Farmers State Bank Mortgage Rates, Fees & Info

Waterloo, IA

LEI: 549300ZJODJ0SZUNMX12

Tax ID: 42-0247200

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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • 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

    Farmers State Bank is a smaller bank specializing in Home Purchase and Refi loans. Farmers State Bank has a high proportion of conventional loans. Their top markets by origination volume include: Waterloo, Des Moines, Cedar Rapids, Davenport, and Ames among others. We have data for 19 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Farmers State Bank 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. Farmers State 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.

    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 6.62% 11/21/24
    30 Year Conventional Refi 6.63% 11/21/24
    30 Year Cash-out Refi 6.63% 11/21/24
    15 Year Conventional Purchase 6.87% 11/21/24
    15 Year Conventional Refi 5.94% 11/21/24
    15 Year Cash-out Refi 5.94% 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.

    Farmers State Bank Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Farmers State 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

    610

    Origination Dollar Volume (All Markets)

    $179,400,000
    Show all (5) 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
    WATERLOO-CEDAR FALLS, IA (FHA|USDA|VA) 332 $59,020,000 $177,771 $1,287 4.65%
    DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) 117 $54,385,000 $464,829 $1,485 4.53%
    Outside of Metro Areas 113 $20,985,000 $185,708 $1,231 4.87%
    CEDAR RAPIDS, IA (FHA|USDA|VA) 10 $14,170,000 $1,417,000 $1,561 5.10%
    DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) 11 $8,505,000 $773,182 $234 4.02%
    AMES, IA (FHA|USDA|VA) 7 $7,585,000 $1,083,571 $1,362 4.24%
    ROCHESTER, MN (FHA|USDA|VA) 1 $4,825,000 $4,825,000 $0 3.39%
    LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 1 $4,725,000 $4,725,000 $0 4.41%
    Spirit Lake, IA (FHA|USDA|VA) 2 $1,290,000 $645,000 $1,979 3.50%
    Brainerd, MN (FHA|USDA|VA) 1 $845,000 $845,000 $0 5.94%
    Mason City, IA (FHA|USDA|VA) 5 $765,000 $153,000 $1,291 4.48%
    PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 1 $655,000 $655,000 $0 4.35%
    IOWA CITY, IA (FHA|USDA|VA) 3 $625,000 $208,333 $1,727 3.58%
    Kalispell, MT (FHA|USDA|VA) 1 $355,000 $355,000 $0 5.75%
    Fort Madison-Keokuk, IA-IL-MO (FHA|USDA|VA) 1 $185,000 $185,000 $1,534 2.75%
    Marshalltown, IA (FHA|USDA|VA) 1 $155,000 $155,000 $1,869 8.38%
    Ottumwa, IA (FHA|USDA|VA) 1 $115,000 $115,000 $2,341 3.88%
    OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) 1 $105,000 $105,000 $2,167 2.88%
    DUBUQUE, IA (FHA|USDA|VA) 1 $105,000 $105,000 $392 4.88%
    Farmers State Bank's top markets include Waterloo, Des Moines, Cedar Rapids, Davenport, and Ames among others.

    Their top states include:
  • Iowa (FHA|USDA|VA)
  • Minnesota (FHA|USDA|VA)
  • Nevada (FHA|USDA|VA)
  • Arizona (FHA|USDA|VA)
  • Montana (FHA|USDA|VA)

    • Similar Lenders

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

    I. H. MISSISSIPPI VALLEY CREDIT UNION
    Similarity Rank: 150
    BankIowa of Cedar Rapids
    Similarity Rank: 180
    FINANCIAL PLUS Credit Union
    Similarity Rank: 236
    Fidelity Bank & Trust
    Similarity Rank: 285
    Serve Credit Union
    Similarity Rank: 420
    COMMUNITY 1ST CREDIT UNION
    Similarity Rank: 464
    GREATER IOWA CREDIT UNION
    Similarity Rank: 495
    Premier Credit Union
    Similarity Rank: 504
    Farmers State Bank
    Similarity Rank: 570
    Luana Savings Bank
    Similarity Rank: 638

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 610 $179,400,000 $294,098 $1,328 4.65%

    For 2022, Farmers State Bank's most frequently originated type of loan was Conventional, with 610 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 386 $109,940,000 $284,819 $1,533 4.75%
    Refi 73 $52,315,000 $716,644 $1,515 3.97%
    Cash Out Refi 63 $11,465,000 $181,984 $1,306 4.38%
    Home Improvement 54 $3,550,000 $65,741 $438 4.95%
    Other 34 $2,130,000 $62,647 $652 4.96%

    For 2022, Farmers State Bank's most frequently cited loan purpose was Home Purchase, with 386 originations. The 2nd most popular reason was Refi, with 73 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 352 $81,190,000 $230,653 $1,757 4.53%
    15 Year 129 $10,185,000 $78,953 $555 4.83%
    20 Year 48 $13,640,000 $284,167 $1,601 4.69%
    Other 32 $41,350,000 $1,292,188 $0 4.74%
    10 Year 29 $16,385,000 $565,000 $437 4.85%
    5 Year 19 $16,495,000 $868,158 $411 4.87%
    1 Year 1 $155,000 $155,000 $0 7.25%

    For 2022, Farmers State Bank's most frequently cited loan duration was 30 Year, with 352 originations. The 2nd most popular length was 15 Year, with 129 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 457 $77,645,000 $169,902
    $1k-2k 18 $7,910,000 $439,444
    $3k-4k 2 $1,030,000 $515,000
    $5k+ 1 $1,805,000 $1,805,000

    Farmers State Bank's average total fees were $1,757, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 457 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 198 $50,430,000 $254,697
    3-4% 184 $80,310,000 $436,467
    5-6% 104 $14,450,000 $138,942
    6-7% 60 $20,430,000 $340,500
    2.5-3% 41 $11,255,000 $274,512
    7-8% 19 $2,175,000 $114,474
    Over 8% 4 $350,000 $87,500

    During 2022, Farmers State Bank's average interest rate for loans was 4.53%, while their most frequently originated rate bucket for loans was 4-5%, with 198 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 202 $9,600,000 $47,525 $628 5.05%
    $100k-200k 199 $28,815,000 $144,799 $1,638 4.68%
    $200k-400k 146 $41,100,000 $281,507 $1,695 4.30%
    $400k-600k 34 $16,490,000 $485,000 $2,077 4.11%
    $600k-1MM 16 $11,790,000 $736,875 $1,890 3.84%
    $1MM+ 13 $71,605,000 $5,508,077 $0 4.26%

    2022 saw Farmers State Bank place emphasis on $100,000 or less loans with 202 originations, totaling $9,600,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 140 $18,260,000 $130,429 $1,263 4.77%
    $100k-150k 119 $23,475,000 $197,269 $1,357 4.55%
    $75k-100k 87 $13,885,000 $159,598 $1,271 4.26%
    $150k-250k 81 $21,175,000 $261,420 $1,418 4.69%
    $50k or less 76 $7,010,000 $92,237 $1,341 4.83%
    $250k+ 32 $12,570,000 $392,813 $1,502 4.41%

    Farmers State Bank lent most frequently to those with incomes in the $50k-75k range, with 140 originations. The second most popular income band? $100k-150k, with 119 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 140 $25,380,000 $181,286 $1,322 4.41%
    30-36% 118 $19,050,000 $161,441 $1,255 4.79%
    <20% 61 $12,045,000 $197,459 $1,398 4.23%
    37% 24 $3,250,000 $135,417 $1,283 4.77%
    44% 20 $4,240,000 $212,000 $1,356 4.77%
    36% 19 $3,385,000 $178,158 $1,513 4.48%
    38% 19 $3,335,000 $175,526 $1,353 4.76%
    39% 19 $4,095,000 $215,526 $1,269 4.41%
    42% 18 $3,590,000 $199,444 $1,579 5.04%
    43% 17 $2,995,000 $176,176 $1,328 4.72%
    41% 14 $2,900,000 $207,143 $1,546 4.46%
    40% 14 $2,130,000 $152,143 $1,332 4.42%
    47% 11 $1,585,000 $144,091 $1,036 4.85%
    48% 10 $1,660,000 $166,000 $1,053 5.01%
    45% 8 $1,870,000 $233,750 $1,318 4.84%
    49% 7 $1,625,000 $232,143 $1,381 5.14%
    46% 6 $1,500,000 $250,000 $1,401 4.75%
    50-60% 3 $495,000 $165,000 $1,049 5.42%
    >60% 1 $65,000 $65,000 $1,909 8.25%

    Farmers State Bank lent most frequently to those with DTI ratios of 20-30%, with 140 originations. The next most common DTI ratio? 30-36%, with 118 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 497 $89,065,000 $179,205 $1,326 4.61%
    Not applicable 74 $82,840,000 $1,119,459 $0 4.92%
    Not provided 16 $3,410,000 $213,125 $1,260 4.55%
    Asian 14 $2,260,000 $161,429 $1,470 4.39%
    Black 5 $1,325,000 $265,000 $1,686 4.78%
    Asian Indian 1 $285,000 $285,000 $1,726 3.50%
    American Indian 3 $215,000 $71,667 $1,162 5.67%

    Approval Rates

    Total approvals of all applications
    96.17%

    Farmers State Bank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    76.39%

    Farmers State Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 610 $179,400,000 $294,098

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    610 $179,400,000 $294,098

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 53 $5,755,000 $108,585 $529 5.24%
    40-60% 39 $7,365,000 $188,846 $1,524 4.30%
    60-80% 147 $87,175,000 $593,027 $1,696 4.39%
    80-100% 236 $71,110,000 $301,314 $1,771 4.52%
    Over 100% 2 $380,000 $190,000 $1,617 3.50%
    Under 20% 133 $7,615,000 $57,256 $331 5.04%