Chemung Canal Trust Company Mortgage Rates, Fees & Info
Elmira, NYLEI: 549300WU17K1CLH8VI32
Tax ID: 16-0380815
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Mortgage Data
Review & Overview
Chemung Canal Trust Company is a smaller mortgage company specializing in Home Purchase, Cash Out Refi, and Refi loans. Chemung Canal Trust Company has a high proportion of conventional loans. Their top markets by origination volume include: Albany, Elmira, Ithaca, Binghamton, and Rochester among others. We have data for 37 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 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.48% | 11/21/24 |
| 30 Year Conventional Refi | 6.19% | 11/21/24 |
| 30 Year Cash-out Refi | 6.03% | 11/21/24 |
| 15 Year Conventional Purchase | 5.69% | 11/21/24 |
| 15 Year Conventional Refi | 5.36% | 11/21/24 |
| 15 Year Cash-out Refi | 5.36% | 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. | ||
Chemung Canal Trust Company Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
660Origination Dollar Volume (All Markets)
$189,450,000Top 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) | 167 | $94,865,000 | $568,054 | $3,458 | 3.30% |
| ELMIRA, NY (FHA|USDA|VA) | 113 | $14,525,000 | $128,540 | $1,520 | 3.24% |
| ITHACA, NY (FHA|USDA|VA) | 42 | $13,700,000 | $326,190 | $2,054 | 3.24% |
| Outside of Metro Areas | 64 | $12,410,000 | $193,906 | $2,651 | 3.23% |
| BINGHAMTON, NY (FHA|USDA|VA) | 73 | $8,545,000 | $117,055 | $1,551 | 3.29% |
| ROCHESTER, NY (FHA|USDA|VA) | 7 | $6,755,000 | $965,000 | $5,527 | 3.00% |
| GLENS FALLS, NY (FHA|USDA|VA) | 17 | $5,535,000 | $325,588 | $3,257 | 3.28% |
| Corning, NY (FHA|USDA|VA) | 39 | $4,745,000 | $121,667 | $1,021 | 3.33% |
| ERIE, PA (FHA|USDA|VA) | 2 | $4,210,000 | $2,105,000 | $3,497 | 2.42% |
| Auburn, NY (FHA|USDA|VA) | 37 | $4,155,000 | $112,297 | $1,273 | 3.32% |
| Sayre, PA (FHA|USDA|VA) | 32 | $3,180,000 | $99,375 | $1,862 | 3.49% |
| BUFFALO-CHEEKTOWAGA, NY (FHA|USDA|VA) | 11 | $2,585,000 | $235,000 | $1,170 | 3.34% |
| POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) | 1 | $2,165,000 | $2,165,000 | $0 | 2.19% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 3 | $1,805,000 | $601,667 | $3,141 | 3.33% |
| SYRACUSE, NY (FHA|USDA|VA) | 13 | $1,605,000 | $123,462 | $949 | 3.36% |
| Cortland, NY (FHA|USDA|VA) | 9 | $1,315,000 | $146,111 | $2,478 | 3.14% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 2 | $820,000 | $410,000 | $5,510 | 2.69% |
| Gloversville, NY (FHA|USDA|VA) | 4 | $720,000 | $180,000 | $1,890 | 3.28% |
| Hudson, NY (FHA|USDA|VA) | 4 | $600,000 | $150,000 | $1,187 | 3.50% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 1 | $585,000 | $585,000 | $4,700 | 3.00% |
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 1 | $425,000 | $425,000 | $0 | 2.88% |
| SAVANNAH, GA (FHA|USDA|VA) | 1 | $425,000 | $425,000 | $3,540 | 3.00% |
| CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) | 1 | $365,000 | $365,000 | $3,857 | 2.63% |
| Key West, FL (FHA|USDA|VA) | 1 | $335,000 | $335,000 | $2,936 | 2.38% |
| Oneonta, NY (FHA|USDA|VA) | 1 | $335,000 | $335,000 | $3,086 | 3.25% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 2 | $330,000 | $165,000 | $2,968 | 2.63% |
| SPRINGFIELD, MA (FHA|USDA|VA) | 2 | $310,000 | $155,000 | $0 | 3.00% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $4,033 | 3.25% |
| DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $4,139 | 3.13% |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $3,708 | 3.13% |
| RALEIGH-CARY, NC (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $3,843 | 2.63% |
| Amsterdam, NY (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $0 | 3.75% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $2,882 | 3.25% |
| Seneca Falls, NY (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $3,318 | 3.38% |
| PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $4,080 | 3.00% |
| BARNSTABLE TOWN, MA (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $3,161 | 2.50% |
| Olean, NY (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $2,600 | 3.00% |
Similar Lenders
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 660 | $189,450,000 | $287,045 | $2,206 | 3.27% |
For 2021, Chemung Canal Trust Company's most frequently originated type of loan was Conventional, with 660 originations.
Loan Reason
For 2021, Chemung Canal Trust Company's most frequently cited loan purpose was Home Purchase, with 277 originations. The 2nd most popular reason was Cash Out Refi, with 203 originations.
Loan Duration/Length
For 2021, Chemung Canal Trust Company's most frequently cited loan duration was 30 Year, with 276 originations. The 2nd most popular length was 15 Year, with 220 originations.
Origination Fees/Closing Costs
Chemung Canal Trust Company's average total fees were $2,766, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 416 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 305 | $76,475,000 | $250,738 |
| 2.5-3% | 223 | $57,715,000 | $258,812 |
| <2.5% | 73 | $49,015,000 | $671,438 |
| 4-5% | 35 | $4,835,000 | $138,143 |
| 5-6% | 24 | $1,410,000 | $58,750 |
During 2021, Chemung Canal Trust Company's average interest rate for loans was 3.24%, while their most frequently originated rate bucket for loans was 3-4%, with 305 originations.
Loan Sizing
2021 saw Chemung Canal Trust Company place emphasis on $100k-200k loans with 253 originations, totaling $36,515,000 in origination value.
Applicant Income
Chemung Canal Trust Company lent most frequently to those with incomes in the $100k-150k range, with 135 originations. The second most popular income band? $50k-75k, with 119 originations.
Applicant Debt to Income Ratio
Chemung Canal Trust Company lent most frequently to those with DTI ratios of 20-30%, with 161 originations. The next most common DTI ratio? 30-36%, with 132 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications86.06%
Chemung Canal Trust Company has an average approval rate.
Pick Rate
Approvals leading to origination77.73%
Chemung Canal Trust Company has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 660 | $189,450,000 | $287,045 |