Kennebec Savings Bank Mortgage Rates, Fees & Info
Augusta, MELEI: 254900CEBR2F5Y0F1A15
Tax ID: 01-0100490
2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage 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
1,592Origination Dollar Volume (All Markets)
$300,220,000Awards
Kennebec Savings Bank - 2021
Kennebec Savings Bank is a 2021 , due to their low .
For 2021, less than of lenders were eligible for this award.
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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 applications94.00%
Kennebec Savings Bank has an average approval rate.
Pick Rate
Approvals leading to origination83.52%
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% |
