Maine Family Mortgage Rates, Fees & Info
Lewiston, MELEI: 549300E2QBYW1NW41140
Tax ID: 01-0216309
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Mortgage Data
Review & Overview
Maine Family is a smaller mortgage company specializing in Refi and Home Purchase loans. Maine Family has a high proportion of conventional loans. Their top two markets are Lewiston and Augusta .Maine Family has a below average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Maine Family 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 5.93% | 11/21/24 |
| 30 Year Conventional Refi | 6.32% | 11/21/24 |
| 30 Year Cash-out Refi | 6.27% | 11/21/24 |
| 15 Year Conventional Purchase | 5.21% | 11/21/24 |
| 15 Year Conventional Refi | 5.68% | 11/21/24 |
| 15 Year Cash-out Refi | 5.68% | 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. | ||
Maine Family Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
39Origination Dollar Volume (All Markets)
$4,835,000Top 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 |
|---|---|---|---|---|---|
| LEWISTON-AUBURN, ME (FHA|USDA|VA) | 35 | $4,105,000 | $117,286 | $1,403 | 4.16% |
| Augusta-Waterville, ME (FHA|USDA|VA) | 2 | $400,000 | $200,000 | $1,947 | 4.88% |
| Outside of Metro Areas | 2 | $330,000 | $165,000 | $2,619 | 4.25% |
Similar Lenders
We use machine learning to identify the top lenders compared against MAINE FAMILY 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 | 39 | $4,835,000 | $123,974 | $1,500 | 4.20% |
For 2018, Maine Family's most frequently originated type of loan was Conventional, with 39 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Refi | 31 | $3,615,000 | $116,613 | $1,358 | 4.14% |
| Home Purchase | 8 | $1,220,000 | $152,500 | $2,212 | 4.42% |
For 2018, Maine Family's most frequently cited loan purpose was Refi, with 31 originations. The 2nd most popular reason was Home Purchase, with 8 originations.
Loan Duration/Length
For 2018, Maine Family's most frequently cited loan duration was 30 Year, with 11 originations. The 2nd most popular length was 15 Year, with 10 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 36 | $4,610,000 | $128,056 |
Maine Family's average total fees were $1,561, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 36 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 24 | $3,320,000 | $138,333 |
| 3-4% | 14 | $1,330,000 | $95,000 |
| 5-6% | 1 | $185,000 | $185,000 |
During 2018, Maine Family's average interest rate for loans was 4.49%, while their most frequently originated rate bucket for loans was 4-5%, with 24 originations.
Loan Sizing
2018 saw Maine Family place emphasis on $100,000 or less loans with 16 originations, totaling $1,040,000 in origination value.
Applicant Income
Maine Family lent most frequently to those with incomes in the $50k or less range, with 12 originations. The second most popular income band? $50k-75k, with 10 originations.
Applicant Debt to Income Ratio
Maine Family lent most frequently to those with DTI ratios of 20-30%, with 11 originations. The next most common DTI ratio? 30-36%, with 7 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications67.61%
Maine Family has a low approval rate. They may have poor market targeting or stringent lending standards.
Pick Rate
Approvals leading to origination38.46%
Maine Family has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 3 | $225,000 | $75,000 |
| NA | 36 | $4,610,000 | $128,056 |