,000 $235,153 $2,279 5.19%
    HELOC 376 $23,620,000 $62,819 n/a 5.97%

    For 2022, First Farmers Bank And Trust Company's most frequently originated type of loan was Conventional, with 524 originations. Their 2nd most popular type was HELOC, with 376 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 317 $78,935,000 $249,006 $2,346 5.50%
    Cash Out Refi 248 $37,160,000 $149,839 $2,343 4.99%
    Other 157 $9,125,000 $58,121 $2,429 6.12%
    Home Improvement 106 $7,310,000 $68,962 $1,908 6.50%
    Refi 72 $14,310,000 $198,750 $1,867 4.61%

    For 2022, First Farmers Bank And Trust Company's most frequently cited loan purpose was Home Purchase, with 317 originations. The 2nd most popular reason was Cash Out Refi, with 248 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 469 $36,545,000 $77,921 $2,463 5.59%
    30 Year 338 $73,550,000 $217,604 $2,258 5.42%
    20 Year 43 $10,605,000 $246,628 $2,167 4.86%
    Other 28 $5,690,000 $203,214 $2,162 6.72%
    10 Year 12 $3,260,000 $271,667 $1,707 4.71%
    5 Year 6 $16,170,000 $2,695,000 $0 5.52%
    1 Year 4 $1,020,000 $255,000 $0 5.44%

    For 2022, First Farmers Bank And Trust Company's most frequently cited loan duration was 15 Year, with 469 originations. The 2nd most popular length was 30 Year, with 338 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 349 $65,135,000 $186,633
    $1k-2k 83 $16,655,000 $200,663
    $2k-3k 14 $3,150,000 $225,000
    $5k+ 6 $3,010,000 $501,667
    $3k-4k 5 $2,365,000 $473,000
    $4k-5k 1 $515,000 $515,000

    First Farmers Bank And Trust Company's average total fees were $2,258, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 349 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 204 $26,020,000 $127,549
    5-6% 193 $39,085,000 $202,513
    4-5% 183 $32,045,000 $175,109
    3-4% 146 $29,000,000 $198,630
    7-8% 105 $13,405,000 $127,667
    Over 8% 36 $2,440,000 $67,778
    2.5-3% 31 $4,565,000 $147,258
    <2.5% 2 $280,000 $140,000

    During 2022, First Farmers Bank And Trust Company's average interest rate for loans was 5.42%, while their most frequently originated rate bucket for loans was 6-7%, with 204 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 481 $24,045,000 $49,990 $2,017 5.78%
    $100k-200k 224 $31,570,000 $140,938 $2,093 5.24%
    $200k-400k 142 $37,480,000 $263,944 $2,222 5.26%
    $400k-600k 30 $14,380,000 $479,333 $2,878 4.92%
    $1MM+ 12 $31,420,000 $2,618,333 $12,890 5.36%
    $600k-1MM 11 $7,945,000 $722,273 $2,689 4.41%

    2022 saw First Farmers Bank And Trust Company place emphasis on $100,000 or less loans with 481 originations, totaling $24,045,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 207 $22,755,000 $109,928 $2,098 5.46%
    $100k-150k 184 $27,880,000 $151,522 $2,242 5.46%
    $50k or less 162 $14,240,000 $87,901 $2,362 5.47%
    $75k-100k 157 $18,085,000 $115,191 $2,128 5.67%
    $150k-250k 91 $17,495,000 $192,253 $2,584 5.53%
    $250k+ 34 $14,570,000 $428,529 $4,241 5.30%

    First Farmers Bank And Trust Company lent most frequently to those with incomes in the $50k-75k range, with 207 originations. The second most popular income band? $100k-150k, with 184 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 238 $28,060,000 $117,899 $2,177 5.39%
    30-36% 151 $19,585,000 $129,702 $2,327 5.45%
    <20% 111 $13,695,000 $123,378 $2,551 5.14%
    39% 47 $5,045,000 $107,340 $2,680 5.86%
    38% 35 $4,575,000 $130,714 $2,104 6.01%
    37% 31 $3,915,000 $126,290 $2,219 5.75%
    42% 28 $4,300,000 $153,571 $2,259 5.62%
    36% 26 $5,080,000 $195,385 $2,503 5.54%
    44% 22 $3,700,000 $168,182 $2,557 5.75%
    40% 20 $3,540,000 $177,000 $2,446 5.61%
    41% 20 $1,710,000 $85,500 $2,029 5.69%
    43% 19 $3,775,000 $198,684 $2,121 5.18%
    50-60% 19 $2,975,000 $156,579 $2,017 6.47%
    46% 13 $2,155,000 $165,769 $2,053 5.28%
    >60% 11 $3,725,000 $338,636 $2,068 6.01%
    49% 10 $2,270,000 $227,000 $2,182 5.10%
    45% 10 $1,740,000 $174,000 $1,867 5.56%
    47% 9 $1,525,000 $169,444 $1,808 5.97%
    48% 8 $2,110,000 $263,750 $1,942 5.39%

    First Farmers Bank And Trust Company lent most frequently to those with DTI ratios of 20-30%, with 238 originations. The next most common DTI ratio? 30-36%, with 151 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 817 $108,265,000 $132,515 $2,202 5.53%
    Not applicable 37 $28,965,000 $782,838 $0 5.58%
    Not provided 38 $5,320,000 $140,000 $2,278 5.31%
    Asian 4 $2,370,000 $592,500 $7,088 4.31%
    Asian Indian 1 $1,585,000 $1,585,000 $11,169 5.88%
    American Indian 2 $300,000 $150,000 $7,319 4.69%
    Black 1 $35,000 $35,000 $0 7.50%

    Approval Rates

    Total approvals of all applications
    85.93%

    First Farmers Bank And Trust Company has an average approval rate.

    Pick Rate

    Approvals leading to origination
    74.44%

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

    Points and Fees

    Points Originations Total Value Average Loan
    NA 900 $146,840,000 $163,156

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    900 $146,840,000 $163,156

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 173 $12,025,000 $69,509 $1,838 5.59%
    40-60% 117 $17,985,000 $153,718 $2,493 5.49%
    60-80% 262 $68,590,000 $261,794 $2,159 5.18%
    80-100% 182 $42,060,000 $231,099 $2,436 5.47%
    Over 100% 1 $175,000 $175,000 $0 5.88%
    Under 20% 165 $6,005,000 $36,394 $1,380 6.03%

    Complaints

    Bank Name Product Issue 2022 CPFB Complaints % of Total Issues
    FIRST CITIZENS BANCSHARES, INC. Home equity loan or line of credit (HELOC) Applying for a mortgage or refinancing an existing mortgage 1 100.0%