Saco & Biddeford Savings Institution Mortgage Rates, Fees & Info

Saco, ME

LEI: 5493008KJFFG6PYZ5914

Tax ID: 01-0153690

5 stars - out of 5 stars, based on 17 reviews

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

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Mortgage Data

  • SimulatedRates™
  • Review & Overview

    Saco & Biddeford Savings Institution is a smaller mortgage company specializing in loans. Saco & Biddeford Savings Institution has a high proportion of conventional loans. Their top markets by origination volume include: Portland, Augusta, Boston, Lewiston, and Bangor among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Saco & Biddeford Savings Institution 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 & Biddeford Savings Institution 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 6.00% 3/27/23
    30 Year Conventional Refi 6.06% 3/27/23
    15 Year Conventional Purchase 5.26% 3/27/23
    15 Year Conventional Refi 5.35% 3/27/23
    15 Year Cash-out Refi 5.35% 3/27/23
    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.


    Originations

    296

    Origination Dollar Volume (All Markets)

    $141,120,000

    Relative Rate

    Saco & Biddeford Savings Institution's average 30 year fixed mortgage rate was 4.95%.

    The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.

    This yields a difference of 0.19%.

    Relative Fees (Closing Costs)

    Saco & Biddeford Savings Institution's average total fees/closing costs for a 30 year fixed rate mortgage were $4,114.

    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 $4,750.

    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) 287 $136,415,000 $475,314 $4,657 4.72%
    Outside of Metro Areas 3 $2,045,000 $681,667 $4,373 4.54%
    Augusta-Waterville, ME (FHA|USDA|VA) 1 $895,000 $895,000 $5,458 3.59%
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 1 $855,000 $855,000 $3,144 2.99%
    LEWISTON-AUBURN, ME (FHA|USDA|VA) 3 $555,000 $185,000 $3,691 5.28%
    BANGOR, ME (FHA|USDA|VA) 1 $355,000 $355,000 $3,694 3.25%
    Saco & Biddeford Savings Institution's top markets include Portland, Augusta, Boston, Lewiston, and Bangor among others.

    Their top states include:
  • Maine (FHA|USDA|VA)
  • New Hampshire (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against Saco & Biddeford Savings Institution based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Piscataqua Savings Bank
    Similarity Rank: 168
    CUSO MORTGAGE CORPORATION
    Similarity Rank: 450
    CASCO
    Similarity Rank: 452
    Kennebec Savings Bank
    Similarity Rank: 535
    CUMBERLAND COUNTY
    Similarity Rank: 580
    Maine Community Bank
    Similarity Rank: 636
    Cambridge Trust Company
    Similarity Rank: 675
    First National Bank
    Similarity Rank: 705

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 296 $141,120,000 $476,757 $4,641 4.71%

    For 2022, Saco & Biddeford Savings Institution's most frequently originated type of loan was Conventional, with 296 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 200 $110,250,000 $551,250 $5,378 4.96%
    Refi 68 $25,220,000 $370,882 $3,034 4.02%
    Home Improvement 14 $2,110,000 $150,714 $2,320 4.47%
    Other 14 $3,540,000 $252,857 $2,680 4.66%

    For 2022, Saco & Biddeford Savings Institution's most frequently cited loan purpose was Home Purchase, with 200 originations. The 2nd most popular reason was Refi, with 68 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 186 $91,990,000 $494,570 $4,114 4.95%
    30+ year 40 $29,910,000 $747,750 $8,574 4.28%
    10 Year 23 $5,185,000 $225,435 $1,950 3.51%
    15 Year 18 $5,340,000 $296,667 $3,262 4.31%
    Other 17 $5,475,000 $322,059 $3,599 4.87%
    20 Year 11 $2,915,000 $265,000 $4,138 4.61%
    1 Year 1 $305,000 $305,000 $0 9.00%

    For 2022, Saco & Biddeford Savings Institution's most frequently cited loan duration was 30 Year, with 186 originations. The 2nd most popular length was 30+ year, with 40 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 130 $70,540,000 $542,615
    $<1k 63 $19,125,000 $303,571
    $2k-3k 24 $18,860,000 $785,833
    $5k+ 9 $5,015,000 $557,222
    $3k-4k 1 $365,000 $365,000

    Saco & Biddeford Savings Institution's average total fees were $4,114, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 130 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 90 $46,100,000 $512,222
    5-6% 86 $38,390,000 $446,395
    3-4% 79 $41,045,000 $519,557
    6-7% 25 $10,365,000 $414,600
    2.5-3% 12 $4,280,000 $356,667
    <2.5% 2 $510,000 $255,000
    7-8% 1 $125,000 $125,000
    Over 8% 1 $305,000 $305,000

    During 2022, Saco & Biddeford Savings Institution's average interest rate for loans was 4.95%, while their most frequently originated rate bucket for loans was 4-5%, with 90 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 110 $34,260,000 $311,455 $3,900 4.75%
    $400k-600k 62 $29,310,000 $472,742 $4,666 4.84%
    $600k-1MM 46 $34,170,000 $742,826 $6,926 4.42%
    $100k-200k 37 $5,395,000 $145,811 $2,225 4.86%
    $1MM+ 24 $36,940,000 $1,539,167 $7,394 4.46%
    $100,000 or less 17 $1,045,000 $61,471 $1,545 4.73%

    2022 saw Saco & Biddeford Savings Institution place emphasis on $200k-400k loans with 110 originations, totaling $34,260,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $250k+ 86 $67,080,000 $780,000 $5,763 4.76%
    $100k-150k 68 $25,010,000 $367,794 $4,599 4.59%
    $150k-250k 57 $23,855,000 $418,509 $4,915 4.92%
    $75k-100k 30 $7,600,000 $253,333 $3,059 4.87%
    $50k or less 19 $5,155,000 $271,316 $2,099 3.78%
    $50k-75k 16 $3,690,000 $230,625 $3,235 4.80%

    Saco & Biddeford Savings Institution lent most frequently to those with incomes in the $250k+ range, with 86 originations. The second most popular income band? $100k-150k, with 68 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 65 $28,425,000 $437,308 $4,794 4.77%
    30-36% 57 $30,795,000 $540,263 $5,236 4.90%
    <20% 21 $10,405,000 $495,476 $4,464 4.77%
    36% 17 $10,335,000 $607,941 $4,883 4.25%
    39% 15 $8,225,000 $548,333 $4,754 4.70%
    40% 15 $9,115,000 $607,667 $4,265 4.60%
    >60% 14 $4,370,000 $312,143 $2,446 3.18%
    41% 11 $4,015,000 $365,000 $4,028 5.04%
    43% 11 $3,935,000 $357,727 $3,588 4.67%
    37% 10 $4,050,000 $405,000 $3,780 4.95%
    42% 9 $3,885,000 $431,667 $5,010 4.35%
    44% 8 $3,630,000 $453,750 $4,439 5.45%
    50-60% 6 $2,430,000 $405,000 $4,702 4.85%
    38% 3 $1,295,000 $431,667 $4,566 5.92%
    46% 3 $635,000 $211,667 $3,849 3.41%
    49% 2 $470,000 $235,000 $2,648 5.75%
    47% 2 $1,200,000 $600,000 $5,899 5.99%
    45% 2 $800,000 $400,000 $6,249 4.86%

    Saco & Biddeford Savings Institution lent most frequently to those with DTI ratios of 20-30%, with 65 originations. The next most common DTI ratio? 30-36%, with 57 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 241 $116,295,000 $482,552 $4,609 4.76%
    Not provided 33 $15,475,000 $468,939 $4,780 4.12%
    Not applicable 18 $7,370,000 $409,444 $0 5.00%
    Asian 2 $1,610,000 $805,000 $7,010 4.88%
    Other Asian 1 $215,000 $215,000 $3,507 4.38%
    American Indian 1 $155,000 $155,000 $0 5.60%

    Approval Rates

    Total approvals of all applications
    96.54%

    Saco & Biddeford Savings Institution 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
    98.31%

    Saco & Biddeford Savings Institution has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 296 $141,120,000 $476,757

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    296 $141,120,000 $476,757

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 25 $10,115,000 $404,600 $3,396 4.41%
    40-60% 38 $16,830,000 $442,895 $4,821 4.47%
    60-80% 118 $56,070,000 $475,169 $5,055 4.70%
    80-100% 100 $56,030,000 $560,300 $4,959 4.89%
    Over 100% 1 $1,085,000 $1,085,000 $5,241 5.63%
    Under 20% 14 $990,000 $70,714 $1,354 4.60%