Merrimack County Savings Bank Mortgage Rates, Fees & Info

Concord, NH

LEI: 549300YV7HFY5MTM2Z65

Tax ID: 02-0166180

5 stars - Updated: 5/26/24 - out of 5 stars, based on 15 reviews

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

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Mortgage Data

Review & Overview

Merrimack County Savings Bank is a smaller bank specializing in Home Purchase loans. Merrimack County Savings Bank has a high proportion of conventional loans. Their top markets by origination volume include: Concord, Manchester, Boston, Laconia, and Berlin among others. We have data for 10 markets. (Some data included below & more in-depth data is available with an active subscription.)

Merrimack County Savings Bank 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. Merrimack County Savings Bank 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.

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 6.10% 5/26/24
30 Year Conventional Refi 6.12% 5/26/24
30 Year Cash-out Refi 6.23% 5/26/24
15 Year Conventional Purchase 5.66% 5/26/24
15 Year Conventional Refi 6.17% 5/26/24
15 Year Cash-out Refi 6.17% 5/26/24
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.

Merrimack County Savings Bank Mortgage Calculator






Your Estimates

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

This is not an official calculator from Merrimack County Savings Bank. 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

222

Origination Dollar Volume (All Markets)

$77,380,000

Awards

Merrimack County Savings Bank 30 Year Conventional Loans silver Merrimack County Savings Bank 30 Year Conventional Loans bronze
Show all (2) awards

Relative Rate

Merrimack County Savings Bank's average 30 year fixed mortgage rate was 7.05%.

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

This yields a difference of 0.57%.

Relative Fees (Closing Costs)

Merrimack County Savings Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $4,268.

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
Concord, NH (FHA|USDA|VA) 100 $29,210,000 $292,100 $4,183 7.39%
MANCHESTER-NASHUA, NH (FHA|USDA|VA) 44 $21,900,000 $497,727 $7,150 7.35%
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 37 $10,985,000 $296,892 $4,727 7.46%
Laconia, NH (FHA|USDA|VA) 18 $6,220,000 $345,556 $4,966 7.34%
Berlin, NH (FHA|USDA|VA) 4 $2,710,000 $677,500 $4,207 7.23%
PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 7 $2,645,000 $377,857 $5,127 7.23%
Outside of Metro Areas 5 $1,905,000 $381,000 $4,192 6.63%
Lebanon, NH-VT (FHA|USDA|VA) 4 $960,000 $240,000 $6,227 8.00%
Keene, NH (FHA|USDA|VA) 1 $575,000 $575,000 $7,366 6.63%
Rutland, VT (FHA|USDA|VA) 2 $270,000 $135,000 $4,386 6.38%
Merrimack County Savings Bank's top markets include Concord, Manchester, Boston, Laconia, and Berlin among others.

Their top states include:
  • New Hampshire (FHA|USDA|VA)
  • Maine (FHA|USDA|VA)
  • Vermont (FHA|USDA|VA)
  • Massachusetts (FHA|USDA|VA)
  • Similar Lenders

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

    RTN FEDERAL CREDIT UNION
    Similarity Rank: 40
    Northway Bank
    Similarity Rank: 63
    Mascoma Bank
    Similarity Rank: 96
    GREYLOCK
    Similarity Rank: 160
    Piscataqua Savings Bank
    Similarity Rank: 177
    Cape Cod Co-operative Bank
    Similarity Rank: 195
    St. Mary's Credit Union
    Similarity Rank: 220
    BELLWETHER COMMUNITY
    Similarity Rank: 232
    ROCKLAND
    Similarity Rank: 276

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 222 $77,380,000 $348,559 $5,005 7.36%

    For 2023, Merrimack County Savings Bank's most frequently originated type of loan was Conventional, with 222 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 165 $66,505,000 $403,061 $6,474 7.42%
    Home Improvement 18 $1,250,000 $69,444 $430 7.23%
    Other 17 $2,045,000 $120,294 $776 7.67%
    Cash Out Refi 12 $2,150,000 $179,167 $1,834 6.88%
    Refi 10 $5,430,000 $543,000 $4,721 6.83%

    For 2023, Merrimack County Savings Bank's most frequently cited loan purpose was Home Purchase, with 165 originations. The 2nd most popular reason was Home Improvement, with 18 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 85 $32,065,000 $377,235 $4,268 7.05%
    30+ year 53 $33,175,000 $625,943 $10,077 7.14%
    Other 34 $6,120,000 $180,000 $2,769 8.71%
    20 Year 21 $2,205,000 $105,000 $51 7.78%
    15 Year 14 $3,000,000 $214,286 $1,178 6.70%
    10 Year 8 $530,000 $66,250 $441 6.58%
    5 Year 7 $285,000 $40,714 $0 7.32%

    For 2023, Merrimack County Savings Bank's most frequently cited loan duration was 30 Year, with 85 originations. The 2nd most popular length was 30+ year, with 53 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 85 $19,285,000 $226,882
    $5k+ 43 $30,175,000 $701,744
    $1k-2k 24 $6,220,000 $259,167
    $2k-3k 14 $5,480,000 $391,429
    $4k-5k 7 $3,095,000 $442,143
    $3k-4k 6 $1,850,000 $308,333

    Merrimack County Savings Bank's average total fees were $4,268, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 85 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 94 $36,700,000 $390,426
    7-8% 67 $23,705,000 $353,806
    Over 8% 47 $12,305,000 $261,809
    5-6% 13 $4,215,000 $324,231
    4-5% 1 $455,000 $455,000

    During 2023, Merrimack County Savings Bank's average interest rate for loans was 7.05%, while their most frequently originated rate bucket for loans was 6-7%, with 94 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 62 $18,620,000 $300,323 $4,794 7.02%
    $100,000 or less 46 $2,610,000 $56,739 $472 7.97%
    $100k-200k 41 $5,865,000 $143,049 $2,104 7.68%
    $400k-600k 39 $19,005,000 $487,308 $6,208 7.03%
    $600k-1MM 23 $17,205,000 $748,043 $10,811 7.08%
    $1MM+ 11 $14,075,000 $1,279,545 $12,433 7.38%

    2023 saw Merrimack County Savings Bank place emphasis on $200k-400k loans with 62 originations, totaling $18,620,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 61 $16,805,000 $275,492 $4,219 7.25%
    $150k-250k 45 $19,145,000 $425,444 $6,143 7.14%
    $250k+ 40 $24,770,000 $619,250 $7,575 7.13%
    $75k-100k 26 $5,240,000 $201,538 $3,442 7.38%
    $50k-75k 23 $3,035,000 $131,957 $2,264 8.21%
    $50k or less 18 $2,670,000 $148,333 $2,407 7.65%

    Merrimack County Savings Bank lent most frequently to those with incomes in the $100k-150k range, with 61 originations. The second most popular income band? $150k-250k, with 45 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 30 $8,040,000 $268,000 $3,975 7.33%
    30-36% 27 $8,125,000 $300,926 $4,317 7.07%
    44% 16 $4,940,000 $308,750 $4,369 7.09%
    46% 16 $3,730,000 $233,125 $4,046 7.90%
    40% 13 $3,685,000 $283,462 $5,188 7.35%
    43% 12 $3,230,000 $269,167 $4,909 7.39%
    45% 12 $5,320,000 $443,333 $6,922 7.31%
    48% 12 $7,370,000 $614,167 $7,618 7.25%
    41% 11 $2,385,000 $216,818 $3,213 8.36%
    42% 11 $3,735,000 $339,545 $3,740 7.07%
    47% 9 $4,095,000 $455,000 $7,077 7.33%
    <20% 8 $3,190,000 $398,750 $5,645 7.83%
    37% 8 $3,000,000 $375,000 $3,873 7.28%
    49% 8 $4,110,000 $513,750 $7,605 7.00%
    38% 6 $1,740,000 $290,000 $3,411 7.56%
    39% 6 $1,940,000 $323,333 $6,759 6.96%
    50-60% 5 $1,845,000 $369,000 $4,394 7.23%
    36% 2 $1,160,000 $580,000 $6,912 7.56%

    Merrimack County Savings Bank lent most frequently to those with DTI ratios of 20-30%, with 30 originations. The next most common DTI ratio? 30-36%, with 27 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 176 $56,740,000 $322,386 $5,098 7.36%
    Not provided 25 $9,225,000 $369,000 $3,817 7.51%
    Not applicable 9 $5,715,000 $635,000 $0 7.51%
    Asian 9 $3,615,000 $401,667 $4,006 7.03%
    Black 3 $2,085,000 $695,000 $10,578 7.00%

    Approval Rates

    Total approvals of all applications
    89.52%

    Merrimack County Savings Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    61.26%

    Merrimack County Savings Bank has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    1485.0 13 $1,345,000 $103,462
    1520.0 1 $55,000 $55,000
    1540.0 1 $155,000 $155,000
    1555.0 7 $925,000 $132,143
    NA 200 $74,900,000 $374,500

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    222 $77,380,000 $348,559

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 16 $2,240,000 $140,000 $1,689 7.14%
    40-60% 27 $9,915,000 $367,222 $5,131 7.02%
    60-80% 82 $33,630,000 $410,122 $6,698 7.59%
    80-100% 67 $30,055,000 $448,582 $6,605 7.24%
    Under 20% 30 $1,540,000 $51,333 $132 7.47%