Clear Mountain Bank Mortgage Rates, Fees & Info
Bruceton Mills, WVLEI: 549300KNZ6E1MM7RQQ04
Tax ID: 55-0131840
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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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.58% | 4/25/24 |
| 30 Year Conventional Refi | 6.66% | 4/25/24 |
| 30 Year Cash-out Refi | 6.39% | 4/25/24 |
| 30 Year VA Purchase | 5.90% | 4/25/24 |
| 30 Year USDA Purchase | 6.37% | 4/25/24 |
| 15 Year Conventional Purchase | 6.73% | 4/25/24 |
| 15 Year Conventional Refi | 6.51% | 4/25/24 |
| 15 Year Cash-out Refi | 6.51% | 4/25/24 |
| 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
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This is not an official calculator from Clear Mountain Bank. It uses our SimulatedRate™
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
301Origination Dollar Volume (All Markets)
$87,295,000Awards
Clear Mountain Bank - 2023
Clear Mountain Bank is a 2023 , due to their low .
For 2023, less than of lenders were eligible for this award.
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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% |
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.
Similarity Rank: 24
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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
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
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
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
2023 saw Clear Mountain Bank place emphasis on $200k-400k loans with 114 originations, totaling $31,880,000 in origination value.
Applicant Income
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
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
Approval Rates
Total approvals of all applications93.29%
Clear Mountain Bank has an average approval rate.
Pick Rate
Approvals leading to origination79.07%
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 |