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, Boston, Augusta, and Lewiston among others. We have data for 6 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

    391

    Origination Dollar Volume (All Markets)

    $73,255,000

    Awards

    Maine Savings Federal Credit Union 30 Year Conventional Loans gold
    Show all (1) 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 178 $34,500,000 $193,820 $2,591 5.78%
    BANGOR, ME (FHA|USDA|VA) 176 $27,230,000 $154,716 $2,027 6.01%
    PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 20 $6,930,000 $346,500 $3,371 5.27%
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 1 $1,895,000 $1,895,000 $8,659 4.99%
    Augusta-Waterville, ME (FHA|USDA|VA) 13 $1,765,000 $135,769 $1,874 5.66%
    LEWISTON-AUBURN, ME (FHA|USDA|VA) 3 $935,000 $311,667 $3,216 6.00%
    Maine Savings Federal Credit Union's top markets include Bangor, Portland, Boston, Augusta, and Lewiston among others.

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

    Maine Savings Federal Credit Union
    Similarity Rank: 60
    First National Bank
    Similarity Rank: 70
    MAINE HIGHLANDS FEDERAL CREDIT UNION
    Similarity Rank: 93
    Piscataqua Savings Bank
    Similarity Rank: 104
    Machias Savings Bank
    Similarity Rank: 144
    Saco Valley Credit Union
    Similarity Rank: 176
    Maine Community Bank
    Similarity Rank: 224
    CUSO MORTGAGE CORPORATION
    Similarity Rank: 255
    TOWN & COUNTRY FEDERAL CREDIT UNION
    Similarity Rank: 335
    Bath Savings Institution
    Similarity Rank: 340

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 391 $73,255,000 $187,353 $2,383 5.85%

    For 2022, Maine Savings Federal Credit Union's most frequently originated type of loan was Conventional, with 391 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 209 $55,875,000 $267,344 $3,617 5.44%
    Cash Out Refi 70 $10,400,000 $148,571 $2,005 6.20%
    Home Improvement 60 $3,540,000 $59,000 $279 6.49%
    Other 41 $2,015,000 $49,146 $258 6.51%
    Refi 11 $1,425,000 $129,545 $2,518 5.65%

    For 2022, Maine Savings Federal Credit Union's most frequently cited loan purpose was Home Purchase, with 209 originations. The 2nd most popular reason was Cash Out Refi, with 70 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 165 $45,295,000 $274,515 $3,375 5.15%
    20 Year 82 $6,860,000 $83,659 $733 7.11%
    15 Year 81 $10,435,000 $128,827 $1,512 5.95%
    10 Year 33 $1,705,000 $51,667 $564 6.28%
    30+ year 19 $8,025,000 $422,368 $6,630 5.37%
    5 Year 8 $240,000 $30,000 $278 6.31%
    Other 3 $695,000 $231,667 $5,189 4.88%

    For 2022, Maine Savings Federal Credit Union's most frequently cited loan duration was 30 Year, with 165 originations. The 2nd most popular length was 20 Year, with 82 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 207 $53,705,000 $259,444
    $<1k 151 $11,415,000 $75,596
    $2k-3k 7 $2,395,000 $342,143
    $3k-4k 1 $2,545,000 $2,545,000
    $4k-5k 1 $445,000 $445,000

    Maine Savings Federal Credit Union's average total fees were $3,375, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 207 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 124 $28,300,000 $228,226
    5-6% 80 $20,580,000 $257,250
    6-7% 74 $7,620,000 $102,973
    3-4% 39 $9,855,000 $252,692
    Over 8% 38 $2,920,000 $76,842
    7-8% 36 $3,980,000 $110,556

    During 2022, Maine Savings Federal Credit Union's average interest rate for loans was 5.15%, while their most frequently originated rate bucket for loans was 4-5%, with 124 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 154 $8,130,000 $52,792 $678 6.60%
    $200k-400k 111 $31,875,000 $287,162 $3,712 5.12%
    $100k-200k 97 $14,185,000 $146,237 $2,605 5.70%
    $400k-600k 19 $8,835,000 $465,000 $4,419 5.35%
    $600k-1MM 7 $4,705,000 $672,143 $4,001 4.91%
    $1MM+ 3 $5,525,000 $1,841,667 $9,432 4.83%

    2022 saw Maine Savings Federal Credit Union place emphasis on $100,000 or less loans with 154 originations, totaling $8,130,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 86 $19,410,000 $225,698 $2,848 5.56%
    $50k-75k 85 $11,035,000 $129,824 $2,130 5.96%
    $75k-100k 81 $11,945,000 $147,469 $2,176 6.10%
    $50k or less 61 $4,685,000 $76,803 $1,468 6.13%
    $150k-250k 55 $13,455,000 $244,636 $2,705 5.57%
    $250k+ 18 $11,110,000 $617,222 $3,903 5.71%

    Maine Savings Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 86 originations. The second most popular income band? $50k-75k, with 85 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 96 $13,540,000 $141,042 $1,961 5.74%
    30-36% 86 $14,110,000 $164,070 $2,469 5.96%
    <20% 23 $4,425,000 $192,391 $1,732 5.66%
    42% 22 $4,430,000 $201,364 $2,577 6.81%
    38% 19 $4,575,000 $240,789 $2,409 5.83%
    40% 18 $3,440,000 $191,111 $2,178 6.16%
    41% 18 $2,570,000 $142,778 $2,376 6.06%
    43% 16 $5,070,000 $316,875 $2,758 5.78%
    37% 15 $2,585,000 $172,333 $2,320 5.64%
    39% 12 $2,770,000 $230,833 $2,091 5.38%
    44% 11 $2,945,000 $267,727 $2,665 5.33%
    48% 10 $2,660,000 $266,000 $3,853 4.86%
    45% 10 $2,100,000 $210,000 $3,296 6.18%
    46% 9 $1,965,000 $218,333 $3,145 5.61%
    47% 8 $1,770,000 $221,250 $3,156 6.70%
    36% 7 $1,215,000 $173,571 $2,555 5.98%
    49% 4 $1,070,000 $267,500 $3,271 5.34%
    >60% 2 $420,000 $210,000 $2,845 4.99%

    Maine Savings Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 96 originations. The next most common DTI ratio? 30-36%, with 86 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 329 $55,835,000 $169,711 $2,316 5.90%
    Not provided 51 $14,065,000 $275,784 $2,630 5.69%
    Not applicable 4 $1,510,000 $377,500 $0 5.17%
    American Indian 3 $685,000 $228,333 $3,092 5.83%
    Asian 1 $485,000 $485,000 $6,379 4.99%
    Black 1 $235,000 $235,000 $3,222 4.13%
    Other Asian 1 $235,000 $235,000 $3,263 4.38%
    Filipino 1 $205,000 $205,000 $3,574 4.99%

    Approval Rates

    Total approvals of all applications
    88.31%

    Maine Savings Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    74.42%

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

    Points and Fees

    Points Originations Total Value Average Loan
    NA 391 $73,255,000 $187,353

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    391 $73,255,000 $187,353

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 65 $4,865,000 $74,846 $816 6.45%
    40-60% 42 $5,730,000 $136,429 $2,719 6.43%
    60-80% 57 $16,185,000 $283,947 $3,614 6.23%
    80-100% 168 $44,000,000 $261,905 $3,278 5.24%
    Over 100% 1 $185,000 $185,000 $3,355 4.99%
    Under 20% 58 $2,290,000 $39,483 $227 6.19%