Solvay Bank Mortgage Rates, Fees & Info

Solvay, NY

LEI: 549300BOYV1JVWTO8O89

Tax ID: 15-0454140

5 stars - Updated: 4/16/25 - out of 5 stars, based on 13 reviews

Latest/2024 | 2023 Data | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Relative Rates
  • Relative Fees
  • 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)

    • Review & Overview

    Solvay Bank is a smaller bank specializing in Home Purchase loans. Solvay Bank has a high proportion of conventional loans. Their top two markets are Syracuse and Auburn .

    Solvay Bank 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. Solvay 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 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 6.61% 4/16/25
    30 Year Conventional Refi 6.70% 4/16/25
    30 Year Cash-out Refi 6.96% 4/16/25
    15 Year Conventional Purchase 6.18% 4/16/25
    15 Year Conventional Refi 7.81% 4/16/25
    15 Year Cash-out Refi 7.81% 4/16/25
    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.

    Solvay Bank Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Solvay Bank. 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

    181

    Origination Dollar Volume (All Markets)

    $43,245,000

    Awards

    Solvay Bank 30 Year Conventional Loans silver Solvay Bank 30 Year Conventional Loans bronze Solvay Bank 30 Year Conventional Loans silver Solvay Bank 30 Year Conventional Loans bronze
    Show all (4) awards

    Relative Rate

    Solvay Bank's average 30 year fixed mortgage rate was 6.44%.

    The 2024 average 30 year fixed rate mortgage across all markets and lenders was 6.55%.

    This yields a difference of -0.11%.

    Relative Fees (Closing Costs)

    Solvay Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $3,689.

    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 $8,356.

    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
    SYRACUSE, NY (FHA|USDA|VA) 178 $42,720,000 $240,000 $3,394 6.66%
    Auburn, NY (FHA|USDA|VA) 3 $525,000 $175,000 $2,063 6.75%
    Solvay Bank's top markets include Syracuse and Auburn among others.

    Their top states include:
  • New York (FHA|USDA|VA)

    • Similar Lenders

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

    SECNY Federal Credit Union
    Similarity Rank: 20
    Solvay Bank
    Similarity Rank: 26
    Geddes Federal Savings and Loan Association
    Similarity Rank: 120
    SEFCU SERVICES, LLC
    Similarity Rank: 270
    NBT Bank
    Similarity Rank: 460
    AMERICU Credit Union
    Similarity Rank: 529
    The Lyons National Bank
    Similarity Rank: 738
    NORTHERN CREDIT UNION
    Similarity Rank: 748
    Empower Federal Credit Union
    Similarity Rank: 756
    Tompkins Trust Company
    Similarity Rank: 780

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 181 $43,245,000 $238,923 $3,378 6.66%

    For 2024, Solvay Bank's most frequently originated type of loan was Conventional, with 181 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 127 $39,075,000 $307,677 $4,445 6.38%
    Cash Out Refi 19 $1,555,000 $81,842 $981 7.53%
    Other 13 $695,000 $53,462 $430 7.62%
    Home Improvement 12 $400,000 $33,333 $430 7.29%
    Refi 10 $1,520,000 $152,000 $1,970 6.56%

    For 2024, Solvay Bank's most frequently cited loan purpose was Home Purchase, with 127 originations. The 2nd most popular reason was Cash Out Refi, with 19 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 82 $20,240,000 $246,829 $3,689 6.44%
    15 Year 27 $3,945,000 $146,111 $1,605 7.46%
    30+ year 24 $10,580,000 $440,833 $6,933 6.24%
    20 Year 14 $2,720,000 $194,286 $3,605 6.30%
    10 Year 13 $645,000 $49,615 $434 7.46%
    Other 12 $4,760,000 $396,667 $3,176 6.80%
    5 Year 8 $290,000 $36,250 $417 6.48%
    3 Year 1 $65,000 $65,000 $401 7.00%

    For 2024, Solvay Bank's most frequently cited loan duration was 30 Year, with 82 originations. The 2nd most popular length was 15 Year, with 27 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 124 $22,350,000 $180,242
    $1k-2k 25 $7,285,000 $291,400
    $2k-3k 15 $7,215,000 $481,000
    $3k-4k 3 $1,385,000 $461,667
    $5k+ 3 $1,135,000 $378,333
    $4k-5k 2 $510,000 $255,000

    Solvay Bank's average total fees were $3,689, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 124 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 96 $23,280,000 $242,500
    5-6% 43 $13,745,000 $319,651
    7-8% 26 $4,370,000 $168,077
    Over 8% 16 $1,850,000 $115,625

    During 2024, Solvay Bank's average interest rate for loans was 6.44%, while their most frequently originated rate bucket for loans was 6-7%, with 96 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 52 $7,910,000 $152,115 $3,068 6.54%
    $200k-400k 47 $13,755,000 $292,660 $4,614 6.38%
    $100,000 or less 46 $2,260,000 $49,130 $812 7.31%
    $400k-600k 27 $12,485,000 $462,407 $5,648 6.24%
    $600k-1MM 7 $4,695,000 $670,714 $5,586 6.68%
    $1MM+ 2 $2,140,000 $1,070,000 $8,960 6.75%

    2024 saw Solvay Bank place emphasis on $100k-200k loans with 52 originations, totaling $7,910,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 45 $14,585,000 $324,111 $4,133 6.61%
    $50k-75k 38 $5,040,000 $132,632 $2,865 6.51%
    $100k-150k 36 $8,060,000 $223,889 $3,468 6.77%
    $75k-100k 21 $2,995,000 $142,619 $2,332 6.84%
    $250k+ 18 $8,280,000 $460,000 $5,222 6.15%
    $50k or less 12 $740,000 $61,667 $1,259 6.94%

    Solvay Bank lent most frequently to those with incomes in the $150k-250k range, with 45 originations. The second most popular income band? $50k-75k, with 38 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 51 $11,705,000 $229,510 $3,356 6.56%
    30-36% 30 $7,030,000 $234,333 $3,417 6.50%
    <20% 12 $3,510,000 $292,500 $4,045 6.43%
    42% 10 $1,840,000 $184,000 $3,430 7.09%
    43% 9 $1,435,000 $159,444 $2,721 6.47%
    39% 9 $2,215,000 $246,111 $4,090 6.85%
    41% 8 $1,260,000 $157,500 $2,134 7.39%
    36% 7 $1,655,000 $236,429 $3,693 6.25%
    44% 6 $2,530,000 $421,667 $4,687 6.44%
    37% 5 $765,000 $153,000 $2,170 6.70%
    38% 5 $685,000 $137,000 $2,205 6.95%
    45% 4 $1,530,000 $382,500 $4,583 6.81%
    40% 3 $405,000 $135,000 $2,548 6.63%
    49% 3 $1,015,000 $338,333 $5,250 6.25%
    47% 2 $370,000 $185,000 $2,955 6.56%
    48% 2 $630,000 $315,000 $529 7.88%
    46% 1 $275,000 $275,000 $6,069 5.75%
    50-60% 1 $525,000 $525,000 $6,453 7.25%

    Solvay Bank lent most frequently to those with DTI ratios of 20-30%, with 51 originations. The next most common DTI ratio? 30-36%, with 30 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 137 $32,445,000 $236,825 $3,534 6.55%
    Not provided 26 $4,630,000 $178,077 $2,099 7.17%
    Not applicable 9 $3,365,000 $373,889 $0 7.17%
    Asian 4 $1,480,000 $370,000 $5,490 6.25%
    Black 3 $785,000 $261,667 $3,691 6.46%
    Asian Indian 1 $405,000 $405,000 $5,859 6.50%
    American Indian 1 $135,000 $135,000 $3,406 6.50%

    Approval Rates

    Total approvals of all applications
    92.02%

    Solvay Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    79.01%

    Solvay Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 181 $43,245,000 $238,923

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    181 $43,245,000 $238,923

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 18 $1,490,000 $82,778 $1,124 7.33%
    40-60% 18 $3,980,000 $221,111 $3,224 6.66%
    60-80% 51 $16,625,000 $325,980 $4,497 6.35%
    80-100% 66 $20,020,000 $303,333 $4,441 6.41%
    Under 20% 28 $1,130,000 $40,357 $510 7.37%