Kennebec Savings Bank Mortgage Rates, Fees & Info

Augusta, ME

LEI: 254900CEBR2F5Y0F1A15

Tax ID: 01-0100490

5 stars - out of 5 stars, based on 38 reviews

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

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Mortgage Data

  • SimulatedRates™
  • Originations
  • Relative Rates
  • Relative Fees
  • 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

    Kennebec Savings Bank is a smaller bank specializing in loans. Kennebec Savings Bank has a high proportion of conventional loans. Their top markets by origination volume include: Augusta, Portland, Lewiston, and Bangor among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Kennebec Savings 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. Kennebec Savings 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
    Home Equity Line of Credit (HELOC) 6.31% 3/27/23
    30 Year Conventional Purchase 6.64% 3/27/23
    30 Year Conventional Refi 6.68% 3/27/23
    30 Year Cash-out Refi 6.56% 3/27/23
    15 Year Conventional Purchase 6.21% 3/27/23
    15 Year Conventional Refi 6.12% 3/27/23
    15 Year Cash-out Refi 6.12% 3/27/23
    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.


    Originations

    1,444

    Origination Dollar Volume (All Markets)

    $258,390,000

    Awards

    Kennebec Savings Bank 30 Year Conventional Loans gold Kennebec Savings Bank 30 Year Conventional Loans gold Kennebec Savings Bank 30 Year Conventional Loans gold Kennebec Savings Bank 30 Year Conventional Loans gold
    Show all (4) awards

    Relative Rate

    Kennebec Savings Bank's average 30 year fixed mortgage rate was 4.87%.

    The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.

    This yields a difference of 0.11%.

    Relative Fees (Closing Costs)

    Kennebec Savings Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $793.

    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 $4,750.

    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
    Augusta-Waterville, ME (FHA|USDA|VA) 1,001 $159,185,000 $159,026 $1,062 4.73%
    Outside of Metro Areas 238 $45,190,000 $189,874 $1,051 4.70%
    PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 141 $41,835,000 $296,702 $1,346 4.53%
    LEWISTON-AUBURN, ME (FHA|USDA|VA) 51 $9,905,000 $194,216 $1,482 4.68%
    BANGOR, ME (FHA|USDA|VA) 13 $2,275,000 $175,000 $796 4.76%
    Kennebec Savings Bank's top markets include Augusta, Portland, Lewiston, and Bangor among others.

    Their top states include:
  • Maine (FHA|USDA|VA)

    • Similar Lenders

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

    Piscataqua Savings Bank
    Similarity Rank: 168
    CASCO
    Similarity Rank: 452
    CUSO MORTGAGE CORPORATION
    Similarity Rank: 570
    CUMBERLAND COUNTY
    Similarity Rank: 580
    TOWN & COUNTRY FEDERAL CREDIT UNION
    Similarity Rank: 600
    Maine Community Bank
    Similarity Rank: 636
    Cambridge Trust Company
    Similarity Rank: 675
    Kennebec Savings Bank
    Similarity Rank: 680
    ATLANTIC REGIONAL FEDERAL CREDIT UNION
    Similarity Rank: 702
    First National Bank
    Similarity Rank: 705

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,067 $227,255,000 $212,985 $1,103 4.71%
    HELOC 377 $31,135,000 $82,586 n/a 4.69%

    For 2022, Kennebec Savings Bank's most frequently originated type of loan was Conventional, with 1,067 originations. Their 2nd most popular type was HELOC, with 377 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 619 $160,085,000 $258,619 $1,483 4.88%
    Home Improvement 337 $24,595,000 $72,982 $586 4.94%
    Cash Out Refi 270 $44,220,000 $163,778 $664 4.19%
    Other 145 $13,325,000 $91,897 $596 4.63%
    Refi 73 $16,165,000 $221,438 $755 4.12%

    For 2022, Kennebec Savings Bank's most frequently cited loan purpose was Home Purchase, with 619 originations. The 2nd most popular reason was Home Improvement, with 337 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 695 $163,245,000 $234,885 $1,044 4.43%
    15 Year 429 $35,285,000 $82,249 $611 4.78%
    30 Year 113 $25,265,000 $223,584 $793 4.87%
    20 Year 88 $14,840,000 $168,636 $370 5.45%
    30+ year 50 $17,200,000 $344,000 $4,773 5.10%
    10 Year 40 $1,630,000 $40,750 $294 5.69%
    5 Year 28 $740,000 $26,429 $158 5.21%
    1 Year 1 $185,000 $185,000 $0 5.00%

    For 2022, Kennebec Savings Bank's most frequently cited loan duration was Other, with 695 originations. The 2nd most popular length was 15 Year, with 429 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 864 $167,910,000 $194,340
    $2k-3k 33 $9,235,000 $279,848
    $3k-4k 26 $9,980,000 $383,846
    $1k-2k 23 $4,445,000 $193,261
    $4k-5k 14 $9,100,000 $650,000
    $5k+ 6 $4,750,000 $791,667

    Kennebec Savings Bank's average total fees were $793, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 864 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 467 $85,255,000 $182,559
    5-6% 395 $74,005,000 $187,354
    4-5% 309 $62,035,000 $200,761
    6-7% 165 $19,575,000 $118,636
    2.5-3% 88 $15,100,000 $171,591
    7-8% 20 $2,420,000 $121,000

    During 2022, Kennebec Savings Bank's average interest rate for loans was 4.87%, while their most frequently originated rate bucket for loans was 3-4%, with 467 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 537 $26,955,000 $50,196 $457 4.86%
    $100k-200k 402 $58,750,000 $146,144 $765 4.56%
    $200k-400k 392 $107,880,000 $275,204 $1,328 4.67%
    $400k-600k 81 $37,485,000 $462,778 $2,270 4.60%
    $600k-1MM 25 $17,885,000 $715,400 $4,703 4.62%
    $1MM+ 7 $9,435,000 $1,347,857 $7,808 4.17%

    2022 saw Kennebec Savings Bank place emphasis on $100,000 or less loans with 537 originations, totaling $26,955,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 378 $63,270,000 $167,381 $1,064 4.72%
    $50k-75k 250 $29,970,000 $119,880 $771 4.71%
    $75k-100k 240 $37,600,000 $156,667 $1,059 4.72%
    $150k-250k 237 $55,015,000 $232,131 $1,358 4.63%
    $50k or less 140 $10,550,000 $75,357 $681 4.75%
    $250k+ 118 $41,330,000 $350,254 $2,057 4.63%

    Kennebec Savings Bank lent most frequently to those with incomes in the $100k-150k range, with 378 originations. The second most popular income band? $50k-75k, with 250 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 409 $66,325,000 $162,164 $1,014 4.56%
    30-36% 296 $54,350,000 $183,615 $1,146 4.73%
    <20% 173 $29,605,000 $171,127 $1,053 4.46%
    37% 61 $8,635,000 $141,557 $971 5.05%
    39% 57 $8,345,000 $146,404 $1,159 4.82%
    42% 50 $10,390,000 $207,800 $1,067 4.98%
    40% 44 $7,600,000 $172,727 $830 4.72%
    41% 44 $7,160,000 $162,727 $1,028 4.80%
    36% 44 $9,930,000 $225,682 $1,475 4.85%
    38% 41 $8,905,000 $217,195 $1,180 4.67%
    43% 38 $8,090,000 $212,895 $1,838 4.86%
    44% 30 $4,980,000 $166,000 $1,198 4.61%
    45% 23 $4,135,000 $179,783 $1,026 5.05%
    46% 13 $2,055,000 $158,077 $947 5.11%
    50-60% 11 $2,535,000 $230,455 $1,818 4.87%
    47% 8 $1,440,000 $180,000 $635 5.56%
    48% 7 $945,000 $135,000 $1,335 4.77%
    49% 5 $615,000 $123,000 $348 5.60%

    Kennebec Savings Bank lent most frequently to those with DTI ratios of 20-30%, with 409 originations. The next most common DTI ratio? 30-36%, with 296 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,154 $199,280,000 $172,686 $1,108 4.72%
    Not provided 217 $37,655,000 $173,525 $1,087 4.52%
    Not applicable 46 $14,720,000 $320,000 $0 5.15%
    American Indian 10 $1,580,000 $158,000 $694 4.82%
    Black 5 $1,475,000 $295,000 $2,130 4.92%
    Asian 6 $1,450,000 $241,667 $781 4.90%
    Other Asian 4 $1,360,000 $340,000 $980 4.66%
    Asian Indian 2 $870,000 $435,000 $760 3.63%

    Approval Rates

    Total approvals of all applications
    92.38%

    Kennebec Savings Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    82.06%

    Kennebec Savings Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,444 $258,390,000 $178,940

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,444 $258,390,000 $178,940

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 210 $21,290,000 $101,381 $600 4.81%
    40-60% 192 $31,920,000 $166,250 $1,023 4.42%
    60-80% 435 $103,995,000 $239,069 $1,292 4.58%
    80-100% 316 $89,060,000 $281,835 $1,326 4.73%
    Under 20% 287 $11,875,000 $41,376 $323 4.98%