The Farmers National Bank of Canfield Mortgage Interest Rate and Cost Review

Is The Farmers National Bank of Canfield a cheap or expensive mortgage lender? We compare the interest rates and closing costs charged by The Farmers National Bank of Canfield with other lenders for comparable mortgages. Nationally, here is what we find:

Interest Ratesimilar to average (-0.07%)
Loan Related Closing Costssimilar to average (+$47)
National Rate and Closing Cost Rating(4.0)
Websitehttps://farmersbankgroup.com

On average, The Farmers National Bank of Canfield’s interest rates were similar to those of other lenders (-0.07%) for a comparable set of borrowers. Its average total loan related closing cost was similar to those of other lenders, with a difference of +$47. Overall, combining interest rates and closing costs we estimate that The Farmers National Bank of Canfield tends to be an average cost lender, and give it a National Rate and Closing Costs Rating of 4.0 out of 5.0 stars.

The Farmers National Bank of Canfield’s Rates by Area

Mortgage lenders often set different rates in different geographical markets. In particular, among the markets we track The Farmers National Bank of Canfield was most active in:

  1. Boardman, OH
  2. Canton, OH
  3. Cleveland, OH
  4. Pittsburgh, PA
  5. Columbus, OH

You can click through to check out The Farmers National Bank of Canfield’s mortgage rate competitiveness by area. Or, for our data driven ranking of all the top mortgage lenders by area, click here.

The Farmers National Bank of Canfield’s Rates by Mortgage Type

Mortgage lenders also tend to charge different interest rates and closing costs depending on the type of mortgage. In our data, The Farmers National Bank of Canfield originated Conforming and FHA mortgages for new home purchases. It also originated Conforming, FHA and Jumbo mortgages for refinances. We breakdown its interest rate and total loan related closing cost difference relative to other lenders for comparable mortgages by type in the table below.

Purchase/Refinance:
New Purchase MortgagesConformingFHA
Interest Rate Difference-0.08%-0.05%
Loan Related Closing Cost Difference+$138+$0
Cost Adjusted Rate Difference-0.06%-0.05%
Star Rating(4.0)(4.0)
Refinance MortgagesConformingFHAJumbo
Interest Rate Difference-0.05%-0.01%+0.00%
Loan Related Closing Cost Difference-$68-$3+$9
Cost Adjusted Rate Difference-0.07%-0.01%+0.01%
Star Rating(4.0)(3.5)(3.5)

As a summary, The Farmers National Bank of Canfield is cheap for Conforming and FHA purchase mortgages. For refinancing mortgages, The Farmers National Bank of Canfield is cheap for Conforming mortgage refinance. It is similar to other lenders for FHA and Jumbo mortgage refinance. Nevertheless, individual circumstances can matter, and we always recommend shopping among several lenders in your area before signing.

Other information about The Farmers National Bank of Canfield:

Registered name: The Farmers National Bank of Canfield
Registered city and state: NILES, OH, 44446
Regulator: Office of the Comptroller of the Currency (OCC)
Top holder: FARMERS NATIONAL BANC CORP.

* Source of the data is Federal Financial Institutions Examination Council (FFIEC) and is for mortgages originated in the past year. Our comparable mortgages analysis controls for The Farmers National Bank of Canfield’s distribution of loan term (e.g. 30 year vs 15 year), loan-to-value (LTV), debt-to-income (DTI), loan amount, loan program (e.g. Conforming/FHA), loan purpose (e.g. purchase/refinance), and commuting zone. Cost adjusted rates were computed based on each percent of the loan amount in above average loan related closing costs being worth +0.15 of a percentage point in interest rate. Furthermore, the amounts are regularized using a Bayesian approach to control for small samples.