Chemung Canal Trust Company Mortgage Rates, Fees & Info

Elmira, NY

LEI: 549300WU17K1CLH8VI32

Tax ID: 16-0380815

5 stars - Updated: 11/17/24 - out of 5 stars, based on 16 reviews

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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Relative Rates
  • Relative Fees
  • 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

    Chemung Canal Trust Company is a smaller mortgage company specializing in Home Purchase and Refi loans. Chemung Canal Trust Company has a high proportion of conventional loans. Their top markets by origination volume include: Albany, Buffalo, Elmira, Ithaca, and Binghamton among others. We have data for 24 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Chemung Canal Trust Company 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. Chemung Canal Trust Company 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.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.48% 11/17/24
    30 Year Conventional Refi 6.19% 11/17/24
    30 Year Cash-out Refi 6.03% 11/17/24
    15 Year Conventional Purchase 5.69% 11/17/24
    15 Year Conventional Refi 5.36% 11/17/24
    15 Year Cash-out Refi 5.36% 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.

    Chemung Canal Trust Company Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Chemung Canal Trust Company. 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

    268

    Origination Dollar Volume (All Markets)

    $146,210,000

    Awards

    Chemung Canal Trust Company 30 Year Conventional Loans silver Chemung Canal Trust Company 30 Year Conventional Loans gold
    Show all (2) awards

    Relative Rate

    Chemung Canal Trust Company's average 30 year fixed mortgage rate was 6.45%.

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

    This yields a difference of -0.03%.

    Relative Fees (Closing Costs)

    Chemung Canal Trust Company's average total fees/closing costs for a 30 year fixed rate mortgage were $3,203.

    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
    ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) 61 $77,485,000 $1,270,246 $3,268 6.56%
    BUFFALO-CHEEKTOWAGA, NY (FHA|USDA|VA) 5 $21,065,000 $4,213,000 $3,184 6.52%
    ELMIRA, NY (FHA|USDA|VA) 59 $15,545,000 $263,475 $722 6.17%
    ITHACA, NY (FHA|USDA|VA) 14 $13,450,000 $960,714 $2,499 6.44%
    BINGHAMTON, NY (FHA|USDA|VA) 21 $2,685,000 $127,857 $856 5.92%
    Corning, NY (FHA|USDA|VA) 26 $2,260,000 $86,923 $900 6.20%
    Outside of Metro Areas 23 $2,155,000 $93,696 $666 6.10%
    ROCHESTER, NY (FHA|USDA|VA) 4 $1,960,000 $490,000 $3,392 5.86%
    Sayre, PA (FHA|USDA|VA) 13 $1,595,000 $122,692 $1,203 6.27%
    SYRACUSE, NY (FHA|USDA|VA) 6 $1,400,000 $233,333 $1,800 6.73%
    GLENS FALLS, NY (FHA|USDA|VA) 5 $1,085,000 $217,000 $4,236 6.30%
    Auburn, NY (FHA|USDA|VA) 8 $860,000 $107,500 $779 6.28%
    Seneca Falls, NY (FHA|USDA|VA) 4 $730,000 $182,500 $2,702 6.75%
    Olean, NY (FHA|USDA|VA) 2 $720,000 $360,000 $6,760 6.25%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $605,000 $605,000 $3,767 7.50%
    PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 1 $585,000 $585,000 $5,522 6.38%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $445,000 $445,000 $7,775 4.88%
    Cortland, NY (FHA|USDA|VA) 7 $395,000 $56,429 $383 6.46%
    Gloversville, NY (FHA|USDA|VA) 2 $390,000 $195,000 $4,256 6.13%
    Lebanon, NH-VT (FHA|USDA|VA) 1 $255,000 $255,000 $3,127 6.38%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $205,000 $205,000 $4,091 5.38%
    Amsterdam, NY (FHA|USDA|VA) 1 $135,000 $135,000 $0 6.50%
    MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 1 $115,000 $115,000 $0 4.13%
    Hudson, NY (FHA|USDA|VA) 1 $85,000 $85,000 $0 7.00%
    Chemung Canal Trust Company's top markets include Albany, Buffalo, Elmira, Ithaca, and Binghamton among others.

    Their top states include:
  • New York (FHA|USDA|VA)
  • Pennsylvania (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Vermont (FHA|USDA|VA)
  • South Carolina (FHA|USDA|VA)

    • Similar Lenders

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

    Bank of Richmondville
    Similarity Rank: 32
    Saratoga National Bank and Trust Company
    Similarity Rank: 54
    Glens Falls National Bank and Trust Company
    Similarity Rank: 81
    HUDSON RIVER COMMUNITY
    Similarity Rank: 108
    FIRST HERITAGE FEDERAL CREDIT UNION
    Similarity Rank: 126
    Five Star Bank
    Similarity Rank: 187
    VISIONS
    Similarity Rank: 220
    The Lyons National Bank
    Similarity Rank: 266
    FIRST NEW YORK
    Similarity Rank: 300
    SUNMARK FEDERAL CREDIT UNION
    Similarity Rank: 405

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 268 $146,210,000 $545,560 $1,673 6.29%

    For 2023, Chemung Canal Trust Company's most frequently originated type of loan was Conventional, with 268 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 106 $96,500,000 $910,377 $3,780 6.59%
    Other 93 $6,125,000 $65,860 $0 6.14%
    Cash Out Refi 44 $7,450,000 $169,318 $1,292 5.85%
    Refi 21 $35,905,000 $1,709,762 $3,460 6.33%
    Home Improvement 4 $230,000 $57,500 $0 6.28%

    For 2023, Chemung Canal Trust Company's most frequently cited loan purpose was Home Purchase, with 106 originations. The 2nd most popular reason was Other, with 93 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 92 $8,350,000 $90,761 $259 6.34%
    30 Year 68 $16,210,000 $238,382 $3,203 6.45%
    10 Year 44 $27,690,000 $629,318 $0 5.96%
    Other 31 $57,735,000 $1,862,419 $1,174 6.31%
    5 Year 16 $29,640,000 $1,852,500 $0 5.76%
    30+ year 15 $6,255,000 $417,000 $7,438 6.63%
    20 Year 2 $330,000 $165,000 $3,954 6.63%

    For 2023, Chemung Canal Trust Company's most frequently cited loan duration was 15 Year, with 92 originations. The 2nd most popular length was 30 Year, with 68 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 180 $20,490,000 $113,833
    $1k-2k 26 $6,620,000 $254,615
    $2k-3k 11 $4,455,000 $405,000
    $3k-4k 2 $880,000 $440,000
    $5k+ 2 $1,270,000 $635,000
    $4k-5k 1 $725,000 $725,000

    Chemung Canal Trust Company's average total fees were $3,203, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 180 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 142 $55,150,000 $388,380
    5-6% 75 $15,185,000 $202,467
    7-8% 33 $59,555,000 $1,804,697
    4-5% 14 $3,530,000 $252,143
    3-4% 2 $110,000 $55,000
    Over 8% 2 $12,680,000 $6,340,000

    During 2023, Chemung Canal Trust Company's average interest rate for loans was 6.45%, while their most frequently originated rate bucket for loans was 6-7%, with 142 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 116 $5,970,000 $51,466 $162 6.09%
    $100k-200k 70 $9,810,000 $140,143 $1,485 6.45%
    $200k-400k 42 $10,940,000 $260,476 $3,862 6.24%
    $400k-600k 16 $7,730,000 $483,125 $6,106 6.59%
    $1MM+ 15 $104,935,000 $6,995,667 $11,545 6.81%
    $600k-1MM 9 $6,825,000 $758,333 $6,650 6.35%

    2023 saw Chemung Canal Trust Company place emphasis on $100,000 or less loans with 116 originations, totaling $5,970,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 53 $8,675,000 $163,679 $2,159 6.42%
    $50k-75k 50 $4,650,000 $93,000 $980 6.05%
    $150k-250k 41 $10,325,000 $251,829 $2,901 6.50%
    $50k or less 35 $2,165,000 $61,857 $619 5.93%
    $75k-100k 35 $3,615,000 $103,286 $1,119 6.36%
    $250k+ 22 $7,570,000 $344,091 $2,850 5.92%

    Chemung Canal Trust Company lent most frequently to those with incomes in the $100k-150k range, with 53 originations. The second most popular income band? $50k-75k, with 50 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 57 $7,545,000 $132,368 $1,330 6.27%
    20-30% 48 $5,000,000 $104,167 $822 6.09%
    42% 22 $2,780,000 $126,364 $948 6.24%
    <20% 16 $3,750,000 $234,375 $2,086 5.97%
    40% 16 $2,650,000 $165,625 $2,046 6.36%
    38% 14 $1,840,000 $131,429 $1,542 6.30%
    36% 10 $1,270,000 $127,000 $1,189 6.19%
    46% 9 $3,655,000 $406,111 $7,531 6.39%
    41% 9 $605,000 $67,222 $0 6.51%
    37% 7 $1,535,000 $219,286 $2,580 6.30%
    39% 7 $1,165,000 $166,429 $1,888 6.07%
    44% 6 $930,000 $155,000 $2,365 6.21%
    45% 4 $870,000 $217,500 $3,447 6.06%
    43% 4 $480,000 $120,000 $879 6.22%
    47% 3 $1,125,000 $375,000 $4,556 6.58%
    49% 3 $865,000 $288,333 $3,612 6.33%
    50-60% 2 $1,010,000 $505,000 $7,068 6.94%
    48% 1 $95,000 $95,000 $2,221 6.88%

    Chemung Canal Trust Company lent most frequently to those with DTI ratios of 30-36%, with 57 originations. The next most common DTI ratio? 20-30%, with 48 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 30 $109,040,000 $3,634,667 $0 6.75%
    White 196 $30,600,000 $156,122 $1,691 6.22%
    Not provided 29 $3,905,000 $134,655 $1,134 6.39%
    Asian 5 $1,255,000 $251,000 $4,603 5.80%
    Black 5 $695,000 $139,000 $1,707 6.60%
    Asian Indian 1 $445,000 $445,000 $7,775 4.88%
    American Indian 2 $270,000 $135,000 $0 5.25%

    Approval Rates

    Total approvals of all applications
    81.52%

    Chemung Canal Trust Company has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    79.85%

    Chemung Canal Trust Company has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 268 $146,210,000 $545,560

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    268 $146,210,000 $545,560

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 60 $5,460,000 $91,000 $391 5.98%
    40-60% 31 $17,195,000 $554,677 $2,196 6.06%
    60-80% 78 $106,000,000 $1,358,974 $3,458 6.56%
    80-100% 53 $12,725,000 $240,094 $2,849 6.37%
    Under 20% 46 $4,830,000 $105,000 $0 6.29%