Community First Bank Of Indiana Mortgage Rates, Fees & Info

Kokomo, IN

LEI: 549300Z6RK4QCIMZJD44

Tax ID: 13-4236038

5 stars - Updated: 12/3/24 - out of 5 stars, based on 13 reviews

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

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Mortgage Data

Review & Overview

Community First Bank Of Indiana is a smaller bank specializing in Home Purchase loans. Community First Bank Of Indiana has a high proportion of conventional loans. Their top markets by origination volume include: Indianapolis, Kokomo, Lafayette, Wabash, and Logansport among others. We have data for 13 markets. (Some data included below & more in-depth data is available with an active subscription.)

Community First Bank Of Indiana has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Community First Bank Of Indiana 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 6.83% 12/3/24
30 Year Conventional Refi 7.05% 12/3/24
30 Year Cash-out Refi 7.04% 12/3/24
15 Year Conventional Purchase 6.24% 12/3/24
15 Year Conventional Refi 5.68% 12/3/24
15 Year Cash-out Refi 5.68% 12/3/24
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.

Community First Bank Of Indiana Mortgage Calculator






Your Estimates

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

This is not an official calculator from Community First Bank Of Indiana. 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

161

Origination Dollar Volume (All Markets)

$34,115,000

Awards

Community First Bank of Indiana 30 Year Conventional Loans bronze Community First Bank of Indiana 30 Year Conventional Loans gold
Show all (2) awards

Relative Rate

Community First Bank Of Indiana's average 30 year fixed mortgage rate was 6.9%.

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

This yields a difference of 0.42%.

Relative Fees (Closing Costs)

Community First Bank Of Indiana's average total fees/closing costs for a 30 year fixed rate mortgage were $2,728.

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) 46 $13,740,000 $298,696 $2,339 7.38%
KOKOMO, IN (FHA|USDA|VA) 83 $12,475,000 $150,301 $1,994 7.33%
LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) 6 $1,720,000 $286,667 $3,145 7.19%
Wabash, IN (FHA|USDA|VA) 1 $1,715,000 $1,715,000 $0 6.75%
Logansport, IN (FHA|USDA|VA) 9 $1,175,000 $130,556 $1,050 7.81%
Outside of Metro Areas 5 $1,125,000 $225,000 $1,248 8.35%
Connersville, IN (FHA|USDA|VA) 1 $745,000 $745,000 $0 7.00%
Peru, IN (FHA|USDA|VA) 3 $635,000 $211,667 $2,916 7.79%
Marion, IN (FHA|USDA|VA) 2 $300,000 $150,000 $2,493 7.56%
Richmond, IN (FHA|USDA|VA) 1 $185,000 $185,000 $0 7.75%
Vincennes, IN (FHA|USDA|VA) 2 $140,000 $70,000 $0 7.25%
LOUISVILLE, KY (FHA|USDA|VA) 1 $135,000 $135,000 $2,826 6.75%
Frankfort, IN (FHA|USDA|VA) 1 $25,000 $25,000 $93 6.50%
Community First Bank Of Indiana's top markets include Indianapolis, Kokomo, Lafayette, Wabash, and Logansport among others.

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

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

    Security Federal Savings Bank
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    Similarity Rank: 1064
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    Similarity Rank: 1469
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    Similarity Rank: 1472

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 161 $34,115,000 $211,894 $2,098 7.39%

    For 2023, Community First Bank Of Indiana's most frequently originated type of loan was Conventional, with 161 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 99 $26,135,000 $263,990 $2,733 7.25%
    Cash Out Refi 27 $4,295,000 $159,074 $1,948 7.38%
    Home Improvement 19 $1,385,000 $72,895 $391 7.93%
    Refi 9 $1,885,000 $209,444 $2,754 7.28%
    Other 7 $415,000 $59,286 $199 8.07%

    For 2023, Community First Bank Of Indiana's most frequently cited loan purpose was Home Purchase, with 99 originations. The 2nd most popular reason was Cash Out Refi, with 27 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 68 $17,310,000 $254,559 $2,728 6.90%
    20 Year 32 $5,080,000 $158,750 $2,313 7.50%
    15 Year 24 $2,290,000 $95,417 $1,025 7.89%
    Other 17 $7,235,000 $425,588 $0 7.51%
    1 Year 8 $1,360,000 $170,000 $0 9.31%
    10 Year 7 $735,000 $105,000 $320 7.70%
    5 Year 4 $80,000 $20,000 $147 6.81%
    3 Year 1 $25,000 $25,000 $201 8.00%

    For 2023, Community First Bank Of Indiana's most frequently cited loan duration was 30 Year, with 68 originations. The 2nd most popular length was 20 Year, with 32 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 82 $15,230,000 $185,732
    $1k-2k 12 $2,200,000 $183,333
    $2k-3k 7 $1,935,000 $276,429
    $3k-4k 1 $525,000 $525,000
    $4k-5k 1 $275,000 $275,000

    Community First Bank Of Indiana's average total fees were $2,728, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 82 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 68 $18,660,000 $274,412
    7-8% 54 $9,050,000 $167,593
    Over 8% 33 $4,705,000 $142,576
    5-6% 4 $1,030,000 $257,500
    4-5% 2 $670,000 $335,000

    During 2023, Community First Bank Of Indiana's average interest rate for loans was 6.90%, while their most frequently originated rate bucket for loans was 6-7%, with 68 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 59 $3,595,000 $60,932 $1,085 7.68%
    $100k-200k 49 $7,165,000 $146,224 $2,127 7.42%
    $200k-400k 32 $8,850,000 $276,563 $3,022 6.89%
    $400k-600k 13 $6,295,000 $484,231 $2,972 7.52%
    $600k-1MM 6 $4,390,000 $731,667 $3,028 6.96%
    $1MM+ 2 $3,820,000 $1,910,000 $0 6.88%

    2023 saw Community First Bank Of Indiana place emphasis on $100,000 or less loans with 59 originations, totaling $3,595,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 35 $6,855,000 $195,857 $2,244 7.00%
    $150k-250k 28 $6,600,000 $235,714 $1,978 7.32%
    $250k+ 18 $6,830,000 $379,444 $2,441 7.68%
    $50k-75k 16 $1,780,000 $111,250 $1,746 7.52%
    $50k or less 12 $1,000,000 $83,333 $2,097 6.92%
    $75k-100k 12 $1,700,000 $141,667 $2,084 7.32%

    Community First Bank Of Indiana lent most frequently to those with incomes in the $100k-150k range, with 35 originations. The second most popular income band? $150k-250k, with 28 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 38 $6,310,000 $166,053 $2,172 7.16%
    30-36% 21 $3,705,000 $176,429 $1,579 7.21%
    <20% 21 $2,715,000 $129,286 $1,835 7.54%
    42% 12 $3,360,000 $280,000 $2,724 7.24%
    36% 7 $1,185,000 $169,286 $2,341 6.73%
    41% 6 $960,000 $160,000 $1,607 7.54%
    39% 6 $2,120,000 $353,333 $2,734 6.71%
    38% 4 $1,290,000 $322,500 $2,745 7.06%
    37% 2 $380,000 $190,000 $1,796 9.63%
    50-60% 2 $2,270,000 $1,135,000 $0 7.00%
    40% 1 $35,000 $35,000 $2,061 8.50%

    Community First Bank Of Indiana lent most frequently to those with DTI ratios of 20-30%, with 38 originations. The next most common DTI ratio? 30-36%, with 21 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 109 $19,935,000 $182,890 $2,012 7.28%
    Not applicable 38 $9,080,000 $238,947 $0 7.74%
    Asian 3 $2,565,000 $855,000 $4,397 6.83%
    Not provided 7 $1,685,000 $240,714 $2,718 7.89%
    Black 3 $495,000 $165,000 $1,362 7.67%
    Asian Indian 1 $355,000 $355,000 $3,819 4.50%

    Approval Rates

    Total approvals of all applications
    93.30%

    Community First Bank Of Indiana has an average approval rate.

    Pick Rate

    Approvals leading to origination
    88.82%

    Community First Bank Of Indiana has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 161 $34,115,000 $211,894

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    161 $34,115,000 $211,894

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 29 $2,975,000 $102,586 $1,007 7.82%
    40-60% 27 $6,005,000 $222,407 $2,569 7.51%
    60-80% 65 $16,925,000 $260,385 $2,838 7.25%
    80-100% 29 $7,725,000 $266,379 $2,826 7.08%
    Over 100% 1 $85,000 $85,000 $0 7.50%
    Under 20% 10 $400,000 $40,000 $381 7.65%