Saco & Biddeford Savings Institution Mortgage Rates, Fees & Info

Saco, ME

LEI: 5493008KJFFG6PYZ5914

Tax ID: 01-0153690

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

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  • 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)

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • Review & Overview

    Saco & Biddeford Savings Institution is a smaller mortgage company specializing in Refi and Home Purchase loans. Saco & Biddeford Savings Institution has a high proportion of conventional loans. Their top markets by origination volume include: Portland, Augusta, and Lewiston among others. We have data for 4 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 a below 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% 4/30/24
    30 Year Conventional Refi 6.06% 4/30/24
    15 Year Conventional Purchase 5.26% 4/30/24
    15 Year Conventional Refi 5.35% 4/30/24
    15 Year Cash-out Refi 5.35% 4/30/24
    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 & Biddeford Savings Institution Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Saco & Biddeford Savings Institution. 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

    450

    Origination Dollar Volume (All Markets)

    $195,900,000

    Employee count

    192

    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) 441 $192,625,000 $436,791 $3,770 3.28%
    Outside of Metro Areas 5 $2,355,000 $471,000 $5,266 3.50%
    Augusta-Waterville, ME (FHA|USDA|VA) 2 $680,000 $340,000 $3,513 2.88%
    LEWISTON-AUBURN, ME (FHA|USDA|VA) 2 $240,000 $120,000 $2,798 3.60%
    Saco & Biddeford Savings Institution's top markets include Portland, Augusta, and Lewiston among others.

    Their top states include:
  • Maine (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.

    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 450 $195,900,000 $435,333 $3,786 3.28%

    For 2021, Saco & Biddeford Savings Institution's most frequently originated type of loan was Conventional, with 450 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 234 $85,220,000 $364,188 $2,933 3.08%
    Home Purchase 195 $102,535,000 $525,821 $5,050 3.53%
    Other 18 $7,640,000 $424,444 $3,289 3.30%
    Home Improvement 3 $505,000 $168,333 $2,970 3.06%

    For 2021, Saco & Biddeford Savings Institution's most frequently cited loan purpose was Refi, with 234 originations. The 2nd most popular reason was Home Purchase, with 195 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 267 $122,145,000 $457,472 $3,557 3.48%
    15 Year 69 $18,225,000 $264,130 $2,618 2.62%
    30+ year 44 $28,010,000 $636,591 $7,312 3.49%
    20 Year 29 $12,955,000 $446,724 $3,375 3.14%
    Other 24 $11,030,000 $459,583 $4,329 3.24%
    10 Year 14 $2,650,000 $189,286 $2,357 2.51%
    5 Year 2 $480,000 $240,000 $1,643 3.07%
    1 Year 1 $405,000 $405,000 $0 3.75%

    For 2021, Saco & Biddeford Savings Institution's most frequently cited loan duration was 30 Year, with 267 originations. The 2nd most popular length was 15 Year, with 69 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 202 $102,960,000 $509,703
    $<1k 136 $38,590,000 $283,750
    $2k-3k 35 $21,995,000 $628,429
    $3k-4k 1 $725,000 $725,000
    $5k+ 1 $365,000 $365,000

    Saco & Biddeford Savings Institution's average total fees were $3,557, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 202 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 278 $137,800,000 $495,683
    2.5-3% 101 $39,585,000 $391,931
    <2.5% 54 $13,990,000 $259,074
    4-5% 17 $4,525,000 $266,176

    During 2021, Saco & Biddeford Savings Institution's average interest rate for loans was 3.48%, while their most frequently originated rate bucket for loans was 3-4%, with 278 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 189 $54,115,000 $286,323 $3,310 3.31%
    $100k-200k 86 $13,030,000 $151,512 $2,385 3.17%
    $600k-1MM 68 $51,830,000 $762,206 $5,162 3.31%
    $400k-600k 63 $31,245,000 $495,952 $4,448 3.39%
    $1MM+ 28 $44,340,000 $1,583,571 $7,134 3.30%
    $100,000 or less 16 $1,340,000 $83,750 $2,017 3.04%

    2021 saw Saco & Biddeford Savings Institution place emphasis on $200k-400k loans with 189 originations, totaling $54,115,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 114 $54,020,000 $473,860 $4,139 3.28%
    $250k+ 97 $73,415,000 $756,856 $5,194 3.28%
    $100k-150k 96 $28,920,000 $301,250 $3,221 3.27%
    $50k-75k 54 $11,100,000 $205,556 $2,893 3.30%
    $75k-100k 52 $13,100,000 $251,923 $3,139 3.21%
    $50k or less 21 $3,585,000 $170,714 $2,014 3.35%

    Saco & Biddeford Savings Institution lent most frequently to those with incomes in the $150k-250k range, with 114 originations. The second most popular income band? $250k+, with 97 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 111 $50,115,000 $451,486 $4,056 3.25%
    30-36% 86 $30,930,000 $359,651 $3,524 3.31%
    <20% 57 $30,335,000 $532,193 $3,975 3.22%
    38% 20 $8,250,000 $412,500 $3,772 3.59%
    41% 18 $8,600,000 $477,778 $4,338 3.39%
    37% 18 $6,180,000 $343,333 $3,545 3.23%
    36% 17 $5,855,000 $344,412 $3,159 3.09%
    39% 17 $7,845,000 $461,471 $3,230 3.25%
    40% 16 $6,240,000 $390,000 $3,656 3.28%
    45% 12 $3,020,000 $251,667 $3,452 3.05%
    50-60% 10 $5,140,000 $514,000 $4,438 3.30%
    >60% 9 $3,955,000 $439,444 $3,676 3.21%
    42% 9 $2,675,000 $297,222 $3,848 3.48%
    43% 8 $3,730,000 $466,250 $3,189 3.31%
    46% 4 $1,040,000 $260,000 $2,835 2.76%
    48% 4 $1,150,000 $287,500 $3,474 2.87%
    49% 4 $1,550,000 $387,500 $5,964 3.53%
    47% 3 $1,675,000 $558,333 $3,659 2.94%
    44% 3 $2,635,000 $878,333 $6,273 3.47%

    Saco & Biddeford Savings Institution lent most frequently to those with DTI ratios of 20-30%, with 111 originations. The next most common DTI ratio? 30-36%, with 86 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 376 $150,440,000 $400,106 $3,712 3.28%
    Not provided 54 $26,070,000 $482,778 $4,222 3.22%
    Not applicable 11 $10,435,000 $948,636 $0 3.62%
    American Indian 2 $6,140,000 $3,070,000 $12,993 3.77%
    Asian Indian 4 $1,840,000 $460,000 $3,879 3.67%
    Asian 2 $650,000 $325,000 $3,195 3.44%
    Black 1 $325,000 $325,000 $3,051 2.75%

    Approval Rates

    Total approvals of all applications
    92.15%

    Saco & Biddeford Savings Institution has an average approval rate.

    Pick Rate

    Approvals leading to origination
    78.89%

    Saco & Biddeford Savings Institution has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 450 $195,900,000 $435,333

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    450 $195,900,000 $435,333

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 48 $10,570,000 $220,208 $2,611 2.94%
    40-60% 93 $31,305,000 $336,613 $3,447 3.04%
    60-80% 199 $96,865,000 $486,759 $3,843 3.40%
    80-100% 102 $56,310,000 $552,059 $4,590 3.47%
    Under 20% 8 $850,000 $106,250 $2,430 2.87%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Saco & Biddeford Savings Institution 160 Shops Way Biddeford, ME 4005 Full Service B&M $47,992
    Saco & Biddeford Savings Institution 136 Commercial Street Portland, ME 4101 Full Service B&M $31,578
    Saco & Biddeford Savings Institution 2 Portland Avenue Old Orchard Beach, ME 4064 Full Service B&M $176,616
    Saco & Biddeford Savings Institution 252 Main St Saco, ME 4072 Full Service B&M $406,384
    Saco & Biddeford Savings Institution 41 Gorham Road Scarborough, ME 4074 Full Service B&M $100,032
    Saco & Biddeford Savings Institution 601 Broadway South Portland, ME 4106 Full Service B&M $64,253
    Saco & Biddeford Savings Institution Hannaford Drive, 2 Hannaford Drive Westbrook, ME 4092 Full Service B&M $43,948

    For 2021, Saco & Biddeford Savings Institution had 7 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $37,143
    Net interest income $29,173
    Total noninterest income $8,588
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $208
    Trading account gains and fees $0
    Additional Noninterest Income $8,380
    Pre-tax net operating income $6,501
    Securities gains (or losses, -) $3,311
    Income before extraordinary items $7,912
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $7,912
    Minority interest net income $0
    Net income $7,912
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $5,230

    Saco & Biddeford Savings Institution's gross interest income from loans was $37,143,000.
    Saco & Biddeford Savings Institution's net interest income from loans was $29,173,000.
    Saco & Biddeford Savings Institution's fee based income from loans was $208,000.
    Saco & Biddeford Savings Institution's net income from loans was $7,912,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $7,970
    Provision for credit losses $0
    Total noninterest expense $31,260
    Salaries and employee benefits $20,490
    Premises and equipment expense $3,407
    Additional noninterest expense $7,363
    Applicable income taxes $1,900
    Net charge-offs $-35
    Cash dividends $0

    Saco & Biddeford Savings Institution's interest expense for loans was $7,970,000.
    Saco & Biddeford Savings Institution's payroll and benefits expense were $20,490,000.
    Saco & Biddeford Savings Institution's property, plant and equipment expenses $3,407,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 0.0%
    Real Estate loans 0.0%
    Construction & Land Development loans 0.0%
    Nonfarm, nonresidential loans 0.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 0.0%
    HELOC loans 0.0%
    All other family 0.0%
    Commercial & industrial loans 1.0%
    Personal loans 0.0%
    Credit card loans 0.0%
    Other individual loans 0.0%
    Auto loans 0.0%
    Other consumer loans 0.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $895,029
    Deposits held in domestic offices $895,029
    Deposits by Individuals, partnerships, and corporations $812,048
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $34,008
    Deposits by Commercial banks and other depository institutions in U.S. $48,972
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $223,780
    Demand deposits $175,095
    Nontransaction accounts $671,248
    Money market deposit accounts (MMDAs) $340,787
    Other savings deposits (excluding MMDAs) $13,330
    Total time deposits $317,130
    Total time and savings deposits $719,933
    Noninterest-bearing deposits $175,100
    Interest-bearing deposits $719,929
    Retail deposits $782,276
    IRAs and Keogh plan accounts $46,453
    Brokered deposits $72,173
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $1,156,620
    Cash & Balances due from depository institutions $21,440
    Interest-bearing balances $15,187
    Total securities $175,635
    Federal funds sold & reverse repurchase $3,438
    Net loans and leases $913,541
    Loan and leases loss allowance $4,991
    Trading account assets $0
    Bank premises and fixed assets $14,895
    Other real estate owned $0
    Goodwill and other intangibles $4,587
    All other assets $23,084

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $1,156,620
    Total Liabilities $1,024,639
    Total deposits $895,029
    Interest-bearing deposits $719,929
    Deposits held in domestic offices $895,029
    % insured (estimated) $81
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $116,326
    Subordinated debt $0
    All other liabilities $13,284

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $913,541
    Loan and leases loss allowance $4,991
    Total loans and leases (domestic) $918,532
    All real estate loans $873,327
    Real estate loans in domestic offices $873,327
    Construction and development loans $71,108
    Residential 1-4 family construction $26,593
    Other construction, all land development and other land $44,515
    Loans secured by nonfarm nonresidential properties $163,116
    Nonfarm nonresidential secured by owner-occupied properties $34,569
    Commercial real estate & other non-farm, non-residential $128,547
    Multifamily residential real estate $36,702
    1-4 family residential loans $602,401
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $26,341
    To non-U.S. addressees $0
    Loans to individuals $5,236
    Credit card loans $0
    Related Plans $19
    Consumer Auto Loans $505
    Other loans to individuals $4,712
    All other loans & leases $13,629
    Loans to foreign governments and official institutions $0
    Other loans $357
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $3,697
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $1,845
    Non 1-4 family restructured loans & leases $16
    Total loans and leases (foreign) $0

    Saco & Biddeford Savings Institution had $913,541,000 of loans outstanding in 2021. $873,327,000 of loans were in real estate loans. $71,108,000 of loans were in development loans. $36,702,000 of loans were in multifamily mortgage loans. $602,401,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $505,000 of loans were in the auto loan category.

    Small Business Loans

    Categorization # of Loans in Category $ amount of loans (in 000's) Average $/loan
    Nonfarm, nonresidential loans - <$1MM 202 $53,745 $266,064
    Nonfarm, nonresidential loans - <$100k 30 $1,153 $38,433
    Nonfarm, nonresidential loans - $100-250k 50 $5,359 $107,180
    Nonfarm, nonresidential loans - $250k-1MM 122 $47,233 $387,156
    Commercial & Industrial, US addressed loans - <$1MM 176 $11,551 $65,631
    Commercial & Industrial, US addressed loans - <$100k 116 $1,846 $15,914
    Commercial & Industrial, US addressed loans - $100-250k 39 $4,122 $105,692
    Commercial & Industrial, US addressed loans - $250k-1MM 21 $5,583 $265,857