Machias Savings Bank Mortgage Rates, Fees & Info

Machias, ME

LEI: 549300P0GXZAWI355052

Tax ID: 01-0111800

5 stars - Updated: 12/9/24 - out of 5 stars, based on 27 reviews

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

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Mortgage Data

Review & Overview

Machias Savings Bank is a smaller bank specializing in Home Purchase loans. Machias Savings Bank has a high proportion of conventional loans. Their top markets by origination volume include: Portland, Bangor, Augusta, Lewiston, and Sebastian among others. We have data for 8 markets. (Some data included below & more in-depth data is available with an active subscription.)

Machias 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. Machias Savings 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
Home Equity Line of Credit (HELOC) 6.27% 12/9/24
30 Year Conventional Purchase 6.92% 12/9/24
30 Year Conventional Refi 6.71% 12/9/24
30 Year Cash-out Refi 6.77% 12/9/24
30 Year USDA Purchase 5.44% 12/9/24
15 Year Conventional Purchase 6.23% 12/9/24
15 Year Conventional Refi 6.24% 12/9/24
15 Year Cash-out Refi 6.24% 12/9/24
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.

Machias Savings Bank Mortgage Calculator






Your Estimates

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

This is not an official calculator from Machias 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

718

Origination Dollar Volume (All Markets)

$155,420,000

Awards

Machias Savings Bank USDA Loans silver Machias Savings Bank USDA Loans gold Machias Savings Bank USDA Loans gold Machias Savings Bank USDA Loans gold
Show all (4) awards

Relative Rate

Machias Savings Bank's average 30 year fixed mortgage rate was 7.56%.

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

This yields a difference of 1.08%.

Relative Fees (Closing Costs)

Machias Savings Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $4,428.

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
Outside of Metro Areas 511 $80,345,000 $157,231 $3,086 7.38%
PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 50 $34,830,000 $696,600 $4,165 7.55%
BANGOR, ME (FHA|USDA|VA) 125 $27,425,000 $219,400 $2,953 7.87%
Augusta-Waterville, ME (FHA|USDA|VA) 17 $4,595,000 $270,294 $6,641 7.49%
LEWISTON-AUBURN, ME (FHA|USDA|VA) 11 $4,405,000 $400,455 $8,006 7.46%
Sebastian-Vero Beach, FL (FHA|USDA|VA) 1 $2,005,000 $2,005,000 $12,257 6.75%
BRUNSWICK, GA (FHA|USDA|VA) 2 $1,380,000 $690,000 $0 7.94%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $435,000 $435,000 $6,887 7.00%
Machias Savings Bank's top markets include Portland, Bangor, Augusta, Lewiston, and Sebastian among others.

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

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

    Saco Valley Credit Union
    Similarity Rank: 64
    Bar Harbor Bank & Trust
    Similarity Rank: 76
    Holy Rosary Regional Credit Union
    Similarity Rank: 104
    Maine Savings Federal Credit Union
    Similarity Rank: 112
    Bath Savings Institution
    Similarity Rank: 115
    Norway Savings Bank
    Similarity Rank: 126
    CUMBERLAND COUNTY
    Similarity Rank: 200
    EVERGREEN
    Similarity Rank: 204

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 404 $114,440,000 $283,267 $3,031 7.25%
    HELOC 260 $32,760,000 $126,000 n/a 8.25%
    USDA 54 $8,220,000 $152,222 $4,265 5.52%

    For 2023, Machias Savings Bank's most frequently originated type of loan was Conventional, with 404 originations. Their 2nd most popular type was HELOC, with 260 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 333 $106,885,000 $320,976 $4,171 7.06%
    Home Improvement 173 $18,055,000 $104,364 $1,372 7.99%
    Refi 114 $20,320,000 $178,246 $1,786 7.63%
    Other 95 $9,415,000 $99,105 $1,491 7.87%
    Cash Out Refi 3 $745,000 $248,333 $2,996 7.13%

    For 2023, Machias Savings Bank's most frequently cited loan purpose was Home Purchase, with 333 originations. The 2nd most popular reason was Home Improvement, with 173 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 419 $71,995,000 $171,826 $4,428 7.56%
    15 Year 123 $14,015,000 $113,943 $1,682 7.16%
    20 Year 99 $32,115,000 $324,394 $3,431 7.51%
    Other 36 $32,170,000 $893,611 $0 7.90%
    10 Year 34 $2,570,000 $75,588 $1,431 7.09%
    1 Year 5 $1,085,000 $217,000 $0 8.70%
    5 Year 2 $1,470,000 $735,000 $1,202 6.18%

    For 2023, Machias Savings Bank's most frequently cited loan duration was 30 Year, with 419 originations. The 2nd most popular length was 15 Year, with 123 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 224 $34,170,000 $152,545
    $1k-2k 57 $11,715,000 $205,526
    $2k-3k 23 $5,685,000 $247,174
    $5k+ 7 $3,395,000 $485,000
    $3k-4k 6 $1,700,000 $283,333
    $4k-5k 2 $740,000 $370,000

    Machias Savings Bank's average total fees were $4,428, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 224 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    7-8% 268 $56,600,000 $211,194
    Over 8% 233 $32,745,000 $140,536
    6-7% 145 $51,135,000 $352,655
    5-6% 66 $12,650,000 $191,667
    4-5% 6 $2,290,000 $381,667

    During 2023, Machias Savings Bank's average interest rate for loans was 7.56%, while their most frequently originated rate bucket for loans was 7-8%, with 268 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 290 $16,330,000 $56,310 $1,786 7.67%
    $100k-200k 211 $29,615,000 $140,355 $3,231 7.37%
    $200k-400k 142 $38,600,000 $271,831 $4,422 7.30%
    $400k-600k 37 $17,175,000 $464,189 $5,696 7.56%
    $600k-1MM 20 $14,520,000 $726,000 $9,060 7.70%
    $1MM+ 18 $39,180,000 $2,176,667 $8,261 6.78%

    2023 saw Machias Savings Bank place emphasis on $100,000 or less loans with 290 originations, totaling $16,330,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 126 $13,010,000 $103,254 $3,054 7.14%
    $100k-150k 125 $18,435,000 $147,480 $2,814 7.63%
    $75k-100k 99 $12,395,000 $125,202 $3,429 7.37%
    $150k-250k 87 $17,275,000 $198,563 $3,984 7.70%
    $50k or less 86 $5,920,000 $68,837 $2,288 7.40%
    $250k+ 67 $25,225,000 $376,493 $4,879 7.72%

    Machias Savings Bank lent most frequently to those with incomes in the $50k-75k range, with 126 originations. The second most popular income band? $100k-150k, with 125 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 135 $19,715,000 $146,037 $3,380 7.32%
    20-30% 132 $19,550,000 $148,106 $3,345 7.38%
    <20% 65 $11,555,000 $177,769 $3,153 7.52%
    41% 40 $8,380,000 $209,500 $4,163 7.79%
    39% 27 $3,745,000 $138,704 $3,222 7.32%
    42% 23 $3,315,000 $144,130 $2,723 7.68%
    36% 23 $2,805,000 $121,957 $3,239 7.64%
    40% 21 $3,755,000 $178,810 $3,278 7.19%
    38% 18 $1,760,000 $97,778 $2,178 7.32%
    44% 17 $2,595,000 $152,647 $3,277 7.61%
    37% 16 $2,840,000 $177,500 $3,241 7.08%
    43% 15 $2,425,000 $161,667 $2,825 7.51%
    46% 8 $1,790,000 $223,750 $3,410 7.09%
    45% 8 $1,110,000 $138,750 $3,217 7.84%
    50-60% 6 $710,000 $118,333 $1,598 7.38%
    47% 5 $815,000 $163,000 $3,102 7.60%
    48% 4 $520,000 $130,000 $2,049 7.72%
    49% 2 $300,000 $150,000 $4,854 7.44%
    >60% 1 $55,000 $55,000 $1,202 8.25%

    Machias Savings Bank lent most frequently to those with DTI ratios of 30-36%, with 135 originations. The next most common DTI ratio? 20-30%, with 132 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 569 $85,655,000 $150,536 $3,126 7.47%
    Not applicable 113 $60,145,000 $532,257 $0 7.58%
    Not provided 31 $7,565,000 $244,032 $4,470 7.33%
    Black 2 $1,060,000 $530,000 $5,131 7.81%
    Asian Indian 1 $485,000 $485,000 $8,184 7.38%
    American Indian 1 $325,000 $325,000 $3,406 6.38%
    Asian 1 $185,000 $185,000 $0 7.75%

    Approval Rates

    Total approvals of all applications
    82.27%

    Machias Savings Bank has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    81.89%

    Machias Savings Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 718 $155,420,000 $216,462

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    718 $155,420,000 $216,462

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 183 $19,915,000 $108,825 $1,625 7.79%
    40-60% 114 $28,280,000 $248,070 $3,226 7.59%
    60-80% 182 $70,160,000 $385,495 $3,867 7.33%
    80-100% 118 $29,420,000 $249,322 $4,434 6.68%
    Under 20% 121 $7,645,000 $63,182 $1,201 7.92%