Machias Savings Bank Mortgage Rates, Fees & Info

Machias, ME

LEI: 549300P0GXZAWI355052

Tax ID: 01-0111800

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

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  • SimulatedRates™
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    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • 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: Bangor, Portland, Augusta, and Lewiston among others. We have data for 5 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 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.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    Home Equity Line of Credit (HELOC) 6.27% 4/18/24
    30 Year Conventional Purchase 6.92% 4/18/24
    30 Year Conventional Refi 6.71% 4/18/24
    30 Year Cash-out Refi 6.77% 4/18/24
    30 Year USDA Purchase 5.44% 4/18/24
    15 Year Conventional Purchase 6.23% 4/18/24
    15 Year Conventional Refi 6.24% 4/18/24
    15 Year Cash-out Refi 6.24% 4/18/24
    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

    679

    Origination Dollar Volume (All Markets)

    $127,765,000

    Employee count

    281

    Awards

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

    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 475 $75,945,000 $159,884 $2,557 4.37%
    BANGOR, ME (FHA|USDA|VA) 131 $27,105,000 $206,908 $2,974 4.83%
    PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 62 $22,150,000 $357,258 $3,667 4.70%
    Augusta-Waterville, ME (FHA|USDA|VA) 5 $1,725,000 $345,000 $2,704 5.63%
    LEWISTON-AUBURN, ME (FHA|USDA|VA) 6 $840,000 $140,000 $3,612 5.83%
    Machias Savings Bank's top markets include Bangor, Portland, Augusta, and Lewiston among others.

    Their top states include:
  • Maine (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.

    Piscataqua Savings Bank
    Similarity Rank: 52
    MAINE HIGHLANDS FEDERAL CREDIT UNION
    Similarity Rank: 99
    CASCO
    Similarity Rank: 126
    Maine Savings Federal Credit Union
    Similarity Rank: 189
    CUMBERLAND COUNTY
    Similarity Rank: 320
    ATLANTIC REGIONAL FEDERAL CREDIT UNION
    Similarity Rank: 320
    Saco Valley Credit Union
    Similarity Rank: 328
    TOWN & COUNTRY FEDERAL CREDIT UNION
    Similarity Rank: 336
    INTEGRITY MORTGAGE LLC
    Similarity Rank: 350
    NORTHEAST CREDIT UNION
    Similarity Rank: 352

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 608 $120,280,000 $197,829 $2,613 4.61%
    USDA 71 $7,485,000 $105,423 $3,255 3.67%

    For 2019, Machias Savings Bank's most frequently originated type of loan was Conventional, with 608 originations. Their 2nd most popular type was USDA, with 71 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 438 $86,240,000 $196,895 $3,141 4.52%
    Refi 129 $24,005,000 $186,085 $1,542 4.54%
    Cash Out Refi 53 $10,605,000 $200,094 $3,386 4.20%
    Home Improvement 34 $3,240,000 $95,294 $1,001 5.03%
    Other 25 $3,675,000 $147,000 $1,228 4.28%

    For 2019, Machias Savings Bank's most frequently cited loan purpose was Home Purchase, with 438 originations. The 2nd most popular reason was Refi, with 129 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 327 $64,725,000 $197,936 $3,370 4.12%
    15 Year 160 $21,740,000 $135,875 $1,400 4.66%
    20 Year 121 $23,065,000 $190,620 $2,429 5.21%
    10 Year 43 $3,035,000 $70,581 $1,308 4.37%
    Other 23 $14,765,000 $641,957 $667 5.51%
    1 Year 4 $420,000 $105,000 $0 6.05%
    5 Year 1 $15,000 $15,000 $584 3.75%

    For 2019, Machias Savings Bank's most frequently cited loan duration was 30 Year, with 327 originations. The 2nd most popular length was 15 Year, with 160 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 366 $52,070,000 $142,268
    $1k-2k 104 $19,970,000 $192,019
    $2k-3k 37 $7,255,000 $196,081
    $3k-4k 19 $4,235,000 $222,895
    $4k-5k 5 $1,225,000 $245,000
    $5k+ 3 $775,000 $258,333

    Machias Savings Bank's average total fees were $3,370, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 366 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 264 $46,050,000 $174,432
    4-5% 244 $47,870,000 $196,189
    5-6% 129 $28,145,000 $218,178
    6-7% 35 $4,695,000 $134,143
    7-8% 4 $330,000 $82,500
    2.5-3% 3 $675,000 $225,000

    During 2019, Machias Savings Bank's average interest rate for loans was 4.12%, while their most frequently originated rate bucket for loans was 3-4%, with 264 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 253 $15,625,000 $61,759 $1,874 4.50%
    $100k-200k 239 $33,235,000 $139,059 $2,920 4.47%
    $200k-400k 135 $36,865,000 $273,074 $3,826 4.53%
    $400k-600k 24 $11,610,000 $483,750 $3,230 4.66%
    $600k-1MM 19 $13,995,000 $736,579 $3,708 4.99%
    $1MM+ 9 $16,435,000 $1,826,111 $4,826 4.40%

    2019 saw Machias Savings Bank place emphasis on $100,000 or less loans with 253 originations, totaling $15,625,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 144 $12,340,000 $85,694 $2,472 4.29%
    $50k-75k 140 $16,660,000 $119,000 $2,733 4.31%
    $100k-150k 99 $17,015,000 $171,869 $2,860 4.31%
    $75k-100k 93 $13,325,000 $143,280 $2,584 4.53%
    $150k-250k 47 $12,115,000 $257,766 $3,176 4.28%
    $250k+ 42 $18,390,000 $437,857 $3,106 4.09%

    Machias Savings Bank lent most frequently to those with incomes in the $50k or less range, with 144 originations. The second most popular income band? $50k-75k, with 140 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 150 $20,040,000 $133,600 $2,660 4.10%
    30-36% 107 $13,815,000 $129,112 $2,472 4.22%
    <20% 66 $15,530,000 $235,303 $2,648 4.00%
    42% 29 $5,545,000 $191,207 $2,742 4.36%
    41% 29 $5,635,000 $194,310 $3,181 4.41%
    37% 23 $3,285,000 $142,826 $2,760 4.55%
    38% 21 $2,965,000 $141,190 $2,414 4.05%
    40% 20 $3,380,000 $169,000 $2,683 4.41%
    36% 19 $2,355,000 $123,947 $2,687 4.21%
    39% 18 $3,180,000 $176,667 $2,892 4.16%
    43% 9 $1,255,000 $139,444 $3,659 3.86%
    45% 9 $2,875,000 $319,444 $3,203 4.35%
    44% 8 $1,450,000 $181,250 $3,540 4.27%
    46% 7 $785,000 $112,143 $3,268 4.61%
    >60% 5 $1,025,000 $205,000 $1,889 5.23%
    47% 5 $555,000 $111,000 $2,738 4.18%
    48% 4 $1,120,000 $280,000 $3,229 4.03%
    50-60% 3 $495,000 $165,000 $2,303 4.71%
    49% 2 $240,000 $120,000 $2,094 4.19%

    Machias Savings Bank lent most frequently to those with DTI ratios of 20-30%, with 150 originations. The next most common DTI ratio? 30-36%, with 107 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 566 $90,920,000 $160,636 $2,692 4.33%
    Not applicable 94 $33,400,000 $355,319 $0 5.62%
    Not provided 12 $1,950,000 $162,500 $2,902 4.43%
    Asian 3 $715,000 $238,333 $2,572 5.58%
    American Indian 3 $685,000 $228,333 $3,107 4.08%
    Black 1 $95,000 $95,000 $2,990 3.95%

    Approval Rates

    Total approvals of all applications
    81.52%

    Machias Savings Bank has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    75.41%

    Machias Savings Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 679 $127,765,000 $188,166

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Manufactured 7 $4,705,000 $672,143
    Multifamily:Site-Built 28 $17,850,000 $637,500
    Single Family (1-4 Units):Manufactured 34 $2,230,000 $65,588
    Single Family (1-4 Units):Site-Built 610 $102,980,000 $168,820

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 56 $6,490,000 $115,893 $1,081 4.59%
    40-60% 87 $18,465,000 $212,241 $1,929 4.63%
    60-80% 261 $54,885,000 $210,287 $2,844 4.74%
    80-100% 245 $44,825,000 $182,959 $3,237 4.18%
    Over 100% 2 $500,000 $250,000 $3,610 4.35%
    Under 20% 28 $2,600,000 $92,857 $712 4.91%

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    Massachusetts Housing Finance Agency (MassHousing) Conventional home mortgage Struggling to pay mortgage 1 100.0%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Machias Savings Bank 3 Glen Street Rockland, ME 4841 Full Service B&M $40,594
    Machias Savings Bank 357 Us Highway 1 Columbia, ME 4623 Full Service B&M $52,858
    Machias Savings Bank 38 Depot Street Danforth, ME 4424 Full Service B&M $19,503
    Machias Savings Bank 1126 Hammond Street Bangor, ME 4401 Full Service B&M $141,002
    Machias Savings Bank 127 Main Street Princeton, ME 4668 Full Service B&M $27,876
    Machias Savings Bank 138 North Street Houlton, ME 4730 Full Service B&M $55,520
    Machias Savings Bank 142 Bennett Drive Caribou, ME 4736 Full Service B&M $35,003
    Machias Savings Bank 193 Middle Street Portland, ME 4101 Full Service B&M $216,442
    Machias Savings Bank 210 North Street Calais, ME 4619 Full Service B&M $69,599
    Machias Savings Bank 248 State Street, Suite 21 Ellsworth, ME 4605 Full Service B&M $4,623
    Machias Savings Bank 4 Center Street Machias, ME 4654 Full Service B&M $206,135
    Machias Savings Bank 581 Wilson Street Brewer, ME 4412 Full Service B&M $79,615
    Machias Savings Bank 6 Penobscot Valley Avenue Lincoln, ME 4457 Full Service B&M $57,055
    Machias Savings Bank 9 Dyer Street Presque Isle, ME 4769 Full Service B&M $49,943
    Machias Savings Bank 93 High Street Ellsworth, ME 4605 Full Service B&M $120,328
    Machias Savings Bank 96 Cottage Street Bar Harbor, ME 4609 Full Service B&M $48,765

    For 2019, Machias Savings Bank had 16 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $72,923
    Net interest income $60,469
    Total noninterest income $10,663
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $1,181
    Trading account gains and fees $0
    Additional Noninterest Income $9,482
    Pre-tax net operating income $17,826
    Securities gains (or losses, -) $2,798
    Income before extraordinary items $16,577
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $16,577
    Minority interest net income $0
    Net income $16,577
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $14,338

    Machias Savings Bank's gross interest income from loans was $72,923,000.
    Machias Savings Bank's net interest income from loans was $60,469,000.
    Machias Savings Bank's fee based income from loans was $1,181,000.
    Machias Savings Bank's net income from loans was $16,577,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $12,454
    Provision for credit losses $1,769
    Total noninterest expense $51,537
    Salaries and employee benefits $25,908
    Premises and equipment expense $6,698
    Additional noninterest expense $18,931
    Applicable income taxes $4,047
    Net charge-offs $1,753
    Cash dividends $0

    Machias Savings Bank's interest expense for loans was $12,454,000.
    Machias Savings Bank's payroll and benefits expense were $25,908,000.
    Machias Savings Bank's property, plant and equipment expenses $6,698,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 0.0%
    Real Estate loans 0.0%
    Construction & Land Development loans 1.0%
    Nonfarm, nonresidential loans 0.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 1.0%
    HELOC loans 0.0%
    All other family 1.0%
    Commercial & industrial loans 0.0%
    Personal loans 0.0%
    Credit card loans 0.0%
    Other individual loans 0.0%
    Auto loans 0.0%
    Other consumer loans 0.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $1,312,140
    Deposits held in domestic offices $1,312,140
    Deposits by Individuals, partnerships, and corporations $1,103,024
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $198,585
    Deposits by Commercial banks and other depository institutions in U.S. $10,530
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $271,562
    Demand deposits $271,559
    Nontransaction accounts $1,040,577
    Money market deposit accounts (MMDAs) $216,486
    Other savings deposits (excluding MMDAs) $603,924
    Total time deposits $220,168
    Total time and savings deposits $1,040,580
    Noninterest-bearing deposits $160,618
    Interest-bearing deposits $1,151,522
    Retail deposits $1,166,802
    IRAs and Keogh plan accounts $64,032
    Brokered deposits $89,202
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $1,525,860
    Cash & Balances due from depository institutions $33,940
    Interest-bearing balances $18,503
    Total securities $112,063
    Federal funds sold & reverse repurchase $0
    Net loans and leases $1,314,591
    Loan and leases loss allowance $17,122
    Trading account assets $0
    Bank premises and fixed assets $27,572
    Other real estate owned $473
    Goodwill and other intangibles $2,686
    All other assets $34,535

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $1,525,860
    Total Liabilities $1,326,924
    Total deposits $1,312,140
    Interest-bearing deposits $1,151,522
    Deposits held in domestic offices $1,312,140
    % insured (estimated) $88
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $1,354
    Subordinated debt $0
    All other liabilities $13,430

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $1,314,591
    Loan and leases loss allowance $17,122
    Total loans and leases (domestic) $1,331,713
    All real estate loans $977,367
    Real estate loans in domestic offices $977,367
    Construction and development loans $72,189
    Residential 1-4 family construction $15,426
    Other construction, all land development and other land $56,763
    Loans secured by nonfarm nonresidential properties $403,677
    Nonfarm nonresidential secured by owner-occupied properties $177,679
    Commercial real estate & other non-farm, non-residential $225,998
    Multifamily residential real estate $29,148
    1-4 family residential loans $462,778
    Farmland loans $9,575
    Loans held in foreign offices $0
    Farm loans $59,945
    Commercial and industrial loans $253,028
    To non-U.S. addressees $0
    Loans to individuals $15,746
    Credit card loans $0
    Related Plans $918
    Consumer Auto Loans $1,265
    Other loans to individuals $13,563
    All other loans & leases $26,539
    Loans to foreign governments and official institutions $0
    Other loans $222
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $2,133
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $17,903
    Non 1-4 family restructured loans & leases $14,303
    Total loans and leases (foreign) $0

    Machias Savings Bank had $1,314,591,000 of loans outstanding in 2019. $977,367,000 of loans were in real estate loans. $72,189,000 of loans were in development loans. $29,148,000 of loans were in multifamily mortgage loans. $462,778,000 of loans were in 1-4 family mortgage loans. $59,945,000 of loans were in farm loans. $0 of loans were in credit card loans. $1,265,000 of loans were in the auto loan category.

    Small Business Loans

    Categorization # of Loans in Category $ amount of loans (in 000's) Average $/loan
    Nonfarm, nonresidential loans - <$1MM 1,040 $205,739 $197,826
    Nonfarm, nonresidential loans - <$100k 283 $11,374 $40,191
    Nonfarm, nonresidential loans - $100-250k 358 $45,778 $127,872
    Nonfarm, nonresidential loans - $250k-1MM 399 $148,587 $372,398
    Commercial & Industrial, US addressed loans - <$1MM 2,425 $121,345 $50,039
    Commercial & Industrial, US addressed loans - <$100k 1,824 $34,335 $18,824
    Commercial & Industrial, US addressed loans - $100-250k 379 $30,892 $81,509
    Commercial & Industrial, US addressed loans - $250k-1MM 222 $56,118 $252,784
    Farmland loans - <$1MM 47 $5,057 $107,596
    Farmland loans - <$100k 23 $802 $34,870
    Farmland loans - $100-250k 16 $2,147 $134,188
    Farmland loans - $250k-1MM 8 $2,108 $263,500
    Agriculture operations loans - <$1MM 882 $48,539 $55,033
    Agriculture operations loans - <$100k 643 $13,908 $21,630
    Agriculture operations loans - $100-250k 190 $22,489 $118,363
    Agriculture operations loans - $250k-1MM 49 $12,142 $247,796