Elmira Savings Bank Mortgage Rates, Fees & Info

Elmira, NY

LEI: 549300D2T1KWYCTPUZ21

Tax ID: 16-0422120

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)

    • Review & Overview

    Elmira Savings Bank is a smaller bank specializing in Home Purchase and Cash Out Refi loans. Elmira Savings Bank has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets by origination volume include: Ithaca, Elmira, Binghamton, Corning, and Auburn among others. We have data for 11 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Elmira Savings Bank has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. Elmira Savings 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 6.51% 4/28/24
    30 Year Conventional Refi 6.45% 4/28/24
    30 Year Cash-out Refi 6.30% 4/28/24
    30 Year FHA Purchase 7.41% 4/28/24
    30 Year VA Purchase 6.32% 4/28/24
    15 Year Conventional Purchase 6.07% 4/28/24
    15 Year Conventional Refi 5.92% 4/28/24
    15 Year Cash-out Refi 5.92% 4/28/24
    15 Year FHA Purchase 7.74% 4/28/24
    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.

    Elmira Savings Bank Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Elmira Savings 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

    222

    Origination Dollar Volume (All Markets)

    $37,500,000
    Show all (8) awards

    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
    ITHACA, NY (FHA|USDA|VA) 75 $15,825,000 $211,000 $2,408 3.32%
    ELMIRA, NY (FHA|USDA|VA) 66 $8,370,000 $126,818 $2,540 3.35%
    Outside of Metro Areas 20 $3,760,000 $188,000 $2,612 3.43%
    BINGHAMTON, NY (FHA|USDA|VA) 22 $3,070,000 $139,545 $2,625 3.54%
    Corning, NY (FHA|USDA|VA) 14 $2,130,000 $152,143 $2,334 3.37%
    Auburn, NY (FHA|USDA|VA) 8 $1,200,000 $150,000 $2,651 3.14%
    Sayre, PA (FHA|USDA|VA) 7 $1,155,000 $165,000 $1,289 3.77%
    ROCHESTER, NY (FHA|USDA|VA) 4 $1,030,000 $257,500 $1,886 3.56%
    Seneca Falls, NY (FHA|USDA|VA) 2 $440,000 $220,000 $2,114 3.31%
    ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) 1 $265,000 $265,000 $3,068 2.88%
    Cortland, NY (FHA|USDA|VA) 3 $255,000 $85,000 $1,951 3.13%
    Elmira Savings Bank's top markets include Ithaca, Elmira, Binghamton, Corning, and Auburn among others.

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

    • Similar Lenders

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

    CFCU Community Credit Union
    Similarity Rank: 36
    Elmira Savings Bank
    Similarity Rank: 66
    First Citizens Community Bank
    Similarity Rank: 75
    FIRST HERITAGE FEDERAL CREDIT UNION
    Similarity Rank: 165
    SEFCU SERVICES, LLC
    Similarity Rank: 182
    GHS Federal Credit Union
    Similarity Rank: 200
    The Lyons National Bank
    Similarity Rank: 288
    Chemung Canal Trust Company
    Similarity Rank: 288
    Five Star Bank
    Similarity Rank: 323
    Tompkins Trust Company
    Similarity Rank: 384

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 201 $34,485,000 $171,567 $2,068 3.35%
    FHA 18 $2,380,000 $132,222 $5,733 3.56%
    VA 3 $635,000 $211,667 $2,992 3.67%

    For 2022, Elmira Savings Bank's most frequently originated type of loan was Conventional, with 201 originations. Their 2nd most popular type was FHA, with 18 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 122 $22,630,000 $185,492 $2,985 3.42%
    Cash Out Refi 64 $9,750,000 $152,344 $1,710 3.34%
    Refi 26 $4,630,000 $178,077 $2,378 3.03%
    Home Improvement 9 $415,000 $46,111 $159 3.82%
    Other 1 $75,000 $75,000 $150 3.88%

    For 2022, Elmira Savings Bank's most frequently cited loan purpose was Home Purchase, with 122 originations. The 2nd most popular reason was Cash Out Refi, with 64 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 134 $25,910,000 $193,358 $2,999 3.40%
    15 Year 50 $4,900,000 $98,000 $1,140 3.38%
    20 Year 18 $3,680,000 $204,444 $2,473 3.28%
    30+ year 9 $2,165,000 $240,556 $3,910 3.36%
    Other 5 $335,000 $67,000 $166 3.28%
    10 Year 4 $460,000 $115,000 $1,318 2.97%
    5 Year 2 $50,000 $25,000 $150 2.88%

    For 2022, Elmira Savings Bank's most frequently cited loan duration was 30 Year, with 134 originations. The 2nd most popular length was 15 Year, with 50 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 155 $24,475,000 $157,903
    $1k-2k 21 $4,345,000 $206,905
    $2k-3k 8 $1,630,000 $203,750
    $4k-5k 3 $565,000 $188,333
    $3k-4k 1 $225,000 $225,000

    Elmira Savings Bank's average total fees were $2,999, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 155 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 145 $25,795,000 $177,897
    2.5-3% 49 $7,595,000 $155,000
    4-5% 17 $2,425,000 $142,647
    <2.5% 11 $1,685,000 $153,182

    During 2022, Elmira Savings Bank's average interest rate for loans was 3.40%, while their most frequently originated rate bucket for loans was 3-4%, with 145 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 85 $12,625,000 $148,529 $2,717 3.36%
    $200k-400k 67 $18,335,000 $273,657 $3,051 3.32%
    $100,000 or less 65 $3,925,000 $60,385 $1,312 3.44%
    $400k-600k 4 $1,880,000 $470,000 $3,752 3.31%
    $600k-1MM 1 $735,000 $735,000 $0 3.25%

    2022 saw Elmira Savings Bank place emphasis on $100k-200k loans with 85 originations, totaling $12,625,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 57 $8,315,000 $145,877 $2,359 3.43%
    $100k-150k 44 $8,020,000 $182,273 $2,088 3.40%
    $75k-100k 38 $6,750,000 $177,632 $2,965 3.31%
    $150k-250k 36 $7,330,000 $203,611 $2,358 3.42%
    $50k or less 29 $2,755,000 $95,000 $2,499 3.35%
    $250k+ 14 $3,780,000 $270,000 $2,549 3.17%

    Elmira Savings Bank lent most frequently to those with incomes in the $50k-75k range, with 57 originations. The second most popular income band? $100k-150k, with 44 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 49 $8,075,000 $164,796 $2,195 3.34%
    30-36% 44 $6,620,000 $150,455 $1,410 3.47%
    <20% 19 $4,265,000 $224,474 $2,751 3.18%
    43% 11 $1,535,000 $139,545 $3,253 3.56%
    38% 11 $1,995,000 $181,364 $986 3.73%
    44% 10 $1,700,000 $170,000 $3,307 3.38%
    45% 10 $1,890,000 $189,000 $2,762 3.29%
    36% 9 $1,205,000 $133,889 $1,983 3.26%
    39% 9 $1,265,000 $140,556 $2,237 3.35%
    47% 8 $1,630,000 $203,750 $3,663 3.39%
    40% 7 $875,000 $125,000 $1,808 3.46%
    37% 7 $1,075,000 $153,571 $2,470 3.50%
    41% 6 $980,000 $163,333 $2,820 3.48%
    48% 5 $1,415,000 $283,000 $3,411 2.98%
    50-60% 4 $780,000 $195,000 $6,356 3.47%
    42% 4 $520,000 $130,000 $5,126 3.09%
    49% 3 $615,000 $205,000 $4,437 3.29%
    46% 3 $695,000 $231,667 $4,943 3.00%

    Elmira Savings Bank lent most frequently to those with DTI ratios of 20-30%, with 49 originations. The next most common DTI ratio? 30-36%, with 44 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 174 $27,330,000 $157,069 $2,234 3.37%
    Not provided 36 $7,420,000 $206,111 $3,535 3.34%
    Black 7 $1,115,000 $159,286 $2,529 3.52%
    Asian 4 $1,080,000 $270,000 $3,372 3.38%
    Filipino 1 $555,000 $555,000 $2,966 2.88%

    Approval Rates

    Total approvals of all applications
    95.31%

    Elmira Savings Bank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    90.09%

    Elmira Savings Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 222 $37,500,000 $168,919

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    222 $37,500,000 $168,919

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 14 $1,010,000 $72,143 $1,098 3.57%
    40-60% 23 $3,655,000 $158,913 $1,666 3.13%
    60-80% 71 $13,065,000 $184,014 $2,827 3.20%
    80-100% 97 $18,935,000 $195,206 $2,973 3.47%
    Under 20% 17 $835,000 $49,118 $157 3.68%