Somerset Trust Company Mortgage Rates, Fees & Info

SOMERSET, PA

LEI: 549300D1PL8LHKCBST97

Tax ID: 25-0807970

5 stars - Updated: 11/21/24 - out of 5 stars, based on 30 reviews

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

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  • 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

    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.

    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 6.85% 11/21/24
    30 Year Conventional Refi 6.82% 11/21/24
    30 Year Cash-out Refi 6.53% 11/21/24
    30 Year USDA Purchase 7.01% 11/21/24
    15 Year Conventional Purchase 6.15% 11/21/24
    15 Year Conventional Refi 5.52% 11/21/24
    15 Year Cash-out Refi 5.52% 11/21/24
    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

    Estimated 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.


    Originations

    892

    Origination Dollar Volume (All Markets)

    $111,070,000

    Awards

    SOMERSET TRUST COMPANY 30 Year Conventional Loans gold SOMERSET TRUST COMPANY 30 Year Conventional Loans silver SOMERSET TRUST COMPANY USDA Loans bronze
    Show all (3) awards

    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%
    Somerset Trust Company's top markets include Pittsburgh, Somerset, Johnstown, Washington, and Altoona among others.

    Their top states include:
  • Pennsylvania (FHA|USDA|VA)
  • Virginia (FHA|USDA|VA)
  • District of Columbia (FHA|USDA|VA)
  • West Virginia (FHA|USDA|VA)
  • North Carolina (FHA|USDA|VA)

    • 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.

    TRI BORO
    Similarity Rank: 24
    FIRST PEOPLES COMMUNITY FEDERAL CREDIT UNION
    Similarity Rank: 56
    First Federal Savings and Loan Association of Greene Co
    Similarity Rank: 77
    HANCOCK COUNTY SAVINGS BANK, FSB, INC.
    Similarity Rank: 128
    InFirst Bank
    Similarity Rank: 300
    Washington Financial Bank
    Similarity Rank: 510
    AmeriServ Financial Bank
    Similarity Rank: 512
    Community Bank
    Similarity Rank: 572
    WELCOME HOME FINANCE, L.P.
    Similarity Rank: 572
    PENNSYLVANIA STATE EMPLOYEES Credit Union
    Similarity Rank: 760

    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

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 366 $65,550,000 $179,098 $4,129 6.98%
    Home Improvement 184 $11,250,000 $61,141 $81 6.03%
    Other 177 $10,015,000 $56,582 $75 5.98%
    Refi 165 $24,255,000 $147,000 $308 6.29%

    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

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 341 $33,475,000 $98,167 $326 6.67%
    10 Year 175 $8,645,000 $49,400 $29 5.75%
    30 Year 134 $23,250,000 $173,507 $4,022 6.70%
    20 Year 95 $25,455,000 $267,947 $1,114 7.02%
    5 Year 66 $1,790,000 $27,121 $18 5.16%
    Other 65 $12,255,000 $188,538 $3,556 7.03%
    30+ year 11 $5,535,000 $503,182 $7,772 7.48%
    1 Year 4 $640,000 $160,000 $0 7.30%
    3 Year 1 $25,000 $25,000 $0 4.74%

    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

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 539 $43,605,000 $80,900
    $1k-2k 107 $17,645,000 $164,907
    $2k-3k 10 $1,920,000 $192,000
    $5k+ 4 $3,530,000 $882,500
    $3k-4k 2 $500,000 $250,000
    $4k-5k 1 $345,000 $345,000

    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

    Loan Rate Originations Total Value Average Loan
    6-7% 341 $53,825,000 $157,845
    5-6% 271 $24,425,000 $90,129
    7-8% 191 $27,135,000 $142,068
    4-5% 50 $2,020,000 $40,400
    Over 8% 35 $3,375,000 $96,429
    <2.5% 3 $185,000 $61,667
    3-4% 1 $105,000 $105,000

    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

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 562 $27,670,000 $49,235 $409 6.29%
    $100k-200k 189 $26,575,000 $140,608 $2,496 6.69%
    $200k-400k 103 $27,985,000 $271,699 $3,862 6.78%
    $400k-600k 23 $10,455,000 $454,565 $4,159 6.84%
    $600k-1MM 8 $5,790,000 $723,750 $6,471 6.76%
    $1MM+ 7 $12,595,000 $1,799,286 $15,033 6.87%

    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

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 177 $14,845,000 $83,870 $1,336 6.33%
    $100k-150k 161 $17,425,000 $108,230 $1,392 6.36%
    $75k-100k 147 $12,275,000 $83,503 $1,131 6.26%
    $50k or less 125 $6,785,000 $54,280 $983 6.40%
    $150k-250k 85 $14,465,000 $170,176 $1,527 6.17%
    $250k+ 33 $9,255,000 $280,455 $3,081 6.79%

    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

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 193 $15,275,000 $79,145 $1,013 6.12%
    30-36% 153 $15,505,000 $101,340 $1,373 6.33%
    <20% 107 $7,895,000 $73,785 $1,011 6.13%
    38% 34 $3,100,000 $91,176 $1,454 6.24%
    44% 32 $2,960,000 $92,500 $310 6.34%
    42% 26 $5,360,000 $206,154 $2,210 6.36%
    41% 26 $2,700,000 $103,846 $1,235 6.47%
    43% 24 $2,200,000 $91,667 $525 6.27%
    37% 22 $3,540,000 $160,909 $2,044 6.36%
    40% 22 $2,800,000 $127,273 $1,398 6.08%
    39% 22 $2,800,000 $127,273 $1,830 6.44%
    36% 21 $2,345,000 $111,667 $1,822 6.62%
    >60% 20 $2,320,000 $116,000 $0 7.60%
    50-60% 14 $1,230,000 $87,857 $4,230 7.53%
    45% 8 $2,090,000 $261,250 $3,458 6.48%
    49% 7 $1,205,000 $172,143 $5,660 7.34%
    48% 6 $1,090,000 $181,667 $3,177 7.04%
    47% 4 $1,110,000 $277,500 $3,438 6.52%
    46% 3 $565,000 $188,333 $6,600 7.50%

    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

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 723 $72,375,000 $100,104 $1,208 6.33%
    Not applicable 143 $33,835,000 $236,608 $0 7.07%
    Not provided 19 $3,895,000 $205,000 $4,604 6.64%
    Asian 1 $325,000 $325,000 $0 5.24%
    Black 3 $305,000 $101,667 $2,239 6.87%
    Asian Indian 1 $225,000 $225,000 $800 5.99%
    Native Hawaiian or Islander 1 $65,000 $65,000 $3,426 7.13%
    American Indian 1 $45,000 $45,000 $3,971 7.25%

    Approval Rates

    Total approvals of all applications
    88.95%

    Somerset Trust Company has an average approval rate.

    Pick Rate

    Approvals leading to origination
    92.04%

    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

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    892 $111,070,000 $124,518

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 199 $17,355,000 $87,211 $265 6.19%
    40-60% 118 $16,790,000 $142,288 $746 6.62%
    60-80% 213 $37,845,000 $177,676 $1,999 6.77%
    80-100% 194 $33,100,000 $170,619 $3,740 6.93%
    Over 100% 2 $260,000 $130,000 $0 8.45%
    Under 20% 166 $5,720,000 $34,458 $24 5.68%