Kennebec Savings Bank Mortgage Rates, Fees & Info

Augusta, ME

LEI: 254900CEBR2F5Y0F1A15

Tax ID: 01-0100490

5 stars - out of 5 stars, based on 40 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Kennebec Savings Bank is a smaller bank specializing in Home Purchase and Cash Out Refi loans. Kennebec Savings Bank has a high proportion of conventional loans. Their top markets include Augusta, Portland, Lewiston, and Bangor among others. Kennebec Savings Bank has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Kennebec Savings Bank is typically a low fee lendor.


Originations

1,592

Origination Dollar Volume (All Markets)

$300,220,000

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
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Relative Rate

Kennebec Savings Bank's average 30 year fixed rate mortgage of loans were 3.69%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of 0.54%.

Relative Fees

Kennebec Savings Bank's average total fees for a 30 year fixed rate mortgage are $780.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
Augusta-Waterville, ME (FHA|USDA|VA) 1,116 $191,890,000 $171,944 $799 3.50%
PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 174 $53,620,000 $308,161 $1,197 3.35%
Outside of Metro Areas 237 $43,015,000 $181,498 $955 3.55%
LEWISTON-AUBURN, ME (FHA|USDA|VA) 47 $8,895,000 $189,255 $984 3.45%
BANGOR, ME (FHA|USDA|VA) 18 $2,800,000 $155,556 $688 3.81%

Kennebec Savings Bank's top markets include Augusta, Portland, Lewiston, and Bangor among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 1,592 $300,220,000 $188,580 $872 3.49%

For the 2021 period, Kennebec Savings Bank's most frequently originated loan type of loans were Conventional, with 1,592 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 655 $149,035,000 $227,534 $1,330 3.69%
Cash Out Refi 593 $98,585,000 $166,248 $556 3.33%
Refi 233 $41,685,000 $178,906 $638 3.25%
Home Improvement 56 $5,580,000 $99,643 $719 3.76%
Other 55 $5,335,000 $97,000 $534 3.70%

For the 2021, Kennebec Savings Bank's most frequently cited loan purpose of loans were Home Purchase, with 655 originations. The 2nd most popular reason of loans were Cash Out Refi, with 593 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
Other 1,224 $238,550,000 $194,894 $800 3.35%
30 Year 120 $23,170,000 $193,083 $780 3.69%
20 Year 119 $17,785,000 $149,454 $522 4.37%
30+ year 47 $14,395,000 $306,277 $3,895 3.98%
15 Year 38 $4,670,000 $122,895 $585 3.58%
10 Year 24 $1,150,000 $47,917 $328 3.96%
5 Year 20 $500,000 $25,000 $189 4.25%

For the 2021, Kennebec Savings Bank's most frequently cited loan length of loans were Other, with 1,224 originations. The 2nd most popular length of loans were 30 Year, with 120 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 1,360 $247,410,000 $181,919
$1k-2k 60 $10,770,000 $179,500
$3k-4k 32 $14,830,000 $463,438
$2k-3k 26 $7,010,000 $269,615
$5k+ 2 $1,560,000 $780,000

$780 of loans were Kennebec Savings Bank's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 1,360 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 852 $190,060,000 $223,075
2.5-3% 526 $84,990,000 $161,578
4-5% 214 $25,170,000 $117,617

During 2021, Kennebec Savings Bank's average interest rate of loans were 3.69%, while their most frequently originated rate bucket of loans were 3-4%, with 852 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 654 $96,460,000 $147,492 $721 3.47%
$200k-400k 459 $123,175,000 $268,355 $1,078 3.49%
$100,000 or less 386 $25,240,000 $65,389 $475 3.56%
$400k-600k 59 $28,215,000 $478,220 $2,043 3.39%
$600k-1MM 30 $22,080,000 $736,000 $3,325 3.51%
$1MM+ 4 $5,050,000 $1,262,500 $3,944 3.33%

2021 saw Kennebec Savings Bank place emphasis on $100k-200k loans with 654 originations, totaling $96,460,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 399 $76,525,000 $191,792 $884 3.45%
$75k-100k 297 $51,175,000 $172,306 $843 3.44%
$50k-75k 285 $39,015,000 $136,895 $767 3.48%
$150k-250k 209 $50,605,000 $242,129 $884 3.43%
$50k or less 203 $20,145,000 $99,236 $690 3.61%
$250k+ 110 $45,530,000 $413,909 $1,612 3.33%

Kennebec Savings Bank lent most frequently to those with incomes in the $100k-150k range, with 399 originations. The second most popular income band? $75k-100k, with 297 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 484 $92,360,000 $190,826 $869 3.43%
30-36% 316 $59,780,000 $189,177 $897 3.51%
<20% 233 $40,385,000 $173,326 $785 3.34%
38% 62 $12,590,000 $203,065 $983 3.51%
37% 58 $11,850,000 $204,310 $973 3.48%
36% 56 $9,660,000 $172,500 $807 3.50%
40% 48 $9,760,000 $203,333 $1,312 3.49%
39% 47 $8,215,000 $174,787 $837 3.54%
42% 40 $8,740,000 $218,500 $904 3.58%
41% 34 $6,130,000 $180,294 $773 3.37%
44% 29 $5,365,000 $185,000 $1,062 3.61%
43% 21 $3,785,000 $180,238 $856 3.60%
47% 19 $3,875,000 $203,947 $1,186 3.35%
46% 14 $2,570,000 $183,571 $772 3.65%
50-60% 13 $2,675,000 $205,769 $472 3.48%
45% 10 $1,800,000 $180,000 $694 3.49%
48% 9 $1,445,000 $160,556 $624 3.33%
49% 8 $1,630,000 $203,750 $513 3.52%
>60% 2 $290,000 $145,000 $317 3.88%

Kennebec Savings Bank lent most frequently to those with DTI ratios of 20-30%, with 484 originations. The next most common DTI ratio? 30-36%, with 316 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 1,286 $239,420,000 $186,174 $888 3.47%
Not provided 211 $42,265,000 $200,308 $814 3.47%
Not applicable 66 $12,640,000 $191,515 $388 4.19%
Asian 13 $3,125,000 $240,385 $848 3.40%
American Indian 7 $1,055,000 $150,714 $432 2.88%
Asian Indian 4 $830,000 $207,500 $312 3.84%
Black 4 $580,000 $145,000 $1,047 3.64%
Other Asian 1 $305,000 $305,000 $979 3.20%

Approval Rates

Total approvals of all applications
94.00%

Kennebec Savings Bank has an average approval rate.

Pick Rate

Approvals leading to origination
83.52%

Kennebec Savings Bank has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 1,592 $300,220,000 $188,580

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
1,592 $300,220,000 $188,580

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 116 $11,820,000 $101,897 $559 3.28%
40-60% 261 $38,765,000 $148,525 $719 3.30%
60-80% 676 $138,440,000 $204,793 $929 3.51%
80-100% 473 $107,855,000 $228,023 $1,027 3.57%
Over 100% 1 $215,000 $215,000 $0 4.65%
Under 20% 60 $2,330,000 $38,833 $370 3.93%