Maine Community Bank Mortgage Rates, Fees & InfoBiddeford, ME
Tax ID: 01-0029610
Latest/2022 | 2021 Data | 2020 Data | 2019 Data | 2018 Data
Review & OverviewMaine Community Bank is a smaller bank specializing in loans. Maine Community Bank has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Portland, Lewiston, and Augusta among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)
Maine Community Bank 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. Maine Community 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.
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|Simulated Rate||Simulation Date|
|30 Year Conventional Purchase||6.57%||3/28/23|
|30 Year Conventional Refi||6.62%||3/28/23|
|30 Year Cash-out Refi||6.78%||3/28/23|
|30 Year USDA Purchase||6.56%||3/28/23|
|15 Year Conventional Purchase||6.28%||3/28/23|
|15 Year Conventional Refi||6.33%||3/28/23|
|15 Year Cash-out Refi||6.33%||3/28/23|
|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.|
Origination Dollar Volume (All Markets)$85,640,000
Maine Community Bank'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%.
Relative Fees (Closing Costs)
Maine Community Bank's average total fees/closing costs for a 30 year fixed rate
mortgage were $4,137.
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|
|PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA)||139||$70,685,000||$508,525||$4,813||4.48%|
|LEWISTON-AUBURN, ME (FHA|USDA|VA)||37||$8,675,000||$234,459||$2,827||4.78%|
|Outside of Metro Areas||22||$5,060,000||$230,000||$4,302||4.93%|
|Augusta-Waterville, ME (FHA|USDA|VA)||4||$1,220,000||$305,000||$3,128||5.41%|
We use machine learning to identify the top lenders compared against Maine Community Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 12
Similarity Rank: 168
Similarity Rank: 452
Similarity Rank: 535
Similarity Rank: 580
Similarity Rank: 580
Similarity Rank: 600
Similarity Rank: 675
Similarity Rank: 705
Similarity Rank: 735
|Loan Type||Originations||Total Value||Avg. Loan||Avg. Fees||Avg. Rate|
For 2022, Maine Community Bank's most frequently originated type of loan was Conventional, with 201 originations. Their 2nd most popular type was USDA, with 1 originations.
For 2022, Maine Community Bank's most frequently cited loan purpose was Home Purchase, with 117 originations. The 2nd most popular reason was Cash Out Refi, with 38 originations.
For 2022, Maine Community Bank's most frequently cited loan duration was 30 Year, with 96 originations. The 2nd most popular length was 10 Year, with 37 originations.
Origination Fees/Closing Costs
|Origination Fee/Closing Cost||Originations||Total Value||Average Loan|
Maine Community Bank's average total fees were $4,137, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 116 originations.
|Loan Rate||Originations||Total Value||Average Loan|
During 2022, Maine Community Bank's average interest rate for loans was 4.76%, while their most frequently originated rate bucket for loans was 5-6%, with 62 originations.
2022 saw Maine Community Bank place emphasis on $200k-400k loans with 97 originations, totaling $27,795,000 in origination value.
Maine Community Bank lent most frequently to those with incomes in the $150k-250k range, with 39 originations. The second most popular income band? $100k-150k, with 33 originations.
Applicant Debt to Income Ratio
Maine Community Bank lent most frequently to those with DTI ratios of 20-30%, with 51 originations. The next most common DTI ratio? 30-36%, with 28 originations.
Approval RatesTotal approvals of all applications
Maine Community Bank has an average approval rate.
Pick RateApprovals leading to origination
Maine Community Bank has a below average pick rate.
Points and Fees
|Points||Originations||Total Value||Average Loan|