Cumberland County Mortgage Rates, Fees & Info

Falmouth, ME

LEI: 549300U3NIUGN9OO4407

Tax ID: 01-0239313

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

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • 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)

    • Review & Overview

    Cumberland County is a smaller mortgage company specializing in Home Purchase loans. Cumberland County has a high proportion of conventional loans. Their top markets by origination volume include: Portland, Lewiston, and Augusta among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Cumberland County has an above average approval rate when compared to the average across all lenders. They have an above 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 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.

    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% 11/21/24
    30 Year Conventional Refi 6.53% 11/21/24
    30 Year Cash-out Refi 6.94% 11/21/24
    15 Year Conventional Purchase 6.40% 11/21/24
    15 Year Conventional Refi 5.76% 11/21/24
    15 Year Cash-out Refi 5.76% 11/21/24
    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

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

    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

    187

    Origination Dollar Volume (All Markets)

    $17,735,000

    Awards

    CUMBERLAND COUNTY 30 Year Conventional Loans gold
    Show all (1) 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
    PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 174 $16,480,000 $94,713 $1,026 4.66%
    LEWISTON-AUBURN, ME (FHA|USDA|VA) 8 $770,000 $96,250 $1,569 4.98%
    Augusta-Waterville, ME (FHA|USDA|VA) 2 $260,000 $130,000 $1,643 5.00%
    Outside of Metro Areas 3 $225,000 $75,000 $1,919 4.17%
    Cumberland County's top markets include Portland, Lewiston, and Augusta 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.

    Saco Valley Credit Union
    Similarity Rank: 70
    CASCO
    Similarity Rank: 90
    CUMBERLAND COUNTY
    Similarity Rank: 120
    Maine Savings Federal Credit Union
    Similarity Rank: 160
    York County Federal Credit Union
    Similarity Rank: 190
    ATLANTIC REGIONAL FEDERAL CREDIT UNION
    Similarity Rank: 235
    FIVE COUNTY
    Similarity Rank: 248
    Bath Savings Institution
    Similarity Rank: 288
    NORTHEAST CREDIT UNION
    Similarity Rank: 315
    TOWN & COUNTRY FEDERAL CREDIT UNION
    Similarity Rank: 325

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 187 $17,735,000 $94,840 $1,070 4.67%

    For 2018, Cumberland County's most frequently originated type of loan was Conventional, with 187 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 56 $1,900,000 $33,929 $272 4.67%
    Home Purchase 45 $10,045,000 $223,222 $2,971 4.64%
    Other 40 $1,640,000 $41,000 $239 4.84%
    Refi 35 $2,045,000 $58,429 $284 4.53%
    Cash Out Refi 11 $2,105,000 $191,364 $2,802 4.60%

    For 2018, Cumberland County's most frequently cited loan purpose was Home Improvement, with 56 originations. The 2nd most popular reason was Home Purchase, with 45 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 52 $3,540,000 $68,077 $622 5.09%
    30 Year 45 $10,495,000 $233,222 $2,970 4.71%
    Other 44 $1,520,000 $34,545 $231 4.17%
    10 Year 38 $1,750,000 $46,053 $419 4.63%
    5 Year 6 $220,000 $36,667 $299 4.68%
    20 Year 2 $210,000 $105,000 $2,788 4.81%

    For 2018, Cumberland County's most frequently cited loan duration was 15 Year, with 52 originations. The 2nd most popular length was 30 Year, with 45 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 183 $17,125,000 $93,579
    $1k-2k 3 $575,000 $191,667

    Cumberland County's average total fees were $2,970, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 183 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 103 $12,625,000 $122,573
    3-4% 36 $2,090,000 $58,056
    5-6% 36 $2,510,000 $69,722
    6-7% 9 $365,000 $40,556
    <2.5% 2 $110,000 $55,000

    During 2018, Cumberland County's average interest rate for loans was 4.71%, while their most frequently originated rate bucket for loans was 4-5%, with 103 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 127 $4,895,000 $38,543 $283 4.69%
    $100k-200k 34 $5,090,000 $149,706 $2,439 4.63%
    $200k-400k 21 $5,645,000 $268,810 $3,063 4.64%
    $400k-600k 5 $2,105,000 $421,000 $3,220 4.65%

    2018 saw Cumberland County place emphasis on $100,000 or less loans with 127 originations, totaling $4,895,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 54 $4,520,000 $83,704 $1,097 4.82%
    $100k-150k 48 $5,380,000 $112,083 $1,032 4.65%
    $75k-100k 38 $3,700,000 $97,368 $1,069 4.68%
    $50k or less 29 $2,455,000 $84,655 $1,345 4.70%
    $150k-250k 17 $1,315,000 $77,353 $505 4.18%
    $250k+ 1 $365,000 $365,000 $3,119 4.75%

    Cumberland County lent most frequently to those with incomes in the $50k-75k range, with 54 originations. The second most popular income band? $100k-150k, with 48 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 48 $3,920,000 $81,667 $786 4.88%
    20-30% 40 $2,520,000 $63,000 $730 4.53%
    50-60% 13 $1,145,000 $88,077 $1,053 4.26%
    40% 12 $1,650,000 $137,500 $1,628 4.82%
    <20% 10 $580,000 $58,000 $1,210 4.23%
    39% 9 $835,000 $92,778 $1,114 4.83%
    38% 7 $1,725,000 $246,429 $2,210 4.68%
    46% 6 $430,000 $71,667 $709 4.99%
    42% 5 $125,000 $25,000 $279 4.94%
    36% 5 $715,000 $143,000 $1,771 4.63%
    41% 5 $465,000 $93,000 $777 4.55%
    43% 5 $665,000 $133,000 $1,914 4.77%
    48% 4 $130,000 $32,500 $174 4.46%
    45% 4 $570,000 $142,500 $2,313 4.34%
    47% 3 $315,000 $105,000 $2,176 5.17%
    >60% 3 $455,000 $151,667 $2,128 4.63%
    37% 3 $525,000 $175,000 $1,179 4.67%
    49% 2 $870,000 $435,000 $3,249 4.63%
    44% 2 $60,000 $30,000 $199 4.50%

    Cumberland County lent most frequently to those with DTI ratios of 30-36%, with 48 originations. The next most common DTI ratio? 20-30%, with 40 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 144 $14,560,000 $101,111 $1,245 4.66%
    Not provided 40 $2,640,000 $66,000 $437 4.71%
    American Indian 1 $405,000 $405,000 $3,051 4.50%
    Black 1 $85,000 $85,000 $199 5.00%
    Asian 1 $45,000 $45,000 $199 3.75%

    Approval Rates

    Total approvals of all applications
    90.28%

    Cumberland County has an average approval rate.

    Pick Rate

    Approvals leading to origination
    97.33%

    Cumberland County has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 187 $17,735,000 $94,840

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 2 $50,000 $25,000
    Single Family (1-4 Units):Site-Built 185 $17,685,000 $95,595

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 25 $1,675,000 $67,000 $455 4.99%
    40-60% 11 $1,225,000 $111,364 $2,085 4.65%
    60-80% 17 $3,465,000 $203,824 $2,861 4.54%
    80-100% 31 $7,865,000 $253,710 $3,028 4.68%
    Under 20% 102 $3,480,000 $34,118 $218 4.61%