Somerset Trust Company Mortgage Rates, Fees & InfoSOMERSET, PA
Tax ID: 25-0807970
Latest/2022 | 2021 Data | 2020 Data | 2019 Data | 2018 Data
Review & OverviewSomerset 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, Virginia Beach, and Sevierville among others. We have data for 24 markets. (Some data included below & more in-depth data is available with an active subscription.)
Somerset Trust Company 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. 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 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.
Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.
|Simulated Rate||Simulation Date|
|30 Year Conventional Purchase||6.85%||12/4/23|
|30 Year Conventional Refi||6.82%||12/4/23|
|30 Year Cash-out Refi||6.53%||12/4/23|
|30 Year USDA Purchase||7.01%||12/4/23|
|15 Year Conventional Purchase||6.15%||12/4/23|
|15 Year Conventional Refi||5.52%||12/4/23|
|15 Year Cash-out Refi||5.52%||12/4/23|
|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.|
Somerset Trust Company Mortgage Calculator
Your EstimatesEstimated Loan Payment: Update the calculator values and click calculate payment!
This is not an official calculator from Somerset Trust Company. 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.
Origination Dollar Volume (All Markets)$134,050,000
SOMERSET TRUST COMPANY - 2022
SOMERSET TRUST COMPANY is a 2022 , due to their low .
For 2022, less than of lenders were eligible for this award.
Work for SOMERSET TRUST COMPANY?
Use this award on your own site. Either save and use the images below, or pass the provided image embed code to your development team.
Somerset Trust Company's average 30 year fixed mortgage rate was
The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.
This yields a difference of 0.37%.
Relative Fees (Closing Costs)
Somerset Trust Company's average total fees/closing costs for a 30 year fixed rate
mortgage were $3,801.
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.
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)||505||$72,235,000||$143,040||$1,787||4.67%|
|Somerset, PA (FHA|USDA|VA)||353||$35,265,000||$99,901||$1,174||4.30%|
|Outside of Metro Areas||100||$9,870,000||$98,700||$1,491||4.33%|
|JOHNSTOWN, PA (FHA|USDA|VA)||84||$6,740,000||$80,238||$1,105||4.26%|
|VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA)||2||$1,540,000||$770,000||$0||5.88%|
|Sevierville, TN (FHA|USDA|VA)||1||$1,445,000||$1,445,000||$0||2.75%|
|Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA)||5||$1,175,000||$235,000||$2,641||4.17%|
|LANCASTER, PA (FHA|USDA|VA)||3||$1,095,000||$365,000||$3,308||5.25%|
|CUMBERLAND, MD-WV (FHA|USDA|VA)||11||$1,085,000||$98,636||$996||4.12%|
|St. Marys, PA (FHA|USDA|VA)||3||$675,000||$225,000||$3,756||5.92%|
|BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA)||1||$635,000||$635,000||$0||5.75%|
|Indiana, PA (FHA|USDA|VA)||6||$450,000||$75,000||$2,103||4.23%|
|New Castle, PA (FHA|USDA|VA)||4||$370,000||$92,500||$0||5.44%|
|MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA)||1||$315,000||$315,000||$4,172||7.63%|
|YOUNGSTOWN-WARREN-BOARDMAN, OH-PA (FHA|USDA|VA)||1||$295,000||$295,000||$0||6.50%|
|CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA)||1||$255,000||$255,000||$0||5.00%|
|ALTOONA, PA (FHA|USDA|VA)||2||$170,000||$85,000||$3,033||4.62%|
|CHAMBERSBURG-WAYNESBORO, PA (FHA|USDA|VA)||1||$115,000||$115,000||$0||7.25%|
|HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA)||1||$85,000||$85,000||$0||7.46%|
|MEMPHIS, TN-MS-AR (FHA|USDA|VA)||1||$65,000||$65,000||$0||6.95%|
|WINCHESTER, VA-WV (FHA|USDA|VA)||1||$55,000||$55,000||$545||2.99%|
|BLACKSBURG-CHRISTIANSBURG, VA (FHA|USDA|VA)||1||$45,000||$45,000||$415||2.49%|
|Meadville, PA (FHA|USDA|VA)||1||$45,000||$45,000||$0||3.49%|
|GETTYSBURG, PA (FHA|USDA|VA)||1||$25,000||$25,000||$99||4.94%|
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.
Similarity Rank: 168
Similarity Rank: 208
Similarity Rank: 322
Similarity Rank: 497
Similarity Rank: 524
Similarity Rank: 580
Similarity Rank: 1188
Similarity Rank: 1230
Similarity Rank: 1290
Similarity Rank: 1680
|Loan Type||Originations||Total Value||Avg. Loan||Avg. Fees||Avg. Rate|
For 2022, Somerset Trust Company's most frequently originated type of loan was Conventional, with 1,041 originations. Their 2nd most popular type was USDA, with 49 originations.
For 2022, Somerset Trust Company's most frequently cited loan purpose was Home Purchase, with 454 originations. The 2nd most popular reason was Refi, with 283 originations.
For 2022, Somerset Trust Company's most frequently cited loan duration was 15 Year, with 330 originations. The 2nd most popular length was 10 Year, with 305 originations.
Origination Fees/Closing Costs
|Origination Fee/Closing Cost||Originations||Total Value||Average Loan|
Somerset Trust Company's average total fees were $3,801, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 788 originations.
During 2022, Somerset Trust Company's average interest rate for loans was 5.13%, while their most frequently originated rate bucket for loans was 3-4%, with 263 originations.
2022 saw Somerset Trust Company place emphasis on $100,000 or less loans with 642 originations, totaling $33,880,000 in origination value.
Somerset Trust Company lent most frequently to those with incomes in the $50k-75k range, with 241 originations. The second most popular income band? $100k-150k, with 187 originations.
Applicant Debt to Income Ratio
Somerset Trust Company lent most frequently to those with DTI ratios of 20-30%, with 268 originations. The next most common DTI ratio? 30-36%, with 188 originations.
Approval RatesTotal approvals of all applications
Somerset Trust Company has an average approval rate.
Pick RateApprovals leading to origination
Somerset Trust Company has an average pick rate.
Points and Fees
|Points||Originations||Total Value||Average Loan|