Chemung Canal Trust Company Mortgage Rates, Fees & Info

Elmira, NY

LEI: 549300WU17K1CLH8VI32

Tax ID: 16-0380815

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

    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, Glens Falls, Buffalo, Elmira, and Binghamton among others. We have data for 32 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.

    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 6.48% 11/22/24
    30 Year Conventional Refi 6.19% 11/22/24
    30 Year Cash-out Refi 6.03% 11/22/24
    15 Year Conventional Purchase 5.69% 11/22/24
    15 Year Conventional Refi 5.36% 11/22/24
    15 Year Cash-out Refi 5.36% 11/22/24
    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

    518

    Origination Dollar Volume (All Markets)

    $274,590,000

    Awards

    Chemung Canal Trust Company 30 Year Conventional Loans bronze Chemung Canal Trust Company 30 Year Conventional Loans silver Chemung Canal Trust Company 30 Year Conventional Loans bronze
    Show all (3) 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
    ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) 120 $169,670,000 $1,413,917 $2,927 4.33%
    GLENS FALLS, NY (FHA|USDA|VA) 21 $25,605,000 $1,219,286 $4,572 4.53%
    BUFFALO-CHEEKTOWAGA, NY (FHA|USDA|VA) 18 $16,730,000 $929,444 $3,871 4.44%
    ELMIRA, NY (FHA|USDA|VA) 100 $9,960,000 $99,600 $746 4.34%
    BINGHAMTON, NY (FHA|USDA|VA) 49 $6,215,000 $126,837 $1,098 4.26%
    ROCHESTER, NY (FHA|USDA|VA) 9 $6,095,000 $677,222 $2,397 4.35%
    Outside of Metro Areas 47 $6,045,000 $128,617 $1,281 4.06%
    Corning, NY (FHA|USDA|VA) 41 $5,005,000 $122,073 $1,009 3.99%
    New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 1 $3,205,000 $3,205,000 $0 6.00%
    Auburn, NY (FHA|USDA|VA) 23 $2,885,000 $125,435 $761 3.88%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 4 $2,650,000 $662,500 $9,096 3.88%
    SYRACUSE, NY (FHA|USDA|VA) 6 $2,600,000 $433,333 $486 4.25%
    Hudson, NY (FHA|USDA|VA) 2 $2,400,000 $1,200,000 $11,105 3.50%
    ITHACA, NY (FHA|USDA|VA) 16 $2,380,000 $148,750 $1,049 4.51%
    Sayre, PA (FHA|USDA|VA) 21 $2,355,000 $112,143 $1,550 4.58%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 2 $2,130,000 $1,065,000 $8,178 4.88%
    Cortland, NY (FHA|USDA|VA) 12 $1,560,000 $130,000 $2,170 4.10%
    PUNTA GORDA, FL (FHA|USDA|VA) 1 $1,195,000 $1,195,000 $12,025 4.00%
    Seneca Falls, NY (FHA|USDA|VA) 7 $955,000 $136,429 $207 4.43%
    Gloversville, NY (FHA|USDA|VA) 3 $895,000 $298,333 $2,088 5.21%
    BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 1 $755,000 $755,000 $5,601 3.25%
    PORT ST. LUCIE, FL (FHA|USDA|VA) 1 $465,000 $465,000 $0 3.63%
    MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 2 $430,000 $215,000 $2,690 2.56%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 2 $410,000 $205,000 $0 3.38%
    Malone, NY (FHA|USDA|VA) 1 $385,000 $385,000 $5,417 3.88%
    Olean, NY (FHA|USDA|VA) 1 $305,000 $305,000 $4,776 3.00%
    WILLIAMSPORT, PA (FHA|USDA|VA) 2 $280,000 $140,000 $63 6.50%
    North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $275,000 $275,000 $3,900 3.00%
    Amsterdam, NY (FHA|USDA|VA) 1 $225,000 $225,000 $0 4.13%
    POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) 1 $205,000 $205,000 $0 3.68%
    SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) 1 $195,000 $195,000 $8,934 4.63%
    UTICA-ROME, NY (FHA|USDA|VA) 1 $125,000 $125,000 $0 4.13%
    Chemung Canal Trust Company's top markets include Albany, Glens Falls, Buffalo, Elmira, and Binghamton among others.

    Their top states include:
  • New York (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Pennsylvania (FHA|USDA|VA)
  • New Jersey (FHA|USDA|VA)
  • Connecticut (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: 24
    Elmira Savings Bank
    Similarity Rank: 33
    Saratoga National Bank and Trust Company
    Similarity Rank: 72
    HUDSON RIVER COMMUNITY
    Similarity Rank: 104
    VISIONS
    Similarity Rank: 154
    FIRST HERITAGE FEDERAL CREDIT UNION
    Similarity Rank: 165
    The Lyons National Bank
    Similarity Rank: 288
    Glens Falls National Bank and Trust Company
    Similarity Rank: 306
    TrustCo Bank
    Similarity Rank: 308
    Five Star Bank
    Similarity Rank: 323

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 518 $274,590,000 $530,097 $1,828 4.27%

    For 2022, Chemung Canal Trust Company's most frequently originated type of loan was Conventional, with 518 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 225 $144,995,000 $644,422 $2,893 4.55%
    Cash Out Refi 121 $26,025,000 $215,083 $1,984 3.69%
    Other 107 $8,955,000 $83,692 $1 4.52%
    Refi 61 $94,375,000 $1,547,131 $1,863 3.91%
    Home Improvement 4 $240,000 $60,000 $0 4.22%

    For 2022, Chemung Canal Trust Company's most frequently cited loan purpose was Home Purchase, with 225 originations. The 2nd most popular reason was Cash Out Refi, with 121 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 184 $27,330,000 $148,533 $686 4.22%
    30 Year 158 $38,620,000 $244,430 $3,103 4.49%
    10 Year 85 $96,935,000 $1,140,412 $302 4.08%
    Other 42 $91,640,000 $2,181,905 $919 4.31%
    30+ year 23 $7,905,000 $343,696 $6,078 4.39%
    5 Year 16 $10,270,000 $641,875 $0 3.80%
    20 Year 10 $1,890,000 $189,000 $3,939 3.49%

    For 2022, Chemung Canal Trust Company's most frequently cited loan duration was 15 Year, with 184 originations. The 2nd most popular length was 30 Year, with 158 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 321 $39,055,000 $121,667
    $1k-2k 56 $13,940,000 $248,929
    $2k-3k 22 $9,440,000 $429,091
    $3k-4k 13 $6,905,000 $531,154
    $5k+ 5 $6,195,000 $1,239,000
    $4k-5k 2 $1,190,000 $595,000

    Chemung Canal Trust Company's average total fees were $3,103, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 321 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 177 $89,445,000 $505,339
    4-5% 168 $141,400,000 $841,667
    5-6% 104 $26,470,000 $254,519
    2.5-3% 38 $8,400,000 $221,053
    <2.5% 16 $5,790,000 $361,875
    6-7% 14 $2,960,000 $211,429
    7-8% 1 $125,000 $125,000

    During 2022, Chemung Canal Trust Company's average interest rate for loans was 4.49%, while their most frequently originated rate bucket for loans was 3-4%, with 177 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 196 $11,270,000 $57,500 $312 4.36%
    $100k-200k 144 $20,560,000 $142,778 $1,534 4.23%
    $200k-400k 99 $26,895,000 $271,667 $3,392 4.19%
    $400k-600k 33 $15,735,000 $476,818 $4,327 4.14%
    $1MM+ 30 $188,660,000 $6,288,667 $10,833 4.22%
    $600k-1MM 16 $11,470,000 $716,875 $7,649 4.34%

    2022 saw Chemung Canal Trust Company place emphasis on $100,000 or less loans with 196 originations, totaling $11,270,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 107 $18,265,000 $170,701 $1,963 4.28%
    $50k-75k 102 $12,340,000 $120,980 $1,226 4.28%
    $150k-250k 67 $16,075,000 $239,925 $2,390 4.16%
    $50k or less 66 $4,700,000 $71,212 $880 4.26%
    $75k-100k 62 $7,300,000 $117,742 $1,564 4.18%
    $250k+ 53 $24,555,000 $463,302 $4,027 4.03%

    Chemung Canal Trust Company lent most frequently to those with incomes in the $100k-150k range, with 107 originations. The second most popular income band? $50k-75k, with 102 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 116 $20,940,000 $180,517 $1,702 4.08%
    30-36% 103 $17,345,000 $168,398 $1,727 4.37%
    <20% 68 $14,600,000 $214,706 $1,779 3.83%
    42% 32 $4,270,000 $133,438 $1,294 4.70%
    40% 17 $2,295,000 $135,000 $1,882 3.99%
    39% 17 $4,365,000 $256,765 $2,352 4.45%
    37% 16 $3,030,000 $189,375 $2,417 4.30%
    41% 16 $2,470,000 $154,375 $1,483 4.62%
    36% 16 $2,320,000 $145,000 $609 4.15%
    38% 13 $1,615,000 $124,231 $1,548 4.22%
    43% 12 $2,140,000 $178,333 $3,477 4.67%
    44% 10 $2,530,000 $253,000 $3,198 4.30%
    47% 7 $1,275,000 $182,143 $1,675 3.70%
    45% 5 $865,000 $173,000 $2,913 4.33%
    50-60% 4 $950,000 $237,500 $3,459 4.28%
    46% 4 $1,200,000 $300,000 $4,696 4.47%
    >60% 3 $625,000 $208,333 $2,135 4.71%
    48% 1 $365,000 $365,000 $6,425 5.00%
    49% 1 $305,000 $305,000 $0 3.00%

    Chemung Canal Trust Company lent most frequently to those with DTI ratios of 20-30%, with 116 originations. The next most common DTI ratio? 30-36%, with 103 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 53 $188,925,000 $3,564,623 $0 4.62%
    White 369 $66,905,000 $181,314 $1,807 4.18%
    Not provided 74 $13,550,000 $183,108 $1,725 4.31%
    Asian 13 $3,765,000 $289,615 $2,523 4.34%
    Black 8 $940,000 $117,500 $1,926 5.20%
    American Indian 1 $505,000 $505,000 $7,461 4.25%

    Approval Rates

    Total approvals of all applications
    86.41%

    Chemung Canal Trust Company has an average approval rate.

    Pick Rate

    Approvals leading to origination
    83.40%

    Chemung Canal Trust Company has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 518 $274,590,000 $530,097

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    518 $274,590,000 $530,097

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 83 $13,115,000 $158,012 $788 4.17%
    40-60% 62 $22,010,000 $355,000 $1,503 3.88%
    60-80% 183 $201,365,000 $1,100,355 $2,948 4.19%
    80-100% 124 $29,820,000 $240,484 $2,593 4.46%
    Under 20% 65 $8,115,000 $124,846 $208 4.60%