Maine Savings Federal Credit Union Mortgage Rates, Fees & Info

Hampden, ME

LEI: 549300ZDIZM7Y1MHKG98

Tax ID: 01-0267010

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

    Maine Savings Federal Credit Union is a smaller credit union specializing in Home Purchase loans. Maine Savings Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Bangor, Portland, Augusta, Lewiston, and Cape Coral among others. We have data for 7 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Maine Savings Federal Credit Union 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. Maine Savings Federal Credit Union 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 6.43% 12/16/24
    30 Year Conventional Refi 6.68% 12/16/24
    30 Year Cash-out Refi 6.95% 12/16/24
    15 Year Conventional Purchase 7.06% 12/16/24
    15 Year Conventional Refi 6.57% 12/16/24
    15 Year Cash-out Refi 6.57% 12/16/24
    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.

    Maine Savings Federal Credit Union Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Maine Savings Federal Credit Union. 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

    501

    Origination Dollar Volume (All Markets)

    $78,995,000

    Awards

    Maine Savings Federal Credit Union 30 Year Conventional Loans gold Maine Savings Federal Credit Union 30 Year Conventional Loans gold Maine Savings Federal Credit Union 30 Year Conventional Loans silver Maine Savings Federal Credit Union 30 Year Conventional Loans bronze
    Show all (4) 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
    Outside of Metro Areas 241 $37,945,000 $157,448 $2,153 4.73%
    BANGOR, ME (FHA|USDA|VA) 220 $29,860,000 $135,727 $2,095 4.74%
    PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 19 $4,265,000 $224,474 $2,691 4.28%
    Augusta-Waterville, ME (FHA|USDA|VA) 15 $2,995,000 $199,667 $971 5.16%
    LEWISTON-AUBURN, ME (FHA|USDA|VA) 3 $2,275,000 $758,333 $1,087 4.46%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 2 $1,520,000 $760,000 $673 3.75%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $135,000 $135,000 $600 4.25%
    Maine Savings Federal Credit Union's top markets include Bangor, Portland, Augusta, Lewiston, and Cape Coral among others.

    Their top states include:
  • Maine (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)

    • Similar Lenders

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

    Piscataqua Savings Bank
    Similarity Rank: 52
    MAINE HIGHLANDS FEDERAL CREDIT UNION
    Similarity Rank: 99
    CASCO
    Similarity Rank: 126
    Maine Savings Federal Credit Union
    Similarity Rank: 189
    CUMBERLAND COUNTY
    Similarity Rank: 320
    ATLANTIC REGIONAL FEDERAL CREDIT UNION
    Similarity Rank: 320
    Saco Valley Credit Union
    Similarity Rank: 328
    TOWN & COUNTRY FEDERAL CREDIT UNION
    Similarity Rank: 336
    INTEGRITY MORTGAGE LLC
    Similarity Rank: 350
    NORTHEAST CREDIT UNION
    Similarity Rank: 352

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 501 $78,995,000 $157,675 $2,105 4.72%

    For 2019, Maine Savings Federal Credit Union's most frequently originated type of loan was Conventional, with 501 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 295 $57,385,000 $194,525 $2,857 4.40%
    Cash Out Refi 94 $12,510,000 $133,085 $1,578 5.09%
    Home Improvement 47 $1,955,000 $41,596 $301 5.28%
    Other 34 $1,750,000 $51,471 $344 5.44%
    Refi 31 $5,395,000 $174,032 $1,511 4.99%

    For 2019, Maine Savings Federal Credit Union's most frequently cited loan purpose was Home Purchase, with 295 originations. The 2nd most popular reason was Cash Out Refi, with 94 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 249 $51,075,000 $205,120 $2,919 4.07%
    15 Year 104 $15,390,000 $147,981 $1,377 5.20%
    20 Year 63 $6,485,000 $102,937 $1,076 5.85%
    10 Year 45 $2,325,000 $51,667 $337 5.33%
    5 Year 21 $545,000 $25,952 $243 5.13%
    Other 10 $940,000 $94,000 $1,867 5.17%
    30+ year 9 $2,235,000 $248,333 $5,501 4.81%

    For 2019, Maine Savings Federal Credit Union's most frequently cited loan duration was 30 Year, with 249 originations. The 2nd most popular length was 15 Year, with 104 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 463 $69,945,000 $151,069
    $1k-2k 10 $2,730,000 $273,000
    $3k-4k 2 $500,000 $250,000
    $4k-5k 1 $305,000 $305,000

    Maine Savings Federal Credit Union's average total fees were $2,919, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 463 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 200 $30,420,000 $152,100
    3-4% 172 $38,050,000 $221,221
    5-6% 65 $6,465,000 $99,462
    6-7% 30 $1,900,000 $63,333
    7-8% 21 $1,245,000 $59,286
    Over 8% 11 $485,000 $44,091
    2.5-3% 2 $430,000 $215,000

    During 2019, Maine Savings Federal Credit Union's average interest rate for loans was 4.07%, while their most frequently originated rate bucket for loans was 4-5%, with 200 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 182 $9,110,000 $50,055 $857 5.55%
    $100k-200k 180 $26,220,000 $145,667 $2,420 4.41%
    $200k-400k 126 $32,970,000 $261,667 $3,213 4.04%
    $400k-600k 8 $3,690,000 $461,250 $3,312 4.17%
    $1MM+ 3 $5,195,000 $1,731,667 $673 3.83%
    $600k-1MM 2 $1,810,000 $905,000 $4,448 4.56%

    2019 saw Maine Savings Federal Credit Union place emphasis on $100,000 or less loans with 182 originations, totaling $9,110,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 114 $14,680,000 $128,772 $2,034 4.77%
    $50k or less 112 $11,110,000 $99,196 $1,883 4.98%
    $100k-150k 110 $20,250,000 $184,091 $2,255 4.52%
    $75k-100k 104 $15,640,000 $150,385 $2,218 4.59%
    $150k-250k 33 $6,865,000 $208,030 $2,430 4.67%
    $250k+ 12 $4,360,000 $363,333 $2,947 4.65%

    Maine Savings Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 114 originations. The second most popular income band? $50k or less, with 112 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 107 $13,635,000 $127,430 $1,888 4.74%
    30-36% 101 $15,855,000 $156,980 $2,124 4.78%
    <20% 38 $4,970,000 $130,789 $1,634 4.84%
    40% 28 $3,680,000 $131,429 $1,937 5.11%
    37% 27 $3,695,000 $136,852 $1,734 5.00%
    36% 26 $3,490,000 $134,231 $2,002 4.94%
    42% 21 $3,025,000 $144,048 $1,917 4.90%
    38% 18 $3,080,000 $171,111 $2,499 4.63%
    43% 17 $2,655,000 $156,176 $1,937 4.55%
    39% 17 $3,575,000 $210,294 $2,497 4.33%
    46% 14 $2,280,000 $162,857 $2,738 4.02%
    44% 14 $2,370,000 $169,286 $2,833 4.28%
    45% 14 $2,630,000 $187,857 $2,647 4.68%
    41% 13 $1,555,000 $119,615 $1,943 4.45%
    47% 11 $1,835,000 $166,818 $2,915 4.58%
    48% 10 $2,140,000 $214,000 $3,076 4.05%
    49% 10 $1,730,000 $173,000 $2,882 4.08%
    50-60% 3 $205,000 $68,333 $1,548 6.56%
    >60% 1 $145,000 $145,000 $2,650 4.63%

    Maine Savings Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 107 originations. The next most common DTI ratio? 30-36%, with 101 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 472 $71,440,000 $151,356 $2,105 4.71%
    Not applicable 7 $4,535,000 $647,857 $0 4.96%
    Not provided 14 $1,780,000 $127,143 $1,910 4.92%
    American Indian 3 $475,000 $158,333 $2,135 4.79%
    Black 2 $320,000 $160,000 $2,416 3.81%
    Asian 2 $320,000 $160,000 $2,898 5.18%
    Chinese 1 $125,000 $125,000 $2,662 4.88%

    Approval Rates

    Total approvals of all applications
    87.69%

    Maine Savings Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    85.63%

    Maine Savings Federal Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 501 $78,995,000 $157,675

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Manufactured 2 $4,010,000 $2,005,000
    Multifamily:Site-Built 2 $340,000 $170,000
    Single Family (1-4 Units):Manufactured 45 $2,385,000 $53,000
    Single Family (1-4 Units):Site-Built 452 $72,260,000 $159,867

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 56 $3,160,000 $56,429 $340 5.21%
    40-60% 34 $4,750,000 $139,706 $653 5.83%
    60-80% 95 $14,365,000 $151,211 $2,263 5.52%
    80-100% 268 $55,060,000 $205,448 $2,886 4.12%
    Over 100% 1 $345,000 $345,000 $3,299 3.63%
    Under 20% 47 $1,315,000 $27,979 $233 5.18%