Maine Highlands Federal Credit Union Mortgage Rates, Fees & Info
Dexter, MELEI: 549300ZY55MYW2FNSA48
Tax ID: 01-0277393
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Mortgage Data
Review & Overview
Maine Highlands Federal Credit Union is a smaller credit union specializing in Home Purchase and Cash Out Refi loans. Maine Highlands Federal Credit Union has a high proportion of conventional loans. Maine Highlands Federal Credit Union has an average proportion of conventional loans. Their top two markets are Bangor and Augusta .Maine Highlands Federal Credit Union has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. Maine Highlands 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 7.77% | 5/4/24 |
| 30 Year Conventional Refi | 7.91% | 5/4/24 |
| 30 Year Cash-out Refi | 7.87% | 5/4/24 |
| 15 Year Conventional Purchase | 7.19% | 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 Highlands Federal Credit Union Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
83Origination Dollar Volume (All Markets)
$10,545,000Top 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 | 52 | $6,690,000 | $128,654 | $3,504 | 4.33% |
| BANGOR, ME (FHA|USDA|VA) | 30 | $3,640,000 | $121,333 | $3,503 | 4.34% |
| Augusta-Waterville, ME (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $5,172 | 4.88% |
Similar Lenders
We use machine learning to identify the top lenders compared against MAINE HIGHLANDS FEDERAL CREDIT UNION based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 76 | $9,610,000 | $126,447 | $3,525 | 4.34% |
| Conventional | 7 | $935,000 | $133,571 | $0 | 0.00% |
For 2021, Maine Highlands Federal Credit Union's most frequently originated type of loan was Conventional, with 76 originations. Their 2nd most popular type was Conventional, with 7 originations.
Loan Reason
For 2021, Maine Highlands Federal Credit Union's most frequently cited loan purpose was Home Purchase, with 58 originations. The 2nd most popular reason was Cash Out Refi, with 22 originations.
Loan Duration/Length
For 2021, Maine Highlands Federal Credit Union's most frequently cited loan duration was 30 Year, with 49 originations. The 2nd most popular length was Other, with 26 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $1k-2k | 33 | $2,885,000 | $87,424 |
| $2k-3k | 25 | $3,335,000 | $133,400 |
| $<1k | 16 | $3,090,000 | $193,125 |
| $3k-4k | 1 | $215,000 | $215,000 |
Maine Highlands Federal Credit Union's average total fees were $3,511, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 33 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 52 | $5,310,000 | $102,115 |
| 3-4% | 21 | $3,755,000 | $178,810 |
| 2.5-3% | 3 | $545,000 | $181,667 |
During 2021, Maine Highlands Federal Credit Union's average interest rate for loans was 4.28%, while their most frequently originated rate bucket for loans was 4-5%, with 52 originations.
Loan Sizing
2021 saw Maine Highlands Federal Credit Union place emphasis on $100k-200k loans with 41 originations, totaling $5,675,000 in origination value.
Applicant Income
Maine Highlands Federal Credit Union lent most frequently to those with incomes in the $50k or less range, with 35 originations. The second most popular income band? $50k-75k, with 22 originations.
Applicant Debt to Income Ratio
Maine Highlands Federal Credit Union lent most frequently to those with DTI ratios of 30-36%, with 16 originations. The next most common DTI ratio? 20-30%, with 12 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 80 | $9,970,000 | $124,625 | $3,525 | 4.34% |
| Not applicable | 3 | $575,000 | $191,667 | $0 | 0.00% |
Approval Rates
Total approvals of all applications98.91%
Maine Highlands Federal Credit Union has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination92.77%
Maine Highlands Federal Credit Union has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 7 | $935,000 | $133,571 |
| NA | 76 | $9,610,000 | $126,447 |