Kennebec Savings Bank Mortgage Rates, Fees & Info

Augusta, ME

LEI: 254900CEBR2F5Y0F1A15

Tax ID: 01-0100490

5 stars - Updated: 11/17/24 - out of 5 stars, based on 32 reviews

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • 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 Home Purchase 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 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 relatively high 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% 11/17/24
    30 Year Conventional Purchase 6.64% 11/17/24
    30 Year Conventional Refi 6.68% 11/17/24
    30 Year Cash-out Refi 6.56% 11/17/24
    15 Year Conventional Purchase 6.21% 11/17/24
    15 Year Conventional Refi 6.12% 11/17/24
    15 Year Cash-out Refi 6.12% 11/17/24
    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.

    Kennebec Savings Bank Mortgage Calculator






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from Kennebec Savings Bank. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

    The default purchase price is the median sales price across the US for 2022Q4, per FRED.


    Originations

    1,014

    Origination Dollar Volume (All Markets)

    $165,860,000

    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
    Show all (3) awards

    Relative Rate

    Kennebec Savings Bank's average 30 year fixed mortgage rate was 6.89%.

    The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

    This yields a difference of 0.41%.

    Relative Fees (Closing Costs)

    Kennebec Savings Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $1,021.

    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 $9,089.

    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) 694 $98,840,000 $142,421 $1,055 7.53%
    Outside of Metro Areas 183 $31,605,000 $172,705 $1,307 7.36%
    PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 87 $26,875,000 $308,908 $1,430 7.47%
    LEWISTON-AUBURN, ME (FHA|USDA|VA) 34 $6,110,000 $179,706 $1,486 7.12%
    BANGOR, ME (FHA|USDA|VA) 16 $2,430,000 $151,875 $673 7.53%
    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.

    Kennebec Savings Bank
    Similarity Rank: 50
    Saco Valley Credit Union
    Similarity Rank: 64
    Holy Rosary Regional Credit Union
    Similarity Rank: 104
    Bath Savings Institution
    Similarity Rank: 115
    Norway Savings Bank
    Similarity Rank: 126
    TOWN & COUNTRY FEDERAL CREDIT UNION
    Similarity Rank: 150
    CUMBERLAND COUNTY
    Similarity Rank: 200
    EVERGREEN
    Similarity Rank: 204
    Androscoggin Savings Bank
    Similarity Rank: 280
    University Credit Union
    Similarity Rank: 370

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 705 $136,345,000 $193,397 $1,150 7.17%
    HELOC 309 $29,515,000 $95,518 n/a 8.17%

    For 2023, Kennebec Savings Bank's most frequently originated type of loan was Conventional, with 705 originations. Their 2nd most popular type was HELOC, with 309 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 424 $110,010,000 $259,458 $1,689 7.28%
    Home Improvement 287 $18,475,000 $64,373 $548 7.73%
    Refi 165 $25,515,000 $154,636 $630 7.41%
    Other 138 $11,860,000 $85,942 $431 7.64%

    For 2023, Kennebec Savings Bank's most frequently cited loan purpose was Home Purchase, with 424 originations. The 2nd most popular reason was Home Improvement, with 287 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 401 $79,665,000 $198,666 $839 7.09%
    15 Year 379 $34,135,000 $90,066 $467 8.10%
    30 Year 88 $24,800,000 $281,818 $1,021 6.89%
    20 Year 49 $10,345,000 $211,122 $706 7.70%
    30+ year 42 $15,120,000 $360,000 $6,696 7.28%
    10 Year 29 $1,015,000 $35,000 $364 7.01%
    5 Year 26 $780,000 $30,000 $176 6.85%

    For 2023, Kennebec Savings Bank's most frequently cited loan duration was Other, with 401 originations. The 2nd most popular length was 15 Year, with 379 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 590 $100,560,000 $170,441
    $2k-3k 37 $15,105,000 $408,243
    $1k-2k 24 $4,070,000 $169,583
    $3k-4k 4 $1,340,000 $335,000
    $4k-5k 1 $755,000 $755,000
    $5k+ 1 $535,000 $535,000

    Kennebec Savings Bank's average total fees were $1,021, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 590 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    7-8% 392 $66,870,000 $170,587
    6-7% 306 $59,900,000 $195,752
    Over 8% 278 $30,740,000 $110,576
    5-6% 35 $7,975,000 $227,857
    4-5% 2 $270,000 $135,000
    <2.5% 1 $105,000 $105,000

    During 2023, Kennebec Savings Bank's average interest rate for loans was 6.89%, while their most frequently originated rate bucket for loans was 7-8%, with 392 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 472 $21,910,000 $46,419 $365 7.66%
    $100k-200k 246 $34,650,000 $140,854 $1,020 7.39%
    $200k-400k 216 $59,180,000 $273,981 $1,877 7.30%
    $400k-600k 51 $23,825,000 $467,157 $2,034 7.26%
    $600k-1MM 22 $15,670,000 $712,273 $3,595 7.04%
    $1MM+ 7 $10,625,000 $1,517,857 $3,995 7.17%

    2023 saw Kennebec Savings Bank place emphasis on $100,000 or less loans with 472 originations, totaling $21,910,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 248 $37,310,000 $150,444 $1,167 7.46%
    $150k-250k 211 $37,965,000 $179,929 $1,349 7.56%
    $50k-75k 165 $15,175,000 $91,970 $914 7.43%
    $75k-100k 160 $16,830,000 $105,188 $836 7.48%
    $250k+ 106 $39,950,000 $376,887 $1,930 7.42%
    $50k or less 66 $3,800,000 $57,576 $693 7.51%

    Kennebec Savings Bank lent most frequently to those with incomes in the $100k-150k range, with 248 originations. The second most popular income band? $150k-250k, with 211 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 270 $40,530,000 $150,111 $999 7.37%
    30-36% 220 $37,280,000 $169,455 $1,313 7.50%
    <20% 105 $16,075,000 $153,095 $1,088 7.41%
    41% 48 $7,600,000 $158,333 $1,216 7.45%
    42% 40 $5,290,000 $132,250 $1,476 7.81%
    37% 40 $4,660,000 $116,500 $629 7.68%
    43% 36 $5,500,000 $152,778 $1,393 7.60%
    36% 32 $4,080,000 $127,500 $797 7.46%
    38% 30 $4,790,000 $159,667 $1,184 7.52%
    40% 26 $5,280,000 $203,077 $972 7.33%
    44% 25 $3,685,000 $147,400 $1,877 7.63%
    39% 22 $5,090,000 $231,364 $1,825 7.49%
    45% 15 $2,055,000 $137,000 $2,031 7.77%
    48% 13 $2,685,000 $206,538 $720 7.26%
    46% 12 $1,750,000 $145,833 $459 7.75%
    49% 7 $1,455,000 $207,857 $818 7.63%
    47% 6 $2,040,000 $340,000 $1,080 7.18%
    50-60% 6 $980,000 $163,333 $2,223 7.27%
    >60% 2 $160,000 $80,000 $136 8.50%

    Kennebec Savings Bank lent most frequently to those with DTI ratios of 20-30%, with 270 originations. The next most common DTI ratio? 30-36%, with 220 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 874 $135,720,000 $155,286 $1,128 7.50%
    Not applicable 41 $12,835,000 $313,049 $0 7.59%
    Not provided 74 $11,540,000 $155,946 $1,058 7.18%
    Black 11 $2,505,000 $227,727 $2,175 7.52%
    American Indian 7 $1,365,000 $195,000 $2,676 7.33%
    Asian 3 $985,000 $328,333 $1,144 6.90%
    Other Asian 3 $845,000 $281,667 $3,936 6.82%
    1 $65,000 $65,000 $0 8.50%

    Approval Rates

    Total approvals of all applications
    89.33%

    Kennebec Savings Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    81.07%

    Kennebec Savings Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,014 $165,860,000 $163,570

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,014 $165,860,000 $163,570

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 204 $21,780,000 $106,765 $661 7.60%
    40-60% 116 $20,450,000 $176,293 $1,170 7.42%
    60-80% 213 $57,135,000 $268,239 $1,874 7.24%
    80-100% 162 $49,720,000 $306,914 $1,447 7.19%
    Over 100% 1 $2,215,000 $2,215,000 $0 8.50%
    Under 20% 313 $13,565,000 $43,339 $311 7.74%