Seaboard Federal Credit Union Mortgage Rates, Fees & Info
Bucksport, MELEI: 549300043MOZCJ4RK371
Tax ID: 01-0211675
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Mortgage Data
Review & Overview
Seaboard Federal Credit Union is a smaller credit union specializing in Cash Out Refi and Home Purchase loans. Seaboard Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Bangor, Portland, and Augusta among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)Seaboard Federal Credit Union has an above average approval rate when compared to the average across all lenders. Seaboard Federal 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 | 6.65% | 4/28/24 |
| 30 Year Conventional Refi | 6.34% | 4/28/24 |
| 30 Year Cash-out Refi | 6.63% | 4/28/24 |
| 15 Year Conventional Purchase | 8.32% | 4/28/24 |
| 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. | ||
Seaboard Federal 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
127Origination Dollar Volume (All Markets)
$15,465,000Top 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 | 80 | $9,290,000 | $116,125 | $2,025 | 4.29% |
| BANGOR, ME (FHA|USDA|VA) | 43 | $5,605,000 | $130,349 | $1,338 | 4.08% |
| PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) | 3 | $455,000 | $151,667 | $2,057 | 4.42% |
| Augusta-Waterville, ME (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $2,555 | 3.88% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 127 | $15,465,000 | $121,772 | $1,793 | 4.22% |
For 2021, Seaboard Federal Credit Union's most frequently originated type of loan was Conventional, with 127 originations.
Loan Reason
For 2021, Seaboard Federal Credit Union's most frequently cited loan purpose was Cash Out Refi, with 92 originations. The 2nd most popular reason was Home Purchase, with 28 originations.
Loan Duration/Length
For 2021, Seaboard Federal Credit Union's most frequently cited loan duration was 15 Year, with 45 originations. The 2nd most popular length was 30 Year, with 43 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 104 | $10,390,000 | $99,904 |
| $1k-2k | 23 | $5,075,000 | $220,652 |
Seaboard Federal Credit Union's average total fees were $3,365, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 104 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 63 | $10,385,000 | $164,841 |
| 4-5% | 38 | $2,750,000 | $72,368 |
| 5-6% | 16 | $760,000 | $47,500 |
| 2.5-3% | 6 | $1,340,000 | $223,333 |
| 6-7% | 4 | $230,000 | $57,500 |
During 2021, Seaboard Federal Credit Union's average interest rate for loans was 3.88%, while their most frequently originated rate bucket for loans was 3-4%, with 63 originations.
Loan Sizing
2021 saw Seaboard Federal Credit Union place emphasis on $100,000 or less loans with 63 originations, totaling $3,125,000 in origination value.
Applicant Income
Seaboard Federal Credit Union lent most frequently to those with incomes in the $50k or less range, with 38 originations. The second most popular income band? $50k-75k, with 33 originations.
Applicant Debt to Income Ratio
Seaboard Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 42 originations. The next most common DTI ratio? <20%, with 25 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 125 | $15,335,000 | $122,680 | $1,777 | 4.23% |
| American Indian | 2 | $130,000 | $65,000 | $2,690 | 3.50% |
Approval Rates
Total approvals of all applications95.52%
Seaboard Federal 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 originationPoints and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 127 | $15,465,000 | $121,772 |