Clear Mountain Bank Mortgage Rates, Fees & Info

Bruceton Mills, WV

LEI: 549300KNZ6E1MM7RQQ04

Tax ID: 55-0131840

5 stars - Updated: 6/17/24 - out of 5 stars, based on 17 reviews

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

Jump to:

Mortgage Data

Review & Overview

Clear Mountain Bank is a smaller bank specializing in Home Purchase loans. Clear Mountain Bank has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Morgantown, Clarksburg, Columbus, Pittsburgh, and Fairmont among others. We have data for 20 markets. (Some data included below & more in-depth data is available with an active subscription.)

Clear Mountain 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. Clear Mountain 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 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
30 Year Conventional Purchase 6.58% 6/17/24
30 Year Conventional Refi 6.66% 6/17/24
30 Year Cash-out Refi 6.39% 6/17/24
30 Year VA Purchase 5.90% 6/17/24
30 Year USDA Purchase 6.37% 6/17/24
15 Year Conventional Purchase 6.73% 6/17/24
15 Year Conventional Refi 6.51% 6/17/24
15 Year Cash-out Refi 6.51% 6/17/24
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.

Clear Mountain Bank Mortgage Calculator






Your Estimates

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

This is not an official calculator from Clear Mountain 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

301

Origination Dollar Volume (All Markets)

$87,295,000

Awards

Clear Mountain Bank 30 Year Conventional Loans bronze
Show all (1) awards

Relative Rate

Clear Mountain Bank's average 30 year fixed mortgage rate was 6.77%.

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

This yields a difference of 0.29%.

Relative Fees (Closing Costs)

Clear Mountain Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $3,874.

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
MORGANTOWN, WV (FHA|USDA|VA) 182 $50,680,000 $278,462 $3,906 7.14%
Outside of Metro Areas 49 $11,995,000 $244,796 $3,956 7.45%
Clarksburg, WV (FHA|USDA|VA) 26 $7,240,000 $278,462 $4,090 7.04%
COLUMBUS, OH (FHA|USDA|VA) 1 $6,005,000 $6,005,000 $0 8.18%
PITTSBURGH, PA (FHA|USDA|VA) 11 $2,345,000 $213,182 $4,336 7.42%
Fairmont, WV (FHA|USDA|VA) 12 $1,980,000 $165,000 $3,607 7.14%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 3 $1,135,000 $378,333 $4,004 6.63%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $1,005,000 $1,005,000 $0 6.80%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $835,000 $835,000 $0 7.39%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 1 $645,000 $645,000 $6,190 6.63%
Kill Devil Hills, NC (FHA|USDA|VA) 1 $605,000 $605,000 $3,915 6.88%
Elkins, WV (FHA|USDA|VA) 3 $505,000 $168,333 $3,831 7.50%
RICHMOND, VA (FHA|USDA|VA) 1 $505,000 $505,000 $4,979 7.25%
GETTYSBURG, PA (FHA|USDA|VA) 1 $445,000 $445,000 $6,415 6.88%
WHEELING, WV-OH (FHA|USDA|VA) 1 $315,000 $315,000 $5,071 6.88%
CHAMPAIGN-URBANA, IL (FHA|USDA|VA) 1 $305,000 $305,000 $2,491 6.63%
WINCHESTER, VA-WV (FHA|USDA|VA) 1 $285,000 $285,000 $3,984 6.75%
HUNTINGTON-ASHLAND, WV-KY-OH (FHA|USDA|VA) 1 $225,000 $225,000 $3,903 6.88%
CUMBERLAND, MD-WV (FHA|USDA|VA) 3 $195,000 $65,000 $3,451 8.33%
WEIRTON-STEUBENVILLE, WV-OH (FHA|USDA|VA) 1 $45,000 $45,000 $1,566 7.50%
Clear Mountain Bank's top markets include Morgantown, Clarksburg, Columbus, Pittsburgh, and Fairmont among others.

Their top states include:
  • West Virginia (FHA|USDA|VA)
  • Maryland (FHA|USDA|VA)
  • Ohio (FHA|USDA|VA)
  • Pennsylvania (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Similar Lenders

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

    TRI BORO
    Similarity Rank: 24
    FAIRMONT
    Similarity Rank: 30
    InFirst Bank
    Similarity Rank: 300
    AmeriServ Financial Bank
    Similarity Rank: 384
    Washington Financial Bank
    Similarity Rank: 510
    Community Bank
    Similarity Rank: 572

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 296 $86,040,000 $290,676 $3,875 7.22%
    VA 3 $875,000 $291,667 $8,406 6.17%
    USDA 2 $380,000 $190,000 $5,649 6.13%

    For 2023, Clear Mountain Bank's most frequently originated type of loan was Conventional, with 296 originations. Their 2nd most popular type was VA, with 3 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 243 $71,995,000 $296,276 $4,176 7.07%
    Refi 32 $11,280,000 $352,500 $2,993 7.60%
    Other 15 $1,935,000 $129,000 $2,374 8.36%
    Cash Out Refi 6 $1,280,000 $213,333 $3,991 6.73%
    Home Improvement 5 $805,000 $161,000 $1,616 8.29%

    For 2023, Clear Mountain Bank's most frequently cited loan purpose was Home Purchase, with 243 originations. The 2nd most popular reason was Refi, with 32 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 178 $48,870,000 $274,551 $3,874 6.77%
    15 Year 35 $8,135,000 $232,429 $2,878 7.77%
    30+ year 31 $15,815,000 $510,161 $5,829 6.92%
    20 Year 27 $4,615,000 $170,926 $3,072 8.00%
    10 Year 15 $1,545,000 $103,000 $1,865 8.57%
    Other 14 $8,210,000 $586,429 $0 8.73%
    1 Year 1 $105,000 $105,000 $0 8.75%

    For 2023, Clear Mountain Bank's most frequently cited loan duration was 30 Year, with 178 originations. The 2nd most popular length was 15 Year, with 35 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 171 $53,165,000 $310,906
    $<1k 59 $10,715,000 $181,610
    $2k-3k 5 $1,345,000 $269,000
    $3k-4k 2 $470,000 $235,000
    $5k+ 2 $570,000 $285,000
    $4k-5k 1 $355,000 $355,000

    Clear Mountain Bank's average total fees were $3,874, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 171 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 169 $51,475,000 $304,586
    7-8% 63 $16,205,000 $257,222
    Over 8% 55 $16,205,000 $294,636
    5-6% 13 $3,245,000 $249,615
    4-5% 1 $165,000 $165,000

    During 2023, Clear Mountain Bank's average interest rate for loans was 6.77%, while their most frequently originated rate bucket for loans was 6-7%, with 169 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 114 $31,880,000 $279,649 $4,026 6.92%
    $100k-200k 86 $12,830,000 $149,186 $3,551 7.14%
    $100,000 or less 57 $3,505,000 $61,491 $2,654 7.99%
    $400k-600k 18 $8,750,000 $486,111 $5,394 7.13%
    $600k-1MM 18 $13,130,000 $729,444 $5,648 6.88%
    $1MM+ 8 $17,200,000 $2,150,000 $8,048 7.20%

    2023 saw Clear Mountain Bank place emphasis on $200k-400k loans with 114 originations, totaling $31,880,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 69 $14,485,000 $209,928 $3,539 7.06%
    $150k-250k 51 $17,215,000 $337,549 $4,632 6.96%
    $75k-100k 42 $7,770,000 $185,000 $3,554 7.10%
    $50k-75k 36 $5,280,000 $146,667 $3,553 6.89%
    $250k+ 34 $22,270,000 $655,000 $5,222 6.83%
    $50k or less 21 $1,865,000 $88,810 $3,179 7.43%

    Clear Mountain Bank lent most frequently to those with incomes in the $100k-150k range, with 69 originations. The second most popular income band? $150k-250k, with 51 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 68 $19,680,000 $289,412 $4,011 6.80%
    30-36% 67 $14,705,000 $219,478 $3,516 7.04%
    <20% 30 $9,730,000 $324,333 $4,056 7.02%
    36% 20 $5,200,000 $260,000 $3,930 6.93%
    40% 12 $2,500,000 $208,333 $4,034 6.94%
    38% 12 $2,710,000 $225,833 $4,246 7.53%
    39% 10 $2,400,000 $240,000 $3,873 7.13%
    41% 6 $1,100,000 $183,333 $4,243 7.04%
    37% 5 $2,105,000 $421,000 $4,510 6.73%
    45% 4 $630,000 $157,500 $5,066 6.94%
    42% 4 $3,140,000 $785,000 $5,577 7.19%
    46% 4 $730,000 $182,500 $3,493 7.37%
    43% 3 $455,000 $151,667 $3,172 7.54%
    44% 2 $550,000 $275,000 $3,423 6.44%
    47% 2 $1,710,000 $855,000 $7,503 6.88%

    Clear Mountain Bank lent most frequently to those with DTI ratios of 20-30%, with 68 originations. The next most common DTI ratio? 30-36%, with 67 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 181 $46,175,000 $255,110 $3,922 6.90%
    Not provided 68 $21,730,000 $319,559 $3,995 7.33%
    Not applicable 45 $17,475,000 $388,333 $0 8.26%
    Asian Indian 2 $850,000 $425,000 $3,984 6.56%
    Asian 3 $695,000 $231,667 $4,156 6.96%
    Black 2 $370,000 $185,000 $4,090 7.50%

    Approval Rates

    Total approvals of all applications
    93.29%

    Clear Mountain Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    79.07%

    Clear Mountain Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    135.0 1 $75,000 $75,000
    175.0 3 $85,000 $28,333
    NA 297 $87,135,000 $293,384

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    301 $87,295,000 $290,017

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 21 $3,065,000 $145,952 $2,543 8.00%
    40-60% 28 $6,160,000 $220,000 $3,576 7.27%
    60-80% 82 $29,160,000 $355,610 $4,375 7.36%
    80-100% 157 $47,465,000 $302,325 $4,018 6.94%
    Over 100% 2 $550,000 $275,000 $17,992 6.60%
    Under 20% 10 $840,000 $84,000 $1,909 8.18%