Bangor Savings Bank Mortgage Rates, Fees & Info

Bangor, ME

LEI: 549300JEBULFT3BSU682

Tax ID: 01-0024610

5 stars - Updated: 6/9/24 - out of 5 stars, based on 54 reviews

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

Review & Overview

Bangor Savings Bank is a smaller bank specializing in Home Purchase loans. Bangor Savings Bank has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) They have a low ratio of USDA loans. Their top markets by origination volume include: Portland, Bangor, Boston, Augusta, and Lewiston among others. We have data for 32 markets. (Some data included below & more in-depth data is available with an active subscription.)

Bangor Savings Bank 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. Bangor Savings Bank is typically an average 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 relatively high 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
Home Equity Line of Credit (HELOC) 6.27% 6/9/24
30 Year Conventional Purchase 6.19% 6/9/24
30 Year Conventional Refi 6.31% 6/9/24
30 Year Cash-out Refi 6.51% 6/9/24
30 Year FHA Purchase 6.80% 6/9/24
30 Year VA Purchase 5.86% 6/9/24
30 Year VA Refi 6.36% 6/9/24
30 Year USDA Purchase 5.99% 6/9/24
15 Year Conventional Purchase 5.89% 6/9/24
15 Year Conventional Refi 5.84% 6/9/24
15 Year Cash-out Refi 5.84% 6/9/24
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.

Bangor Savings Bank Mortgage Calculator






Your Estimates

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

This is not an official calculator from Bangor 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

2,955

Origination Dollar Volume (All Markets)

$693,515,000
Show all (25) awards

Relative Rate

Bangor Savings Bank's average 30 year fixed mortgage rate was 6.45%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of -0.03%.

Relative Fees (Closing Costs)

Bangor Savings Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $4,721.

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 $9,089.

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) 975 $277,325,000 $284,436 $5,595 7.05%
Outside of Metro Areas 837 $148,025,000 $176,852 $4,480 7.12%
BANGOR, ME (FHA|USDA|VA) 524 $88,480,000 $168,855 $4,170 7.06%
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 170 $63,610,000 $374,176 $4,778 6.85%
Augusta-Waterville, ME (FHA|USDA|VA) 158 $41,610,000 $263,354 $4,975 6.88%
LEWISTON-AUBURN, ME (FHA|USDA|VA) 145 $30,975,000 $213,621 $4,855 6.99%
MANCHESTER-NASHUA, NH (FHA|USDA|VA) 41 $10,325,000 $251,829 $4,690 7.03%
WORCESTER, MA-CT (FHA|USDA|VA) 17 $6,465,000 $380,294 $5,952 6.63%
Concord, NH (FHA|USDA|VA) 16 $5,760,000 $360,000 $7,156 7.13%
Lebanon, NH-VT (FHA|USDA|VA) 11 $4,245,000 $385,909 $4,881 6.89%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 4 $2,690,000 $672,500 $20,856 6.91%
Berlin, NH (FHA|USDA|VA) 18 $2,210,000 $122,778 $3,659 7.36%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 4 $1,550,000 $387,500 $5,790 6.78%
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 3 $1,035,000 $345,000 $3,667 6.71%
JACKSONVILLE, NC (FHA|USDA|VA) 1 $1,005,000 $1,005,000 $0 7.50%
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 3 $875,000 $291,667 $6,933 6.83%
Vineyard Haven, MA (FHA|USDA|VA) 1 $865,000 $865,000 $6,466 5.50%
BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 1 $845,000 $845,000 $9,814 7.13%
Keene, NH (FHA|USDA|VA) 5 $785,000 $157,000 $3,861 7.13%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $765,000 $765,000 $7,853 4.50%
Laconia, NH (FHA|USDA|VA) 4 $760,000 $190,000 $14,092 7.22%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 4 $700,000 $175,000 $3,075 7.03%
RALEIGH-CARY, NC (FHA|USDA|VA) 1 $555,000 $555,000 $8,565 6.13%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 1 $415,000 $415,000 $0 7.50%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 1 $295,000 $295,000 $2,315 8.00%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 2 $280,000 $140,000 $0 7.75%
Marion, NC (FHA|USDA|VA) 1 $255,000 $255,000 $2,605 6.38%
OCALA, FL (FHA|USDA|VA) 1 $205,000 $205,000 $5,545 7.88%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 2 $200,000 $100,000 $0 7.38%
PUNTA GORDA, FL (FHA|USDA|VA) 1 $155,000 $155,000 $5,790 7.13%
PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 1 $125,000 $125,000 $4,122 7.00%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 1 $125,000 $125,000 $0 7.50%
Bangor Savings Bank's top markets include Portland, Bangor, Boston, Augusta, and Lewiston among others.

Their top states include:
  • Maine (FHA|USDA|VA)
  • New Hampshire (FHA|USDA|VA)
  • Massachusetts (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Vermont (FHA|USDA|VA)
  • Similar Lenders

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

    Charter Oak Federal Credit Union
    Similarity Rank: 24
    Northway Bank
    Similarity Rank: 28
    Union Bank
    Similarity Rank: 36
    RTN FEDERAL CREDIT UNION
    Similarity Rank: 40
    Kennebec Savings Bank
    Similarity Rank: 50
    Saco Valley Credit Union
    Similarity Rank: 64
    HOMEFIELD
    Similarity Rank: 75
    Maine Savings Federal Credit Union
    Similarity Rank: 112
    Bath Savings Institution
    Similarity Rank: 115

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 1,509 $200,725,000 $133,019 n/a 7.55%
    Conventional 1,259 $446,315,000 $354,500 $4,443 6.62%
    FHA 104 $28,290,000 $272,019 $9,034 6.01%
    USDA 60 $11,820,000 $197,000 $5,568 5.55%
    VA 23 $6,365,000 $276,739 $6,918 5.84%

    For 2023, Bangor Savings Bank's most frequently originated type of loan was HELOC, with 1,509 originations. Their 2nd most popular type was Conventional, with 1,259 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 1,465 $476,345,000 $325,150 $4,979 6.65%
    Home Improvement 767 $87,445,000 $114,009 $4,999 7.53%
    Other 409 $54,755,000 $133,875 $3,329 7.51%
    Refi 243 $55,205,000 $227,181 $5,283 7.30%
    Cash Out Refi 71 $19,765,000 $278,380 $4,106 6.46%

    For 2023, Bangor Savings Bank's most frequently cited loan purpose was Home Purchase, with 1,465 originations. The 2nd most popular reason was Home Improvement, with 767 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 1,521 $210,105,000 $138,136 $7,989 7.55%
    30 Year 1,166 $371,290,000 $318,431 $4,721 6.45%
    20 Year 90 $37,020,000 $411,333 $2,581 7.17%
    30+ year 85 $45,245,000 $532,294 $8,573 6.93%
    15 Year 71 $17,245,000 $242,887 $3,664 6.31%
    10 Year 15 $10,035,000 $669,000 $2,897 6.71%
    5 Year 5 $2,155,000 $431,000 $0 7.01%
    1 Year 1 $325,000 $325,000 $0 8.25%
    3 Year 1 $95,000 $95,000 $0 7.50%

    For 2023, Bangor Savings Bank's most frequently cited loan duration was Other, with 1,521 originations. The 2nd most popular length was 30 Year, with 1,166 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 934 $299,560,000 $320,728
    $2k-3k 127 $40,315,000 $317,441
    $5k+ 81 $39,635,000 $489,321
    $3k-4k 57 $17,735,000 $311,140
    $4k-5k 50 $18,720,000 $374,400
    $<1k 35 $8,335,000 $238,143

    Bangor Savings Bank's average total fees were $4,721, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 934 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    7-8% 1,512 $258,200,000 $170,767
    6-7% 922 $292,050,000 $316,757
    5-6% 387 $114,745,000 $296,499
    Over 8% 103 $16,545,000 $160,631
    4-5% 30 $11,950,000 $398,333
    <2.5% 1 $25,000 $25,000

    During 2023, Bangor Savings Bank's average interest rate for loans was 6.45%, while their most frequently originated rate bucket for loans was 7-8%, with 1,512 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 917 $258,185,000 $281,554 $4,846 6.79%
    $100,000 or less 878 $48,210,000 $54,909 $2,946 7.47%
    $100k-200k 729 $103,635,000 $142,160 $3,828 7.07%
    $400k-600k 280 $135,020,000 $482,214 $6,030 6.77%
    $600k-1MM 110 $82,140,000 $746,727 $6,890 6.59%
    $1MM+ 41 $66,325,000 $1,617,683 $7,920 6.55%

    2023 saw Bangor Savings Bank place emphasis on $200k-400k loans with 917 originations, totaling $258,185,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 635 $140,215,000 $220,811 $4,936 7.13%
    $150k-250k 563 $150,305,000 $266,972 $5,009 7.21%
    $50k-75k 475 $68,095,000 $143,358 $4,535 6.84%
    $75k-100k 465 $83,645,000 $179,882 $5,169 6.91%
    $250k+ 373 $161,325,000 $432,507 $5,874 7.11%
    $50k or less 280 $23,930,000 $85,464 $3,661 7.01%

    Bangor Savings Bank lent most frequently to those with incomes in the $100k-150k range, with 635 originations. The second most popular income band? $150k-250k, with 563 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 599 $123,105,000 $205,518 $4,081 7.09%
    30-36% 496 $107,460,000 $216,653 $4,581 7.00%
    <20% 321 $52,325,000 $163,006 $4,217 7.27%
    42% 200 $41,580,000 $207,900 $5,342 7.31%
    43% 132 $33,160,000 $251,212 $5,179 7.00%
    38% 129 $28,585,000 $221,589 $4,607 6.96%
    39% 127 $36,175,000 $284,843 $5,410 6.89%
    41% 122 $29,980,000 $245,738 $4,741 7.02%
    36% 114 $24,880,000 $218,246 $4,642 6.88%
    37% 105 $23,645,000 $225,190 $4,586 7.06%
    44% 97 $25,495,000 $262,835 $5,989 6.94%
    40% 91 $19,395,000 $213,132 $5,672 6.94%
    45% 78 $22,560,000 $289,231 $5,879 6.85%
    46% 66 $18,660,000 $282,727 $5,513 6.92%
    49% 57 $18,945,000 $332,368 $6,051 6.76%
    47% 53 $14,465,000 $272,925 $5,612 6.92%
    48% 42 $13,180,000 $313,810 $5,530 6.82%
    50-60% 13 $4,455,000 $342,692 $8,082 6.67%
    >60% 9 $1,725,000 $191,667 $2,611 7.10%

    Bangor Savings Bank lent most frequently to those with DTI ratios of 20-30%, with 599 originations. The next most common DTI ratio? 30-36%, with 496 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 2,403 $521,465,000 $217,006 $4,760 7.06%
    Not provided 356 $91,710,000 $257,612 $5,468 7.05%
    Not applicable 100 $52,980,000 $529,800 $0 7.16%
    Asian 44 $14,480,000 $329,091 $5,171 6.59%
    Black 30 $8,830,000 $294,333 $8,172 6.70%
    American Indian 13 $2,775,000 $213,462 $3,963 6.99%
    Other Asian 3 $445,000 $148,333 $0 7.17%
    Vietnamese 1 $405,000 $405,000 $0 6.13%
    Native Hawaiian or Islander 2 $200,000 $100,000 $0 8.00%
    Asian Indian 2 $200,000 $100,000 $0 7.25%
    Filipino 1 $25,000 $25,000 $0 8.00%

    Approval Rates

    Total approvals of all applications
    81.09%

    Bangor Savings Bank has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    81.02%

    Bangor Savings Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 2,955 $693,515,000 $234,692

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    2,955 $693,515,000 $234,692

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 612 $86,040,000 $140,588 $3,844 7.41%
    40-60% 352 $81,220,000 $230,739 $4,049 7.16%
    60-80% 660 $225,870,000 $342,227 $4,588 6.89%
    80-100% 758 $261,270,000 $344,683 $5,380 6.51%
    Over 100% 5 $1,305,000 $261,000 $9,797 5.70%
    Under 20% 568 $37,810,000 $66,567 $2,609 7.51%