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 loans. Maine Family has a high proportion of conventional loans. Their top markets by origination volume include: Lewiston, Augusta, and Portland among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)Maine Family has an 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% | 5/4/24 |
| 30 Year Conventional Refi | 6.32% | 5/4/24 |
| 30 Year Cash-out Refi | 6.27% | 5/4/24 |
| 15 Year Conventional Purchase | 5.21% | 5/4/24 |
| 15 Year Conventional Refi | 5.68% | 5/4/24 |
| 15 Year Cash-out Refi | 5.68% | 5/4/24 |
| 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
101Origination Dollar Volume (All Markets)
$12,715,000Awards
MAINE FAMILY - 2020
MAINE FAMILY is a 2020 , due to their low .
For 2020, less than of lenders were eligible for this award.
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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 |
|---|---|---|---|---|---|
| LEWISTON-AUBURN, ME (FHA|USDA|VA) | 89 | $10,705,000 | $120,281 | $1,571 | 2.97% |
| Augusta-Waterville, ME (FHA|USDA|VA) | 7 | $1,145,000 | $163,571 | $1,931 | 3.03% |
| PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) | 3 | $555,000 | $185,000 | $1,893 | 3.17% |
| Outside of Metro Areas | 2 | $310,000 | $155,000 | $1,559 | 3.38% |
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 | 101 | $12,715,000 | $125,891 | $1,605 | 2.99% |
For 2020, Maine Family's most frequently originated type of loan was Conventional, with 101 originations.
Loan Reason
For 2020, Maine Family's most frequently cited loan purpose was Refi, with 88 originations. The 2nd most popular reason was Home Purchase, with 11 originations.
Loan Duration/Length
For 2020, Maine Family's most frequently cited loan duration was 15 Year, with 35 originations. The 2nd most popular length was 30 Year, with 30 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 100 | $12,440,000 | $124,400 |
| $1k-2k | 1 | $275,000 | $275,000 |
Maine Family's average total fees were $1,893, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 100 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 2.5-3% | 39 | $5,115,000 | $131,154 |
| <2.5% | 32 | $3,560,000 | $111,250 |
| 3-4% | 26 | $3,630,000 | $139,615 |
| 4-5% | 4 | $410,000 | $102,500 |
During 2020, Maine Family's average interest rate for loans was 3.35%, while their most frequently originated rate bucket for loans was 2.5-3%, with 39 originations.
Loan Sizing
2020 saw Maine Family place emphasis on $100k-200k loans with 55 originations, totaling $7,335,000 in origination value.
Applicant Income
Maine Family lent most frequently to those with incomes in the $100k-150k range, with 28 originations. The second most popular income band? $50k-75k, with 28 originations.
Applicant Debt to Income Ratio
Maine Family lent most frequently to those with DTI ratios of 20-30%, with 36 originations. The next most common DTI ratio? 30-36%, with 26 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications72.54%
Maine Family has a below average approval rate.
Pick Rate
Approvals leading to origination50.50%
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 |
|---|---|---|---|
| NA | 101 | $12,715,000 | $125,891 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 4 | $300,000 | $75,000 |
| Single Family (1-4 Units):Site-Built | 97 | $12,415,000 | $127,990 |