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, Concord, 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% 5/4/24
    30 Year Conventional Refi 6.68% 5/4/24
    30 Year Cash-out Refi 6.95% 5/4/24
    15 Year Conventional Purchase 7.06% 5/4/24
    15 Year Conventional Refi 6.57% 5/4/24
    15 Year Cash-out Refi 6.57% 5/4/24
    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

    544

    Origination Dollar Volume (All Markets)

    $109,630,000

    Awards

    Maine Savings Federal Credit Union 30 Year Conventional Loans silver Maine Savings Federal Credit Union 30 Year Conventional Loans bronze
    Show all (2) 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 247 $50,125,000 $202,935 $2,435 3.99%
    BANGOR, ME (FHA|USDA|VA) 239 $36,725,000 $153,661 $2,003 4.17%
    PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 28 $15,800,000 $564,286 $2,699 3.56%
    Augusta-Waterville, ME (FHA|USDA|VA) 24 $4,840,000 $201,667 $1,920 3.93%
    Concord, NH (FHA|USDA|VA) 1 $1,155,000 $1,155,000 $0 3.32%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 2 $510,000 $255,000 $3,444 2.88%
    LEWISTON-AUBURN, ME (FHA|USDA|VA) 3 $475,000 $158,333 $2,820 3.58%
    Maine Savings Federal Credit Union's top markets include Bangor, Portland, Augusta, Concord, and Cape Coral among others.

    Their top states include:
  • Maine (FHA|USDA|VA)
  • New Hampshire (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: 136
    MAINE HIGHLANDS FEDERAL CREDIT UNION
    Similarity Rank: 148
    CUMBERLAND COUNTY
    Similarity Rank: 176
    TOWN & COUNTRY FEDERAL CREDIT UNION
    Similarity Rank: 222
    CASCO
    Similarity Rank: 324
    FIVE COUNTY
    Similarity Rank: 484
    Kennebec Savings Bank
    Similarity Rank: 490
    Maine Savings Federal Credit Union
    Similarity Rank: 560
    MEMBERS MORTGAGE COMPANY, INC.
    Similarity Rank: 570
    Bath Savings Institution
    Similarity Rank: 615

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 544 $109,630,000 $201,526 $2,245 4.04%

    For 2020, Maine Savings Federal Credit Union's most frequently originated type of loan was Conventional, with 544 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 300 $65,420,000 $218,067 $3,053 3.64%
    Cash Out Refi 116 $19,800,000 $170,690 $1,788 4.32%
    Home Improvement 49 $2,305,000 $47,041 $447 4.89%
    Refi 42 $19,980,000 $475,714 $1,780 4.14%
    Other 37 $2,125,000 $57,432 $261 5.16%

    For 2020, Maine Savings Federal Credit Union's most frequently cited loan purpose was Home Purchase, with 300 originations. The 2nd most popular reason was Cash Out Refi, with 116 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 269 $67,185,000 $249,758 $3,045 3.28%
    15 Year 117 $25,755,000 $220,128 $1,553 4.80%
    20 Year 67 $7,615,000 $113,657 $1,140 5.00%
    10 Year 54 $3,740,000 $69,259 $452 4.86%
    5 Year 17 $335,000 $19,706 $148 4.47%
    30+ year 12 $4,010,000 $334,167 $5,934 3.60%
    Other 8 $990,000 $123,750 $2,170 4.65%

    For 2020, Maine Savings Federal Credit Union's most frequently cited loan duration was 30 Year, with 269 originations. The 2nd most popular length was 15 Year, with 117 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 496 $89,110,000 $179,657
    $1k-2k 17 $3,415,000 $200,882

    Maine Savings Federal Credit Union's average total fees were $3,045, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 496 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 246 $63,390,000 $257,683
    2.5-3% 113 $26,755,000 $236,770
    4-5% 88 $11,880,000 $135,000
    5-6% 44 $3,880,000 $88,182
    6-7% 32 $2,100,000 $65,625
    7-8% 12 $740,000 $61,667
    Over 8% 6 $270,000 $45,000
    <2.5% 3 $615,000 $205,000

    During 2020, Maine Savings Federal Credit Union's average interest rate for loans was 3.28%, while their most frequently originated rate bucket for loans was 3-4%, with 246 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 177 $9,335,000 $52,740 $870 5.10%
    $100k-200k 170 $25,690,000 $151,118 $2,436 3.75%
    $200k-400k 161 $44,185,000 $274,441 $3,102 3.30%
    $400k-600k 22 $10,190,000 $463,182 $4,181 3.39%
    $600k-1MM 10 $7,000,000 $700,000 $3,912 3.74%
    $1MM+ 4 $13,230,000 $3,307,500 $10,187 3.57%

    2020 saw Maine Savings Federal Credit Union place emphasis on $100,000 or less loans with 177 originations, totaling $9,335,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 127 $25,545,000 $201,142 $2,470 3.87%
    $50k-75k 122 $15,930,000 $130,574 $1,904 4.15%
    $75k-100k 97 $16,295,000 $167,990 $2,137 4.06%
    $50k or less 93 $9,315,000 $100,161 $1,939 4.40%
    $150k-250k 72 $20,480,000 $284,444 $2,694 3.65%
    $250k+ 14 $6,340,000 $452,857 $3,976 3.70%

    Maine Savings Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 127 originations. The second most popular income band? $50k-75k, with 122 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 132 $23,730,000 $179,773 $2,315 3.98%
    30-36% 120 $17,810,000 $148,417 $2,009 4.34%
    <20% 47 $9,275,000 $197,340 $2,203 4.10%
    40% 21 $2,725,000 $129,762 $1,465 4.32%
    36% 21 $4,395,000 $209,286 $2,337 3.84%
    45% 21 $4,195,000 $199,762 $2,620 3.44%
    42% 18 $2,620,000 $145,556 $2,010 4.16%
    38% 17 $3,105,000 $182,647 $2,185 4.04%
    41% 16 $2,120,000 $132,500 $1,594 4.55%
    49% 16 $4,150,000 $259,375 $2,937 3.26%
    43% 15 $2,125,000 $141,667 $1,942 4.78%
    39% 14 $1,940,000 $138,571 $2,099 4.00%
    44% 14 $3,100,000 $221,429 $2,978 3.17%
    46% 14 $3,920,000 $280,000 $3,001 3.45%
    47% 13 $2,785,000 $214,231 $2,946 4.10%
    37% 13 $2,185,000 $168,077 $2,151 3.91%
    48% 12 $2,620,000 $218,333 $2,975 3.24%
    50-60% 3 $285,000 $95,000 $1,967 4.92%
    >60% 1 $215,000 $215,000 $3,219 3.00%

    Maine Savings Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 132 originations. The next most common DTI ratio? 30-36%, with 120 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 484 $85,610,000 $176,880 $2,230 4.08%
    Not applicable 13 $14,595,000 $1,122,692 $0 4.05%
    Not provided 36 $7,220,000 $200,556 $2,238 3.81%
    American Indian 5 $1,015,000 $203,000 $3,034 3.15%
    Asian 4 $860,000 $215,000 $2,743 3.44%
    Native Hawaiian 1 $175,000 $175,000 $3,076 2.75%
    Black 1 $155,000 $155,000 $2,817 2.88%

    Approval Rates

    Total approvals of all applications
    86.83%

    Maine Savings Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    78.68%

    Maine Savings Federal Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 544 $109,630,000 $201,526

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Manufactured 1 $405,000 $405,000
    Multifamily:Site-Built 9 $14,185,000 $1,576,111
    Single Family (1-4 Units):Manufactured 40 $2,650,000 $66,250
    Single Family (1-4 Units):Site-Built 494 $92,390,000 $187,024

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 57 $3,205,000 $56,228 $286 5.09%
    40-60% 41 $5,465,000 $133,293 $1,341 4.89%
    60-80% 93 $17,725,000 $190,591 $2,577 4.82%
    80-100% 308 $82,020,000 $266,299 $2,939 3.40%
    Over 100% 1 $75,000 $75,000 $3,284 7.38%
    Under 20% 44 $1,140,000 $25,909 $183 4.67%