First Bank Richmond Mortgage Rates, Fees & Info

Richmond, IN

LEI: 549300Y0F8X17ADZK505

Tax ID: 35-0309830

5 stars - Updated: 6/9/24 - out of 5 stars, based on 17 reviews

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

Jump to:

Mortgage Data

Review & Overview

First Bank Richmond is a smaller bank specializing in Home Purchase loans. First Bank Richmond has a high proportion of conventional loans. Their top markets by origination volume include: Richmond, Indianapolis, Sidney, Dayton, and Cincinnati among others. We have data for 25 markets. (Some data included below & more in-depth data is available with an active subscription.)

First Bank Richmond 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 Bank Richmond 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 6.26% 6/9/24
30 Year Conventional Refi 5.75% 6/9/24
30 Year Cash-out Refi 6.27% 6/9/24
15 Year Conventional Purchase 5.89% 6/9/24
15 Year Conventional Refi 5.77% 6/9/24
15 Year Cash-out Refi 5.77% 6/9/24
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 Bank Richmond Mortgage Calculator






Your Estimates

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

This is not an official calculator from First Bank Richmond. 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

297

Origination Dollar Volume (All Markets)

$46,865,000
Show all (5) awards

Relative Rate

First Bank Richmond's average 30 year fixed mortgage rate was 6.26%.

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

This yields a difference of -0.22%.

Relative Fees (Closing Costs)

First Bank Richmond's average total fees/closing costs for a 30 year fixed rate mortgage were $3,552.

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
Richmond, IN (FHA|USDA|VA) 171 $22,215,000 $129,912 $2,262 6.76%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 36 $8,330,000 $231,389 $2,826 6.87%
Sidney, OH (FHA|USDA|VA) 17 $2,365,000 $139,118 $3,214 6.47%
DAYTON-KETTERING, OH (FHA|USDA|VA) 16 $1,790,000 $111,875 $3,335 6.12%
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 9 $1,755,000 $195,000 $3,647 6.96%
Connersville, IN (FHA|USDA|VA) 10 $1,450,000 $145,000 $2,162 6.34%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 2 $1,120,000 $560,000 $11,130 7.06%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 1 $1,005,000 $1,005,000 $7,525 5.63%
COLUMBUS, OH (FHA|USDA|VA) 1 $875,000 $875,000 $0 7.75%
Outside of Metro Areas 7 $765,000 $109,286 $2,656 6.14%
OKLAHOMA CITY, OK (FHA|USDA|VA) 1 $725,000 $725,000 $5,608 6.00%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $705,000 $705,000 $9,727 5.50%
New Castle, IN (FHA|USDA|VA) 5 $625,000 $125,000 $1,994 7.45%
Marion, OH (FHA|USDA|VA) 1 $545,000 $545,000 $3,371 8.13%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $495,000 $495,000 $0 8.00%
Greensburg, IN (FHA|USDA|VA) 3 $425,000 $141,667 $3,374 6.83%
COLUMBUS, IN (FHA|USDA|VA) 3 $395,000 $131,667 $1,362 7.33%
Wapakoneta, OH (FHA|USDA|VA) 2 $330,000 $165,000 $3,092 6.69%
Greenville, OH (FHA|USDA|VA) 3 $325,000 $108,333 $1,604 7.20%
Chillicothe, OH (FHA|USDA|VA) 1 $165,000 $165,000 $3,021 6.13%
FORT WAYNE, IN (FHA|USDA|VA) 2 $160,000 $80,000 $0 6.75%
Bellefontaine, OH (FHA|USDA|VA) 1 $145,000 $145,000 $4,073 5.63%
Newberry, SC (FHA|USDA|VA) 1 $65,000 $65,000 $3,451 5.38%
Urbana, OH (FHA|USDA|VA) 1 $55,000 $55,000 $932 7.99%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $35,000 $35,000 $350 7.99%
First Bank Richmond's top markets include Richmond, Indianapolis, Sidney, Dayton, and Cincinnati among others.

Their top states include:
  • Indiana (FHA|USDA|VA)
  • Ohio (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Minnesota (FHA|USDA|VA)
  • Oklahoma (FHA|USDA|VA)
  • Similar Lenders

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

    FCN Bank
    Similarity Rank: 45
    LCNB National Bank
    Similarity Rank: 135
    Day Air Credit Union, Inc
    Similarity Rank: 391
    Minster Bank
    Similarity Rank: 396
    1st National Bank
    Similarity Rank: 456
    Mutual Savings Bank
    Similarity Rank: 460
    Greenfield Banking Company
    Similarity Rank: 581
    The Old Fort Banking Company
    Similarity Rank: 598
    GENERAL ELECTRIC CREDIT UNION
    Similarity Rank: 600
    INDIANA UNIVERSITY CREDIT UNION
    Similarity Rank: 651

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 297 $46,865,000 $157,795 $2,590 6.72%

    For 2023, First Bank Richmond's most frequently originated type of loan was Conventional, with 297 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 175 $34,625,000 $197,857 $3,261 6.54%
    Home Improvement 38 $2,140,000 $56,316 $823 7.29%
    Cash Out Refi 37 $3,185,000 $86,081 $2,399 6.66%
    Refi 25 $4,795,000 $191,800 $2,012 7.00%
    Other 22 $2,120,000 $96,364 $1,419 7.05%

    For 2023, First Bank Richmond's most frequently cited loan purpose was Home Purchase, with 175 originations. The 2nd most popular reason was Home Improvement, with 38 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 151 $30,435,000 $201,556 $3,552 6.26%
    15 Year 58 $4,580,000 $78,966 $1,061 7.63%
    20 Year 47 $6,865,000 $146,064 $2,741 6.98%
    10 Year 20 $1,320,000 $66,000 $688 7.08%
    5 Year 11 $1,155,000 $105,000 $394 6.15%
    Other 9 $2,245,000 $249,444 $1,634 7.22%
    3 Year 1 $265,000 $265,000 $0 7.50%

    For 2023, First Bank Richmond's most frequently cited loan duration was 30 Year, with 151 originations. The 2nd most popular length was 15 Year, with 58 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 153 $13,815,000 $90,294
    $1k-2k 55 $8,315,000 $151,182
    $2k-3k 27 $7,075,000 $262,037
    $3k-4k 11 $3,765,000 $342,273
    $4k-5k 8 $2,320,000 $290,000
    $5k+ 7 $4,205,000 $600,714

    First Bank Richmond's average total fees were $3,552, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 153 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 105 $17,875,000 $170,238
    5-6% 79 $12,955,000 $163,987
    7-8% 79 $11,125,000 $140,823
    Over 8% 30 $2,300,000 $76,667
    4-5% 3 $1,705,000 $568,333
    2.5-3% 1 $905,000 $905,000

    During 2023, First Bank Richmond's average interest rate for loans was 6.26%, while their most frequently originated rate bucket for loans was 6-7%, with 105 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 146 $7,810,000 $53,493 $1,493 6.94%
    $100k-200k 92 $13,350,000 $145,109 $2,983 6.52%
    $200k-400k 33 $9,015,000 $273,182 $4,221 6.62%
    $400k-600k 14 $6,830,000 $487,857 $5,150 6.80%
    $600k-1MM 9 $6,445,000 $716,111 $5,968 6.00%
    $1MM+ 3 $3,415,000 $1,138,333 $8,240 5.55%

    2023 saw First Bank Richmond place emphasis on $100,000 or less loans with 146 originations, totaling $7,810,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 59 $4,745,000 $80,424 $2,045 6.57%
    $50k-75k 58 $6,120,000 $105,517 $2,163 6.63%
    $100k-150k 50 $7,370,000 $147,400 $3,072 6.95%
    $75k-100k 46 $5,370,000 $116,739 $2,407 6.61%
    $150k-250k 29 $7,825,000 $269,828 $3,469 6.69%
    $250k+ 21 $9,005,000 $428,810 $4,306 6.47%

    First Bank Richmond lent most frequently to those with incomes in the $50k or less range, with 59 originations. The second most popular income band? $50k-75k, with 58 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 62 $8,320,000 $134,194 $2,359 6.67%
    30-36% 55 $6,975,000 $126,818 $2,696 6.67%
    <20% 42 $5,550,000 $132,143 $2,263 6.56%
    37% 19 $4,815,000 $253,421 $2,867 6.72%
    36% 14 $1,300,000 $92,857 $1,996 6.73%
    38% 11 $1,925,000 $175,000 $3,372 6.71%
    39% 9 $3,135,000 $348,333 $3,820 6.08%
    41% 8 $1,040,000 $130,000 $2,955 6.75%
    40% 7 $795,000 $113,571 $3,299 6.36%
    42% 6 $760,000 $126,667 $2,229 6.54%
    43% 5 $525,000 $105,000 $1,948 6.60%
    44% 5 $665,000 $133,000 $2,434 7.25%
    45% 5 $1,285,000 $257,000 $4,554 6.80%
    46% 5 $975,000 $195,000 $2,295 7.20%
    47% 4 $660,000 $165,000 $1,966 5.94%
    49% 2 $700,000 $350,000 $4,052 6.81%
    48% 1 $35,000 $35,000 $55 7.24%
    50-60% 1 $35,000 $35,000 $296 5.99%

    First Bank Richmond lent most frequently to those with DTI ratios of 20-30%, with 62 originations. The next most common DTI ratio? 30-36%, with 55 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 214 $29,520,000 $137,944 $2,527 6.72%
    Not provided 49 $8,445,000 $172,347 $2,785 6.50%
    Not applicable 25 $5,875,000 $235,000 $0 7.30%
    Black 5 $2,125,000 $425,000 $3,407 6.30%
    Asian 2 $710,000 $355,000 $3,836 6.06%
    Native Hawaiian or Islander 1 $105,000 $105,000 $1,461 5.63%
    American Indian 1 $85,000 $85,000 $411 8.37%

    Approval Rates

    Total approvals of all applications
    88.37%

    First Bank Richmond has an average approval rate.

    Pick Rate

    Approvals leading to origination
    79.80%

    First Bank Richmond has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 297 $46,865,000 $157,795

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    297 $46,865,000 $157,795

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 52 $3,030,000 $58,269 $1,051 7.29%
    40-60% 27 $3,275,000 $121,296 $2,696 6.40%
    60-80% 91 $20,025,000 $220,055 $3,716 6.64%
    80-100% 98 $19,670,000 $200,714 $3,286 6.44%
    Under 20% 29 $865,000 $29,828 $490 7.27%