Down East Credit Union Mortgage Rates, Fees & Info
Baileyville, MELEI: 254900IHSZUFLA4J1Q14
Tax ID: 01-0213357
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Mortgage Data
Review & Overview
Down East Credit Union is a smaller credit union specializing in Home Purchase and Cash Out Refi loans. Down East Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Bangor, Portland, Lewiston, and Augusta 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 an above 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.
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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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
52Origination Dollar Volume (All Markets)
$7,510,000Top 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 | 32 | $4,080,000 | $127,500 | $3,224 | 3.28% |
| BANGOR, ME (FHA|USDA|VA) | 9 | $1,485,000 | $165,000 | $3,266 | 3.40% |
| PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) | 9 | $1,435,000 | $159,444 | $3,366 | 3.60% |
| LEWISTON-AUBURN, ME (FHA|USDA|VA) | 1 | $355,000 | $355,000 | $3,484 | 3.13% |
| Augusta-Waterville, ME (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $3,409 | 3.25% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 52 | $7,510,000 | $144,423 | $3,264 | 3.35% |
For 2021, Down East Credit Union's most frequently originated type of loan was Conventional, with 52 originations.
Loan Reason
For 2021, Down East Credit Union's most frequently cited loan purpose was Home Purchase, with 23 originations. The 2nd most popular reason was Cash Out Refi, with 21 originations.
Loan Duration/Length
For 2021, Down East Credit Union's most frequently cited loan duration was 30 Year, with 24 originations. The 2nd most popular length was 15 Year, with 10 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $1k-2k | 31 | $4,115,000 | $132,742 |
| $<1k | 21 | $3,395,000 | $161,667 |
Down East Credit Union's average total fees were $3,388, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 31 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 27 | $4,095,000 | $151,667 |
| 2.5-3% | 15 | $2,475,000 | $165,000 |
| 4-5% | 7 | $795,000 | $113,571 |
| <2.5% | 2 | $110,000 | $55,000 |
| 5-6% | 1 | $35,000 | $35,000 |
During 2021, Down East Credit Union's average interest rate for loans was 3.28%, while their most frequently originated rate bucket for loans was 3-4%, with 27 originations.
Loan Sizing
2021 saw Down East Credit Union place emphasis on $100k-200k loans with 28 originations, totaling $4,080,000 in origination value.
Applicant Income
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? $100k-150k, with 12 originations.
Applicant Debt to Income Ratio
Down East Credit Union lent most frequently to those with DTI ratios of 30-36%, with 13 originations. The next most common DTI ratio? 20-30%, with 12 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications90.48%
Down East Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination92.31%
Down East Credit Union has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 52 | $7,510,000 | $144,423 |