Maine Community Bank Mortgage Rates, Fees & Info

Biddeford, ME

LEI: 549300HK8HC6F50IC896

Tax ID: 01-0029610

5 stars - Updated: 2/26/24 - out of 5 stars, based on 14 reviews

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

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Mortgage Data

Review & Overview

Maine Community Bank is a smaller bank specializing in Home Purchase 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.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 6.57% 2/26/24
30 Year Conventional Refi 6.62% 2/26/24
30 Year Cash-out Refi 6.78% 2/26/24
30 Year USDA Purchase 6.56% 2/26/24
15 Year Conventional Purchase 6.28% 2/26/24
15 Year Conventional Refi 6.33% 2/26/24
15 Year Cash-out Refi 6.33% 2/26/24
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 Community Bank Mortgage Calculator






Your Estimates

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

This is not an official calculator from Maine Community 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

202

Origination Dollar Volume (All Markets)

$85,640,000

Relative Rate

Maine Community Bank's average 30 year fixed mortgage rate was 4.76%.

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.

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
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%
Maine Community Bank's top markets include Portland, Lewiston, and Augusta among others.

Their top states include:
  • Maine (FHA|USDA|VA)
  • Similar Lenders

    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.

    MAINE FAMILY
    Similarity Rank: 12
    Piscataqua Savings Bank
    Similarity Rank: 168
    CASCO
    Similarity Rank: 452
    Kennebec Savings Bank
    Similarity Rank: 535
    CUSO MORTGAGE CORPORATION
    Similarity Rank: 580
    CUMBERLAND COUNTY
    Similarity Rank: 580
    Cambridge Trust Company
    Similarity Rank: 675
    First National Bank
    Similarity Rank: 705
    FIVE COUNTY
    Similarity Rank: 735

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 201 $85,495,000 $425,348 $4,499 4.60%
    USDA 1 $145,000 $145,000 $4,820 4.99%

    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.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 117 $64,875,000 $554,487 $5,372 4.93%
    Cash Out Refi 38 $10,610,000 $279,211 $3,729 4.14%
    Refi 37 $7,475,000 $202,027 $2,666 4.01%
    Home Improvement 7 $1,895,000 $270,714 $7,730 4.74%
    Other 3 $785,000 $261,667 $3,448 4.75%

    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.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 96 $27,850,000 $290,104 $4,137 4.76%
    10 Year 37 $14,045,000 $379,595 $1,000 4.79%
    15 Year 33 $6,455,000 $195,606 $2,644 4.03%
    30+ year 17 $9,125,000 $536,765 $11,248 4.60%
    20 Year 10 $5,490,000 $549,000 $5,138 4.28%
    Other 8 $22,070,000 $2,758,750 $0 4.67%
    5 Year 1 $605,000 $605,000 $0 4.75%

    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
    $1k-2k 116 $30,010,000 $258,707
    $2k-3k 18 $6,330,000 $351,667
    $5k+ 7 $4,255,000 $607,857
    $<1k 4 $460,000 $115,000
    $3k-4k 3 $1,955,000 $651,667
    $4k-5k 3 $935,000 $311,667

    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.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 62 $23,690,000 $382,097
    3-4% 59 $32,445,000 $549,915
    4-5% 54 $23,060,000 $427,037
    2.5-3% 13 $2,505,000 $192,692
    6-7% 11 $2,985,000 $271,364
    7-8% 3 $955,000 $318,333

    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.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 97 $27,795,000 $286,546 $4,512 4.80%
    $100k-200k 43 $6,425,000 $149,419 $2,660 4.13%
    $400k-600k 22 $10,480,000 $476,364 $6,938 4.69%
    $100,000 or less 18 $1,220,000 $67,778 $1,922 4.57%
    $600k-1MM 12 $8,420,000 $701,667 $8,907 4.48%
    $1MM+ 10 $31,300,000 $3,130,000 $16,249 4.75%

    2022 saw Maine Community Bank place emphasis on $200k-400k loans with 97 originations, totaling $27,795,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 39 $11,975,000 $307,051 $4,414 4.49%
    $100k-150k 33 $8,585,000 $260,152 $4,507 4.60%
    $250k+ 32 $13,290,000 $415,313 $6,336 4.73%
    $50k-75k 22 $3,910,000 $177,727 $3,158 4.24%
    $75k-100k 19 $4,865,000 $256,053 $4,078 4.11%
    $50k or less 6 $710,000 $118,333 $2,874 3.79%

    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

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 51 $13,185,000 $258,529 $4,241 4.38%
    30-36% 28 $8,200,000 $292,857 $4,849 4.33%
    <20% 20 $6,380,000 $319,000 $4,061 4.21%
    41% 10 $2,970,000 $297,000 $5,205 5.09%
    39% 10 $3,470,000 $347,000 $5,209 4.46%
    38% 7 $2,005,000 $286,429 $3,438 4.36%
    36% 7 $1,965,000 $280,714 $4,038 4.93%
    42% 7 $3,205,000 $457,857 $8,360 5.05%
    40% 6 $1,390,000 $231,667 $3,557 5.04%
    37% 5 $925,000 $185,000 $2,374 4.95%
    43% 1 $315,000 $315,000 $2,957 3.50%
    46% 1 $255,000 $255,000 $3,193 4.00%
    47% 1 $295,000 $295,000 $4,246 3.38%
    50-60% 1 $175,000 $175,000 $2,866 2.88%
    >60% 1 $35,000 $35,000 $0 4.00%

    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.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 144 $40,940,000 $284,306 $4,459 4.43%
    Not applicable 46 $40,870,000 $888,478 $0 5.04%
    Asian 4 $1,540,000 $385,000 $5,706 4.72%
    Not provided 5 $1,275,000 $255,000 $4,592 4.90%
    Asian Indian 2 $580,000 $290,000 $3,790 5.63%
    Black 1 $435,000 $435,000 $6,429 5.00%

    Approval Rates

    Total approvals of all applications
    93.31%

    Maine Community Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    77.23%

    Maine Community Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 202 $85,640,000 $423,960

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    202 $85,640,000 $423,960

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 32 $5,210,000 $162,813 $2,616 3.98%
    40-60% 39 $12,795,000 $328,077 $3,848 4.36%
    60-80% 88 $52,240,000 $593,636 $5,226 4.82%
    80-100% 38 $13,830,000 $363,947 $5,805 4.94%
    Over 100% 1 $375,000 $375,000 $0 4.50%
    Under 20% 4 $1,190,000 $297,500 $1,759 3.94%