The Glen Burnie Mutual Savings Bank Mortgage Rates, Fees & Info
Glen Burnie, MDLEI: 254900U6H520K7TCA169
Tax ID: 52-0328134
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Mortgage Data
Review & Overview
The Glen Burnie Mutual Savings Bank is a smaller bank specializing in Home Purchase and Refi loans. The Glen Burnie Mutual Savings Bank has a high proportion of conventional loans. Their top (well, only) market is Baltimore.The Glen Burnie Mutual Savings Bank has an above average approval rate when compared to the average across all lenders. The Glen Burnie Mutual 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.
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Originations
20Origination Dollar Volume (All Markets)
$6,510,000Awards
The Glen Burnie Mutual Savings Bank - 2023
The Glen Burnie Mutual Savings Bank is a 2023 , due to their low .
For 2023, less than of lenders were eligible for this award.
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Relative Rate
The Glen Burnie Mutual Savings Bank's average 30 year fixed mortgage rate was
6.2%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of -0.28%.
Relative Fees (Closing Costs)
The Glen Burnie Mutual Savings Bank's average total fees/closing costs for a 30 year fixed rate
mortgage were $3,241.
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 |
|---|---|---|---|---|---|
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 20 | $6,510,000 | $325,500 | $3,241 | 6.20% |
Similar Lenders
We use machine learning to identify the top lenders compared against The Glen Burnie Mutual Savings Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 17
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 20 | $6,510,000 | $325,500 | $3,241 | 6.20% |
For 2023, The Glen Burnie Mutual Savings Bank's most frequently originated type of loan was Conventional, with 20 originations.
Loan Reason
For 2023, The Glen Burnie Mutual Savings Bank's most frequently cited loan purpose was Home Purchase, with 8 originations. The 2nd most popular reason was Other, with 5 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 20 | $6,510,000 | $325,500 | $3,241 | 6.20% |
For 2023, The Glen Burnie Mutual Savings Bank's most frequently cited loan duration was 30 Year, with 20 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 17 | $4,265,000 | $250,882 |
| $1k-2k | 3 | $2,245,000 | $748,333 |
The Glen Burnie Mutual Savings Bank's average total fees were $3,241, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 17 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 5-6% | 13 | $4,295,000 | $330,385 |
| 7-8% | 4 | $520,000 | $130,000 |
| 3-4% | 2 | $1,640,000 | $820,000 |
| 6-7% | 1 | $55,000 | $55,000 |
During 2023, The Glen Burnie Mutual Savings Bank's average interest rate for loans was 6.20%, while their most frequently originated rate bucket for loans was 5-6%, with 13 originations.
Loan Sizing
2023 saw The Glen Burnie Mutual Savings Bank place emphasis on $200k-400k loans with 6 originations, totaling $1,820,000 in origination value.
Applicant Income
The Glen Burnie Mutual Savings Bank lent most frequently to those with incomes in the $150k-250k range, with 11 originations. The second most popular income band? $50k or less, with 3 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-30% | 10 | $3,520,000 | $352,000 | $3,227 | 6.00% |
| <20% | 5 | $1,785,000 | $357,000 | $3,228 | 6.00% |
| 30-36% | 3 | $825,000 | $275,000 | $3,370 | 6.00% |
The Glen Burnie Mutual Savings Bank lent most frequently to those with DTI ratios of 20-30%, with 10 originations. The next most common DTI ratio? <20%, with 5 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications100.00%
The Glen Burnie Mutual Savings Bank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to originationPoints and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 20 | $6,510,000 | $325,500 |