The Cortland Savings And Banking Company Mortgage Rates, Fees & Info
Cortland, OHLEI: 549300UL8PI3UKDJT092
Tax ID: 34-0165477
Latest/2021 | 2020 Data | 2019 Data | 2018 Data
Jump to:
Mortgage Data
Review & Overview
The Cortland Savings And Banking Company is a smaller bank specializing in Home Purchase and Refi loans. The Cortland Savings And Banking Company has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Youngstown, Cleveland, Akron, Canton, and Salem among others. We have data for 29 markets. (Some data included below & more in-depth data is available with an active subscription.)The Cortland Savings And Banking Company 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. The Cortland Savings And Banking Company is typically an average 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 |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 6.27% | 3/19/23 |
| 30 Year Conventional Purchase | 6.53% | 3/19/23 |
| 30 Year Conventional Refi | 6.56% | 3/19/23 |
| 30 Year Cash-out Refi | 6.72% | 3/19/23 |
| 30 Year FHA Purchase | 7.60% | 3/19/23 |
| 30 Year FHA Refi | 7.32% | 3/19/23 |
| 30 Year VA Purchase | 6.57% | 3/19/23 |
| 30 Year VA Refi | 5.83% | 3/19/23 |
| 30 Year USDA Purchase | 6.27% | 3/19/23 |
| 15 Year Conventional Purchase | 6.17% | 3/19/23 |
| 15 Year Conventional Refi | 6.06% | 3/19/23 |
| 15 Year Cash-out Refi | 6.06% | 3/19/23 |
| 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. | ||
Originations
721Origination Dollar Volume (All Markets)
$155,195,000Awards
The Cortland Savings and Banking Company - 2021
The Cortland Savings and Banking Company is a 2021 , due to their low .
For 2021, less than of lenders were eligible for this award.
Work for The Cortland Savings and Banking Company?
Use this award on your own site. Either save and use the images below, or pass the provided image embed code to your development team.
Relative Rate
The Cortland Savings And Banking Company's average 30 year fixed mortgage rate was
3.07%.
The 2021 average 30 year fixed rate mortgage across all markets and lenders was 3.15%.
This yields a difference of -0.08%.
Relative Fees (Closing Costs)
The Cortland Savings And Banking Company's average total fees/closing costs for a 30 year fixed rate
mortgage were $3,841.
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 |
|---|---|---|---|---|---|
| YOUNGSTOWN-WARREN-BOARDMAN, OH-PA (FHA|USDA|VA) | 292 | $54,480,000 | $186,575 | $3,690 | 3.15% |
| CLEVELAND-ELYRIA, OH (FHA|USDA|VA) | 182 | $43,360,000 | $238,242 | $4,119 | 2.94% |
| AKRON, OH (FHA|USDA|VA) | 163 | $37,705,000 | $231,319 | $3,879 | 3.11% |
| CANTON-MASSILLON, OH (FHA|USDA|VA) | 29 | $6,275,000 | $216,379 | $3,974 | 2.98% |
| Salem, OH (FHA|USDA|VA) | 13 | $2,815,000 | $216,538 | $4,943 | 3.19% |
| Ashtabula, OH (FHA|USDA|VA) | 7 | $2,205,000 | $315,000 | $4,916 | 3.07% |
| TOLEDO, OH (FHA|USDA|VA) | 7 | $1,805,000 | $257,857 | $3,325 | 2.88% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 2 | $1,070,000 | $535,000 | $6,734 | 3.13% |
| CINCINNATI, OH-KY-IN (FHA|USDA|VA) | 3 | $705,000 | $235,000 | $3,443 | 2.96% |
| Wooster, OH (FHA|USDA|VA) | 2 | $590,000 | $295,000 | $10,368 | 3.00% |
| COLUMBUS, OH (FHA|USDA|VA) | 3 | $515,000 | $171,667 | $3,394 | 3.03% |
| Key West, FL (FHA|USDA|VA) | 1 | $455,000 | $455,000 | $4,378 | 2.38% |
| Outside of Metro Areas | 1 | $375,000 | $375,000 | $5,974 | 3.25% |
| WILMINGTON, NC (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $3,862 | 3.00% |
| Zanesville, OH (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $0 | 2.95% |
| PUNTA GORDA, FL (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $3,538 | 3.38% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $3,695 | 3.00% |
| ANN ARBOR, MI (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $2,278 | 2.88% |
| GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $2,361 | 2.88% |
| Findlay, OH (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $2,742 | 2.75% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $3,866 | 2.88% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $0 | 3.75% |
| Sebastian-Vero Beach, FL (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $3,096 | 2.75% |
| TALLAHASSEE, FL (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $3,677 | 3.00% |
| WINSTON-SALEM, NC (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $2,894 | 3.00% |
| OCALA, FL (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $2,473 | 2.38% |
| Norwalk, OH (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $3,053 | 2.38% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $2,562 | 2.99% |
| MANSFIELD, OH (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 3.25% |
Similar Lenders
We use machine learning to identify the top lenders compared against The Cortland Savings and Banking Company based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 792
Similarity Rank: 873
Similarity Rank: 874
Similarity Rank: 1672
Similarity Rank: 1701
Similarity Rank: 2520
Similarity Rank: 2583
Similarity Rank: 3965
Similarity Rank: 4785
Similarity Rank: 5239
Product Mix
For 2021, The Cortland Savings And Banking Company's most frequently originated type of loan was Conventional, with 571 originations. Their 2nd most popular type was HELOC, with 102 originations.
Loan Reason
For 2021, The Cortland Savings And Banking Company's most frequently cited loan purpose was Home Purchase, with 395 originations. The 2nd most popular reason was Refi, with 166 originations.
Loan Duration/Length
For 2021, The Cortland Savings And Banking Company's most frequently cited loan duration was 30 Year, with 402 originations. The 2nd most popular length was 20 Year, with 127 originations.
Origination Fees/Closing Costs
The Cortland Savings And Banking Company's average total fees were $3,841, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 353 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 2.5-3% | 345 | $72,815,000 | $211,058 |
| 3-4% | 271 | $58,815,000 | $217,030 |
| <2.5% | 79 | $14,635,000 | $185,253 |
| 4-5% | 21 | $8,795,000 | $418,810 |
| 5-6% | 5 | $135,000 | $27,000 |
During 2021, The Cortland Savings And Banking Company's average interest rate for loans was 3.07%, while their most frequently originated rate bucket for loans was 2.5-3%, with 345 originations.
Loan Sizing
2021 saw The Cortland Savings And Banking Company place emphasis on $100k-200k loans with 236 originations, totaling $34,230,000 in origination value.
Applicant Income
The Cortland Savings And Banking Company lent most frequently to those with incomes in the $100k-150k range, with 141 originations. The second most popular income band? $50k or less, with 141 originations.
Applicant Debt to Income Ratio
The Cortland Savings And Banking Company lent most frequently to those with DTI ratios of 20-30%, with 179 originations. The next most common DTI ratio? 30-36%, with 143 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications91.67%
The Cortland Savings And Banking Company has an average approval rate.
Pick Rate
Approvals leading to origination86.82%
The Cortland Savings And Banking Company has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 721 | $155,195,000 | $215,250 |
LTV Distribution
Bank Details
Branches
| Bank Name | Branch | Branch Type | Deposits (000's) |
|---|---|---|---|
| The Cortland Savings and Banking Company | 8950 Maple Grove Road Windham, OH 44288 | Full Service B&M | $17,729 |
| The Cortland Savings and Banking Company | 11661 State Route 44 Mantua, OH 44255 | Full Service B&M | $33,409 |
| The Cortland Savings and Banking Company | 14357 Pearl Road Strongsville, OH 44136 | Full Service B&M | $12,672 |
| The Cortland Savings and Banking Company | 194 West Main Street Cortland, OH 44410 | Full Service B&M | $164,670 |
| The Cortland Savings and Banking Company | 2935 Elm Road Warren, OH 44483 | Full Service B&M | $53,061 |
| The Cortland Savings and Banking Company | 342 West Liberty Street Hubbard, OH 44425 | Full Service B&M | $31,535 |
| The Cortland Savings and Banking Company | 3615 Boardman-Canfield Road Canfield, OH 44406 | Full Service B&M | $83,301 |
| The Cortland Savings and Banking Company | 4434 Warren-Sharon Road Vienna, OH 44473 | Full Service B&M | $37,945 |
| The Cortland Savings and Banking Company | 6090 State Route 45 Bristolville, OH 44402 | Full Service B&M | $51,420 |
| The Cortland Savings and Banking Company | 7202 Warren-Sharon Rd Brookfield, OH 44403 | Full Service B&M | $54,867 |
| The Cortland Savings and Banking Company | 75 S Main Street Hudson, OH 44236 | Full Service B&M | $30,252 |
| The Cortland Savings and Banking Company | 815 Youngstown Warren Road Niles, OH 44446 | Full Service B&M | $29,810 |
| The Cortland Savings and Banking Company | 9001 Market Street North Lima, OH 44452 | Full Service B&M | $77,049 |
For 2021, The Cortland Savings And Banking Company had 13 branches.