Fulton Bank Mortgage Rates and Requirements

Fulton Bank offers a variety of mortgage options to fit different needs and budgets.

Their mortgage rates vary depending on the type of loan, with conventional loans starting at around 4.5% APR and FHA loans at around 4.25% APR.

Fulton Bank also offers adjustable-rate mortgages, which can start at around 3.5% APR.

To qualify for a mortgage, borrowers typically need a credit score of at least 620, although some loan options may have more lenient requirements.

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Fulton Bank offers a range of mortgage rate options to suit different needs and budgets. The bank's average interest rate for loans in 2023 was 6.60%.

Fulton Bank's loan originations are spread across various interest rate buckets. The most frequently originated rate bucket was 6-7%, with 2,163 originations.

The total value of loans originated in the 6-7% bucket was $640,155,000. This is significantly higher than other rate buckets.

Here's a breakdown of the loan originations and total value for each interest rate bucket:

Fulton Bank's average loan amount for the 6-7% bucket was $295,957. This is lower than the average loan amount for the 7-8% bucket, which was $497,792.

For another approach, see: What Are the Average Mortgage Interest Rates

Fulton Bank's average interest rate for loans in 2023 was 6.60%. This rate is slightly above the average interest rate for loans in the 6-7% range, which was 6.5%.

The most frequently originated rate bucket for loans was 6-7%, with 2,163 originations. This rate bucket had a total value of $640,155,000 and an average loan value of $295,957.

Here are the details on loan originations by interest rate range:

To qualify for a mortgage through Fulton Bank, you'll need to meet certain loan requirements. You must be at least 18 years old and have a valid Social Security number.

Fulton Bank offers a variety of mortgage options, including fixed-rate and adjustable-rate loans. A fixed-rate loan provides stability, as your interest rate remains the same for the life of the loan.

To be eligible for a mortgage, you'll typically need to have a credit score of 620 or higher. This is because a good credit score indicates you're a responsible borrower who can manage your debt.

For another approach, see: Fulton Bank Republic Bank

Fulton Bank also requires a minimum down payment of 3% for conventional loans. However, you may need to pay private mortgage insurance (PMI) if you put down less than 20%.

A debt-to-income ratio of 43% or less is usually required to qualify for a mortgage. This means your monthly debt payments should not exceed 43% of your gross income.

A unique perspective: Mortgage Rates Have Ticked Back down to below 7

Loan Sizing plays a crucial role in determining the success of a loan. In 2023, Fulton Bank placed emphasis on $100,000 or less loans, which had 1,589 originations, totaling $84,395,000 in origination value.

These smaller loans offer a significant advantage, with an average loan size of $53,112 and average fees of $2,086.

The average interest rate for these loans is 6.23%, which is relatively low compared to larger loan sizes.

Loan size also affects the total value of originations, with $100,000 or less loans making up a significant portion of the total.

Here's a breakdown of loan sizes and their corresponding originations:

These numbers demonstrate the importance of loan sizing in the loan-making process.

Fulton Bank lent most frequently to those with DTI ratios of 20-30%, with 1,027 originations.

The next most common DTI ratio is 30-36%, with 912 originations.

Applicants with a DTI ratio of 20-30% had an average loan of $270,969 and average fees of $6,207.

The average rate for applicants in this DTI range was 6.25%.

Here's a breakdown of the top DTI ratios with the number of originations:

Applicants with a DTI ratio of 30-36% had an average loan of $313,257 and average fees of $6,267.

The average rate for applicants in this DTI range was 6.30%.

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