Cumberland County Mortgage Rates, Fees & Info

Falmouth, ME

LEI: 549300U3NIUGN9OO4407

Tax ID: 01-0239313

5 stars - Updated: 2/25/24 - out of 5 stars, based on 15 reviews

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

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Mortgage Data

Review & Overview

Cumberland County is a smaller mortgage company specializing in Cash Out Refi and Home Purchase loans. Cumberland County has a high proportion of conventional loans. Their top markets by origination volume include: Portland, Lewiston, Augusta, and Bangor among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)

Cumberland County 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. Cumberland County 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 6.79% 2/25/24
30 Year Conventional Refi 6.53% 2/25/24
30 Year Cash-out Refi 6.94% 2/25/24
15 Year Conventional Purchase 6.40% 2/25/24
15 Year Conventional Refi 5.76% 2/25/24
15 Year Cash-out Refi 5.76% 2/25/24
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.

Cumberland County Mortgage Calculator






Your Estimates

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This is not an official calculator from Cumberland County. 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

211

Origination Dollar Volume (All Markets)

$26,525,000

Awards

CUMBERLAND COUNTY 30 Year Conventional Loans gold
Show all (1) awards

Relative Rate

Cumberland County's average 30 year fixed mortgage rate was 5.22%.

The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.

This yields a difference of 0.46%.

Relative Fees (Closing Costs)

Cumberland County's average total fees/closing costs for a 30 year fixed rate mortgage were $4,048.

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 $4,750.

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) 182 $23,260,000 $127,802 $1,708 4.39%
LEWISTON-AUBURN, ME (FHA|USDA|VA) 13 $1,565,000 $120,385 $1,490 4.48%
Outside of Metro Areas 9 $1,095,000 $121,667 $2,359 5.46%
Augusta-Waterville, ME (FHA|USDA|VA) 6 $540,000 $90,000 $1,251 4.14%
BANGOR, ME (FHA|USDA|VA) 1 $65,000 $65,000 $2,904 4.13%
Cumberland County's top markets include Portland, Lewiston, Augusta, and Bangor among others.

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

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

    Piscataqua Savings Bank
    Similarity Rank: 168
    CUSO MORTGAGE CORPORATION
    Similarity Rank: 450
    CASCO
    Similarity Rank: 452
    Kennebec Savings Bank
    Similarity Rank: 535
    CUMBERLAND COUNTY
    Similarity Rank: 580
    Maine Community Bank
    Similarity Rank: 636
    Cambridge Trust Company
    Similarity Rank: 675
    First National Bank
    Similarity Rank: 705

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 211 $26,525,000 $125,711 $1,715 4.43%

    For 2022, Cumberland County's most frequently originated type of loan was Conventional, with 211 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 69 $3,415,000 $49,493 $333 4.49%
    Cash Out Refi 51 $11,105,000 $217,745 $3,715 3.84%
    Refi 35 $3,115,000 $89,000 $974 4.56%
    Other 29 $1,845,000 $63,621 $440 4.38%
    Home Purchase 27 $7,045,000 $260,926 $3,803 5.31%

    For 2022, Cumberland County's most frequently cited loan purpose was Home Improvement, with 69 originations. The 2nd most popular reason was Cash Out Refi, with 51 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 118 $5,800,000 $49,153 $214 4.53%
    30 Year 53 $13,915,000 $262,547 $4,048 5.22%
    10 Year 21 $3,785,000 $180,238 $3,041 1.99%
    20 Year 10 $1,410,000 $141,000 $3,053 4.78%
    15 Year 9 $1,615,000 $179,444 $3,092 3.92%

    For 2022, Cumberland County's most frequently cited loan duration was Other, with 118 originations. The 2nd most popular length was 30 Year, with 53 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 206 $24,780,000 $120,291
    $5k+ 4 $1,350,000 $337,500
    $4k-5k 1 $395,000 $395,000

    Cumberland County's average total fees were $4,048, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 206 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 70 $8,450,000 $120,714
    3-4% 58 $4,770,000 $82,241
    5-6% 36 $4,690,000 $130,278
    <2.5% 21 $3,785,000 $180,238
    6-7% 15 $3,245,000 $216,333
    7-8% 6 $990,000 $165,000
    2.5-3% 4 $520,000 $130,000
    Over 8% 1 $75,000 $75,000

    During 2022, Cumberland County's average interest rate for loans was 5.22%, while their most frequently originated rate bucket for loans was 4-5%, with 70 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 119 $5,395,000 $45,336 $474 4.44%
    $200k-400k 50 $14,030,000 $280,600 $3,851 4.91%
    $100k-200k 39 $5,555,000 $142,436 $2,243 3.87%
    $400k-600k 2 $940,000 $470,000 $10,853 4.56%
    $600k-1MM 1 $605,000 $605,000 $3,763 1.99%

    2022 saw Cumberland County place emphasis on $100,000 or less loans with 119 originations, totaling $5,395,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 56 $8,950,000 $159,821 $2,301 4.66%
    $100k-150k 49 $6,305,000 $128,673 $1,381 4.21%
    $150k-250k 38 $4,610,000 $121,316 $1,524 4.36%
    $75k-100k 31 $2,925,000 $94,355 $1,381 4.43%
    $50k or less 21 $2,055,000 $97,857 $2,034 4.51%
    $250k+ 6 $330,000 $55,000 $175 4.07%

    Cumberland County lent most frequently to those with incomes in the $50k-75k range, with 56 originations. The second most popular income band? $100k-150k, with 49 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 54 $5,630,000 $104,259 $1,603 4.09%
    30-36% 45 $5,045,000 $112,111 $1,499 4.35%
    <20% 16 $1,600,000 $100,000 $1,601 4.17%
    50-60% 12 $1,620,000 $135,000 $1,601 5.77%
    >60% 10 $2,480,000 $248,000 $4,015 4.40%
    43% 9 $1,895,000 $210,556 $2,327 4.26%
    45% 8 $1,340,000 $167,500 $1,749 5.89%
    36% 7 $535,000 $76,429 $643 4.91%
    47% 6 $650,000 $108,333 $1,635 3.40%
    42% 6 $910,000 $151,667 $2,256 3.83%
    44% 6 $630,000 $105,000 $1,228 5.40%
    49% 5 $1,475,000 $295,000 $3,440 4.47%
    48% 5 $445,000 $89,000 $1,870 4.08%
    46% 5 $545,000 $109,000 $1,310 4.71%
    38% 4 $270,000 $67,500 $770 4.34%
    37% 4 $470,000 $117,500 $1,506 4.91%
    39% 3 $475,000 $158,333 $1,302 5.03%
    40% 2 $110,000 $55,000 $175 4.75%
    41% 2 $270,000 $135,000 $1,659 3.12%

    Cumberland County lent most frequently to those with DTI ratios of 20-30%, with 54 originations. The next most common DTI ratio? 30-36%, with 45 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 183 $24,095,000 $131,667 $1,788 4.44%
    Not provided 24 $1,450,000 $60,417 $636 4.41%
    Asian 2 $570,000 $285,000 $6,493 5.44%
    Other Asian 1 $285,000 $285,000 $3,337 4.75%
    American Indian 1 $125,000 $125,000 $3,090 1.99%

    Approval Rates

    Total approvals of all applications
    89.66%

    Cumberland County has an average approval rate.

    Pick Rate

    Approvals leading to origination
    89.10%

    Cumberland County has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 211 $26,525,000 $125,711

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    211 $26,525,000 $125,711

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 33 $3,745,000 $113,485 $1,324 4.07%
    40-60% 28 $5,830,000 $208,214 $3,684 4.36%
    60-80% 33 $8,435,000 $255,606 $3,754 4.29%
    80-100% 14 $4,030,000 $287,857 $4,223 5.72%
    Under 20% 102 $4,210,000 $41,275 $281 4.42%