Down East Credit Union Mortgage Rates, Fees & Info

Baileyville, ME

LEI: 254900IHSZUFLA4J1Q14

Tax ID: 01-0213357

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

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • 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

    Down East Credit Union is a smaller credit union specializing in Cash Out Refi and Home Purchase loans. Down East Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Bangor, Augusta, Portland, and Lewiston among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Down East Credit Union 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. Down East Credit Union 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.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.09% 12/4/24
    30 Year Conventional Refi 5.97% 12/4/24
    30 Year Cash-out Refi 5.96% 12/4/24
    15 Year Conventional Purchase 6.56% 12/4/24
    15 Year Conventional Refi 5.68% 12/4/24
    15 Year Cash-out Refi 5.68% 12/4/24
    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.

    Down East Credit Union Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Down East Credit Union. 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

    66

    Origination Dollar Volume (All Markets)

    $7,960,000

    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
    Outside of Metro Areas 49 $5,655,000 $115,408 $3,179 4.71%
    BANGOR, ME (FHA|USDA|VA) 5 $715,000 $143,000 $3,376 4.88%
    Augusta-Waterville, ME (FHA|USDA|VA) 5 $705,000 $141,000 $3,348 3.88%
    PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 4 $490,000 $122,500 $2,617 4.41%
    LEWISTON-AUBURN, ME (FHA|USDA|VA) 3 $395,000 $131,667 $2,151 3.64%
    Down East Credit Union's top markets include Bangor, Augusta, Portland, and Lewiston among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 66 $7,960,000 $120,606 $3,126 4.59%

    For 2019, Down East Credit Union's most frequently originated type of loan was Conventional, with 66 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 30 $2,630,000 $87,667 $3,162 5.00%
    Home Purchase 27 $3,985,000 $147,593 $3,114 4.48%
    Refi 9 $1,345,000 $149,444 $3,040 3.56%

    For 2019, Down East Credit Union's most frequently cited loan purpose was Cash Out Refi, with 30 originations. The 2nd most popular reason was Home Purchase, with 27 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 29 $4,595,000 $158,448 $3,307 4.67%
    15 Year 16 $1,350,000 $84,375 $3,107 4.74%
    20 Year 10 $1,190,000 $119,000 $2,814 4.29%
    10 Year 8 $640,000 $80,000 $2,833 4.38%
    Other 3 $185,000 $61,667 $3,298 4.56%

    For 2019, Down East Credit Union's most frequently cited loan duration was 30 Year, with 29 originations. The 2nd most popular length was 15 Year, with 16 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 33 $3,315,000 $100,455
    $<1k 28 $4,050,000 $144,643
    $2k-3k 5 $595,000 $119,000

    Down East Credit Union's average total fees were $3,307, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 33 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 21 $2,825,000 $134,524
    3-4% 19 $2,935,000 $154,474
    5-6% 14 $1,010,000 $72,143
    2.5-3% 5 $735,000 $147,000
    6-7% 5 $335,000 $67,000
    7-8% 2 $120,000 $60,000

    During 2019, Down East Credit Union's average interest rate for loans was 4.67%, while their most frequently originated rate bucket for loans was 4-5%, with 21 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 31 $1,915,000 $61,774 $3,070 5.09%
    $100k-200k 25 $3,475,000 $139,000 $3,090 4.19%
    $200k-400k 9 $2,125,000 $236,111 $3,352 4.12%
    $400k-600k 1 $445,000 $445,000 $3,723 3.38%

    2019 saw Down East Credit Union place emphasis on $100,000 or less loans with 31 originations, totaling $1,915,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 19 $1,585,000 $83,421 $3,170 5.20%
    $50k-75k 17 $1,905,000 $112,059 $3,178 4.66%
    $75k-100k 14 $1,810,000 $129,286 $2,741 4.15%
    $100k-150k 13 $1,775,000 $136,538 $3,404 4.36%
    $150k-250k 1 $445,000 $445,000 $3,723 3.38%
    $250k+ 1 $295,000 $295,000 $3,190 3.75%

    Down East Credit Union lent most frequently to those with incomes in the $50k or less range, with 19 originations. The second most popular income band? $50k-75k, with 17 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 16 $2,060,000 $128,750 $3,091 4.32%
    20-30% 16 $2,230,000 $139,375 $3,018 4.37%
    50-60% 6 $520,000 $86,667 $2,638 5.38%
    40% 5 $555,000 $111,000 $3,693 4.26%
    <20% 4 $210,000 $52,500 $3,049 5.41%
    >60% 2 $190,000 $95,000 $3,880 5.63%
    36% 2 $150,000 $75,000 $3,300 5.69%
    39% 2 $430,000 $215,000 $3,080 4.00%
    42% 2 $140,000 $70,000 $2,777 4.75%
    43% 2 $100,000 $50,000 $3,479 4.63%
    46% 2 $240,000 $120,000 $3,395 4.75%
    45% 1 $125,000 $125,000 $3,360 5.63%
    37% 1 $115,000 $115,000 $3,245 3.75%
    48% 1 $85,000 $85,000 $3,687 5.25%
    49% 1 $165,000 $165,000 $3,038 3.75%
    38% 1 $255,000 $255,000 $3,297 4.50%
    44% 1 $245,000 $245,000 $3,111 4.00%

    Down East Credit Union lent most frequently to those with DTI ratios of 30-36%, with 16 originations. The next most common DTI ratio? 20-30%, with 16 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 63 $7,165,000 $113,730 $3,121 4.61%
    Not provided 3 $795,000 $265,000 $3,241 4.13%

    Approval Rates

    Total approvals of all applications
    92.68%

    Down East Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    84.85%

    Down East Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 66 $7,960,000 $120,606

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 4 $300,000 $75,000
    Single Family (1-4 Units):Site-Built 62 $7,660,000 $123,548

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 6 $270,000 $45,000 $2,864 4.73%
    40-60% 17 $1,515,000 $89,118 $3,418 5.04%
    60-80% 20 $2,330,000 $116,500 $3,153 4.61%
    80-100% 20 $3,610,000 $180,500 $3,070 4.27%
    Over 100% 3 $235,000 $78,333 $2,194 3.75%