Norway Savings Bank Mortgage Rates, Fees & Info

Norway, ME

LEI: 549300S32ZDD67D2FB46

Tax ID: 01-0130870

5 stars - Updated: 10/29/24 - out of 5 stars, based on 23 reviews

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

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Mortgage Data

Review & Overview

Norway Savings Bank is a smaller bank specializing in Home Purchase loans. Norway Savings Bank has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Portland, Lewiston, Augusta, Punta Gorda, and Bangor among others. We have data for 9 markets. (Some data included below & more in-depth data is available with an active subscription.)

Norway 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. Norway 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% 10/29/24
30 Year Conventional Purchase 6.72% 10/29/24
30 Year Conventional Refi 7.11% 10/29/24
30 Year Cash-out Refi 6.74% 10/29/24
30 Year USDA Purchase 6.09% 10/29/24
15 Year Conventional Purchase 6.70% 10/29/24
15 Year Conventional Refi 6.27% 10/29/24
15 Year Cash-out Refi 6.27% 10/29/24
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.

Norway Savings Bank Mortgage Calculator






Your Estimates

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

This is not an official calculator from Norway 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

534

Origination Dollar Volume (All Markets)

$162,750,000

Awards

Norway Savings Bank 30 Year Conventional Loans silver Norway Savings Bank 30 Year Conventional Loans gold
Show all (2) awards

Relative Rate

Norway Savings Bank's average 30 year fixed mortgage rate was 6.75%.

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

This yields a difference of 0.27%.

Relative Fees (Closing Costs)

Norway Savings Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $3,885.

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) 307 $116,395,000 $379,137 $4,904 7.59%
Outside of Metro Areas 152 $29,430,000 $193,618 $4,223 7.61%
LEWISTON-AUBURN, ME (FHA|USDA|VA) 61 $13,175,000 $215,984 $4,435 7.46%
Augusta-Waterville, ME (FHA|USDA|VA) 7 $1,575,000 $225,000 $4,985 7.64%
PUNTA GORDA, FL (FHA|USDA|VA) 1 $905,000 $905,000 $0 8.00%
BANGOR, ME (FHA|USDA|VA) 2 $530,000 $265,000 $5,224 5.69%
GAINESVILLE, FL (FHA|USDA|VA) 1 $295,000 $295,000 $4,880 5.88%
Berlin, NH (FHA|USDA|VA) 2 $230,000 $115,000 $4,135 8.63%
Sebastian-Vero Beach, FL (FHA|USDA|VA) 1 $215,000 $215,000 $4,675 7.13%
Norway Savings Bank's top markets include Portland, Lewiston, Augusta, Punta Gorda, and Bangor among others.

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

    We use machine learning to identify the top lenders compared against Norway 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
    Holy Rosary Regional Credit Union
    Similarity Rank: 104
    Bath Savings Institution
    Similarity Rank: 115
    CUMBERLAND COUNTY
    Similarity Rank: 200
    EVERGREEN
    Similarity Rank: 204
    Norway Savings Bank
    Similarity Rank: 243
    Androscoggin Savings Bank
    Similarity Rank: 260
    University Credit Union
    Similarity Rank: 370
    CUSO MORTGAGE CORPORATION
    Similarity Rank: 372

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 305 $54,605,000 $179,033 n/a 7.93%
    Conventional 227 $107,785,000 $474,824 $4,541 7.12%
    USDA 2 $360,000 $180,000 $5,027 5.73%

    For 2023, Norway Savings Bank's most frequently originated type of loan was HELOC, with 305 originations. Their 2nd most popular type was Conventional, with 227 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 187 $90,025,000 $481,417 $4,922 7.11%
    Other 139 $21,915,000 $157,662 $3,114 7.79%
    Home Improvement 113 $28,465,000 $251,903 $3,508 7.95%
    Cash Out Refi 84 $19,770,000 $235,357 $4,263 7.83%
    Refi 11 $2,575,000 $234,091 $3,235 7.04%

    For 2023, Norway Savings Bank's most frequently cited loan purpose was Home Purchase, with 187 originations. The 2nd most popular reason was Other, with 139 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 335 $85,355,000 $254,791 $7,243 7.86%
    30 Year 100 $30,200,000 $302,000 $3,885 6.75%
    30+ year 38 $30,190,000 $794,474 $7,023 7.18%
    20 Year 35 $11,715,000 $334,714 $3,730 7.37%
    15 Year 17 $2,745,000 $161,471 $2,481 7.67%
    1 Year 5 $2,215,000 $443,000 $0 8.85%
    10 Year 4 $330,000 $82,500 $1,205 8.27%

    For 2023, Norway Savings Bank's most frequently cited loan duration was Other, with 335 originations. The 2nd most popular length was 30 Year, with 100 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 97 $27,565,000 $284,175
    $1k-2k 60 $23,950,000 $399,167
    $2k-3k 4 $1,230,000 $307,500
    $4k-5k 1 $435,000 $435,000

    Norway Savings Bank's average total fees were $3,885, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 97 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    7-8% 349 $86,735,000 $248,524
    Over 8% 82 $12,980,000 $158,293
    6-7% 63 $47,505,000 $754,048
    5-6% 34 $12,750,000 $375,000
    4-5% 6 $2,780,000 $463,333

    During 2023, Norway Savings Bank's average interest rate for loans was 6.75%, while their most frequently originated rate bucket for loans was 7-8%, with 349 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 164 $45,280,000 $276,098 $4,479 7.36%
    $100,000 or less 139 $7,715,000 $55,504 $2,303 8.05%
    $100k-200k 137 $19,265,000 $140,620 $3,570 7.65%
    $400k-600k 59 $28,715,000 $486,695 $5,787 7.19%
    $600k-1MM 20 $15,550,000 $777,500 $6,786 7.02%
    $1MM+ 15 $46,225,000 $3,081,667 $8,762 7.14%

    2023 saw Norway Savings Bank place emphasis on $200k-400k loans with 164 originations, totaling $45,280,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 121 $22,835,000 $188,719 $4,729 7.68%
    $150k-250k 121 $32,455,000 $268,223 $4,884 7.49%
    $50k-75k 68 $7,170,000 $105,441 $3,661 7.61%
    $250k+ 64 $31,730,000 $495,781 $5,619 7.29%
    $75k-100k 64 $10,000,000 $156,250 $4,275 7.66%
    $50k or less 30 $2,880,000 $96,000 $2,373 8.23%

    Norway Savings Bank lent most frequently to those with incomes in the $100k-150k range, with 121 originations. The second most popular income band? $150k-250k, with 121 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 96 $19,770,000 $205,938 $4,160 7.57%
    30-36% 87 $19,075,000 $219,253 $4,471 7.58%
    <20% 35 $6,175,000 $176,429 $4,087 7.41%
    44% 28 $7,320,000 $261,429 $4,714 7.35%
    43% 22 $7,570,000 $344,091 $5,538 7.61%
    46% 21 $4,565,000 $217,381 $4,576 7.90%
    47% 20 $6,010,000 $300,500 $5,209 7.65%
    49% 18 $3,870,000 $215,000 $4,299 7.63%
    39% 18 $4,600,000 $255,556 $5,105 7.23%
    41% 17 $2,785,000 $163,824 $5,423 7.54%
    48% 16 $3,600,000 $225,000 $3,490 7.60%
    45% 16 $3,440,000 $215,000 $5,378 7.88%
    36% 15 $3,275,000 $218,333 $4,241 7.78%
    37% 15 $1,895,000 $126,333 $3,730 8.02%
    40% 14 $3,460,000 $247,143 $4,844 7.78%
    42% 12 $2,640,000 $220,000 $4,329 8.00%
    38% 8 $1,990,000 $248,750 $4,863 8.05%
    50-60% 7 $1,395,000 $199,286 $4,702 6.98%
    >60% 5 $3,935,000 $787,000 $5,414 6.60%

    Norway Savings Bank lent most frequently to those with DTI ratios of 20-30%, with 96 originations. The next most common DTI ratio? 30-36%, with 87 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 444 $100,470,000 $226,284 $4,539 7.60%
    Not applicable 60 $54,150,000 $902,500 $0 7.41%
    Not provided 23 $4,845,000 $210,652 $4,624 7.64%
    Chinese 1 $2,125,000 $2,125,000 $7,158 5.38%
    Asian 1 $535,000 $535,000 $4,118 6.50%
    Black 2 $340,000 $170,000 $2,910 7.38%
    American Indian 2 $230,000 $115,000 $5,000 7.25%
    Other Pacific Islander 1 $55,000 $55,000 $0 8.00%

    Approval Rates

    Total approvals of all applications
    83.02%

    Norway Savings Bank has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    77.72%

    Norway Savings Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 534 $162,750,000 $304,775

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    534 $162,750,000 $304,775

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 126 $22,050,000 $175,000 $3,112 7.83%
    40-60% 84 $28,790,000 $342,738 $4,101 7.48%
    60-80% 101 $55,945,000 $553,911 $4,603 7.27%
    80-100% 93 $44,195,000 $475,215 $5,307 7.22%
    Over 100% 2 $820,000 $410,000 $0 7.81%
    Under 20% 128 $10,950,000 $85,547 $1,669 7.89%