The Farmers State Bank Of Westmoreland Mortgage Rates, Fees & Info
Westmoreland, KSLEI: 549300ZP58VS10D8CK07
Tax ID: 48-0216720
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Mortgage Data
Review & Overview
The Farmers State Bank Of Westmoreland is a smaller bank specializing in Home Purchase loans. The Farmers State Bank Of Westmoreland has a high proportion of conventional loans. Their top markets by origination volume include: Manhattan, Lawrence, Salina, Wichita, and Topeka among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)The Farmers State Bank Of Westmoreland has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. The Farmers State Bank Of Westmoreland 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 6.27% | 4/21/24 |
| 30 Year Conventional Purchase | 6.55% | 4/21/24 |
| 30 Year Conventional Refi | 6.82% | 4/21/24 |
| 30 Year Cash-out Refi | 6.37% | 4/21/24 |
| 15 Year Conventional Purchase | 6.06% | 4/21/24 |
| 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. | ||
The Farmers State Bank Of Westmoreland Mortgage Calculator
Your Estimates
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This is not an official calculator from The Farmers State Bank Of Westmoreland. It uses our SimulatedRate™
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
64Origination Dollar Volume (All Markets)
$12,000,000Relative Rate
The Farmers State Bank Of Westmoreland's average 30 year fixed mortgage rate was
6.8%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of 0.32%.
Relative Fees (Closing Costs)
The Farmers State Bank Of Westmoreland's average total fees/closing costs for a 30 year fixed rate
mortgage were $1,926.
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 |
|---|---|---|---|---|---|
| MANHATTAN, KS (FHA|USDA|VA) | 54 | $10,220,000 | $189,259 | $1,657 | 6.76% |
| Outside of Metro Areas | 6 | $930,000 | $155,000 | $2,139 | 6.58% |
| LAWRENCE, KS (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $0 | 8.00% |
| Salina, KS (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $2,451 | 6.00% |
| WICHITA, KS (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $1,752 | 6.50% |
| TOPEKA, KS (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $2,091 | 6.75% |
Similar Lenders
We use machine learning to identify the top lenders compared against The Farmers State Bank of Westmoreland based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 90
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 62 | $11,780,000 | $190,000 | $1,767 | 6.73% |
| HELOC | 2 | $220,000 | $110,000 | n/a | 7.38% |
For 2023, The Farmers State Bank Of Westmoreland's most frequently originated type of loan was Conventional, with 62 originations. Their 2nd most popular type was HELOC, with 2 originations.
Loan Reason
For 2023, The Farmers State Bank Of Westmoreland's most frequently cited loan purpose was Home Purchase, with 43 originations. The 2nd most popular reason was Cash Out Refi, with 10 originations.
Loan Duration/Length
For 2023, The Farmers State Bank Of Westmoreland's most frequently cited loan duration was 10 Year, with 29 originations. The 2nd most popular length was 1 Year, with 9 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 37 | $7,895,000 | $213,378 |
The Farmers State Bank Of Westmoreland's average total fees were $1,926, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 37 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 33 | $7,105,000 | $215,303 |
| 7-8% | 20 | $2,550,000 | $127,500 |
| 5-6% | 10 | $2,060,000 | $206,000 |
| 3-4% | 1 | $285,000 | $285,000 |
During 2023, The Farmers State Bank Of Westmoreland's average interest rate for loans was 6.80%, while their most frequently originated rate bucket for loans was 6-7%, with 33 originations.
Loan Sizing
2023 saw The Farmers State Bank Of Westmoreland place emphasis on $200k-400k loans with 23 originations, totaling $6,135,000 in origination value.
Applicant Income
The Farmers State Bank Of Westmoreland lent most frequently to those with incomes in the $150k-250k range, with 12 originations. The second most popular income band? $75k-100k, with 9 originations.
Applicant Debt to Income Ratio
The Farmers State Bank Of Westmoreland lent most frequently to those with DTI ratios of 20-30%, with 13 originations. The next most common DTI ratio? <20%, with 8 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications97.06%
The Farmers State Bank Of Westmoreland has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination96.88%
The Farmers State Bank Of Westmoreland has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 64 | $12,000,000 | $187,500 |