Skowhegan Savings Bank Mortgage Rates, Fees & Info

Skowhegan, ME

LEI: 54930083VRKEK3SXZJ31

Tax ID: 01-0160050

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

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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

    Skowhegan Savings Bank is a smaller bank specializing in Home Purchase loans. Skowhegan Savings Bank has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Augusta, Portland, Bangor, and Lewiston among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Skowhegan Savings Bank has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders.

    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

    282

    Origination Dollar Volume (All Markets)

    $56,910,000

    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 191 $34,975,000 $183,115 $0 0.00%
    Augusta-Waterville, ME (FHA|USDA|VA) 53 $12,205,000 $230,283 $0 0.00%
    PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 14 $4,970,000 $355,000 $0 0.00%
    BANGOR, ME (FHA|USDA|VA) 15 $2,455,000 $163,667 $0 0.00%
    LEWISTON-AUBURN, ME (FHA|USDA|VA) 9 $2,305,000 $256,111 $0 0.00%
    Skowhegan Savings Bank's top markets include Augusta, Portland, Bangor, 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 272 $55,350,000 $203,493 $0 0.00%
    USDA 10 $1,560,000 $156,000 $0 0.00%

    For 2022, Skowhegan Savings Bank's most frequently originated type of loan was Conventional, with 272 originations. Their 2nd most popular type was USDA, with 10 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 183 $43,855,000 $239,645 $0 0.00%
    Refi 69 $10,645,000 $154,275 $0 0.00%
    Home Improvement 17 $1,205,000 $70,882 $0 0.00%
    Other 13 $1,205,000 $92,692 $0 0.00%

    For 2022, Skowhegan Savings Bank's most frequently cited loan purpose was Home Purchase, with 183 originations. The 2nd most popular reason was Refi, with 69 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 282 $56,910,000 $201,809 $0 0.00%

    For 2022, Skowhegan Savings Bank's most frequently cited loan duration was Other, with 282 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 94 $13,740,000 $146,170 $0 0.00%
    $200k-400k 88 $23,400,000 $265,909 $0 0.00%
    $100,000 or less 73 $4,385,000 $60,068 $0 0.00%
    $400k-600k 21 $10,015,000 $476,905 $0 0.00%
    $600k-1MM 5 $3,865,000 $773,000 $0 0.00%
    $1MM+ 1 $1,505,000 $1,505,000 $0 0.00%

    2022 saw Skowhegan Savings Bank place emphasis on $100k-200k loans with 94 originations, totaling $13,740,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 64 $12,300,000 $192,188 $0 0.00%
    $50k-75k 47 $6,465,000 $137,553 $0 0.00%
    $150k-250k 45 $12,085,000 $268,556 $0 0.00%
    $75k-100k 45 $7,275,000 $161,667 $0 0.00%
    $50k or less 41 $3,475,000 $84,756 $0 0.00%
    $250k+ 30 $11,460,000 $382,000 $0 0.00%

    Skowhegan Savings Bank lent most frequently to those with incomes in the $100k-150k range, with 64 originations. The second most popular income band? $50k-75k, with 47 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 282 $56,910,000 $201,809 $0 0.00%

    Skowhegan Savings Bank lent most frequently to those with DTI ratios of Exempt%, with 282 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 249 $46,785,000 $187,892 $0 0.00%
    Not provided 19 $4,965,000 $261,316 $0 0.00%
    Not applicable 10 $3,850,000 $385,000 $0 0.00%
    Asian 3 $1,225,000 $408,333 $0 0.00%
    Black 1 $85,000 $85,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    80.00%

    Skowhegan Savings Bank has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    64.89%

    Skowhegan Savings Bank has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 282 $56,910,000 $201,809

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    282 $56,910,000 $201,809