Saco Valley Credit Union Mortgage Rates, Fees & Info

Saco, ME

LEI: 254900PZD34K8KYJD223

Tax ID: 01-0203515

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
  • 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

    Saco Valley Credit Union is a smaller credit union specializing in Refi loans. Saco Valley Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Portland, Augusta, 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.)

    Saco Valley 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. Saco Valley 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 6.39% 11/21/24
    30 Year Conventional Refi 5.90% 11/21/24
    30 Year Cash-out Refi 6.37% 11/21/24
    15 Year Conventional Purchase 5.68% 11/21/24
    15 Year Conventional Refi 6.02% 11/21/24
    15 Year Cash-out Refi 6.02% 11/21/24
    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.

    Saco Valley Credit Union Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Saco Valley 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

    126

    Origination Dollar Volume (All Markets)

    $28,630,000

    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
    PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 120 $26,950,000 $224,583 $2,493 3.14%
    Augusta-Waterville, ME (FHA|USDA|VA) 2 $1,000,000 $500,000 $2,446 3.38%
    LEWISTON-AUBURN, ME (FHA|USDA|VA) 2 $510,000 $255,000 $2,576 3.19%
    BANGOR, ME (FHA|USDA|VA) 1 $115,000 $115,000 $2,749 2.88%
    Outside of Metro Areas 1 $55,000 $55,000 $2,903 3.25%
    Saco Valley Credit Union's top markets include Portland, Augusta, 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 Saco Valley Credit Union based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    INFINITY Federal Credit Union
    Similarity Rank: 136
    CASCO
    Similarity Rank: 226
    TOWN & COUNTRY FEDERAL CREDIT UNION
    Similarity Rank: 240
    Piscataqua Savings Bank
    Similarity Rank: 252
    CUMBERLAND COUNTY
    Similarity Rank: 464
    Kennebec Savings Bank
    Similarity Rank: 535
    Saco & Biddeford Savings Institution
    Similarity Rank: 556
    Cambridge Trust Company
    Similarity Rank: 585
    Bath Savings Institution
    Similarity Rank: 648
    Maine Savings Federal Credit Union
    Similarity Rank: 650

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 126 $28,630,000 $227,222 $2,499 3.14%

    For 2021, Saco Valley Credit Union's most frequently originated type of loan was Conventional, with 126 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 86 $19,840,000 $230,698 $2,486 3.03%
    Cash Out Refi 23 $4,445,000 $193,261 $2,425 2.88%
    Home Purchase 10 $2,510,000 $251,000 $2,785 3.44%
    Other 5 $1,295,000 $259,000 $2,756 5.50%
    Home Improvement 2 $540,000 $270,000 $2,826 3.50%

    For 2021, Saco Valley Credit Union's most frequently cited loan purpose was Refi, with 86 originations. The 2nd most popular reason was Cash Out Refi, with 23 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 37 $7,075,000 $191,216 $2,506 2.87%
    20 Year 36 $8,370,000 $232,500 $2,573 3.14%
    10 Year 16 $2,620,000 $163,750 $2,286 3.75%
    30 Year 15 $5,435,000 $362,333 $2,627 3.53%
    Other 15 $3,955,000 $263,667 $2,507 3.29%
    5 Year 7 $1,175,000 $167,857 $2,375 2.00%

    For 2021, Saco Valley Credit Union's most frequently cited loan duration was 15 Year, with 37 originations. The 2nd most popular length was 20 Year, with 36 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 122 $27,740,000 $227,377

    Saco Valley Credit Union's average total fees were $2,627, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 122 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 52 $11,110,000 $213,654
    3-4% 44 $11,550,000 $262,500
    <2.5% 21 $3,655,000 $174,048
    4-5% 4 $1,730,000 $432,500
    5-6% 4 $550,000 $137,500
    7-8% 1 $35,000 $35,000

    During 2021, Saco Valley Credit Union's average interest rate for loans was 3.53%, while their most frequently originated rate bucket for loans was 2.5-3%, with 52 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 63 $16,375,000 $259,921 $2,606 3.20%
    $100k-200k 38 $5,830,000 $153,421 $2,424 2.91%
    $100,000 or less 14 $1,020,000 $72,857 $2,094 3.41%
    $400k-600k 10 $4,780,000 $478,000 $2,780 3.14%
    $600k-1MM 1 $625,000 $625,000 $0 4.13%

    2021 saw Saco Valley Credit Union place emphasis on $200k-400k loans with 63 originations, totaling $16,375,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 38 $9,720,000 $255,789 $2,652 3.03%
    $50k-75k 27 $5,235,000 $193,889 $2,347 3.33%
    $75k-100k 20 $4,210,000 $210,500 $2,451 2.97%
    $50k or less 19 $2,495,000 $131,316 $2,380 3.14%
    $150k-250k 17 $4,915,000 $289,118 $2,513 3.21%
    $250k+ 3 $1,625,000 $541,667 $3,096 3.04%

    Saco Valley Credit Union lent most frequently to those with incomes in the $100k-150k range, with 38 originations. The second most popular income band? $50k-75k, with 27 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 36 $8,010,000 $222,500 $2,597 3.06%
    30-36% 30 $7,110,000 $237,000 $2,518 3.08%
    <20% 9 $1,605,000 $178,333 $2,245 2.97%
    44% 9 $1,935,000 $215,000 $2,485 2.96%
    42% 6 $1,560,000 $260,000 $2,529 3.00%
    41% 6 $970,000 $161,667 $2,458 3.56%
    36% 6 $1,910,000 $318,333 $2,773 3.65%
    43% 5 $1,025,000 $205,000 $2,523 2.83%
    40% 4 $1,040,000 $260,000 $2,500 3.41%
    37% 4 $840,000 $210,000 $2,445 3.13%
    38% 3 $765,000 $255,000 $2,092 4.00%
    48% 2 $590,000 $295,000 $1,712 2.50%
    39% 1 $145,000 $145,000 $1,778 3.38%
    47% 1 $235,000 $235,000 $2,348 2.75%

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

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 121 $27,135,000 $224,256 $2,483 3.13%
    Not provided 3 $1,065,000 $355,000 $3,102 3.08%
    Not applicable 2 $430,000 $215,000 $0 3.75%

    Approval Rates

    Total approvals of all applications
    96.60%

    Saco Valley Credit Union has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    91.27%

    Saco Valley Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 126 $28,630,000 $227,222

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    126 $28,630,000 $227,222

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 27 $3,895,000 $144,259 $2,347 2.80%
    40-60% 24 $4,570,000 $190,417 $2,448 2.89%
    60-80% 59 $15,765,000 $267,203 $2,587 3.23%
    80-100% 13 $4,125,000 $317,308 $2,772 4.03%
    Under 20% 3 $275,000 $91,667 $1,752 2.50%