Somerset Trust Company Mortgage Rates, Fees & Info
SOMERSET, PALEI: 549300D1PL8LHKCBST97
Tax ID: 25-0807970
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Mortgage Data
Review & Overview
Somerset Trust Company is a smaller mortgage company specializing in Home Purchase and Refi loans. Somerset Trust Company has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Pittsburgh, Somerset, Johnstown, Washington, and Altoona among others. We have data for 22 markets. (Some data included below & more in-depth data is available with an active subscription.)Somerset Trust Company has an average approval rate when compared to the average across all lenders. They have an average pick rate when compared to similar lenders. Somerset Trust Company 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 relatively high 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 | 6.85% | 12/7/24 |
30 Year Conventional Refi | 6.82% | 12/7/24 |
30 Year Cash-out Refi | 6.53% | 12/7/24 |
30 Year USDA Purchase | 7.01% | 12/7/24 |
15 Year Conventional Purchase | 6.15% | 12/7/24 |
15 Year Conventional Refi | 5.52% | 12/7/24 |
15 Year Cash-out Refi | 5.52% | 12/7/24 |
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. |
Somerset Trust Company Mortgage Calculator
Your Estimates
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
892Origination Dollar Volume (All Markets)
$111,070,000SOMERSET TRUST COMPANY - 2023
SOMERSET TRUST COMPANY is a 2023 , due to their low .
For 2023, less than of lenders were eligible for this award.
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Relative Rate
Somerset Trust Company's average 30 year fixed mortgage rate was
6.7%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of 0.22%.
Relative Fees (Closing Costs)
Somerset Trust Company's average total fees/closing costs for a 30 year fixed rate
mortgage were $4,022.
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 $9,089.
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 |
---|---|---|---|---|---|
PITTSBURGH, PA (FHA|USDA|VA) | 421 | $62,775,000 | $149,109 | $1,623 | 6.53% |
Somerset, PA (FHA|USDA|VA) | 283 | $24,995,000 | $88,322 | $1,028 | 6.37% |
JOHNSTOWN, PA (FHA|USDA|VA) | 81 | $5,435,000 | $67,099 | $1,236 | 6.25% |
Outside of Metro Areas | 65 | $5,275,000 | $81,154 | $376 | 6.32% |
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 7 | $3,575,000 | $510,714 | $455 | 6.54% |
ALTOONA, PA (FHA|USDA|VA) | 5 | $1,595,000 | $319,000 | $5,392 | 6.90% |
Kill Devil Hills, NC (FHA|USDA|VA) | 1 | $1,405,000 | $1,405,000 | $0 | 6.88% |
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) | 1 | $1,355,000 | $1,355,000 | $0 | 6.95% |
MORGANTOWN, WV (FHA|USDA|VA) | 3 | $1,115,000 | $371,667 | $3,513 | 7.50% |
Indiana, PA (FHA|USDA|VA) | 6 | $760,000 | $126,667 | $2,014 | 6.70% |
CUMBERLAND, MD-WV (FHA|USDA|VA) | 7 | $555,000 | $79,286 | $1,680 | 7.25% |
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) | 1 | $455,000 | $455,000 | $4,619 | 7.25% |
WHEELING, WV-OH (FHA|USDA|VA) | 1 | $455,000 | $455,000 | $0 | 7.49% |
RICHMOND, VA (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $3,637 | 7.13% |
CHAMBERSBURG-WAYNESBORO, PA (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $0 | 7.60% |
LOUISVILLE, KY (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $605 | 6.74% |
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $0 | 7.15% |
Warren, PA (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $3,776 | 6.75% |
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 2 | $90,000 | $45,000 | $0 | 7.25% |
New Castle, PA (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 6.75% |
Lewistown, PA (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $3,480 | 6.38% |
St. Marys, PA (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 5.74% |
Their top states include:
Similar Lenders
We use machine learning to identify the top lenders compared against SOMERSET TRUST COMPANY based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
---|---|---|---|---|---|
Conventional | 873 | $108,955,000 | $124,805 | $1,209 | 6.46% |
USDA | 19 | $2,115,000 | $111,316 | $4,831 | 6.35% |
For 2023, Somerset Trust Company's most frequently originated type of loan was Conventional, with 873 originations. Their 2nd most popular type was USDA, with 19 originations.
Loan Reason
For 2023, Somerset Trust Company's most frequently cited loan purpose was Home Purchase, with 366 originations. The 2nd most popular reason was Home Improvement, with 184 originations.
Loan Duration/Length
For 2023, Somerset Trust Company's most frequently cited loan duration was 15 Year, with 341 originations. The 2nd most popular length was 10 Year, with 175 originations.
Origination Fees/Closing Costs
Somerset Trust Company's average total fees were $4,022, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 539 originations.
Interest Rates
During 2023, Somerset Trust Company's average interest rate for loans was 6.70%, while their most frequently originated rate bucket for loans was 6-7%, with 341 originations.
Loan Sizing
2023 saw Somerset Trust Company place emphasis on $100,000 or less loans with 562 originations, totaling $27,670,000 in origination value.
Applicant Income
Somerset Trust Company lent most frequently to those with incomes in the $50k-75k range, with 177 originations. The second most popular income band? $100k-150k, with 161 originations.
Applicant Debt to Income Ratio
Somerset Trust Company lent most frequently to those with DTI ratios of 20-30%, with 193 originations. The next most common DTI ratio? 30-36%, with 153 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications88.95%
Somerset Trust Company has an average approval rate.
Pick Rate
Approvals leading to origination92.04%
Somerset Trust Company has an average pick rate.
Points and Fees
Points | Originations | Total Value | Average Loan |
---|---|---|---|
101.5 | 6 | $250,000 | $41,667 |
252.5 | 4 | $170,000 | $42,500 |
NA | 882 | $110,650,000 | $125,454 |