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 Cash Out Refi and Refi 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 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 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
    30 Year Conventional Purchase 6.79% 11/17/24
    30 Year Conventional Refi 6.53% 11/17/24
    30 Year Cash-out Refi 6.94% 11/17/24
    15 Year Conventional Purchase 6.40% 11/17/24
    15 Year Conventional Refi 5.76% 11/17/24
    15 Year Cash-out Refi 5.76% 11/17/24
    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

    322

    Origination Dollar Volume (All Markets)

    $52,250,000

    Awards

    CUMBERLAND COUNTY 30 Year Conventional Loans silver CUMBERLAND COUNTY 30 Year Conventional Loans silver
    Show all (2) 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) 297 $49,115,000 $165,370 $2,362 3.31%
    LEWISTON-AUBURN, ME (FHA|USDA|VA) 13 $1,395,000 $107,308 $2,388 3.44%
    Outside of Metro Areas 9 $1,295,000 $143,889 $2,895 3.21%
    Augusta-Waterville, ME (FHA|USDA|VA) 3 $445,000 $148,333 $2,624 2.58%
    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.

    Piscataqua Savings Bank
    Similarity Rank: 136
    CUMBERLAND COUNTY
    Similarity Rank: 176
    TOWN & COUNTRY FEDERAL CREDIT UNION
    Similarity Rank: 222
    CASCO
    Similarity Rank: 324
    Maine Savings Federal Credit Union
    Similarity Rank: 476
    FIVE COUNTY
    Similarity Rank: 484
    Kennebec Savings Bank
    Similarity Rank: 490
    CUSO MORTGAGE CORPORATION
    Similarity Rank: 534
    University Credit Union
    Similarity Rank: 540
    MEMBERS MORTGAGE COMPANY, INC.
    Similarity Rank: 570

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 322 $52,250,000 $162,267 $2,381 3.31%

    For 2020, Cumberland County's most frequently originated type of loan was Conventional, with 322 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 120 $24,590,000 $204,917 $3,283 2.91%
    Refi 108 $18,650,000 $172,685 $2,410 3.08%
    Home Improvement 43 $1,605,000 $37,326 $223 4.47%
    Home Purchase 29 $6,025,000 $207,759 $3,378 3.19%
    Other 22 $1,380,000 $62,727 $215 4.48%

    For 2020, Cumberland County's most frequently cited loan purpose was Cash Out Refi, with 120 originations. The 2nd most popular reason was Refi, with 108 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 108 $16,340,000 $151,296 $2,027 3.40%
    30 Year 92 $20,230,000 $219,891 $3,388 3.07%
    20 Year 48 $10,500,000 $218,750 $3,283 3.03%
    10 Year 47 $4,365,000 $92,872 $1,551 3.40%
    Other 23 $705,000 $30,652 $195 4.03%
    5 Year 4 $110,000 $27,500 $249 4.50%

    For 2020, Cumberland County's most frequently cited loan duration was 15 Year, with 108 originations. The 2nd most popular length was 30 Year, with 92 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 301 $47,105,000 $156,495
    $2k-3k 9 $2,195,000 $243,889
    $3k-4k 8 $2,200,000 $275,000
    $1k-2k 3 $565,000 $188,333
    $4k-5k 1 $185,000 $185,000

    Cumberland County's average total fees were $3,388, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 301 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 111 $23,695,000 $213,468
    3-4% 90 $15,400,000 $171,111
    <2.5% 55 $9,555,000 $173,727
    4-5% 55 $3,085,000 $56,091
    5-6% 10 $410,000 $41,000
    6-7% 1 $105,000 $105,000

    During 2020, Cumberland County's average interest rate for loans was 3.07%, while their most frequently originated rate bucket for loans was 2.5-3%, with 111 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 117 $17,745,000 $151,667 $2,820 2.88%
    $200k-400k 108 $28,160,000 $260,741 $3,450 2.99%
    $100,000 or less 92 $4,030,000 $43,804 $520 4.25%
    $400k-600k 5 $2,315,000 $463,000 $3,244 2.90%

    2020 saw Cumberland County place emphasis on $100k-200k loans with 117 originations, totaling $17,745,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 84 $14,140,000 $168,333 $2,392 3.29%
    $75k-100k 75 $12,415,000 $165,533 $2,469 3.26%
    $50k-75k 73 $10,955,000 $150,068 $2,583 3.32%
    $150k-250k 57 $10,695,000 $187,632 $2,083 3.28%
    $50k or less 25 $2,865,000 $114,600 $2,473 3.40%
    $250k+ 4 $920,000 $230,000 $1,949 3.66%

    Cumberland County lent most frequently to those with incomes in the $100k-150k range, with 84 originations. The second most popular income band? $75k-100k, with 75 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 107 $16,235,000 $151,729 $2,257 3.36%
    30-36% 50 $7,210,000 $144,200 $2,186 3.30%
    <20% 35 $6,105,000 $174,429 $2,408 3.12%
    44% 14 $2,710,000 $193,571 $2,842 3.66%
    38% 13 $2,715,000 $208,846 $2,972 3.01%
    39% 11 $1,375,000 $125,000 $1,440 3.76%
    37% 10 $2,070,000 $207,000 $3,066 3.09%
    40% 9 $1,625,000 $180,556 $3,005 3.01%
    50-60% 9 $1,145,000 $127,222 $2,149 3.44%
    41% 8 $1,450,000 $181,250 $2,638 3.06%
    43% 8 $1,440,000 $180,000 $2,599 3.14%
    45% 8 $1,130,000 $141,250 $2,390 3.42%
    46% 8 $1,940,000 $242,500 $3,585 2.95%
    48% 7 $1,185,000 $169,286 $2,376 3.07%
    49% 6 $1,250,000 $208,333 $2,684 3.44%
    >60% 5 $395,000 $79,000 $793 4.13%
    36% 5 $1,015,000 $203,000 $2,680 3.62%
    47% 5 $635,000 $127,000 $1,879 3.68%
    42% 3 $525,000 $175,000 $2,677 2.75%

    Cumberland County lent most frequently to those with DTI ratios of 20-30%, with 107 originations. The next most common DTI ratio? 30-36%, with 50 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 296 $50,300,000 $169,932 $2,535 3.24%
    Not provided 24 $1,600,000 $66,667 $532 4.16%
    Asian 2 $350,000 $175,000 $1,803 3.81%

    Approval Rates

    Total approvals of all applications
    91.65%

    Cumberland County has an average approval rate.

    Pick Rate

    Approvals leading to origination
    81.68%

    Cumberland County has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 322 $52,250,000 $162,267

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 3 $275,000 $91,667
    Single Family (1-4 Units):Site-Built 319 $51,975,000 $162,931

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 43 $4,905,000 $114,070 $1,675 3.53%
    40-60% 74 $13,630,000 $184,189 $2,823 2.86%
    60-80% 104 $23,690,000 $227,788 $3,386 2.97%
    80-100% 30 $7,350,000 $245,000 $3,503 3.10%
    Under 20% 70 $2,640,000 $37,714 $403 4.23%